42871923 2025-01-01 2025-12-31 42871923 2025-01-01 2025-12-31 0 42871923 2025-01-01 2025-12-31 1 42871923 2025-01-01 2025-12-31 2 42871923 2025-01-01 2025-12-31 0 42871923 2024-01-01 2024-12-31 42871923 2025-12-31 42871923 2024-12-31 42871923 2024-01-01 fsa:ContributedCapitalMember 42871923 2024-01-01 fsa:RetainedEarningsMember 42871923 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 42871923 2025-12-31 fsa:ContributedCapitalMember 42871923 2025-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 20283416 DEAS A/S Bellidavej 20 2500 Valby Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 0 IPP (OPP Denmark) ApS c/o DEAS A/SBellidavej 20 2500 Valby 42871923 4 2026-06-15 Michaelangelo Leto Today, Management has considered and adopted the Annual Report of IPP (OPP Denmark) ApS for the financial year 1 January 2025 - 31 December 2025. 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 assets, liabilities and financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025. In our opinion, the 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 2026-06-15 Steffen Rasmussen Michelangelo Leto Cyril Joseph Louis Stéphane Baseden To the shareholders of IPP (OPP Denmark) ApS OpinionWe have audited the financial statements of IPP (OPP Denmark) ApS for the financial year 1 January 2025 - 31 December 2025, which comprise an income statement, balance sheet, statement of changes in equity and notes. 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 Company's financial position at 31 December 2025 and of the results of its operations for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility 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 statement 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's responsibility for the financial statementsManagement 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also:*Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable.*Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern.*Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. Statement on Management's ReviewManagement 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 opinion providing assurance regarding the Management's review.Our responsibility in connection with our audit of the financial statements 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 with the knowledge we have gained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act.Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Copenhagen 2026-06-15 EY Godkendt Revisionpartnerselskab 30700228 Kennet Hartmann State Authorised Public Accountant mne40036 The Company's principal activitiesThe company's most important activities consist of owning capital shares in other companies as well as any activity which, at the discretion of the management, is related to this. Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The annual report of IPP (OPP Denmark) ApS for 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B and elective choice of certain provisions applying to reporting class C entities. Basis of recognition and measurementThe financial statement have been prepared under the historical cost principle.Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the 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 item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profitThe Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act.Gross profit is a combination of the items of revenue and other external expenses. RevenueThe Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Revenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and all discounts granted are recognised in revenue. Other external expensesOther external expenses include expenses for administration. Income from investments in group enterprises Income from equity investments comprises dividends received from group enterprises so far as they do not exceedthe accumulated earnings in the group enterprise during the ownership period. Financial income and expensesFinancial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity.The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance sheet Equity investments in group enterprises Equity investments in group enterprises are measured at cost.The carrying amount of investments in subsidiaries is assessed annually for indications of impairment.If such indications exist, an impairment test is performed for each individual asset or group of assets. Write-downs are made to the recoverable amount if this is lower than the carrying amount. ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts.The company has elected to apply IAS 39 Financial Instruments: Recognition and Measurement as an interpretative basis for impairment of financial receivables. Impairment of accounts receivables past due is established on individual assessment of receivables. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. LiabilitiesFinancial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. Insubsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized valueusing the effective interest method, so that the difference between the proceeds and the nominal value isrecognised in the income statement over the life of the financial instrument.Other liabilities are measured at net realisable value. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value.Contingent liabilitiesContingent liabilities are not recognised in the Balance Sheet but appear only in the notes. -224000 -397000 0 1748000 1636000 2525000 1761000 1879000 -349000 1997000 80000 -362000 -429000 2359000 429000 -2359000 24629000 24629000 35051000 34689000 59680000 59318000 59680000 59318000 1869000 992000 360000 952000 0 228000 2229000 2172000 481000 6776000 2710000 8948000 62390000 68266000 40000 40000 12768000 13197000 12808000 13237000 282000 202000 282000 202000 48235000 53222000 48235000 53222000 580000 0 0 965000 484000 640000 1065000 1605000 49299000 54827000 62390000 68266000 40 13197 -429 40 12768 1. Personnel costs20252024Average number of employees00 2. Income from investments in group enterprisesDividend from group enterprises01.74801.748 3. Finance incomeInterest - group enterprises1.2371.309Capital gain on subordianted loan capital3621.138Other finance income37781.6362.525 4. Finance expensesFinance expenses arising from group enterprises-1.556-1.839Other finance expenses-206-40-1.762-1.879 6. Long-term investments in group enterprisesCost at the beginning of the year24.62924.629Cost at the end of the year24.62924.629Carrying amount at the end of the year24.62924.6297. Disclosure in long-term investments in group enterprisesGroup enterprisesNameRegistered officeShare held in %EquityProfitOPP Vildbjerg Skole A/SValby66,673.5261.348OPP Randers P-Hus A/SValby66,676.4912.630OPP Ørstedskolen A/SValby66,67-16.7818.008OPP Hobro Tinglysningsret A/SValby66,677.7613.00399714.9898. Subordinated loan capital20252024Cost at the beginning of the year34.68939.016Addition during the year, incl. improvements3620Disposal during the year0-4.327Cost at the end of the year35.05134.689Carrying amount at the end of the year35.05134.689 9. Long-term liabilitiesDueDueDueafter 1 yearwithin 1 yearafter 5 yearsPayables to group enterprises0048.2350048.235 10. Contingent liabilitiesThe Company is jointly taxed with the other enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation.The total amount appears from the annual report of IPP (OPP Denmark) ApS which is the administration company in the joint taxation.The Company has, as part of its normal course of business, entered into customary executory contracts. 11. Collaterals and securitiesNo securities or mortgages exist at the balance sheet date.