38715674 2025-01-01 2025-12-31 1 38715674 2025-01-01 2025-12-31 38715674 2025-01-01 2025-12-31 2 38715674 2025-01-01 2025-12-31 1 38715674 2025-01-01 2025-12-31 2 38715674 2025-01-01 2025-12-31 3 38715674 2024-01-01 2024-12-31 38715674 2025-12-31 38715674 2024-12-31 38715674 2024-01-01 d:ContributedCapitalMember 38715674 2024-01-01 d:RetainedEarningsMember 38715674 2024-01-01 2024-12-31 d:RetainedEarningsMember 38715674 2025-01-01 d:ContributedCapitalMember 38715674 2025-01-01 d:RetainedEarningsMember 38715674 2025-01-01 2025-12-31 d:RetainedEarningsMember 38715674 2025-12-31 d:ContributedCapitalMember 38715674 2025-12-31 d:RetainedEarningsMember 38715674 2025-01-01 d:InvestmentsInGroupEnterprisesMember 38715674 2025-01-01 d:ReceivablesFromGroupEnterprisesMember 38715674 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38715674 2025-01-01 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 38715674 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38715674 2025-12-31 d:ReceivablesFromGroupEnterprisesMember iso4217:DKK xbrli:pure (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab  Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 38715674 KMG 1 ApS Ringager  4D, st. 2605 Brøndby 2017-06-15 Brøndby  (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Dirch Passers Allé  36 Dirch Passers Allé  36 2000 Frederiksberg 2000 Frederiksberg Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-04-16 Anna Lina Persson Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true CaseWare Working Papers Direktionen har dags da­to be­hand­let og god­kendt års­rap­por­ten for KMG 1 ApS for regn­skabs­året 1. januar - 31. december 2025. Today, the Executive Board has discussed and approved the annual report of KMG 1 ApS for the financial year 1 January - 31 December 2025. Årsrapporten aflægges i over­ens­stem­mel­se med års­regn­skabs­lo­ven. The annual report is prepared in accordance with the Danish Financial Statements Act. Det er vores opfattelse, at årsregnskabet giver et retvisende billede af sel­ska­bets ak­ti­ver, pas­si­ver og finan­siel­le stil­ling pr. 31. december 2025 samt af re­sul­ta­tet af sel­ska­bets ak­ti­vi­te­ter for regn­skabs­året 1. januar - 31. december 2025. 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. Det er endvidere vores opfattelse, at le­del­ses­be­ret­ningen inde­hol­der en ret­vi­sen­de rede­gø­rel­se for de forhold, beretningen omhandler. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. Årsrapporten indstilles til ge­ne­ral­for­sam­ling­ens god­ken­del­se. We recommend that the annual report be approved at the annual general meeting. København 2026-04-16 Staffan Erik Unge adm. direktør Anna Lina Persson direktør Lars Peter Dybdahl direktør Til kapitalejerne i KMG 1 ApS To the shareholders of KMG 1 ApS Vi har revi­de­ret års­regn­ska­bet for KMG 1 ApS for regn­skabs­året 1. januar - 31. december 2025, der om­fat­ter re­sul­tat­op­gø­rel­se, ba­lan­ce, egen­ka­pi­tal­op­gø­rel­se og no­ter, her­un­der an­vendt regn­skabs­prak­sis. Års­regn­ska­bet ud­ar­bej­des efter års­regn­skabs­lo­ven. We have audited the financial statements of KMG 1 ApS for the financial year 1 January - 31 December 2025,  which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.Det er vores opfat­tel­se, at års­regn­ska­bet giver et ret­vi­sen­de bil­le­de af sel­ska­bets akti­ver, pas­si­ver og finan­si­el­le stil­ling pr. 31. december 2025 samt af resul­ta­tet af sel­ska­bets akti­vi­te­ter for regn­skabs­året 1. januar - 31. december 2025 i over­ens­stem­mel­se med års­regn­skabs­lo­ven. 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. 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 års­regn­ska­bet". 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 financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.UafhængighedIndependenceVi er uaf­hæn­gi­ge af sel­ska­bet i over­ens­stem­mel­se med Inter­national Ethics Standards Board for Accountants' inter­na­tio­nale ret­nings­lin­jer for revi­so­rers eti­ske adfærd (IESBA 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.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. Ledelsen har ansvaret for udarbejdelsen af 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 års­regn­skab uden væ­sent­lig fejl­in­for­ma­tion, uanset om denne skyldes besvigelser eller fejl. 