BDO Statsautoriseret revisionsaktieselskabHavneholmen 29DK-1561 Copenhagen V20222670Årsrapport2025-06-26Ole Meier SørensenSLA Denmark 1 ApSc/o Citco (Denmark) ApS1203 Copenhagen KRevisionspåtegning383308962017-01-01Copenhagen2024-01-012024-12-312023-01-012023-12-31EY Godkendt RevisionspartnerselskabDirch Passers Allé362000FrederiksbergCopenhagen2025-06-26Ole Meier SørensenCaspar SchultzKonklusionGrundlag for konklusionCopenhagen2025-06-26EY Godkendt Revisionspartnerselskab30700228EY Godkendt Revisionspartnerselskab30700228Kennet HartmannMajken Bech LarsenRevisionspåtegningState Authorised Public AccountantState Authorised Public Accountantmne40036mne4662345359424724035152780115278013008141319623423807301528017165213717181971544097378769692829133942885126813394288512681339428851268837552348528303583755234852830358375523485283035025818013566481607401152281740006235001534226592920219810110477576373232711070496874875619635353151000510001899900018999000494809636086682399809622658668130237392437613023739243760723225990723225991775929077661427908062187092447888621870927277048787487561963535315100018999000360866813394285100018999000494809615201431522510787412962715280171652137772003246093779973682209139423991394239611120415278017639005837552340Regnskabsklasse BtruetrueToday the Executive Board have discussed and approved the Annual Report of SLA Denmark 1 ApS for the financial year 1 January - 31 December 2024. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. To the Shareholder of SLA Denmark 1 ApS We have audited the Financial Statements of SLA Denmark 1 ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant 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 assets, liabilities and financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion Grundlag for konklusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management's Responsibilities for the Financial Statements 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 judgment and maintain professional skepticism 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 Commentary Management is responsible for Management Commentary. Our opinion on the Financial Statements does not cover Management Commentary, 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 Commentary and, in doing so, consider whether Management Commentary 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 Commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management Commentary 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 Commentary. Principal activities The objects of the company are acquisition, sale and letting out of real property. Recognition and measurement uncertainty As the company’s purpose is investment in properties, the Company is affected by changes in the property market, including the general economic conditions. The market situation in the real estate sector is affected by uncertainty, as a result high inflation and increasing interest rates. However, the company's activities have not been significantly affected by this. The uncertainty related to interest rates and yields has created a gap between buyers’ and sellers’ expectation to sales prices of properties which is reflected in the lower transaction volume for investment properties in 2024. This has been reflected in the valuation of the company's properties. Significant events after the end of the financial year At 31. December 2024 the group debt has been classified as a short term loan. In June 2025 the mangement in SLA Denmark 1 ApS has agreed an extension on the payments on the loan with the group management. The extension ensures that the company's capital structure and liquidity position remain unchanged, and no significant impact on the company's capital ratio is expected. No other events have occurred after the end of the financial year of material importance for the Company's financial position. DKK Share capital Share premium account Retained earnings Total Equity at 1 January 2024 51.000 18.999.000 3.608.668 22.658.668 Proposed profit allocation 1.339.428 1.339.428 Equity at 31 December 2024 51.000 18.999.000 4.948.096 23.998.096 2024 2023 DKK DKK 1 | Other financial expenses Group enterprises 1.520.143 1.522.510 173.107 Other interest expenses 7.874 129.627 1.528.017 1.652.137 3 | Property, plant and equipment DKK Investment properties Cost at 1 January 2024 91.394.239 Cost at 31 December 2024 91.394.239 Depreciation and impairment losses at 1 January 2024 6.111.204 Depreciation for the year 1.527.801 Depreciation and impairment losses at 31 December 2024 7.639.005 Carrying amount at 31 December 2024 83.755.234 4 | Long-term liabilities 31/12 2024 Repayment Debt outstanding 31/12 2023 DKK total liabilities next year after 5 years total liabilities Payables to group enterprises 0 0 0 72.322.599 0 0 0 72.322.599 Joint liabilities The Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 0 at the Balance Sheet date. 6 | Significant events after the end of the financial year At 31. December 2024 the group debt has been classified as a short term loan. In June 2025 the mangement in SLA Denmark 1 ApS has agreed an extension on the payments on the loan with the group management. The extension ensures that the company's capital structure and liquidity position remain unchanged, and no significant impact on the company's capital ratio is expected. No other events have occurred after the end of the financial year of material importance for the Company's financial position 7 | Consolidated Financial Statements The results of the Company are consolidated in the group accounts of Phoenix Group Holding Plc, registered at 20 Old Bailey, London, England, EC4M 7AN. The copies of the consolidated financial statements of the ultimate controlling party can be obtained at www.thephoenixgroup.com The Annual Report of SLA Denmark 1 ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions applying to reporting class C. Reporting currency The financial statements are presented in Danish kroner (DKK). Regnskabsklasse B1 true true The Annual Report is prepared consistently with the accounting principles applied last year. Rental income Rental income and expenses have been accrued to cover the period up to the end of the financial year. Payments charged to cover heating are not included in rental income. Other external expenses Other external expenses include cost of sales, advertising, administration, buildings, bad debts and operating lease expenses, etc. Gross profit With reference to section 32 of the Danish Financial Statements Act, the items Revenue, Other external expenses and other operating income are consolidated into one item designated Gross profit/ loss. Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign currencies, amortisation of financial assets and liabilities, 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. Tax 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. Investment properties Investment properties are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. The depreciation base is cost less estimated residual value after end of useful life. The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the asset is ready to be used. Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value: Useful life Residual value Buildings 50 years 0 % Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales price less selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Impairment of fixed assets The carrying amount of property, plant and equipment are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the carrying amount. The recoverable amount is calculated at the higher of net selling price and capital value. The capital value is determined as the fair value of the expected net cash flows from the use of the asset or group of assets and the expected net cash flows from sale of the asset or group of assets after the end of its useful life. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level. Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences. Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio. Accruals, assets Accruals recognised as assets include costs incurred relating to the subsequent financial year. Cash Cash comprise cash. Tax payable and deferred tax Current tax liabilities and receivable current tax 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. The Company is subject to joint taxation with Danish group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively. 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 will be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the Income Statement over the term of loan. 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