Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/19464292/amNsb3VkczovLzAzLzk2LzI3LzE1LzEyLzJhY2UtNDQyMi04MTFjLTA2NDBkZmI4Y2U1Yw.xml
Separator
The full data:
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scheme="http://www.dcca.dk/cvr">29246491</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2020-07-01</xbrli:startDate><xbrli:endDate>2021-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="fsa:ClassesOfShortTermLiabilitiesDimension">fsa:ShorttermDeferredIncomeMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="duration_CY_ClassesOfEquityDimension_fsa_ContributedCapitalMember_only"><xbrli:entity><xbrli:identifier scheme="http://www.dcca.dk/cvr">29246491</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2020-07-01</xbrli:startDate><xbrli:endDate>2021-06-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="fsa:ClassesOfEquityDimension">fsa:ContributedCapitalMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><arr:SignatureOfAuditorsDate contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2021-09-16</arr:SignatureOfAuditorsDate><sob:DateOfApprovalOfAnnualReport contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2021-09-16</sob:DateOfApprovalOfAnnualReport><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:TypeOfAuditorAssistance contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">RevisionspÃ¥tegning</cmn:TypeOfAuditorAssistance><fsa:ClassOfReportingEntity contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Regnskabsklasse C, mellemstor virksomhed</fsa:ClassOfReportingEntity><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2020-06-30</gsd:PredingReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2019-07-01</gsd:PrecedingReportingPeriodStartDate><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">33963556</gsd:IdentificationNumberCvrOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Weidekampsgade 6</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Deloitte Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2300 København S</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><gsd:ReportingPeriodEndDate contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2021-06-30</gsd:ReportingPeriodEndDate><gsd:ReportingPeriodStartDate contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2020-07-01</gsd:ReportingPeriodStartDate><gsd:NameOfReportingEntity contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">BoStad A/S</gsd:NameOfReportingEntity><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">29246491</gsd:IdentificationNumberCvrOfReportingEntity><gsd:InformationOnTypeOfSubmittedReport contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">København S</gsd:AddressOfAuditorDistrictName><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">2300</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorStreetName contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName><gsd:RegisteredOfficeOfReportingEntity contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Copenhagen K</gsd:RegisteredOfficeOfReportingEntity><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Copenhagen K</gsd:AddressOfReportingEntityDistrictName><gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">1473</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">3<br /><br />8</gsd:AddressOfReportingEntityStreetBuildingIdentifier><gsd:AddressOfReportingEntityStreetName contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Bryghuspladsen</gsd:AddressOfReportingEntityStreetName><sob:IdentificationOfApprovedAnnualReport contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">The Board of Directors and the Executive Board have today considered and approved the annual report of BoStad A/S for the financial year
01.07.2020 - 30.06.2021 </sob:IdentificationOfApprovedAnnualReport><sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">The annual report is presented in accordance with the Danish Financial Statements Act.</sob:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement><sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2021 and of the results of their operations and the consolidated cash flows for the financial year
01.07.2020 - 30.06.2021.</sob:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults><sob:ManagementsStatementAboutManagementsReview contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">We believe that the management commentary contains a fair review of the affairs and conditions referred to
âtherein.</sob:ManagementsStatementAboutManagementsReview><sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">We recommend the annual report for adoption at the Annual General Meeting.</sob:RecommendationForApprovalOfAnnualReportByGeneralMeeting><sob:PlaceOfSignatureOfStatement contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfMemberOfExecutiveBoardDimension_cmn_memberOfBoardIdentifier_only_1">William Kanta</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:TitleOfMemberOfExecutiveBoard contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfMemberOfExecutiveBoardDimension_cmn_memberOfBoardIdentifier_only_1">CEO</cmn:TitleOfMemberOfExecutiveBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_DUAL_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_1">Philipp Anton Braschel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_DUAL_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_2">Rikke Hoffensetz Andresen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_DUAL_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_3">William Kanta</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_DUAL_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_1">Chairman</cmn:TitleOfMemberOfSupervisoryBoard><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">To the shareholders of BoStad A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">We have audited the consolidated financial statements and the parent financial statements of BoStad A/S for the financial year 01.07.2020 - 30.06.2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
â
âIn our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2021 and of the results of their operations and the consolidated cash flows for the financial year 01.07.2020 - 30.06.2021 in accordance
with the Danish Financial Statements Act.</arr:OpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">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
âdescribed in the "Auditorâs responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditorâs
report. We are independent of the Group in accordance with the International Ethics Standards Board of
âAccountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements
applicable
in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Management is responsible for the preparation of consolidated financial statements and parent 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
âis necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
âwhether due to fraud or error.