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.Ved udarbejdelsen af årsregnskabet er ledelsen ansvarlig for at vurdere selskabets evne til at fortsætte driften; at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant; samt at udar­bejde års­regn­ska­bet på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift, med­mindre ledel­sen enten har til hen­sigt at lik­vi­dere sel­ska­bet, ind­stille drif­ten eller ikke har andet rea­lis­tisk alter­na­tiv end at gøre dette. 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. Vores mål er at opnå høj grad af sikkerhed for, om 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 års­regn­skabet. Our objectives are to obtain reasonable assurance as to 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 the financial statements.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: 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:Identificerer og vurderer vi risikoen for væsent­lig fejl­in­for­ma­tion i 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. 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.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 sel­ska­bets inter­ne kon­trol. 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.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. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Konkluderer vi, om le­del­sens udar­bej­del­se af 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 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 års­regn­ska­bet eller, hvis sådan­ne oplys­nin­ger ikke er til­stræk­ke­li­ge, modi­fi­ce­re vores kon­klu­sion. Vores kon­klu­sion er base­ret på det revi­si­ons­be­vis, der er opnå­et frem til da­to­en for vores revi­si­ons­på­teg­ning. Frem­ti­di­ge begi­ven­he­der eller for­hold kan dog med­føre, at sel­ska­bet ikke læn­ge­re kan fort­sæt­te drif­ten. 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.Tager vi stilling til den sam­le­de præ­sen­ta­tion, struk­tur og ind­hold af års­regn­ska­bet, her­under note­oplys­ning­erne, samt om års­regn­ska­bet afspej­ler de under­lig­gen­de trans­ak­ti­oner og begi­ven­he­der på en sådan måde, at der gives et ret­vi­sen­de bil­le­de her­af. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Vi kom­mu­ni­ke­rer med den øver­ste ledel­se om bl.a. 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. 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. Ledelsen er ansvarlig for ledelsesberetningen. Management is responsible for the Management's review.Vores konklusion om års­regn­ska­bet omfat­ter ikke ledel­ses­be­ret­ning­en, og vi ud­tryk­ker ingen form for kon­klu­sion med sik­ker­hed om ledel­ses­be­ret­ning­en. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.I tilknytning til vores revision af års­regn­ska­bet er det vores ansvar at læse ledel­ses­be­ret­ning­en og i den for­bin­del­se over­ve­je, om ledel­ses­be­ret­ning­en er væsent­ligt inkon­si­stent med års­regn­ska­bet eller vores viden opnå­et ved revi­sio­nen eller på anden måde sy­nes at inde­hol­de væsent­lig fejl­in­for­ma­tion. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Vores ansvar er derudover at overveje, om ledel­ses­be­ret­ning­en inde­hol­der kræ­ve­de oplys­nin­ger i hen­hold til års­regn­skabs­lo­ven. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Baseret på det udfør­te arbej­de er det vores opfat­tel­se, at ledel­ses­be­ret­ning­en er i over­ens­stem­mel­se med års­regn­ska­bet og er udar­bej­det i over­ens­stem­mel­se med års­regn­skabs­lo­vens krav. Vi har ikke fun­det væsent­lig fejl­in­for­ma­tion i ledel­ses­be­ret­ning­en. Based on the work we have performed, we conclude that the 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 the Management's review. København 2026-04-16 Henrik Reedtz Lars Andersen statsaut. revisor State Authorised Public Accountant mne24830 statsaut. revisor mne50629 Virksomhedens formål er at erhverve og be­sid­de kapitalandele i andre selskaber, samt her­med beslægtede aktiviteter. The Company's objective is to invest in group entities, as well as related activities. Selskabets resultat­opgørelse for 2025 ud­vi­ser et un­der­skud på 20.099 t.kr. mod et under­skud på 24.884 t.kr. sidste år, og sel­ska­bets balance pr. 31. december 2025 