39212021 2022-01-01 2022-12-31 39212021 2022-01-01 2022-12-31 0 39212021 2022-01-01 2022-12-31 0 39212021 2022-01-01 2022-12-31 1 39212021 2022-01-01 2022-12-31 2 39212021 2021-01-01 2021-12-31 39212021 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 39212021 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 39212021 2022-12-31 39212021 2021-12-31 39212021 2022-01-01 2022-12-31 0 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 39212021 2023-03-17 Tomas Esben Khan <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by Management on the annual report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Orange 8 ApS for the financial year 1 January 2022 – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31 December 2022 and of the results of the Company’s operations for the financial year 1 January 2022 – 31 December 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend the adoption of the annual report at the annual general meeting.</td></tr></table> Copenhagen 2023-03-17 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditors’ report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Orange 8 ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of Orange 8 ApS for the financial year 1 January 2022 – 31 December 2022, which comprise an 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.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of company at 31 December 2022, and of the results of the company operations for the financial year 1 January 2022 – 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management´s review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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 Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Odense 2023-03-17 Orange 8 ApS 1560 København V 4. 2017-12-29 Copenhagen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management´s review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The company's primary activities and company details</td></tr><tr><td colspan="1">The company's purpose is to invest in real estate, administrate and manage real estate as well as other related activities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant changes in business and economic conditions</td></tr><tr><td colspan="1">None.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Uncertainties relating to recognition and measurement in the financial statements</td></tr><tr><td colspan="1">Investment properties are valued at their fair values, according to the description in Accounting policies. The valuation includes accounting estimates and such valuation is therefore subject to some uncertainty. Please refer to note 5.</td></tr></table> -1256154 1625000 368846 353632 15213 3348 11865 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Financial statements for the period 1 January 2022 - 31 December 2022</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >(DKK)</td><td width="17%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="1%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="1%" colspan="1" align="right" valign="middle" ><b></b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Equity at 01/01 2022</td><td width="17%" align="right" valign="middle" >50.000</td><td width="1%" ></td><td width="17%" align="right" valign="middle" > 6.087.544 </td><td width="1%" ></td><td width="20%" align="right" valign="middle" >6.137.544</td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Profit/loss for the year</td><td width="17%" align="right" valign="middle" >0</td><td width="1%" ></td><td width="17%" align="right" valign="middle" >11.865</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >11.865</td></tr><tr><td colspan="6"></td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" ><b>Equity at 31/12 2022</b></td><td width="17%" align="right" valign="middle" >50.000</td><td width="1%" ></td><td width="17%" align="right" valign="middle" >6.099.409</td><td width="1%" ></td><td width="20%" align="right" valign="middle" >6.149.409</td></tr><tr><td colspan="6"></td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounting polices</td></tr><tr><td /><td colspan="9">The annual report of Orange 8 ApS has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities.</td></tr><tr><td /><td colspan="9">The accounting policies used in the preparation of the financial statements are consistent with those of last year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Reporting currency</td></tr><tr><td /><td>The financial statements are presented in Danish kroner (DKK).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Income Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Gross profit</td></tr><tr><td /><td colspan="9">With reference to section 32 of the Danish Financial Statements Act, the items ‘Revenue’, ‘Cost of sale’, ‘Other external expenses’ and ‘Other operating income’ are consolidated into one item designated ‘Gross margin’.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other external expenses</td></tr><tr><td /><td colspan="9">Other external expenses include the year’s expenses relating to the entity’s core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income and expenses</td></tr><tr><td /><td colspan="9">Financial income and expenses are recognized in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax</td></tr><tr><td /><td colspan="9">Tax for the year include current tax on the year’s expected taxable income and the year’s deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognized in the income statement, whereas the portion that relates to transactions taken to equity is recognized in equity.</td></tr><tr><td /><td colspan="9">The entity and its Danish group entities are taxed on a joint basis. The Danish income tax charge is allocated between profit-making and loss-making Danish entities in proportion to their taxable income (full allocation method).</td></tr><tr><td /><td colspan="9">Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the management company according to the current rates applicable to interest allowance, and jointly taxed companies having paid too little tax pay, as a maximum, a surcharge according to the current rates applicable to interest surcharges to the management company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Balance sheet</td></tr><tr><td /><td>Investment property</td></tr><tr><td /><td colspan="9">Investment properties are measured at cost at first recognition. After the first recognition investment properties are measured at fair value. Fair value is measured using a discounted cash flow model based on yield for comparable properties. Annual changes in fair value is recognized in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Receivables</td></tr><tr><td /><td colspan="9">Receivables are measured at amortized cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realizable value and the carrying amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Corporation tax</td></tr><tr><td /><td colspan="9">Current tax payable and receivable is recognized in the balance sheet as the estimated tax charge in respect of the taxable income for the year, adjusted for tax on prior year’s taxable income and tax paid on account.</td></tr><tr><td /><td colspan="9">Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values.</td></tr><tr><td /><td colspan="9">Deferred tax is measured according to the taxation rules and taxations rates applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Deferred tax assets are recognized at the value at which they are expected to be utilized, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities within the same jurisdiction.