â
âIn preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entityâs ability to continue
âas a going concern, for disclosing, as applicable, matters related to going concern, and for using the going âconcern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
âthe Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
âfree from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes
âour opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
âin accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
âmisstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
âindividually or in the aggregate, they could reasonably be expected to influence the economic decisions of
âusers taken on the basis of these consolidated financial statements and parent financial statements.
â
âAs part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
âwe exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to
âfraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence âthat is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
âmaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud may
âinvolve 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
âthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
âeffectiveness of the Group's and the Entityâs internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
âand related disclosures made by Management.
<br />Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in
âpreparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material
âuncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entityâs ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
âdraw attention in our auditorâs report to the related disclosures in the consolidated financial statements and the parent financial statements or, if such
âdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
âobtained up to the date of our auditorâs report. However, future events or conditions may cause the
Group and the âEntity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
âin the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
âevents 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
âand timing of the audit and significant audit findings, including any significant deficiencies in internal control
âthat we identify during our audit.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Management is responsible for the management commentary.
â
âOur opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
âany form of assurance conclusion thereon.
â
âIn connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
âcommentary and, in doing so, consider whether the management commentary is materially inconsistent with
âthe consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
âMoreover, it is our responsibility to consider whether the management commentary provides the information
ârequired under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
âthe consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial
âStatements Act. We did not identify any material misstatement of the management commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:SignatureOfAuditorsPlace contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Tim Kjær-Hansen</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">Chris Middelhede</cmn:NameAndSurnameOfAuditor><cmn:IdentificationNumberOfAuditor contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">mne23295</cmn:IdentificationNumberOfAuditor><cmn:IdentificationNumberOfAuditor contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">mne45823</cmn:IdentificationNumberOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">State Authorised Public Accountant</cmn:DescriptionOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">State Authorised Public Accountant</cmn:DescriptionOfAuditor><mrv:InformationOnCalculationOfKeyFiguresAndFinancialRatios contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Financial highlights2020/21
DKK'0002019/20
DKK'0002018/19
DKK'0002017/18
DKK'0002016/17
DKK'000Key figuresGross profit/loss65,82343,99257,18687,76766,310Operating profit/loss281,69851,74361,35799,63847,291Net financials(31,777)(33,380)(17,743)(22,928)(30,204)Profit/loss for the year195,03912,22733,09759,67615,144Balance sheet total2,707,0151,824,9731,859,6191,875,9912,038,571Equity834,556459,516366,560329,211269,535RatiosReturn on equity (%)30.142.969.5119.936.40Equity ratio (%)30.8325.1819.7117.5513.22Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year * 100
ââAverage equityEquity ratio (%)
:âEquity * 100
ââBalance sheet total</mrv:InformationOnCalculationOfKeyFiguresAndFinancialRatios><mrv:DescriptionOfPrimaryActivitiesOfEntity contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Primary activitiesMain activity
The Group's main activity is letting of residential real estate in the affordability segment. As at the balance sheet date, the Group owns approx. 1,565 leases (excluding parking). Approx. 86% of the rental income in 2020/21 came from residential leases and approx. 14% came from commercial leases (including parking). The total book value of the properties as per 30 June 2021 is DKK 2.63 billion and the equity as per 30 June 2021 is 834 million.
After the balance sheet date, the Group has divested a 24,168 m2 logistics property and entered into and closed an agreement concerning acquisition of an 8,470 m2 residential property with 84 newly built residential units. Consequently, the Group now owns a total of 1,641 leases (excluding parking). Approx. 95% of the rental income in 2021/22 is expected to come from residential leases and approx. 5% from commercial leases (including parking).
Strategy
The Group's strategy and objectives for the coming years focus on continuing to increase the Group's investments in residential rental properties in Danish, regional growth cities. The Groupâs mission is to create good frameworks for life with respect of people's quality of life, culture and sustainability. Please also refer to the Groupâs website at https://www.bostad.dk/ and the Groupâs ESG report âBoStad in Denmarkâ.
