41845546 2023-01-01 2023-12-31 41845546 2023-01-01 2023-12-31 auditor_1 41845546 2023-01-01 2023-12-31 memberOfBoardIdentifier_1 41845546 2022-01-01 2022-12-31 41845546 2023-12-31 41845546 2022-12-31 41845546 2022-12-31 fsa:ContributedCapitalMember 41845546 2022-12-31 fsa:RetainedEarningsMember 41845546 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 41845546 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 41845546 2023-12-31 fsa:ContributedCapitalMember 41845546 2023-12-31 fsa:RetainedEarningsMember 41845546 2022-12-31 fsa:InvestmentPropertyMember 41845546 2023-01-01 2023-12-31 fsa:InvestmentPropertyMember 41845546 2023-12-31 fsa:InvestmentPropertyMember 41845546 2023-12-31 fsa:LongtermDebtToBanksMember 41845546 2022-12-31 fsa:LongtermDebtToBanksMember 41845546 2023-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember 41845546 2022-12-31 fsa:DepositsLongtermLiabilitiesOtherThanProvisionsMember 41845546 2023-12-31 fsa:OtherLongtermPayablesMember 41845546 2022-12-31 fsa:OtherLongtermPayablesMember iso4217:DKK pure Årsrapport 2023-01-01 2022-01-01 2023-12-31 2022-12-31 2024-07-16 41845546 2024-07-16 2020-11-13 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2024-07-16 1 KPMG 25578198 true Karl Anders Henrik Twetman I have reviewed and approved the annual report for Real Danmark Ejendomme VI ApS for the financial year 1 January - 31 December 2023. 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 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.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 VI ApS Qualified Opinion We have audited the financial statements of Real Danmark Ejendomme VI ApS for the financial year 1 January - 31 December 2023, 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, except for the effects on current year and comparative figures of the matters described in the "Basis for Qualified Opinion" section of our report, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations and for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. Basis for Qualified Opinion We were appointed auditors of the Company on 31 January 2024 and therefore did not audit the investment properties for the financial year 2022 . The preceding auditor identified a material misstatement in the financial statements as of 31 December 2022 related to an overstatement of the fair value of the investment properties and the corresponding fair value adjustment of DKK 55,697 thousand. As of 31 December 2022, the Company’s investment properties were recognized in the balance sheet at a fair value of DKK 215,800 thousand with a corresponding fair value adjustment in the profit and loss statement of DKK 55,697 thousand. In our opinion Management has calculated the fair value of the investment properties based on future development of the properties needing construction rights, which were not realizable . In our opinion the misstatement identified by the preceding auditor was not fully accurate and the investment properties as of 31 December 2022 should have been recognized at a fair value of DKK 28,900 thousand with a corresponding fair value adjustment of DKK -186,900 thousand in the profit and loss statement. As a consequence, the investment properties in the balance sheet should have been reduced with DKK 186,900 thousand, while result for the year, equity and tax on result for the year should have been reduced with DKK 145,782 thousand, DKK 145,782 thousand and DKK 41,118 thousand respectively. The misstatement has not been adjusted in the comparative figures of the financial statements.As of 31 December 2023, the Company’s investment properties are recognized in the balance sheet at fair value of DKK 24,800 thousand with a corresponding fair value adjustment in the profit and loss statement of DKK -193,621 thousand. Since the majority of the fair value adjustment in our opinion should have been recognized in 2022, DKK 186,900 thousand of the negative fair value adjustment has wrongly impacted the profit and loss statement in 2023. As a consequence, the fair value adjustment and the result for the year 2023 should have been increased by DKK 186,900 thousand while tax on result for the year 2023 should have been increased by DKK 41,118 thousand. Equity as of 31 December 2023 is neither over- nor understated as a result of this matter. 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 qualified 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 which describes 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 refinance the Company and the group in order to continue the operation. Our opinion is not qualified in respect of this matter. Other matters regarding the scope of the audit The financial statements for Real Danmark Ejendomme VI ApS for the year ended 31 December 2022 were audited by another auditor, who issued an auditor’s report on the financial statements on 5 June 2023 with a qualified opinion regarding the fair value of investment properties, which was which was found to be overstated with an amount of DKK 55,697 thousand .The corresponding fair value adjustment was consequently understated by the same amount. As described in the “Basis for qualified opinion” section of our report, we have qualified our opinion regarding matters related to the year ended 31 December 2022 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 ofthe 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. Report on other legal and regulatory requirementsNon-compliance with the provisions of the Danish Companies Act on Management's duties The Company has failed to comply with its duties in accordance with the Danish Companies Act to prepare and to establish and maintain records and minutes. The Company's Management may incur liability in this respect. Henrik Y. Jensen mne35442 Real Danmark Ejendomme VI ApS Kongens Nytorv 28, 1. DK-1050 København K København 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 are currently not adequate to maintain operations without a change in the way that the Company is operated. Furthermore, covenants for the external loans were breached. The entity is dependent on further funds