32287921 2025-01-01 2025-12-31 2 32287921 2025-01-01 2025-12-31 32287921 2025-01-01 2025-12-31 1 32287921 2025-01-01 2025-12-31 1 32287921 2002-01-01 2002-12-31 32287921 2001-01-01 2001-12-31 32287921 2000-01-01 2000-12-31 32287921 2024-01-01 2024-12-31 32287921 2002-12-31 32287921 2001-12-31 32287921 2000-12-31 32287921 2025-12-31 32287921 2024-12-31 32287921 2025-01-01 d:ContributedCapitalMember 32287921 2025-01-01 d:RetainedEarningsMember 32287921 2025-01-01 2025-12-31 d:RetainedEarningsMember 32287921 2025-12-31 d:ContributedCapitalMember 32287921 2025-12-31 d:RetainedEarningsMember iso4217:DKK xbrli:pure 30700228 Åkandevej 21 2025-12-31 false EY Godkendt Revisionspartnerselskab 32287921 CaseWare-FSR KVF Finance ApS 2700 Regnskabsklasse C, mellemstor virksomhed 2025-01-01 2024-01-01 2024-12-31 Kamilla Warberg false false 2026-04-29 Revisionspåtegning false false false Annual report Today the Board of Executives have discussed and approved the Annual Report of KVF Finance ApS for the financial year 1 January - 31 December 2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my 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 the Company's operations for the financial year 1 January - 31 December 2025. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. I recommend the Annual Report be approved at the Annual General Meeting. Frank T. McFaden To the shareholder of KVF Finance ApS Opinion We have audited the financial statements of KVF Finance ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes. 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 com­pany's financial position 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 Opinion 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 are independent of the company 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. 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 the 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 judgement and maintain professional scepticism 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 Statements Act. We did not identify any material misstatement of management's review. Copenhagen 2026-04-29 EY Godkendt Revisionspartnerselskab Rolan Atl Caballero Pena Espedal State Authorised Public Accountant mne47789 KVF Finance ApS Åkandevej  21 2700  Brønshøj 32287921 Brønshøj 30700228 Dirch Passers Allè 36 2000 Frederiksberg 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.. -219000 -192000 -198000 239632000 364975000 359061000 64337000 1229000 279760000 50031000 788000 10653397000 10434737000 10594593000 10066599000 9786838000 9736808000 89.7 93.3 94.5 93.8 91.9 1.8 2.8 2.8 0.5 0.0 Business reviewThe objective of the Company is to perform financing activities within the group.   The Company's principal activity consist of issuance of loans to other group entities. Financial review The Company's income statement for the year ended 31 December 2025 shows a net income of DKK 186.727 thousand, and the balance sheet at 31 December 2025 shows equity of DKK 10.537.729 thousand.    In the financial statement for 2024 management expected profit/loss for 2025 to be within a margin of +/- 10% (255-312 million DKK) compared to 2024. Profit for the year decreased 34% compared to 2024 as a result of transfer the Intercompany loan to another group entity DHCDAN Holding ApS. The transfer of the loan results in decreased intercompany interest income.For 2026 the Company expects to realise an operating profit, at the same level as 2025 +/-10% (168 -205 million DKK). Significant events occurring after the end of the financial yearNo significant events have occurred after the end of the financial year which impacts the Company's financial position. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The Annual Report of KVF Finance ApS for 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act for en­ter­pri­ses in re­por­ting class C medium-size enterprises.The accounting policies used in the preparation of the of the financial statements are consistent with those of last year.The annual report for 2025 is pre­sen­ted in TDKK. In pursuance of section 32 of the Danish Financial Statements Act, the Company does not disclose its revenue.Gross profit includes expenses related to administration etc. Financial income and expenses include interest income and expenses, realised and unrealised gains and losses arising from investments in financial assets exchange rate adjustments from debt and transactions in foreign currencies as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year. The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity.   