</mrv:DescriptionOfPrimaryActivitiesOfEntity><mrv:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Development in activities and financesThe annual report for BoStad A/S for the period 1 July 2020 to 30 June 2021 includes the result of the Group's activities.
The financial year 2020/21 is characterized by (i) the Groupâs continued focus on streamlining the portfolio around quality residential properties in strong Danish growth cities outside Copenhagen and Aarhus, (ii) divestment of commercial properties and smaller residential properties in line with the Group's strategy, (iii) significant extraordinary investments in the Groupâs properties to ensure a high maintenance standard throughout the portfolio, (iv) investments in insourcing of the Groupâs facility management and letting setup, and (v) work on securing and preparing the Group for a continued growth journey in the coming years.
In summary, the events and transactions which have occurred during the financial year 2020/21 are described below and in the section on the Group's financial development:
⢠The Group have taken delivery of 469 newly built residential units located in Silkeborg, Vejle and Kolding.
⢠In accordance with the strategy to create a good framework for life and maintain a portfolio of quality properties, the Group has invested significantly in the maintenance and development of the Groupâs properties to ensure a high maintenance standard throughout the portfolio.
⢠BoStad has published the ESG principles for 2021-2024 in a report called âBoStad in Denmarkâ. BoStad wants to take its work with ESG to the next level. Over the coming years, BoStad will continuously strengthen the Groupâs efforts in certain areas where BoStad really can make a difference and continue work to promote social responsibility, a healthier climate and environment, stronger local communities, and good corporate governance. âBoStad in Denmarkâ sets out specific benchmarks for how BoStad will strengthen the Groupâs efforts within these four areas in the future.
⢠The Group has invested in insourcing the facility management and letting setup (except for snow removal, staircase cleaning and gardening on certain properties) to be closer to the Groupâs customers and to deliver a more effective and hands on asset management. This has resulted in an increase of headcount.
⢠As part of the strategy to focus on residential properties in Danish, regional growth cities, the Group has
sold 26 smaller residential properties and 3 larger commercial properties during the financial year.
⢠The rental income in the Group's property portfolio has continued to be stable despite Covid-19. As of the balance sheet date, more than 99% of the Group's invoiced rent payments have been collected.
</mrv:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs><mrv:DescriptionOfNetProfitRelationToExpectedDevelopmentAssumedInPreviousReport contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Profit/loss for the year in relation to expected developmentsGroup
Operating profit for the year was DKK 282 million (2019/20: DKK 52 million) and profit for the year before fair value adjustments of investment properties was DKK 22 million (2019/20: DKK 2 million).
Profit for the year before fair value adjustments of investment properties are negatively affected by more than DKK 13 million in non-recurring costs primarily related to eliminating the maintenance backlog in the Groupâs legacy portfolio.
Financial items for the year were DKK 31.2 million (2019/20: DKK 33.4 million).
Fair value adjustments of investment properties for the year were DKK 228 million (2019/20: DKK 16 million) primarily due to a positive market development, delivery and stabilisation of the 46,000 m2 of forward purchased newly built residential units and significant positive value adjustments from divestments.
Tax on profit for the year was DKK 55 million (2019/20: DKK 6 million).
Parent
The profit for the year before tax was DKK 175 million and are positively affected by income from group enterprises of DKK 169 million.
</mrv:DescriptionOfNetProfitRelationToExpectedDevelopmentAssumedInPreviousReport><mrv:DescriptionOfAnyUncertaintyConnectedWithRecognitionOrMeasurement contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Uncertainty relating to recognition and measurementThe Group's investment properties are measured at fair value, which as at the balance sheet date amounts to DKK 2.63 billion. The fair value is calculated for the individual properties on the basis of several assumptions, including the budgeted cash flows of the individual properties as well as established discount factors, refer to the discussion included in the description of applied accounting policies. The discount factors are set so that they are assessed to reflect the market's current required rate of return on similar properties, including expected inflation. There is uncertainty associated with the determination of the discount factors, and an increase in the discount factor by an average of 0.5 percentage points will reduce the total fair value by DKK 202 million, refer to the discussion included in note 1 to the accounts.</mrv:DescriptionOfAnyUncertaintyConnectedWithRecognitionOrMeasurement><mrv:DescriptionOfExpectedDevelopment contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">OutlookThe outlook and the profit expectations for the future are based on a basically unchanged property portfolio with the addition of 84 newly built residential units, which were delivered in August 2021 and the divestment of the logistics property located on Ãsthavnsvej in August 2021. Please refer to the section above regarding events after the balance sheet date.
