41860561 2024-01-01 2024-12-31 41860561 2024-01-01 2024-12-31 auditor_1 41860561 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 41860561 2023-01-01 2023-12-31 41860561 2024-12-31 41860561 2023-12-31 41860561 2023-12-31 fsa:ContributedCapitalMember 41860561 2023-12-31 fsa:RetainedEarningsMember 41860561 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 41860561 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 41860561 2024-12-31 fsa:ContributedCapitalMember 41860561 2024-12-31 fsa:RetainedEarningsMember 41860561 2023-12-31 fsa:InvestmentPropertyMember 41860561 2024-12-31 fsa:InvestmentPropertyMember 41860561 2024-01-01 2024-12-31 fsa:InvestmentPropertyMember 41860561 2024-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember 41860561 2023-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember iso4217:DKK pure Årsrapport 2024-01-01 2023-01-01 2024-12-31 2023-12-31 2025-07-11 41860561 2025-07-11 2020-10-20 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2025-07-11 KPMG 25578198 true Karl Anders Henrik Twetman I have reviewed and approved the annual report for Real Danmark Ejendomme V ApS for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In my 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.Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review. I recommend that the annual report be approved at the annual general meeting. Karl Anders Henrik Twetman Independent auditor's report To the shareholder of Real Danmark Ejendomme V ApS Opinion We have audited the financial statements of Real Danmark Ejendomme V ApS for the financial year 1 January - 31 December 2024, comprising 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. 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 in accordance with the Danish Financial Statements Act. Basis for Opinion 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 (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. Material Uncertainty Related to Going Concern We note that there is a material uncertainty concerning the Company's ability to continue as a going concern. We draw attention to note 2 describing the current financing situation of the Company, in which it is stated that additional capital is needed to be able to fund its planned operations during the coming year. Management expects that they will be able to restructure and refinance the Company and the group in order to continue the operations. Our opinion is not qualified in respect of this matter. Emphasis of matter regarding matters in the financial statements We draw attention to Note 3 to the financial statements setting out that there is material uncertainty related to the valuation of the Company's intercompany receivables. Our opinion is not modified in respect of this matter. 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur 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 the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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 the 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 assurance conclusion thereon.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.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 Statement Act. We did not identify any material misstatement of the Management's review. Henrik Y. Jensen mne35442 Real Danmark Ejendomme V ApS Jægersborg Alle 1 DK-2920 Charlottenlund Gentofte Principal activities The Company's activities consist of investing in and developing real estate, as well as managing real estate operations. Material uncertainties regarding going concern The existing capital resources of the Company are currently not adequate to maintain operations throughout the financial year without further capital injections from the group and is therefore depending on financial support from the group. The group is in financial distress and in the process of restructuring. As part of the group's restructuring plan a bridge funding were secured during 2024. Furthermore, the group sold two subsidiaries and one investment property. Additionally, the group is expected to liquidate two subsidiaries within the group during 2025. The group is currently working on completing the restructuring and refinancing of the whole group, which involves securing additional capital for the remaining subsidiaries and investment properties, which is expected to be done towards the end of 2025. On the basis above it is Managements expectation, that the Company, will be able to pay its obligations as they fall due in all of 2025 and therefore the financial statements have been prepared on a going concern basis. Uncertainty regarding recognition and measurement The Company's intercompany receivables are measured at amortised cost. Material uncertainty regarding going concern exists for balances against entities within the Group. Management is currently working on completing their refinancing plan for the Group, which is expected to be completed towards the end of 2025. As material uncertainty exists related to going concern for the entities within the Group and thereby related to their ability to repay the receivables in the future. Development in activities and financial position The Company's income statement for 2024 shows a loss of DKK 3,930,957 as against a loss of DKK 47,083,389 in 2023. Equity in the Company's balance sheet at 31 December 2024 stood at DKK 21,951,265 as against DKK 25,882,222 at 31 December 2023. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2024. 