The Company is jointly taxed with affiliated Danish enterprises. The current Danish corporation tax is distributed between the jointly taxed Danish enterprises in proportion to their taxable income and with full ditribution with refund regarding taxable losses. The jointly taxed companies are included in the tax-on-account scheme. Receivables are measured at amortised cost which usually corresponds to nominal value. Write-down is made for bad debt losses when there is objective evidence that a receivable or a portfolie of receivables has been impaired. If there is a objective evidence that an individual receivable has been impaired, write-down is made on an individual basis. Cash and cash equivalents comprises cash balances and bank balances.   Balances in the group's cash pool scheme are not, due to the nature of the scheme, considered cash, but are recognised under "Receivables from group enterprises" or "Payables to group enterprises", as applicable. Current tax liabilities and current tax receivables are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account.Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected realisable value of the asset, either by set-off against tax 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 under the legislation in force on the balance sheet date would be applicable when the deferred tax is expected to crystallise as current tax. Liabilities are measured at amortised cost which usually correspond to nominal value. Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the income statement as a financial income or expense.   Receivables, payables and other monetary items in foreign currencies that are not settled on the balance sheet date are translated at the exchange rate on the balance sheet date. The difference between the exchange rate on the balance sheet date and the exchange rate at the time of occurrence of the receivables or payables is recognised in the income statement as financial income or expenses. With reference to Section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the Company, as its cash flows are reflected in the consolidated cash flow statement of the ultimate parent. With reference to Section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the Company, as its cash flows are reflected in the consolidated cash flow statement of the ultimate parent. Solvency ratioEquity at year end x 100Total assetsReturn on equityNet profit for the year x 100Average equity -213000 -137000 270706000 402333000 31074000 37358000 239419000 364838000 52692000 80435000 186727000 284403000 0 9497529000 0 9497529000 0 9497529000 11742555000 1599802000 11742555000 1599802000 11742555000 1599802000 11742555000 11097331000 364000 364000 10537365000 10350638000 10537729000 10351002000 50000 0 1196602000 715808000 8174000 30521000 1204826000 746329000 1204826000 746329000 11742555000 11097331000 364000 10350638000 186727000 364000 10537365000 The share capital has remained unchanged in the last 5 years, except for a capital reduction in 2022 from T.DKK 455 to T.DKK 364. 0 0 270591000 402333000 115000 0 270706000 402333000 30983000 36582000 91000 776000 31074000 37358000 52692000 80435000 186727000 284403000 KVF Finance ApS participate in a cash pool arrangement owned by DHCDAN Holding ApS. Under the terms of the cash pool arrangements, participating companies’ deposit and withdrawals are offset against each other. As of December 31, 2025, KVF Finance ApS’ cashpool deposit amounts DKK 480.526 thousand and is classified as “Receivables from group enterprises”.   At 31 December 2025, KVF Finance ApS have Intercompany loans receivable of total DKK 11.262.029 thousand from DHCDAN Holding ApS. The first loan was originated on 4 August 2021. It bears interest at 6 month CIBOR plus 0,09% p.a. The second loan was originated 10 July 2025. It bears interest at 6-month CIBOR plus 0,56% p.a. The loans terms are consistent with arm’s length market conditions. No significant events have occured after the end of the financial year which impacts the Company's financial position. Joint taxation The Company is jointly taxed with Danaher Tax Administration ApS, which is the management company (Administrationsselskab) for the Danish joint taxation. The Company is jointly and severally unlimited liable with the other jointly taxed companies for payment of corporation tax and for withholding tax on interest, royalties and dividends.Other ContingenciesThe Company has no other contingent assets or liabilities. The related parties transactions for 2025 are shown below. All amounts are in DKK thousand.  Group enterprises  Administration cost, 110  Interest expense, 30.983  Interest income, 270.591  Intercompany loans, 11.262.029  Cash pool Bank of America receivable, 480.526  Cash pool DHCDAN Holding ApS payable, 1.196.602