BoStad A/S expects a profit before financial items of approx. DKK 90 million and a profit before tax and value adjustments in the range of DKK 65 to 70 million for the financial year 2021/22.
</mrv:DescriptionOfExpectedDevelopment><mrv:ManagementsReview contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Particular risksRisk factors and risk management
Risk management is part of the Group's strategy to ensure high earnings.
The real estate industry is cyclically sensitive, which is reflected, among other things, fluctuating real estate prices. The Board of Directors continuously assesses the overall risk factors and the individual risk factors associated with the Group's activities.
Risk parameters are assessed on basis of reporting from, among others, the Group's employees and partners within property management and letting, as well as the Group's advisers.
The Group's risk factors are divided into (a) operational, (b) financing and (c) liquidity risks.
(a) Operational risks
The operational risks consist of declining rental income and higher operating costs.
(b) Financing risks
The financing risk has been sought to be covered by the fact that the majority of the Group's financing is based on 20- and 30-year mortgage loans.
There is a general risk associated with the development in interest rates. The Group has tried to accommodate this risk by having a fixed interest rate for a period of at least 5 years on the majority of the Group's financing.
(c) Liquidity risks
The individual companies are structured in such a way that properties belonging to the same mortgagee are placed in the same company, whereby the companies are only liable for each other's debt obligations if the companies have the same mortgagee. The company has minimized its liquidity risks, partly by entering into agreements on disposition of free cash flow with certain sources of financing.
</mrv:ManagementsReview><mrv:DescriptionOfSignificantEventsOccurringAfterEndOfReportingPeriod contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Events after the balance sheet date⢠In July 2021, the Group entered into an agreement concerning acquisition of 84 newly built residential leases and 126 parking spaces. The new leases are located in Holbæk and were delivered to BoStad on 17 August 2021. The project is expected to increase the Group's revenue by approx. DKK 13 million per year.
⢠BoStad A/S have been merged with BoStad Holding ApS (with BoStad A/S as the continuing entity) on 1 August 2021 with financial effect as of 1 July 2020.
⢠As part of the strategy to focus the Group's properties on residential properties in larger, regional cities in Denmark, the Group has sold 7 smaller residential properties after the balance sheet date.
⢠Further, the Group has divested its 24,168 m2 logistics property located on Aarhus Habour in August 2021. The divestment, which was carried out by way of a sale of shares in the subsidiary Ãsthavnsvej 37 ApS, was completed on 13 August 2021.
The above-mentioned events have not had a significant influence on the companyâs annual accounts for the financial year 2020/21, and no other events have occurred after the balance sheet date, which would significantly influence the evaluation of this annual report.