udviser en negativ egen­kapital på 170.487 t.kr. Ledelsen anser årets resultat for utilfredsstillende. The income statement for 2025 shows a loss of DKK 20,099 thousand  against a loss of DKK 24,884 thousand last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 170,487 thousand. Management considers the Company's financial performance in the year for not satisfied.Selskabet har tabt kapitalen. Ledelsen forventer, at selskabet gennem ordinær drift vil reetablere egenkapitalen. The Company has lost their share capital. Management expects the company to reestablish the equity through ordinary acitivities.Selskabet har modtaget lån og finansiering fra moderselskabet i forbindelse med køb af ejendomsselskaber og er afhængig af finansiel støtte. The company has obtained loan and financing from the parent company in connection with purchase of property companies and is depending on financial support.Moderselskabet, HECF Luxembourg Master 2 S.á.r.l, har udstedt en støtteerklæring om, at moderselskabet vil yde al nødvendig støtte inklusiv finansiel støtte til at sikre selskabets drift. The parent company, HECF Luxembourg Master 2 S.á.r.l, has issued a letter of support that the parent company will provide all needed support, including financial support, to ensure operations of the company.Støtteerklæringen udløber tidligst den 30. april 2027. The letter of support expires no earlier than 30 April 2027. Der er ikke efter balancedagen indtruffet begivenheder af væsentlig betydning for virksomhedens finansielle stilling. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. -241112 -171866 -10276783 -15184441 9581563 9528165 -20099458 -24884472 -20099458 -24884472 98782837 109059620 13340791 12212663 112123628 121272283 112123628 121272283 65159 2703851 65159 2703851 112188787 123976134 51000 51000 -170537598 -150438140 -170486598 -150387140 249797387 251101259 249797387 251101259 32835186 23258701 42812 3314 32877998 23262015 282675385 274363274 112188787 123976134 51000 -125553668 -24884472 51000 -150438140 -20099458 51000 -170537598 Selskabet har tabt kapitalen. Ledelsen forventer, at selskabet gennem ordinær drift vil reetablere egenkapitalen. The Company has lost their share capital. Management expects the company to reestablish the equity through ordinary acitivities. Årsrapporten for KMG 1 ApS for 2025 er aflagt i over­ens­stem­mel­se med års­regn­skabs­lo­vens be­stem­mel­ser for klas­se Bvirk­som­he­der med tilvalg af visse bestemmelser for klasse C. The annual report of KMG 1 ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. I henhold til årsregnskabslovens § 110, stk. 1, er der ikke udar­bej­det kon­cern­regn­skab. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. Årsregnskabet er aflagt efter sam­me regn­skabs­prak­sis som sidste år. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Præsentationsvaluta Reporting currencyÅrsregnskabet er aflagt i danske kroner (DKK). The financial statements are presented in Danish kroner (DKK). I resultatopgørelsen er  andre drifts­ind­tæg­ter og eksterne omkostninger med hen­vis­ning til års­regn­skabs­lo­vens § 32 sam­men­dra­get til én regn­skabs­post benævnt bruttotab. The items other operating income and external expenses have been aggregated into one item in the income statement called gross margin in accordance with section 32 of the Danish Financial Statements Act. Andre eksterne omkostninger omfat­ter omkost­nin­ger ved­rør­en­de virk­som­he­dens pri­mæ­re akti­vi­tet, der er afholdt i årets løb, her­un­der omkost­nin­ger til admi­ni­stra­tion, m.v. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration, etc. Posten omfatter modtagne udbytter fra til­knyt­tede virk­som­heder i det omfang udbyt­tet ikke over­sti­ger den akku­mu­le­re­de ind­tje­ning i den tilknyttede virksomhed i ejer­pe­ri­oden. The item includes dividend received from group entities in so far as the dividend does not exceed the accumulated earnings in the group entity in the period of ownership. Finansielle omkostninger ind­reg­nes i resul­tat­op­gø­rel­sen med de beløb, der ved­rø­rer regn­skabs­året. Finan­siel­le pos­ter omfat­ter ren­te­om­kost­nin­ger samt til­læg og godt­gø­rel­se under acon­to­skat­te­ord­nin­gen m.v. Financial expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Moder­virk­som­he­den er omfat­tet af de dan­ske reg­ler om tvun­gen sam­be­skat­ning af kon­cer­nens dan­ske dat­ter­virk­som­he­der. Til­knyt­tede virk­som­he­der ind­går i sam­be­skat­nin­gen fra det tids­punkt, hvor de ind­går i kon­so­li­de­rin­gen i kon­cern­regn­ska­bet og frem til det tids­punkt, hvor de udgår fra kon­so­li­de­rin­gen. