xbrli:pureiso4217:DKK420487982022-01-012022-12-31420487982022-01-012022-12-311420487982022-01-012022-12-311420487982022-01-012022-12-31420487982021-01-012021-12-31420487982022-01-012022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember420487982022-01-012022-12-31fsa:RetainedEarningsMember420487982022-01-012022-12-31fsa:RetainedEarningsMember420487982021-01-012021-12-31fsa:RetainedEarningsMember420487982022-12-31420487982021-12-31420487982022-01-01fsa:ContributedCapitalMember420487982022-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember420487982022-01-01fsa:RetainedEarningsMember420487982022-01-01420487982022-12-31fsa:ContributedCapitalMember420487982022-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember420487982022-12-31fsa:RetainedEarningsMemberGrundlag for konklusionKonklusion2023-07-192023-07-19Regnskabsklasse C, mellemstor virksomhed2021-01-012021-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavnValby2500Revisionspåtegning2022-12-312022-01-013<br /><br />57Gammel Køge LandevejDanlog Denmark ApS42048798339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board has today considered and approved the annual report of Danlog Denmark ApS for the financial year 01.01.2022 - 31.12.2022. The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend the annual report for adoption at the Annual General Meeting.CopenhagenRasmus Juul-NyholmTo the shareholder of Danlog Denmark ApSWe have audited the financial statements of Danlog Denmark ApS for the financial year 01.01.2022 -
31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including 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 Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022 in accordance
with the Danish Financial Statements Act.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 this auditor’s
report. We are independent of the Entity 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 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 Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Entity 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:<br />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.
<br />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 Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />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 Entity’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
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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.Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the 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 the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />
Based on the work we have performed, we conclude that the 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 the management commentary.CopenhagenFlemming Larsenmne27790State Authorised Public AccountantFinancial highlights2022
DKK'0002021
DKK'000Key figuresGross profit/loss(1,780)(302)Operating profit/loss(1,780)(302)Net financials46,590(2,348)Profit/loss for the year97,777112,871Total assets623,625437,413Equity506,522408,745RatiosEquity ratio (%)81.2293.45Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity * 100
Total assetsPrimary activitiesThe main activities of the Company comprise to directly or by investments in subsidiaries to run a holding company and other business that after management's estimate is related herewith. The main activity of the group comprises rental of logistics properties.Development in activities and financesthe gross loss for the year totals T.DKK 1.780 against T.DKK 302 last year. Income from ordinary activities after tax totals T.DKK 97.777 against T.DKK 112.871 last year.
The result of the year is impacted by a fair valueadjustment on investment properties held in subsidiaries, which reflect on measurements of investments in subsidiaries. Increase in investments in subsidiaries amounts to T.DKK 52.598 against T.DKK 114.938.
As at 31 December 2022 equity amounts to T.DKK 506.522.
During the year, the company has acquired two companies and the total portfolio is now 9 subsidiary companies / logistics properties.
The profit of the year is satisfactory Profit/loss for the year in relation to expected developmentsThe result for the year is in line with expectations.Uncertainty relating to recognition and measurementThe fair value of the investments in subsidiaries reflects calculated capital value of the investment properties held in subsidiaries. To that extent
market interest rates change, an investor's interest rate requirements change or the conditions of the
properties change, the value of the property held in subsidiaries may change accordingly,
reflecting the measurement of investments in subsidiaries.
The ongoing military operation in Ukraine and the related sanctions targeted against the Russian Federation may
impact on the company . This may result in assumptions and estimates requiring revisions which may lead to
materiale adjustments to the carrying value of assets and liabilities within the next financial year. In particular the
management expects the assumptions ans estimates used determining to be affected. At this stage management
is not able to reliably estimate the impact as events are unfolding day-by-day.
The longer-term impact may also affect trading volumes, cash flows, and profitability. Nevertheless, at the date of
these financial statements the company continues to meet its obligations as they fall due and therefore continues
to apply the going concern basis of operations. Unusual circumstances affecting recognition and measurementThere are no unusual circumstances affecting the recognition and measurement.OutlookManagement anticipate a profit in 2023. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.-1779668-30240052598368114938131491291483075892539067265561397408781112287707-368573-5830939777735411287080032868429182919024661702346617023051160331112870800605822970424251225605822970424251225605822970424251225137904250163160848939621456055830931756763810724892345171208975217802155131622416236251254374134664000040000147806560114938131358675301293766376506521861408744507400000313496314031353631440000147806560358675301011599381128539361115993811285393611710945000093835979598110945312959811710326428668959623625125437413466114938131-1972993809520819346617023-4661702301 Uncertainty relating to recognition and measurement
The fair value of the investments in subsidiaries reflects calculated capital value of the investment properties held in subsidiaries. To that extent
market interest rates change, an investor's interest rate requirements change or the conditions of the
properties change, the value of the property held in subsidiaries may change accordingly,
reflecting the measurement of investments in subsidiaries.
The ongoing military operation in Ukraine and the related sanctions targeted against the Russian Federation may
impact on the company . This may result in assumptions and estimates requiring revisions which may lead to
materiale adjustments to the carrying value of assets and liabilities within the next financial year. In particular the
management expects the assumptions ans estimates used determining to be affected. At this stage management
is not able to reliably estimate the impact as events are unfolding day-by-day.
The longer-term impact may also affect trading volumes, cash flows, and profitability. Nevertheless, at the date of
these financial statements the company continues to meet its obligations as they fall due and therefore continues
to apply the going concern basis of operations.2 Other financial income2022
DKK2021
DKKFinancial income from group enterprises358,532307,589Other financial income48,770,616049,129,148307,5893 Other financial expenses2022
DKK2021
DKKFinancial expenses from group enterprises2,487,9312,381,533Other financial expenses51,136274,0802,539,0672,655,613<br />2022
DKK2021
DKKFinancial expenses from group enterprises2,487,9312,381,533Other financial expenses51,136274,0802,539,0672,655,6134 Tax on profit/loss for the year2022
DKK2021
DKKChange in deferred tax(368,573)(583,093)(368,573)(583,093)5 Proposed distribution of profit and loss2022
DKK2021
DKKExtraordinary dividend distributed in the financial year46,617,0230Retained earnings 51,160,331112,870,800 97,777,354112,870,8006 Financial assetsInvestments in group enterprises
DKKCost beginning of year329,043,033Addition through business combinations etc128,973,377Cost end of year458,016,410Revaluations beginning of year95,208,192Share of profit/loss for the year151,151,958Revaluations for the year(98,553,590)Revaluations end of year147,806,560Carrying amount end of year605,822,970During the year the company has acquired two companies with a goodwill amount of DKK 12,4 million. Goodwill is ammortized over 10 years. The ammortication charge for the year is DKK 1,2 million and the net book value of goodwill at year end amounts to DKK 11,2 million. Investments in subsidiariesEquity
interest
%Aarhus Logistik ApS100.00Fredericia Logistik ApS100.00Hjørring Logistik ApS100.00Horsens Logistik ApS100.00Horsens Logistik Orionvej ApS100.00Horsens Logistik Uraniavej ApS100.00Metervej ApS100.00Tranbjer Logistik ApS100.00Vejen Logistik ApS100.00<br />Investments in group enterprises
DKKCost beginning of year329,043,033Addition through business combinations etc128,973,377Cost end of year458,016,410Revaluations beginning of year95,208,192Share of profit/loss for the year151,151,958Revaluations for the year(98,553,590)Revaluations end of year147,806,560Carrying amount end of year605,822,9707 Non-current liabilities other than provisionsDue after more than 12 months
2022
DKKOutstanding after 5 years
2022
DKKPayables to group enterprises115,993,811115,993,811115,993,811115,993,81109 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement where Danish Logistics Bidco ApS serves as the administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly
taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed in the administration company's financial statements.10 Assets charged and collateralNo assets have been pledged as collateral.11 Related parties with controlling interestDanish Logistics Bidco ApS owns all shares in the Entity, thus exercising control. 12 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.13 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Starwood Real Estate Income Trust Inc, 1601 Washington Avenue, Suite 800, Miami Beach, FL 33139.Name and registered office of the Parent preparing consolidated financial statements for the smallest group:
Danish Logistics Bidco ApS, C/O Cobblestone A/S , Gammel Køge Landevej 57, 3.Copies of the consolidated financial statements of Starwood may be ordered at the following address:
Starwood Real Estate Income Trust Inc, 1601 Washington Avenue, Suite 800, Miami Beach, FL 33139.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).Changes in accounting policiesThe Entity has changed its accounting policies with regard to recognition of investments in subsidiaries.
The comparative figures have been restated following the change in accounting policies.
The result for 2021 increased DKK 99.9 million. Balance sheet increased DKK 95.2 million and equity increased DKK 95.2 million.
Apart from the areas mentioned above, the annual report has been presented applying the accounting policies
consistent with last year.Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act,
no consolidated financial statements have been prepared.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.RevenueRevenue from the sale of services is recognised
in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual
enterprises’ profit/loss after full elimination of intra-group profits or losses.Other financial incomeOther financial income comprises interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the portion attributable to entries directly in equity.Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity
method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Refer to the above
section on business combinations for more details about the accounting policies used on acquisitions of
investments in group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.The accounting policies applied to material financial statement items of group enterprises are:
Investment property: Investment properties are measured at fair value which is equivalent to the amount at which the individual property may be sold to an independent buyer at the balance sheet date. The financial year's adjustments of the properties’ fair value are recognised in the income statement.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Danish Logistics Bidco ApS, Business Reg. No. 42048798.2023-07-19Louise Juel Dragsbæk