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contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">3122000</fsa:LongtermTaxPayablesToGroupEnterprises><fsa:LongtermTaxPayablesToGroupEnterprises contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">0</fsa:LongtermTaxPayablesToGroupEnterprises><fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">16213000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm><fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">18281000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongterm><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">1692361000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">1142714000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:ShorttermPartOfLongtermLiabilitiesOtherThanProvisions contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">26107000</fsa:ShorttermPartOfLongtermLiabilitiesOtherThanProvisions><fsa:ShorttermPartOfLongtermLiabilitiesOtherThanProvisions contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">36540000</fsa:ShorttermPartOfLongtermLiabilitiesOtherThanProvisions><fsa:ShorttermDebtToBanks contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">0</fsa:ShorttermDebtToBanks><fsa:ShorttermDebtToBanks contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">96960000</fsa:ShorttermDebtToBanks><fsa:DepositsShorttermLiabilitiesOtherThanProvisions contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">42632000</fsa:DepositsShorttermLiabilitiesOtherThanProvisions><fsa:DepositsShorttermLiabilitiesOtherThanProvisions contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">32775000</fsa:DepositsShorttermLiabilitiesOtherThanProvisions><fsa:ShorttermTradePayables contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">12469000</fsa:ShorttermTradePayables><fsa:ShorttermTradePayables contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">4319000</fsa:ShorttermTradePayables><fsa:ShorttermTradePayables contextRef="instant_CY_only" decimals="-3" unitRef="DKK">775000</fsa:ShorttermTradePayables><fsa:ShorttermTradePayables contextRef="instant_LY_only" decimals="-3" unitRef="DKK">143000</fsa:ShorttermTradePayables><fsa:ShorttermTaxPayables contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">0</fsa:ShorttermTaxPayables><fsa:ShorttermTaxPayables contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">890000</fsa:ShorttermTaxPayables><fsa:ShorttermTaxPayables contextRef="instant_CY_only" decimals="-3" unitRef="DKK">0</fsa:ShorttermTaxPayables><fsa:ShorttermTaxPayables contextRef="instant_LY_only" decimals="-3" unitRef="DKK">998000</fsa:ShorttermTaxPayables><fsa:ShorttermTaxPayablesToGroupEnterprises contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">747000</fsa:ShorttermTaxPayablesToGroupEnterprises><fsa:ShorttermTaxPayablesToGroupEnterprises contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">0</fsa:ShorttermTaxPayablesToGroupEnterprises><fsa:ShorttermTaxPayablesToGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="DKK">196000</fsa:ShorttermTaxPayablesToGroupEnterprises><fsa:ShorttermTaxPayablesToGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="DKK">0</fsa:ShorttermTaxPayablesToGroupEnterprises><fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">12429000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm><fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">14374000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm><fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="instant_CY_only" decimals="-3" unitRef="DKK">1787000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm><fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1328000</fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsShortterm><fsa:ShorttermDeferredIncome contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">62000</fsa:ShorttermDeferredIncome><fsa:ShorttermDeferredIncome contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">161000</fsa:ShorttermDeferredIncome><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">94446000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">186019000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="DKK">41410000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">2469000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">1786807000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">1328733000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="DKK">41410000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="DKK">2469000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesAndEquity contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">2707015000</fsa:LiabilitiesAndEquity><fsa:LiabilitiesAndEquity contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">1824973000</fsa:LiabilitiesAndEquity><fsa:LiabilitiesAndEquity contextRef="instant_CY_only" decimals="-3" unitRef="DKK">621602000</fsa:LiabilitiesAndEquity><fsa:LiabilitiesAndEquity contextRef="instant_LY_only" decimals="-3" unitRef="DKK">245764000</fsa:LiabilitiesAndEquity><fsa:ContributionFromGroup contextRef="duration_CY_C_ClassesOfEquityDimension_fsa_RetainedEarningsMember_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">180000000</fsa:ContributionFromGroup><fsa:ContributionFromGroup contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">180000000</fsa:ContributionFromGroup><fsa:ContributionFromGroup contextRef="duration_CY_ClassesOfEquityDimension_fsa_RetainedEarningsMember_only" decimals="-3" unitRef="DKK">180000000</fsa:ContributionFromGroup><fsa:ContributionFromGroup contextRef="duration_CY_only" decimals="-3" unitRef="DKK">180000000</fsa:ContributionFromGroup><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssets contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">341000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssets><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssets contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">327000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssets><fsa:AdjustmentsOfInvestmentPropertyCashFlow contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-227730000</fsa:AdjustmentsOfInvestmentPropertyCashFlow><fsa:AdjustmentsOfInvestmentPropertyCashFlow contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-16140000</fsa:AdjustmentsOfInvestmentPropertyCashFlow><fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">19371000</fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital><fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">7425000</fsa:AdjustmentsForDecreaseIncreaseInWorkingCapital><fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">73680000</fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems><fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">43355000</fsa:CashFlowFromOperatingActivitiesBeforeFinancialItems><fsa:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">1213000</fsa:InterestReceivedClassifiedAsOperatingActivities><fsa:InterestReceivedClassifiedAsOperatingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">117000</fsa:InterestReceivedClassifiedAsOperatingActivities><fsa:InterestPaidClassifiedAsOperatingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-32989000</fsa:InterestPaidClassifiedAsOperatingActivities><fsa:InterestPaidClassifiedAsOperatingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-33497000</fsa:InterestPaidClassifiedAsOperatingActivities><fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-1041000</fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-21129000</fsa:IncomeTaxesPaidRefundClassifiedAsOperatingActivities><fsa:CashFlowsFromUsedInOperatingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">40863000</fsa:CashFlowsFromUsedInOperatingActivities><fsa:CashFlowsFromUsedInOperatingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-11154000</fsa:CashFlowsFromUsedInOperatingActivities><fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-19143000</fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-17095000</fsa:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">213321000</fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">101254000</fsa:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities><fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_1" xml:lang="en">Deposited</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_2" xml:lang="en">Acquisition of properties, net of debt</fsa:NameOfComponentOfCashFlowsFromUsedInInvestingActivities><fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">-13000</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">168000</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_2" decimals="-3" unitRef="DKK">-86368000</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInInvestingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_2" decimals="-3" unitRef="DKK">0</fsa:AmountOfComponentOfCashFlowsFromUsedInInvestingActivities><fsa:CashFlowsFromUsedInInvestingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">107797000</fsa:CashFlowsFromUsedInInvestingActivities><fsa:CashFlowsFromUsedInInvestingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">84327000</fsa:CashFlowsFromUsedInInvestingActivities><fsa:FreeCashFlowsGeneratedFromOperationAndInvestmentBeforeFinancing contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">148660000</fsa:FreeCashFlowsGeneratedFromOperationAndInvestmentBeforeFinancing><fsa:FreeCashFlowsGeneratedFromOperationAndInvestmentBeforeFinancing contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">73173000</fsa:FreeCashFlowsGeneratedFromOperationAndInvestmentBeforeFinancing><fsa:CashCapitalIncrease contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">180000000</fsa:CashCapitalIncrease><fsa:CashCapitalIncrease contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">81207000</fsa:CashCapitalIncrease><fsa:NameOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_1" xml:lang="en">Net raised/repayments of loans ect</fsa:NameOfComponentOfCashFlowsFromUsedInFinancingActivities><fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">-323304000</fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_IdentificationOfComponentOfCashFlowsFromUsedInFinancingActivitiesDimension_fsa_componentOfCashFlowsIdentifier_only_1" decimals="-3" unitRef="DKK">-150474000</fsa:AmountOfComponentOfCashFlowsFromUsedInFinancingActivities><fsa:CashFlowsFromUsedInFinancingActivities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-143304000</fsa:CashFlowsFromUsedInFinancingActivities><fsa:CashFlowsFromUsedInFinancingActivities contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">-69267000</fsa:CashFlowsFromUsedInFinancingActivities><fsa:NetIncreaseDecreaseInCashAndCashEquivalents contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">5356000</fsa:NetIncreaseDecreaseInCashAndCashEquivalents><fsa:NetIncreaseDecreaseInCashAndCashEquivalents contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">3906000</fsa:NetIncreaseDecreaseInCashAndCashEquivalents><fsa:CashAndCashEquivalentsConcerningCashflowStatement contextRef="instant_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">49666000</fsa:CashAndCashEquivalentsConcerningCashflowStatement><fsa:CashAndCashEquivalentsConcerningCashflowStatement contextRef="instant_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">44310000</fsa:CashAndCashEquivalentsConcerningCashflowStatement><fsa:DisclosureOfAnyUncertaintyConnectedWithRecognitionOrMeasurement contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">1 Uncertainty relating to recognition and measurement
On initial recognition, the Companyâs investment property is measured at cost, which comprises the acquisition price of the property and any costs directly related thereto. The investment property is subsequently
measured at an estimated fair value calculated on the basis of the Discounted Cash Flow model (DCF model).
The model is based on the future cash flows of the property, which are discounted at a fixed discount rate
with adjustment of the risk of the individual property.
The significant assumptions used when determining the fair value are the annual changes in rental income
and operating costs as well as the discount rate, which includes a required rate of return and inflation. On
average, a discount rate of 5.93 % has been used.