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.Moder­virk­som­he­den er admi­ni­stra­ti­ons­sel­skab for sam­be­skat­nin­gen og afreg­ner som føl­ge her­af alle beta­lin­ger af sel­skabs­skat med skat­te­myn­dig­he­der­ne. The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.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. On payment of joint taxation contributions, the Danish corporate income tax charge 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 the tax losses to reduce their own taxable income.Årets skat, der består af å­rets aktu­el­le sel­skabs­skat, årets sam­be­skat­nings­bi­drag og ændring i udskudt skat - her­un­der som føl­ge af æn­dring i skat­te­sats - 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. Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, 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. Kapi­tal­an­de­le i til­knyt­tede virk­som­heder måles til kost­pris. Mod­ta­get udbyt­te, der over­sti­ger den akku­mu­le­re­de ind­tje­ning i den tilknyttede virksomhed i ejer­pe­rio­den, behand­les som en reduk­ti­on af kost­pri­sen. Investments in group entities and associates are measured at cost. Dividends received that exceed the accumulated earnings in the group entity or the associate during the period of ownership are treated as a reduction in the cost of acquisition. Virksomheden har valgt IAS 39 som fortolk­nings­bidrag for nedskrivninger af finansielle til­gode­ha­ven­der. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Tilgodehavender måles til amortiseret kostpris. Receivables are measured at amortised cost.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. 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 has been impaired, an impairment loss is recognised on an individual basis.Tilgodehavender, hvor der ikke foreligger en objek­tiv indi­ka­ti­on på vær­di­for­rin­gel­se på indi­vi­du­elt niveau, vur­de­res på por­te­føl­je­ni­veau for objek­tiv indi­ka­ti­on for vær­di­for­rin­gel­se. Por­te­føl­je­rne base­res pri­mært på debi­to­rer­nes hjem­sted og kre­dit­vur­de­ring i over­ens­stem­mel­se med virk­som­he­dens risi­ko­sty­rings­po­li­tik. De objek­ti­ve indi­ka­to­rer, som anven­des for por­te­føl­jer, er fast­sat base­ret på histo­ris­ke tabs­er­fa­rin­ger. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.Ned­skriv­nin­ger opgø­res som for­skel­len mel­lem den regn­skabs­mæs­sige vær­di af til­go­de­ha­ven­der og nutids­vær­di­en af de for­ven­te­de pen­ge­strøm­me, her­un­der rea­li­sa­ti­ons­vær­di af even­tu­el­le mod­tag­ne sik­ker­heds­stil­lel­ser. Som dis­kon­te­rings­sats anven­des den effek­ti­ve ren­te for det enkel­te til­go­de­ha­ven­de eller por­te­føl­je. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Likvider omfater likvide beholdninger og kortfristede værdipaprer, som uden hindring kan omsættes til likvide beholdninger, og hvorpå der kun er ubetydelige risici for værdiændringer. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. 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 betal­te acon­to­skat­ter. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Udskudt skat måles efter den balan­ce­ori­en­te­re­de gælds­me­to­de af alle mid­ler­ti­di­ge for­skel­le mel­lem regn­skabs­mæs­sig og skat­te­mæs­sig vær­di af akti­ver og for­plig­tel­ser. Der ind­reg­nes dog ikke udskudt skat af mid­ler­ti­di­ge for­skel­le ved­rør­en­de skat­te­mæs­sigt ikke-afskriv­nings­be­ret­ti­get good­will og kon­tor­ejen­dom­me samt andre pos­ter, hvor mid­ler­ti­di­ge for­skel­le bort­set fra virk­som­heds­over­ta­gel­ser er opstå­et på anskaf­fel­ses­tids­punk­tet uden at have ind­virk­ning på resul­tat eller skat­te­plig­tig ind­komst. I de til­fæl­de, hvor opgø­rel­se af skat­te­vær­di­en kan fore­ta­ges efter for­skel­li­ge beskat­nings­reg­ler, måles udskudt skat på grund­lag af den af ledel­sen plan­lag­te anven­del­se af akti­vet, hen­holds­vis afvik­ling af for­plig­tel­sen. