38330896 2025-01-01 2025-12-31 38330896 2025-01-01 2025-12-31 1 38330896 2025-01-01 2025-12-31 2 38330896 2025-01-01 2025-12-31 3 38330896 2025-01-01 2025-12-31 1 38330896 2024-01-01 2024-12-31 38330896 2025-12-31 38330896 2024-12-31 38330896 2025-01-01 c:ContributedCapitalMember 38330896 2025-01-01 c:SharePremiumMember 38330896 2025-01-01 c:RetainedEarningsMember 38330896 2025-01-01 2025-12-31 c:RetainedEarningsMember 38330896 2025-12-31 c:ContributedCapitalMember 38330896 2025-12-31 c:SharePremiumMember 38330896 2025-12-31 c:RetainedEarningsMember 38330896 2025-01-01 c:InvestmentPropertyMember 38330896 2025-12-31 c:InvestmentPropertyMember 38330896 2025-01-01 2025-12-31 c:InvestmentPropertyMember iso4217:DKK xbrli:pure true BDO Statsautoriseret Revisionspartnerselskab Havneholmen 2, 6. sal DK-2450 Copenhagen SV 45719375 2026-06-29 Ole Meier Sørensen Årsrapport SLA Denmark 1 ApS c/o Citco (Denmark) ApS 1203 Copenhagen K Den uafhængige revisors erklæring 38330896 2017-01-01 Copenhagen 2025-01-01 2025-12-31 2024-01-01 2024-12-31 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 2000 Copenhagen Today the Executive Board have discussed and approved the Annual Report of SLA Denmark 1 ApS for the fi­nan­ci­al year 1 January  - 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 Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 January  - 31 December 2025. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Copenhagen 2026-06-29 Ole Meier Sørensen Caspar Schultz Marcus Antonius Joseph Pessel To the Shareholder of SLA Denmark 1 ApS Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of SLA Denmark 1 ApS for the fi­nan­ci­al year 1 January - 31 December 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, no­tes and 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 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 - 31 December 2025 in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   Basis for OpinionGrundlag for konklusion 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements 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.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments 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 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 judgment and maintain professional skepticism throughout the audit. We also:   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.   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 Management Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover 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 Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry 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 Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that 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 Ma­na­ge­ment Com­men­ta­ry.   Copenhagen 2026-06-29 EY Godkendt Revisionspartnerselskab 30700228 Kennet Kindvig Hartmann Den uafhængige revisors erklæring State Authorised Public Accountant mne40036 Principal activities The objects of the company are acquisition, sale and letting out of real property.   Recognition and measurement uncertainty As the company’s purpose is investment in properties, the Company is affected by changes in the property market, including the general economic conditions.  The market situation in the real estate sector is affected by uncertainty, as a result high inflation and increasing interest rates. However, the company's activities have not been significantly affected by this. The uncertainty related to interest rates and yields has created a gap between buyers’ and sellers’ expectation to sales prices of properties which is reflected in the lower transaction volume for investment properties in 2025.  This has been reflected in the valuation of the company's properties.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position.   4439132 4535942 1527801 1527801 2911331 3008141 50831 238073 2567972 1528017 394190 1718197 86722 378769 307468 1339428 307468 1339428 307468 1339428 82227433 83755234 82227433 83755234 82227433 83755234 38479 0 0 1356646 0 115228 28374 62350 66853 1534224 5969087 2198101 6035940 3732325 88263373 87487559 51000 51000 18999000 18999000 5255564 4948096 24305564 23998096 1389095 1302373 1389095 1302373 61759958 0 61759958 0 295690 177590 0 61427908 808756 62187090 62568714 62187090 88263373 87487559 DKKSha­re ca­pi­talShare premium accountRetained earningsTotal Equity at 1 January 202551.00018.999.0004.948.09623.998.096 Proposed profit allocation 307.468307.468 Equity at 31 December 202551.00018.999.0005.255.56424.305.564 51000 18999000 4948096 307468 51000 18999000 5255564 1 | Other financial income Other interest income 50.831238.073 50.831238.073 50831 238073 50831 238073 20252024 DKKDKK 2 | Other financial expenses Group enterprises 2.562.4261.520.143 Other interest expenses 5.5467.874 2.567.9721.528.017 2562426 1520143 5546 7874 2567972 1528017 0 772 86722 377997 4 | Property, plant and equipment DKKInvestment properties Cost at 1 January 2025 91.394.239Cost at 31 December 2025 91.394.239  Depreciation and impairment losses at 1 January 2025 7.639.005Depreciation for the year 