When calculating future cash flows, budgets have been prepared for each property, including rental income,
vacancy, operating and maintenance costs, as well as improvement costs, and these have formed the basis
for recognition in the DCF model. The budgeted rental income is based on the current rental situation, and a
rent increase of 1.5 % has been recognised based on the budgeted income or in accordance with concluded
lease contracts, where specific rental prices have been agreed. Vacancy is also budgeted based on the current
rental situation and is determined on the basis of the budgeted vacancy, and expected maintenance costs
are budgeted for each property and projected by an annual increase of 1.5 %.
Sensitivity analysis
Fair value of investment properties amounts to 2,634 million as of 30 June 2021. The sensitivity is primary
effect by changes in yield. The below mentioned figure shows the effect of a decrease or increase in yield.
</fsa:DisclosureOfAnyUncertaintyConnectedWithRecognitionOrMeasurement><fsa:DisclosureOfEmployeeBenefitsExpense contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">2 Staff costs2020/21
DKK'0002019/20
DKK'000Wages and salaries9,1536,293Pension costs1,7281,267Other social security costs9670Other staff costs53643211,5138,062Average number of full-time employees139Remuneration
âof âmanage- ment
2020/21
DKK'000Remuneration
of manage- ment
2019/20
DKK'000Total amount for management categories3,4502,4433,4502,443</fsa:DisclosureOfEmployeeBenefitsExpense><fsa:DisclosureOfEmployeeBenefitsExpense contextRef="duration_CY_only" xml:lang="en">1 Staff costs2020/21
DKK'0002019/20
DKK'000Wages and salaries6,8174,723Pension costs1,447991Other social security costs4240Other staff costs4192138,7255,967Average number of full-time employees65Remuneration
âof
manage- ment
2020/21
DKK'000Remuneration
of manage- ment
2019/20
DKK'000Total amount for management categories3,4502,4433,4502,443</fsa:DisclosureOfEmployeeBenefitsExpense><fsa:AverageNumberOfEmployees contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="0" unitRef="pure">13</fsa:AverageNumberOfEmployees><fsa:AverageNumberOfEmployees contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="0" unitRef="pure">9</fsa:AverageNumberOfEmployees><fsa:AverageNumberOfEmployees contextRef="duration_CY_only" decimals="0" unitRef="pure">6</fsa:AverageNumberOfEmployees><fsa:AverageNumberOfEmployees contextRef="duration_LY_only" decimals="0" unitRef="pure">5</fsa:AverageNumberOfEmployees><fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Remuneration
âof âmanage- ment
2020/21
DKK'000Remuneration
of manage- ment
2019/20
DKK'000Total amount for management categories3,4502,4433,4502,443</fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes><fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes contextRef="duration_CY_only" xml:lang="en">Remuneration
âof
manage- ment
2020/21
DKK'000Remuneration
of manage- ment
2019/20
DKK'000Total amount for management categories3,4502,4433,4502,443</fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes><fsa:RemunerationOfManagementCategory contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">3450000</fsa:RemunerationOfManagementCategory><fsa:RemunerationOfManagementCategory contextRef="duration_LY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" decimals="-3" unitRef="DKK">2443000</fsa:RemunerationOfManagementCategory><fsa:RemunerationOfManagementCategory contextRef="duration_CY_only" decimals="-3" unitRef="DKK">3450000</fsa:RemunerationOfManagementCategory><fsa:RemunerationOfManagementCategory contextRef="duration_LY_only" decimals="-3" unitRef="DKK">2443000</fsa:RemunerationOfManagementCategory><fsa:DisclosureOfOtherFinanceExpenses contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">3 Other financial expenses2020/21
DKK'0002019/20
DKK'000Financial expenses from group enterprises0790Other interest expenses32,99027,376Other financial expenses05,33132,99033,497</fsa:DisclosureOfOtherFinanceExpenses><fsa:DisclosureOfOtherFinanceExpenses contextRef="duration_CY_only" xml:lang="en">2020/21
DKK'0002019/20
DKK'000Financial expenses from group enterprises0790Other interest expenses32,99027,376Other financial expenses05,33132,99033,497<br />3 Other financial expenses2020/21
DKK'0002019/20
DKK'000Financial expenses from group enterprises2,1921,309Other interest expenses7562772,9481,586<br />2020/21
DKK'0002019/20