being contributed into the Company as well as a successful refinancing of the companies within in the group to continue its operations. The owners are working on a collective refinancing plan, and is planning for the entity to be supported by the group to cover the costs going forward. Management is working towards refinancing the group entities successfully in Q3 2024. Group management is in dialogue with the external lenders who are expected not to act on the covenant breaches until this refinancing is completed. In addition to the above the Company has lost more than 50% of its contributed capital and is thus subject to the provisions on loss of capital under the Danish Companies Act. It is Management's expectation that the capital can be restored over operations going forward. Uncertainty regarding recognition and measurement The Company's receivables from group entities are measured at amortised cost. Material uncertainty regarding going concern exists for several entities within the Group and therewith related to their ability to repay the receivables in the future which leads to a corresponding material uncertainty related to the measurement of the receivables from group entities. Management is currently working on a refinancing plan for the Group and is planning on the refinancing plan to be completed in Q3 2024 and has therefore not impaired the receivables from group entities. Development in activities and financial position The Company's income statement for 2023 shows a loss of DKK 171,142,056 as against a profit of DKK 39,273,769 in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK -18,988,136 as against DKK 152,153,920 at 31 December 2022. Events after the balance sheet date As a part of the reconstruction of OSKAR Group A/S in Q4 2023, this entity was sold to Greater Copenhagen Development ApS in January 2024 in which the entity also received a new management. 918886 -325459 -193620999 55697240 345 0 5273462 5014624 -197975230 50357157 -26833174 11083388 -171142056 39273769 -171142056 39273769 24800000 215800000 24800000 215800000 14244 56447 6184130 6914731 192988 78377 0 66712 6391362 7116267 525 114090 6391887 7230357 31191887 223030357 60000 60000 -19048136 152093920 -18988136 152153920 0 26833174 0 39229726 884781 951229 884781 40180955 42783614 0 2555885 577464 3955743 3284844 49295242 3862308 31191887 223030357 60000 152093920 0 -171142056 60000 -19048136 The annual report of Real Danmark Ejendomme VI ApS for 2023 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 operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment as well as payroll refunds. Other external costs Other external costs include expenses related to the company's primary activities, as well as office overhead expenses. 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 profit/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. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. 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 other than provisions 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 are currently not adequate to maintain operations without a change in the way that the Company is operated. Furthermore, covenants for the external loans were breached. The entity is dependent on further funds being contributed into the Company as well as a successful refinancing of the companies within in the group to continue its operations. The owners are working on a collective refinancing plan, and is planning for the entity to be supported by the group to cover the costs going forward. Management is working towards refinancing the group entities successfully in Q3 2024. Group management is in dialogue with the external lenders who are expected not to act on the covenant breaches until this refinancing is completed. In addition to the above the Company has lost more than 50% of its contributed capital and is thus subject to the provisions on loss of capital under the Danish Companies Act. It is Management's expectation that the capital can be restored over operations going forward. The Company's receivables from group entities are measured at amortised cost. Material uncertainty regarding going concern exists for several entities within the Group and therewith related to their ability to repay the receivables in the future which leads to a corresponding material uncertainty related to the measurement of the receivables from group entities. Management is currently working on a refinancing plan for the Group and is planning on the refinancing plan to be completed in Q3 2024 and has therefore not impaired the receivables from group entities. 0 0 Deferred tax adjustment for the year-26,833,17411,083,388-26,833,174 11,083,388 85903205 2620999 88524204 129896795 -193620999 -63724204 24800000 Key assumptions:The logistic property is located north of Copenhagen, totaling a lettable area of 4,123 sqm.Key assumptions applied are:- Discount rate of 8.25%- Exit yield 6.25%- Vacant logistic and office areas is re-let within 12 monthsThe fair value of the investment property is based on a valuation by an independent valuer at year end 2023.Sensitivity analysis: An increase of exit yield by 0.25 percentage points would reduce the property value by DKK 1 million and a decrease in the exit yield by 0.25 percentage points would increase the property value by DKK 1 million at the balance sheet date. 42783614 0 0 39229726 884781 951229 43668395 40180955 884781 40180955 42783614 0 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 HAWK INVESTMENTS ApS, which serves as administrative company for the joint taxation. To secure bank debt, owner's mortgage bonds with a nominal value of DKK 75,300 thousand have been deposited in the company's investment property. The accounting value of the mortgaged property amounts to DKK 24.8 million as of December 31, 2023. Real Danmark Ejendomme VI ApS' related parties comprise the following:Control Real Danmark Ejendomme VI ApS is part of the consolidated financial statements of OSKAR GROUP A/S, Kongens Nytorv 28, 1., 1050 København K, which is the smallest group in which the Company is included as a subsidiary.