1.527.801Depreciation and impairment losses at 31 December 2025 9.166.806 Carrying amount at 31 December 202582.227.433 91394239 91394239 7639005 1527801 9166806 82227433 5 | Long-term liabilities 31/12 2025RepaymentDebt outstanding31/12 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Payables to group enterprises 61.759.958000 61.759.958000 0 Joint liabilitiesThe Danish companies of the group is jointly and severally liable for tax on the group’s jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT. Tax payable of the group’s jointly taxed income amounts to DKK (‘000) 0 at the Balance Sheet date. 7 | Consolidated Financial Statements The results of the Company are consolidated in the group accounts of Standard Life Plc, registered at 20 Old Bailey, London, England, EC4M 7AN. The copies of the consolidated financial statements of the ultimate controlling party can be obtained at www.standardlifeplc.com   8 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees00 0 0 The Annual Report of SLA Denmark 1 ApS for 2025 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B  and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C. Reporting currency The financial statements are presented in Danish kroner (DKK).  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Rental income Rental income and expenses have been accrued to cover the period up to the end of the financial year. Payments charged to cover heating are not included in rental income.   Other external expenses Other external expenses include cost of sales, advertising, administration, buildings, bad debts and operating lease expenses, etc.  Gross profit With reference to section 32 of the Danish Financial Statements Act, the items Revenue, Other external expenses and other operating income are consolidated into one item designated Gross profit/ loss.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign currencies, amortisation of financial assets and liabilities, as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the Income Statement by the amounts that relate to the financial year.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity.   Investment properties Investment properties are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acqui­sition until the time when the asset is ready to be used.    Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:   Buildings 50 years0 % Investment properties are initially recognised at cost, which comprise the purchase price and possible direct costs related to the properties. The investment properties are subsequently recognised at fair value corresponding to the market value of the properties. Changes in the fair market value are recognised in the Income Statement Properties under construction are recognised at cost.   The fair value of investment properties is assessed by means of a return-based valuation model according to which the value is calculated on the basis of the returns from operating the investment properties and an individually determined requirement for returns.   Subsequent costs are added to the purchase price of the investment properties, when it is likely that the payment will lead to future economic benefits to the Company. Other costs of repairs and maintenance are recognised in the Income Statement on payment.   Profit or loss from sale of property, plant and equipment is stated as the difference between the sales price less costs of sale and the carrying amount at the date of sale. Profits or losses are recognised in the Income Statement.   Impairment of fixed assets The carrying amount of pro­per­ty, plant and equip­ment are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation.    In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the carrying amount.   The recoverable amount is calculated at the higher of net selling price and capital value. The capital value is determined as the fair value of the expected net cash flows from the use of the asset or group of assets and the expected net cash flows from sale of the asset or group of assets after the end of its useful life.    Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Receivables for which there are no objective indication of impairment at individual level are assessed at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors’ registered office and credit rating in accordance with the Company’s policy for credit risk management. The objective indicators, which are applied for portfolios, are determined based on the historical loss experiences.   Write-off is determined as the difference between the carrying amount of receivables and the present value of the expected cash flows, including realisable value of any received collaterals. The effective interest rate is used as discount rate for the single receivable or portfolio.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Cash Cash comprise cash.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the ex­pected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the Balance Sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the term of loan.   Amortised cost for short-term liabilities usually corresponds to the nominal value.