30548043 2025-01-01 2025-12-31 30548043 2025-01-01 2025-12-31 2 30548043 2025-01-01 2025-12-31 memberOfBoardIdentifier_executive_board_1 30548043 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_1 30548043 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_2 30548043 2025-01-01 2025-12-31 memberOfBoardIdentifier_board_of_director_3 30548043 2025-01-01 2025-12-31 1 30548043 2023-01-01 2023-12-31 30548043 2022-01-01 2022-12-31 30548043 2021-01-01 2021-12-31 30548043 2023-12-31 30548043 2022-12-31 30548043 2021-12-31 30548043 2024-01-01 2024-12-31 30548043 2025-12-31 30548043 2024-12-31 30548043 2025-01-01 fsa:ContributedCapitalMember 30548043 2025-01-01 fsa:RetainedEarningsMember 30548043 2025-01-01 30548043 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 30548043 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 30548043 2025-12-31 fsa:ContributedCapitalMember 30548043 2025-12-31 fsa:RetainedEarningsMember 30548043 2025-01-01 fsa:AcquiredLicencesMember 30548043 2025-12-31 fsa:AcquiredLicencesMember 30548043 2025-01-01 2025-12-31 fsa:AcquiredLicencesMember 30548043 2025-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 30548043 2025-01-01 fsa:PropertyPlantAndEquipmentInProgressMember 30548043 2025-01-01 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 30548043 2025-01-01 2025-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 30548043 2025-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 30548043 2025-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 30548043 2025-12-31 fsa:OtherLongtermPayablesMember 30548043 2024-12-31 fsa:OtherLongtermPayablesMember 30548043 2025-12-31 fsa:OtherShorttermPayablesMember 30548043 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-05-21 Jacob Kjær The Executive Board and Board of Directors have today considered and adopted the Annual Report of CP Hotel A/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 at 31 December 2025 of the Company and of the results of the Company operations for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-03-26 Malene Friis Mortensen CEO Jesper Mark Dixen Jacob Kjær Casper Brorsen Chairman To the shareholder of CP Hotel A/S Opinion 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 have audited the Financial Statements of CP Hotel A/S for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). 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’ 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. Management 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, in our view, 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 in Management’s Review. 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 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. Hellerup 2026-03-26 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Torben Jensen Claus Carlsson State Authorised Public Accountant State Authorised Public Accountant mne18651 mne29461 CP Hotel A/S Ørestads Boulevard 114-118 2300 Copenhagen S 30548043 Copenhagen Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Company is described by the following financial highlights: 162782000 146496000 70769000 58236000 68247000 40519000 296000 -231000 -309000 -3989000 6399000 -1910000 47605000 48285000 37399000 19835000 23824000 17723000 109 98 115 111 79 0.442 0.396 0.358 0.466 0.573 0.410 0.438 0.417 0.493 0.474 0.322 0.017 0.183 0.308 0.102 Key activitiesThe core activity of CP Hotel A/S remains hotel and hospitality operations at Crowne Plaza Copenhagen Towers, delivering high quality guest experiences across business, leisure, and event-driven travel. In 2025, the company sharpened this focus by discontinuing the Facility Agreement responsibilities for North Tower companies, allowing full dedication to core hotel operations.Development in the year2025 has been a year defined by clear prioritization and renewed focus on the core business. With non hotel tasks removed from the organization, CP Hotel A/S has been able to enhance operational efficiency and elevate the overall guest experience, strengthening both the Crowne Plaza Copenhagen Towers’ commercial position and internal clarity.A significant development was the appointment of a new General Manager in early 2025. This shift has provided new momentum, marked by sharper operational direction and stronger collaboration across the organization. Throughout the year, several initiatives have been revitalized or newly launched to support commercial growth – among them enhanced client focused concepts and targeted offerings connected to major event activity. These efforts have contributed to improved occupancy, stronger guest satisfaction, and a more cohesive execution across teams.Financial result for the yearCP Hotel A/S delivered a solid financial performance in 2025.Profit for the year: TDKK 7,754Equity as of December 31, 2025: TDKK 27,925The improvement reflects stable market demand, increased commercial focus under the new leadership, and greater operational efficiency.Outlook for 2026With strengthened leadership, a clarified strategic focus, and stable demand, CP Hotel A/S is well positioned for continued growth in 2026. Ongoing development of commercial initiatives, increasing demand, and a more aligned organization are expected to support further improvements in both performance and guest experience. CP Hotel A/S enters 2026 with solid momentum and a strong foundation for delivering long term value. 