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Liabilities</td></tr><tr><td /><td colspan="9">Financial liabilities related to investment properties are measured at amortized cost.</td></tr><tr><td /><td>Other liabilities are measured at net realizable value.</td></tr><tr><td /><td>Fair value</td></tr><tr><td /><td colspan="9">Fair value is determined based on the principal market. If no principal market exists, the measurement is based on the most advantageous market, i.e. the market that maximises the price of the asset or liability less transaction and/or transport costs.</td></tr><tr><td /><td colspan="9">All assets and liabilities that are measured at fair value or whose fair value is disclosed are classified based on the fair value hierarchy, see below</td></tr><tr><td /><td>Level 1</td><td colspan="8">Value based on the fair value of similar assets/liabilities in an active market.</td></tr><tr><td /><td>Level 2</td><td colspan="8">Value based on generally accepted valuation methods on the basis of observable market information.</td></tr><tr><td /><td>Level 3</td><td colspan="8">Value based on generally accepted valuation methods and reasonable estimates based on non-observable market information.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has no employees.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="56%" colspan="4" align="left" valign="middle" >DKK</td><td width="14%" align="right" valign="middle" ><b>2022</b></td><td width="14%" ></td><td width="16%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="56%" colspan="4" align="left" valign="middle" >Interest expenses, affiliated companies</td><td width="14%" align="right" valign="middle" >220.766</td><td width="14%" ></td><td width="16%" align="right" valign="middle" >208.595</td></tr><tr><td width="56%" colspan="4" align="left" valign="middle" >Interest expenses, bank and others</td><td width="14%" align="right" valign="middle" >132.866</td><td width="14%" ></td><td width="16%" align="right" valign="middle" >72.294</td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >353.632</td><td width="14%" ></td><td width="16%" align="right" valign="middle" >280.888</td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="56%" colspan="4" align="left" valign="middle" >DKK</td><td width="14%" align="right" valign="middle" >2.022</td><td width="14%" ></td><td width="16%" align="right" valign="middle" >2.021</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="56%" colspan="4" align="left" valign="middle" >Estimated tax charge for the year</td><td width="14%" align="right" valign="middle" >0 </td><td width="14%" ></td><td width="16%" align="right" valign="middle" >0 </td></tr><tr><td width="56%" colspan="4" align="left" valign="middle" >Estimated tax charge for the year</td><td width="14%" align="right" valign="middle" >0 </td><td width="14%" ></td><td width="16%" align="right" valign="middle" >0 </td></tr><tr><td width="56%" colspan="4" align="left" valign="middle" >Deferred tax adjustments in the year</td><td width="14%" align="right" valign="middle" >26.267 </td><td width="14%" ></td><td width="16%" align="right" valign="middle" >938.167 </td></tr><tr><td width="56%" colspan="4" align="left" valign="middle" >Adjustment regarding prior years</td><td width="14%" align="right" valign="middle" >-22.919 </td><td width="14%" ></td><td width="16%" align="right" valign="middle" >0 </td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >3.348 </td><td width="14%" ></td><td width="16%" align="right" valign="middle" >938.167 </td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="84%" colspan="6" align="left" valign="middle" ><b>Property, plant and equipment</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Investment property</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Cost at 1 January 2022</td><td width="16%" align="right" valign="middle" > 32.447.500 </td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Additions / disposals</td><td width="16%" align="right" valign="middle" > - </td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Cost at 31 December 2022</td><td width="16%" align="right" valign="middle" > 32.447.500 </td></tr><tr><td colspan="7"></td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Value adjustment at 1 January 2022</td><td width="16%" align="right" valign="middle" > 8.552.500 </td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Value adjustment for the year</td><td width="16%" align="right" valign="middle" > 1.625.000 </td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Value adjustment at 31 December 2022</td><td width="16%" align="right" valign="middle" > 10.177.500 </td></tr><tr><td colspan="7"></td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Carrying amount at 31 December 2022</td><td width="16%" align="right" valign="middle" > 42.625.000 </td></tr><tr><td colspan="7"></td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Fair Value Level</td><td width="16%" align="right" valign="middle" > 3 </td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The valuation is based on a DCF-model with an initial yield of 4,35% (2021: 4,25%) added inflation of 2,00% (2021: 1,50%) and growth in free cash flow of 2,00% (2021: 1,50%) per year. The property is a residential property placed in the area of Farum. If valuation was based on an initial yield of 4,10% the value would be DKK 45,224 thousand and if based on an initial yield of 4,60% the value would be DKK 40,308 thousand. The earnings used for the valuation is the estimated rent and cost on a normalised basis.</td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="84%" colspan="6" align="left" valign="middle" >DKK</td><td width="16%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Balance at 29 December 2017</td><td width="16%" align="right" valign="middle" >50.000</td></tr><tr><td width="84%" colspan="6" align="left" valign="middle" >Balance at 31 December 2022</td><td width="16%" align="right" valign="middle" >50.000</td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Provisions</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The provisions for deferred tax primarily relates to timing differences in respect of property.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Long-term liabilities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Of the long-term liabilities, DKK 22.034.736 falls due for payment after more than 5 years after the balance sheet date.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Security for loans</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for the company’s mortgage debt, the company has placed assets with carrying amount of DKK 42.625.000.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>10. Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is jointly taxed with Pineapple Odense Residential Komplementarselskab ApS, CVR no 37 15 44 90, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends.</td></tr></table> Årsrapport 33862865 SF MANAGEMENT HOLDING ApS Kalvebod Brygge 39, 4. 1560 København V xWizard version 1.1.1207.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 0 Thomas Esben Khan Kevin Jeremiah Cahill Chairman Thomas Esben Khan Henrik Skriver -454717 5000000 4545283 280888 4264395 938167 3326228 11865 3326228 42625000 42625000 42625000 101676 278181 379857 805766 1185624 43810624 50000 6099409 6149409 1791152 1791152 21943923 820650 22764573 96622 0 12355738 653130 13105490 35870062 43810624 41000000 41000000 41000000 0 372333 372333 0 372333 41372333 50000 6087544 6137544 1764885 1764885 22032934 0 22032934 127518 11368 11138320 159764 11436970 33469904 41372333 EY Godkendt Revisionspartnerselskab 30700228 Morten Schougaard Sørensen State Authorised Public Accountant mne32129 5230 Odense M, Denmark Cortex Park Vest 3