4010874 5134965 472600 176682 3538274 4958283 7600000 -58000000 1096977 0 16282615 6175565 -4047364 -59217282 -116407 -12133893 -3930957 -47083389 -3930957 -47083389 75600000 0 0 0 42110790 0 250 483 117711040 82461205 60000 60000 21891265 25822222 21951265 25882222 1794189 1562529 0 25885057 85593280 28446425 1153788 79728 6316212 105000 0 116407 902306 383837 93965586 55016454 95759775 56578983 117711040 82461205 60000 25822222 0 -3930957 60000 21891265 The annual report of Real Danmark Ejendomme V ApS for 2024 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Revenue Rental income is accrued to cover the period up to the end of the fiscal year. Collected contributions for heating expenses are not included in rental income. Other external costs Other external costs include expenses related to the company's primary activities, as well as office overhead expenses. Other operating costs Other operating costs comprise items secondary to the activities of the entities, including losses on the disposal of property, plant and equipment. Gains/losses from fair value adjustments of investment property Fair value adjustments of investment properties is recorded in the income statement. Improvements are added to the cost of investment assets, and the starting point for the year's revaluations is the fair value at the beginning of the period plus new acquisitions and improvements. Financial income and expenses Financial income and expenses comprise interest income and expense, etc. Tax on loss for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Property, plant and equipmentInvestment properties are initially measured at cost, which includes the purchase price of the properties and any directly attributable costs. Subsequently, investment properties are measured at fair value, corresponding to the properties' market value. Changes in fair value are recognized in the income statement.The fair value of investment properties is assessed using an income approach valuation model, where the value is determined based on the investment properties' operating income and an individually determined capitalization rate.Subsequent costs are added to the acquisition cost of investment properties when it is probable that incurring them will bring future economic benefits to the company. Other expenses for repairs and maintenance are recognized in the income statement when incurred. Profit or loss on the sale of tangible fixed assets is calculated as the difference between the sales price, net of selling expenses, and the book value at the time of sale. Profit or loss is recognized in the income statement. Impairment of fixed assets The carrying amount of property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised write-downs are reversed when the basis for the write-down no longer exists. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. The existing capital resources of the Company are currently not adequate to maintain operations throughout the financial year without further capital injections from the group and is therefore depending on financial support from the group. The group is in financial distress and in the process of restructuring. As part of the group's restructuring plan a bridge funding were secured during 2024. Furthermore, the group sold two subsidiaries and one investment property. Additionally, the group is expected to liquidate two subsidiaries within the group during 2025. The group is currently working on completing the restructuring and refinancing of the whole group, which involves securing additional capital for the remaining subsidiaries and investment properties, which is expected to be done towards the end of 2025. On the basis above it is Managements expectation, that the Company, will be able to pay its obligations as they fall due in all of 2025 and therefore the financial statements have been prepared on a going concern basis. The Company's intercompany receivables are measured at amortised cost. Material uncertainty regarding going concern exists for balances against entities within the Group. Management is currently working on completing their refinancing plan for the Group, which is expected to be completed towards the end of 2025. As material uncertainty exists related to going concern for the entities within the Group and thereby related to their ability to repay the receivables in the future. 0 0 -1094879 0 -2098 0 -116407 0 0 -12133893 70010745 70010745 -2010745 7600000 5589255 75600000 Key assumptions: The retail and office property is located in the north of Copenhagen, totaling a lettable area of 7,886 sqm. Key assumptions applied are: - Discount rate of 8.8% - Exit yield rate 6.8% - Vacant office area is re-let within 12 months. - The remaining non-terminable period of the retail lease is 8 years. - The applied market rent is DKK 1,045. The fair value of the investment property is based on Managements internal valuation. Sensitivity analysis: An increase of exit yield by 0.25 percentage points would reduce the property value by DKK 2.9 million and a decrease in the exit yield by 0.25 percentage points would increase the property value by DKK 2.8 million at the balance sheet date 1794189 1562529 Contingent liabilitiesThe Company is jointly and severally liable together with the Parent Company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc.Tax payable on the Group’s joint taxable income is stated in the annual report of Greater Copenhagen Development ApS, which serves as administrative company for the joint taxation. To secure bank debt, owner's mortgage bonds with a nominal value of DKK 128.350 thousand have been deposited in the company's investment property. The accounting value of the mortgaged property amounts to DKK 75.6 million as of 31 December, 2024.