163372000 157603000 10097000 5699000 20504000 27898000 80828000 72920000 72137000 62484000 60669000 58623000 1203000 1768000 306000 2056000 9959000 37000 180000 427000 139000 91000 10000000 373000 2246000 37000 7754000 336000 339000 428000 339000 428000 4988000 4556000 574000 0 5562000 4556000 350000 350000 350000 350000 6251000 5334000 638000 781000 638000 781000 9543000 14157000 901000 227000 64000 198000 161000 1166000 0 901000 887000 746000 11556000 17395000 49686000 22593000 61880000 40769000 68131000 46103000 750000 750000 27175000 19421000 27925000 20171000 1614000 1539000 1614000 1539000 0 120000 13897000 13439000 6126000 3345000 1241000 0 12343000 6020000 4985000 1469000 38592000 24393000 40206000 25932000 68131000 46103000 750000 19421000 20171000 0 7754000 7754000 750000 27175000 27925000 Insurance coverage for operating loss05,211Other income10,09748810,0975,699 55308000 54278000 4106000 3500000 1255000 845000 60669000 58623000 109 98 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 61000 93000 119000 334000 180000 427000 139000 91000 139000 91000 1005000 114000 1241000 -77000 2246000 37000 7754000 336000 1771000 1771000 1343000 89000 1432000 339000 20 years 16155000 0 1552000 574000 34000 0 17673000 574000 11599000 0 1114000 0 28000 0 12685000 0 4988000 574000 3-10 years The Company's share capital has remained TDKK 750 over the past 5 years. 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:Other payables13,9577,559 0 0 1614000 1539000 1614000 1539000 12343000 6020000 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year31,83031,129Between 1 and 5 years132,000132,000After 5 years325,907357,036489,737520,165Guarantee obligationsThe Company is guarantor with liability for whatever amount BCHG Holding A/S, Bella Operation A/S and BCHG Properties A/S may owe Nordea Danmark, branch of Nordea Bank AB (Publ), Nordea Bank Finland OY and Nordea Kredit A/S in the future, including interest and expenses in the event of default.The BCHG Holding group is in process of prolonging the existing loan facilities agreement covering the financing of all companies in the group. The existing facilities agreement expires 15 June 2026. The group has been in dialogue with the financial institute to prolong the facilities agreement and has in February 2026 received a letter from the financial institute where the financial institute, based on internal group reporting for 2025, confirms that they are willing to prolong the existing loan facilities on unchanged terms and conditions until 15 February 2027.Other contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of TMC Invest 2021 ApS, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Up to 2021 the Company was part of the joint taxation group of Copenhagen Skyline Holding ApS. Controlling interestTMC Invest 2021 ApS, CopenhagenUltimate parent companyBCHG Holding A/S, CopenhagenIntermediate parent companyBella Operation A/S, CopenhagenParent companyOther related partiesBella Operation A/S is holding 100% of the votes in the companyTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.The Company has had transactions related to intercompany payables, intercompany receivables and management fees. Consolidated Financial StatementsThe Company is included in the Consolidated Financial Statements of BCHG Holding A/S and the ultimate parent company TMC Invest 2021 ApS.TMC Invest 2021 ApSBCHG Holding A/SCopenhagenCopenhagen The Annual Report of CP Hotel A/S for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2025 are presented in TDKK. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of BCHG Holding A/S, the Company has not prepared a cash flow statement. Recognition and measurementRevenues 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, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company.The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. RevenueRevenue comprises income from hotel activities such as renting of rooms, conference facilities and income from restaurant activities, etc.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Cost of goods soldCost of goods sold comprise the purchase price etc. for goods sold in the year. Other external expensesOther external expenses comprise expenses for distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.The Company is jointly taxed with other group entities. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. Intangible fixed assetsIntangible assets include acquired licenses. Acquired licenses are measured at cost less accumulated amortisation and impairment losses and amortised over 20 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-10 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually.Assets costing less than DKK 33,100 are expensed in the year of acquisition. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale equals landed cost.The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses regarding subsequent financial reporting years. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in 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 will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Deferred incomeDeferred income comprises payments received of deposits relating to room bookings, which will not be recognised as income until in the subsequent financial year once the recognition criteria are satisfied. Financial HighlightsExplanation of financial ratiosGross marginGross profit x 100 / RevenueSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity