Årsrapport 32285201 Martinsen, Statsautoriseret Revisionspartnerselskab Øster Allé, 42 2100, København Ø 2023-01-01 2023-12-31 2024-01-01 2024-12-31 40509879 PropCo NC ApS Nørregade 38 3300 Frederikværk Martinsen, Statsautoriseret Revisionspartnerselskab 32285201 Hans Peter Hartzberg statsautoriseret revisor mne24818 Øster Allé 42 2100 København Ø Danmark 35 38 48 88 2025-06-25 Anne-Kathrine Heiberg Regnskabsklasse B Erklæring om udvidet gennemgang CaseWare fra Revisorgruppen Danmark kapitalejeren København 2025-06-25 Frederikværk 2025-06-25 Grundlag for konklusion Konklusion 4346900 4402768 517810 496053 27458 24000 -9591 1572695 3792041 5455410 2201 290 1850078 1662431 1944164 3793269 454723 850760 1489441 2942509 1489441 2942509 130315 96000 74000000 68200000 74130315 68296000 74130315 68296000 653499 327720 653499 327720 171710 1103040 825209 1430760 74955524 69726760 0 40000 40000 22921996 21432555 22961996 21472555 6526137 6071414 6526137 6071414 20748623 15839210 1462266 4629423 1316492 1246589 18625878 17716907 42153259 39432129 1165016 1020303 1027167 0 956911 248470 165038 1481889 3314132 2750662 45467391 42182791 74955524 69726760 456395 434055 56342 56531 5073 5467 517810 496053 1 1 908970 861708 941108 800723 1850078 1662431 120000 61773 181773 24000 27458 51458 130315 44163596 5809591 49973187 24036404 -9591 24026813 74000000 1165016 16095013 40000 40000 40000 40000 21432555 18490046 1489441 2942509 22921996 21432555 Today, the Managing Director has approved the annual report of PropCo NC ApS for the financial year 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the 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. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Anne-Kathrine Heiberg We have performed an extended review of the financial statements of PropCo NC ApS for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position 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 We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Practitioner's responsibilities for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained. The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Statement on the Management’s Review Management is responsible for the Management’s Review. Our conclusion 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 extended review 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 extended review, 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 Statements Act. We did not identify any material misstatement in the Management’s Review. Description of key activities of the company The company's purpose is to invest in real estate and any related business. Uncertainties connected with recognition or measurement The recognition and measurement of the investment property in the annual report is associated with some uncertainty. To the extent that market interest rates change, an investor's interest requirements change or the circumstances of the properties change, the value of the properties may change accordingly. There is therefore a natural inherent uncertainty about the valuation, but it is the management´s opinion that there is no significant uncertianty when recognizing and measuring. The valuation method used is unchanged compared to last year. Assumptions and percentage of return are shown in the note in the financial statements, as well as a sensitivity calculation when changing the return percentage. Significant changes in the company's activities and financial matters There have been no significant changes in activities and financial matters. Management considers the net profit for the year very satisfactory and is satisfied that the centre is performing well against budget. I Noord is doing well. We have opened a restaurant which we believe will greatly add to the shopping mall and we look forward to decreasing vacancy and generating revenue in this way. There has been some movement in the mall regarding tenanting, including tenants moving to new and better locations within the mall. Overall, management is committed to strategically invest in the asset and we are positive that the mall is developing in the right direction. Events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position. The annual report for PropCo NC ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Gross profit Gross profit comprises the revenue, other operating income and external costs. Rental income includes income from the letting of properties and is recognized in the income statement in the period to which the rent relates. Income relating to the heating accounts is recognized in the balance sheet as balances with tenants. Other external expenses include expenses related to advertising, administration, bad debts etc. Expenses concerning investment properties comprise operating expenses, repair and maintenance expenses, taxes, charges, and other expenses. Value adjustment of investment property Value adjustment of investment property comprises value adjustments of properties at fair value and profit or loss from the disposal of properties. Staff costs Staff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairment Depreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Other fixtures and fittings, tools and equipment Useful life 3-5 years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investment properties At the initial recognition, investment properties are measured at cost, comprising the cost price of the property and any directly related costs. Investment properties are subsequently measured at fair value, corresponding to the amount for which the individual property is estimated to be able to sell for on the balance sheet date to an independent buyer. The fair value is calculated using a return-based model based on the budgeted net earnings for the following year, restated according to normal earnings and by applying a required rate of return reflecting the market’s actual required rate of return of similar properties. The value is adjusted for factors that are not reflected in normalized earnings, such as actual rent loss due to vacancy, major refurbishment work, etc. Compared to the latest financial year, the methods of measurement used have not been changed. Costs adding new or improved qualities to an investment property compared to its condition at the time of acquisition, thereby improving the future return on the property, are added to the cost as an improvement. Costs which do not add new or improved qualities to an investment property are recognized in the income statement under the item ”Costs concerning investment property”. Like other property, plant, and equipment except for land, investment property has a limited economic life. The impairment taking place concurrently with the ageing of the investment property is reflected in the continuing measurement of the investment property at fair value. Therefore, no systematic depreciations are made over the useful life of the investment property. Value adjustments are recognized in the income statement under the item ”Value adjustments of property”. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. Cash and cash equivalents Cash and cash equivalents comprise cash at bank. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, PropCo NC ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 10. Disclosures on fair value Investment property Fair value at end of period 74.000.000 Unrealised change in fair value of the year recognised in the statement of financial activity -9.591 11. Charges and security As collateral for mortgage loans, 22.322 t.kr., security has been granted on land and buildings representing a carrying amount of 74.000 t.kr. at 31 December 2024. 12. Contractual obligations and contingencies, etc. Joint taxation With SA Bro Holdings ApS, company reg. no 40464158 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. 40509879 2024-01-01 2024-12-31 40509879 2023-01-01 2023-12-31 40509879 2023-12-31 40509879 2024-12-31 40509879 2024-01-01 2024-12-31 1 40509879 2024-01-01 2024-12-31 1 40509879 2024-01-01 e:InvestmentPropertyMember 40509879 2024-01-01 2024-12-31 e:InvestmentPropertyMember 40509879 2024-12-31 e:InvestmentPropertyMember 40509879 2024-01-01 e:FixturesFittingsToolsAndEquipmentMember 40509879 2024-01-01 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 40509879 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 40509879 2024-01-01 e:ContributedCapitalMember 40509879 2024-12-31 e:ContributedCapitalMember 40509879 2024-01-01 e:RetainedEarningsMember 40509879 2024-01-01 2024-12-31 e:RetainedEarningsMember 40509879 2024-12-31 e:RetainedEarningsMember 40509879 2024-12-31 e:LongtermMortgageLoansMember 40509879 2023-01-01 e:ContributedCapitalMember 40509879 2023-12-31 e:ContributedCapitalMember 40509879 2023-01-01 e:RetainedEarningsMember 40509879 2023-01-01 2023-12-31 e:RetainedEarningsMember 40509879 2023-12-31 e:RetainedEarningsMember iso4217:DKK xbrli:pure