38881221 2025-01-01 2025-12-31 1 38881221 2025-01-01 2025-12-31 38881221 2025-01-01 2025-12-31 2 38881221 2025-01-01 2025-12-31 1 38881221 2025-01-01 2025-12-31 2 38881221 2025-01-01 2025-12-31 3 38881221 2024-01-01 2024-12-31 38881221 2025-12-31 38881221 2024-12-31 38881221 2024-01-01 d:ContributedCapitalMember 38881221 2024-01-01 d:RetainedEarningsMember 38881221 2024-01-01 2024-12-31 d:RetainedEarningsMember 38881221 2025-01-01 d:ContributedCapitalMember 38881221 2025-01-01 d:RetainedEarningsMember 38881221 2025-01-01 2025-12-31 d:RetainedEarningsMember 38881221 2025-12-31 d:ContributedCapitalMember 38881221 2025-12-31 d:RetainedEarningsMember 38881221 2025-01-01 d:InvestmentPropertyMember 38881221 2025-12-31 d:InvestmentPropertyMember 38881221 2025-01-01 2025-12-31 d:InvestmentPropertyMember 38881221 2025-01-01 d:InvestmentsInGroupEnterprisesMember 38881221 2025-01-01 d:ReceivablesFromGroupEnterprisesMember 38881221 2025-01-01 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38881221 2025-01-01 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 38881221 2025-12-31 d:InvestmentsInGroupEnterprisesMember 38881221 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 38881221 2025-01-01 2025-12-31 d:SubsidiaryMember 1 38881221 2025-12-31 d:SubsidiaryMember 1 38881221 2025-12-31 d:LongtermMortgageLoansMember 38881221 2025-12-31 d:LongtermPayablesToGroupEnterprisesMember 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 38881221 Risskov Brynet V K/S Vestre Ringgade 26, 4. 8000 Aarhus C 2017-08-17 Aarhus (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 2026-05-08 Juha Matti Salokoski Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-05-08 2026-05-08 CaseWare Working Papers Today, the Management has discussed and approved the annual report of Risskov Brynet V K/S for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with 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. 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. Aarhus Peter Gill Torsten Bjerregaard Juha Matti Salokoski To the limited partner of Risskov Brynet V K/S We have audited the financial statements of Risskov Brynet V K/S 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.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. 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.IndependenceWe 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. 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 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.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 note 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. Management is responsible for the Management's review.Our opinion on the financial statements does not cover the 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 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.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.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. Copenhagen Kaare K. Lendorf Emil Johnsen State Authorised Public Accountant mne33819 State Authorised Public Accountant mne50640 The purpose of the company is to acquire and operate real estate. The company may provide guarantees, raise loans, grant loans or otherwise directly or indirectly assist with the financing of the group. The Company may, at its own expense or on behalf of a third party, carry on any business useful or necessary to fulfill its purposes or purposes which are directly or indirectly related to its own or a third party's purpose The income statement for 2025 shows a profit of DKK 1,461,986 against a profit of DKK 984,311 last year, and the balance sheet at 31 December 2025 shows equity of DKK 61,176,261. Management considers the Company's financial performance in the year satisfactory. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 6692463 6043432 400000 200000 7092463 6243432 1171156 1289095 1165605 1757971 5636028 4790245 1461986 984311 1461986 984311 187400000 187000000 187400000 187000000 6309434 0 0 369842 6309434 369842 193709434 187369842 30875 6017307 409453 439104 27517 0 467845 6456411 3873566 4294310 4341411 10750721 198050845 198120563 1001000 1001000 60175261 60813275 61176261 61814275 112255882 112783024 19571274 19571274 0 1653629 131827156 134007927 3273472 2117096 84894 164945 1689062 0 0 16320 5047428 2298361 136874584 136306288 198050845 198120563 1001000 63828964 984311 4000000 1001000 60813275 1461986 2100000 1001000 60175261 The annual report of Risskov Brynet V K/S 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. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement. Assets are recognized in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of the asset can be reliably measured. Liabilities are recognized in the balance sheet when it is probable that future economic benefits will be deducted 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 accounting item below. Reporting currencyThe financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Rental income is recognised on a straight line-basis over the term of the lease. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. The items revenue, expenses, property and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Property expenses include expenses relating to renting out the Company's investment property, including expenses relating to running and maintaining such property. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to sale, advertising, administration, bad debts, payments under operating leases, etc. The item includes dividends from investments in group entities and associates. Dividend distributions that either exceed the profit for the year or where the carrying amount of the investments exceeds the consolidated carrying amounts of the group entity's net assets will indicate impairment for which reason an impairment test will have to be conducted. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. On initial recognition, investment property is measured at cost. Investment property is subsequently measured at fair value, and the value adjustment for the year is recognised in the income statement under the item "Fair value adjustment of investment property". The fair value is based on the expected future cash flows for the investment property. Investments in group entities and associates are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value. The carrying amount of intangible assets, property, plant and equipment, investments and receivables in subsidiaries and associates is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.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.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.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. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. The Company has chosen IAS 39 as interpretation for liabilities.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.Other liabilities are measured at net realisable value. 0 0 The Company has no employees. 1118915 1125056 52241 164039 1140978 1144104 4495050 3646141 150342910 150342910 36657090 400000 37057090 187400000 Note9provides more details on security for loans, etc. as regards property, plant and equipment. The Company Group invests in rental property. Investment property is recognised at fair value with value adjustment over the income statement, see the provisions in section 38 of the Danish Financial Statements Act. Fair value estimation The company's investments property is measured at fair value after the fair value hierarchy level 3. The fair value is an estimate made by management based on information available and actual expectations as to the future. Indepedent appraiser are consulted for purposes of estimating the fair values. A weighted exit yield of 4.15% and a discount rate of 6.15% has been applied in the market value assessment at 31 December 2025. The Company´s investment properties are 100% residential. The investment property is located in the area of Aarhus. The property is valued at fair value based on DCF model, which is based on forecasts for future cash flows that the individual property is expected to generate, expected CAPEX investments and development in vacancy. Significant fair value assumptions The fair value of investment properties amounts to DKK 187,400,000. Budget periode: 12 year period Residential rent per sqm: DKK 1,630 Operating expenses per sqm: DKK 286 Maintenance per sqm: DKK 30 Net yield: 4.03% Sensitivity analysis Changes in estimated required rate of return for investment properties will affect the value of investment properties recognized in the balance sheet as well as value adjustments carried in the income statement. An increase in weighted exit yield by 0.5 percentage point will imply a decrease in the fair value of DKK 20,200,000. A decrease in the weighted exit yield by -0.5 percentage point will imply an increase in the fair value of DKK 25,900,000. 50000 19218323 26323520 0 0 19218323 26373520 0 -50000 -18848481 -20014086 0 18848481 -20064086 0 6309434 0 Risskov Brynet Parkering C K/S Aarhus 100.00 6309433 -1165606 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: 112783290 527408 112255882 104312337 22317338 2746064 19571274 19571274 The group companies are jointly and severally liable for tax on the jointly taxed income of the Group. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax onroyalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes andwithholding taxes may increase the Company's liability. The Company has as part of its normal course of business, entered into customary executory contracts. Investment properties at a carrying amount of DKK 187,400,000 at 31 December 2025 have been put up as security for mortgage debt to the credit institutions. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements CapMan Nordic Real Estate II FCP-RAIFLuxembourg1B Heienhaff, L-1736 Senningerberg, Luxembourg