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Ud­skudt skat måles på grund­lag af de skat­te­reg­ler og skat­te­sat­ser, der med balan­ce­da­gens lov­giv­ning vil væ­re gæl­den­de, når den udskud­te skat for­ven­tes udløst som aktu­el skat. Udskud­te skat­te­ak­ti­ver ind­reg­nes med den vær­di, som de for­ven­tes at bli­ve udnyt­tet med, enten ved udlig­ning i skat af frem­ti­dig ind­tje­ning eller ved mod­reg­ning i udskud­te skat­te­for­plig­tel­ser inden for sam­me juris­dik­tion. Ændring i udskudt skat som føl­ge af ændrin­ger i skat­te­sat­ser ind­reg­nes i resul­tat­op­gø­rel­sen. Deferred tax is measured according to 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. Deferred tax assets are recognised at the expected value of their utilisation; 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.Som administrationsselskab i sam­be­skat­nings­kred­sen over­ta­ges hæf­tel­sen for til­knyt­tede virk­som­he­der­nes sel­skabs­skat­ter over­for skat­te­myn­dig­he­der­ne i takt med til­knyt­tede virk­som­he­ders beta­ling af sam­be­skat­nings­bi­drag. Skyl­di­ge eller til­go­de­ha­ven­de sam­be­skat­nings­bi­drag ind­reg­nes i balan­cen som til­go­de­ha­ven­de skat eller skyl­dig sel­skabs­skat. As management company for all the entities in the joint taxation arrangement, the parent company is liable for payment of the group entities' income taxes vis à vis the tax authorities as the group entities pay their joint taxation contributions. Joint taxation contributions payable or receivable are recognised in the balance sheet as income tax receivables or payables. Virksomheden har valgt IAS 39 som for­tolk­nings­bidrag til indregning og måling af gælds­for­plig­tel­ser. The Company has chosen IAS 39 as interpretation for liabilities.Finan­si­el­le gælds­for­plig­tel­ser 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 pro­ve­nu­et og den nomi­nel­le vær­di ind­reg­nes i resul­tat­op­gø­rel­sen over låne­pe­ri­oden. I finan­si­el­le for­plig­tel­ser ind­reg­nes til­li­ge den kapi­ta­li­se­re­de rest­lea­sing­for­plig­tel­se på finan­si­el­le lea­sing­kon­trak­ter. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Øvri­ge gælds­for­plig­tel­ser måles til netto­rea­li­sa­ti­ons­vær­di­en. Other liabilities are measured at net realisable value. Selskabet har modtaget lån og finansiering fra moderselskabet i forbindelse med køb af ejendomsselskaber og er afhængig af finansiel støtte. The company has obtained loan and financing from the parent company in connection with purchase of property companies and is depending on financial support. Moderselskabet, HECF Luxembourg Master 2 S.á.r.l, har udstedt en støtteerklæring om, at moderselskabet vil yde al nødvendig støtte inklusiv finansiel støtte til at sikre selskabets drift. The parent company,  HECF Luxembourg Master 2 S.á.r.l, has issued a letter of support that the parent company will provide all needed support, including financial support, to ensure operations of the company. Støtteerklæringen udløber tidligst den 30. april 2027. The letter of support expires no earlier than 30 April 2027. 0 0 9576485 9522909 5078 5256 214991833 12212663 0 2271128 0 1143000 214991833 13340791 -105932213 0 -10276783 0 -116208996 0 98782837 13340791 Af de langfristede gældsforpligtelser forfalder 0 kr. senere end 5 år fra balancedagen. Of the long-term liabilities, DKK 0 falls due for payment after more than 5 years after the balance sheet date. Virksomheden er som administrations­virk­som­hed sambeskattet med øvrige danske datter­virk­som­heder og hæfter solidarisk med øvrige sambeskattede selskaber for betaling af sel­skabsskat fra og med indkomståret 2017 samt for kildeskat på renter og udbytter. As management company, the Company is jointly taxed with other Danish group entities and is jointly and severally with other jointly taxed group entities for payment of income taxes for income year 2017 onwards as well as withholding taxes on interest and dividends. Oplysning om koncernregnskaberInformation about consolidated financial statements ModervirksomhedParentHjemstedDomicileRekvirering af modervirk­som­hedens kon­cern­regnskabRequisitioning of the parent company's consolidated financial statements Hines Real Estate Master FCP-FISLuxembourg35F, Avenue John F. Kennedy L-1855 Luxembourg