DKK'000Financial expenses from group enterprises2,1921,309Other interest expenses7562772,9481,586</fsa:DisclosureOfOtherFinanceExpenses><fsa:DisclosureOfTaxExpenses contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">4 Tax on profit/loss for the year2020/21
DKK'0002019/20
DKK'000Current tax2,0130Change in deferred tax52,7496,169Adjustment concerning previous years120(33)54,8826,136</fsa:DisclosureOfTaxExpenses><fsa:DisclosureOfTaxExpenses contextRef="duration_CY_only" xml:lang="en">4 Tax on profit/loss for the year2020/21
DKK'0002019/20
DKK'000Change in deferred tax(59)(1,622)Adjustment concerning previous years1110Refund in joint taxation arrangement(510)0(458)(1,622)</fsa:DisclosureOfTaxExpenses><fsa:DisclosureOfTheManagementsProposedDistributionOfProfitLoss contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">5 Proposed distribution of profit/loss2020/21
DKK'0002019/20
DKK'000Retained earnings195,03912,227195,03912,227</fsa:DisclosureOfTheManagementsProposedDistributionOfProfitLoss><fsa:DisclosureOfTheManagementsProposedDistributionOfProfitLoss contextRef="duration_CY_only" xml:lang="en">5 Proposed distribution of profit and loss2020/21
DKK'0002019/20
DKK'000Retained earnings167,181774167,181774</fsa:DisclosureOfTheManagementsProposedDistributionOfProfitLoss><fsa:DisclosureOfPropertyPlantAndEquipment contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">6 Property, plant and equipmentInvestment property
DKK'000Other fixtures and fittings, tools and equipment
DKK'000Cost beginning of year1,645,982568Additions896,9131,112Disposals(219,860)(164)Cost end of year2,323,0351,516Depreciation and impairment losses beginning of year0(59)Depreciation for the year0(342)Reversal regarding disposals0132Depreciation and impairment losses end of year0(269)Fair value adjustments beginning of year71,2610Fair value adjustments for the year233,3350Reversal regarding disposals6,5830Fair value adjustments end of year311,1790Carrying amount end of year2,634,2141,247On initial recognition, investment property is measured at cost, which comprises the acquisition price of the
property and any costs directly related thereto. Investment properties are subsequently measured at estimated fair value.
Insofar as the fair value of investment properties cannot be deduced from an active market, Management
assesses an appropriate method to calculate the fair values. For this purpose, a discounted cash flow model
(DCF model) is used, which is widely recognised for valuation of investment properties.
Financing costs have been capitalized as a part of the cost of the investment property. As of 30.06.2021 TDKK
45,443 have been capitalized.</fsa:DisclosureOfPropertyPlantAndEquipment><fsa:DisclosureOfPropertyPlantAndEquipment contextRef="duration_CY_only" xml:lang="en">6 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Cost beginning of year558Additions162Cost end of year720Depreciation and impairment losses beginning of year(80)Depreciation for the year(92)Depreciation and impairment losses end of year(172)Carrying amount end of year548</fsa:DisclosureOfPropertyPlantAndEquipment><fsa:DisclosureOfInvestments contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">7 Financial assetsDeposits
DKK'000Cost beginning of year132Additions14Cost end of year146Carrying amount end of year146</fsa:DisclosureOfInvestments><fsa:DisclosureOfInvestments contextRef="duration_CY_only" xml:lang="en">7 Financial assetsInvestments in group enterprises
DKK'000Deposits
DKK'000Cost beginning of year108,919133Addition through business combinations etc595,9750Disposals on divestments etc. (106,051)0Additions04Cost end of year598,843137Impairment losses beginning of year(2,868)0Impairment losses for the year(17,248)0Impairment losses end of year(20,116)0Carrying amount end of year578,727137A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.</fsa:DisclosureOfInvestments><fsa:ExplanationOfPrepayments contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">8 PrepaymentsPrepayments recognized under assets comprise expenses incurred relating to the following year.</fsa:ExplanationOfPrepayments><fsa:ExplanationOfPrepayments contextRef="duration_CY_only" xml:lang="en">9 PrepaymentsPrepayments recognized under assets comprise expenses incurred relating to the following year.</fsa:ExplanationOfPrepayments><fsa:DisclosureOfCashAndCashEquivalents contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">9 CashAs a part of the total booked cash, TDKK 13,908 is on an escrow account.</fsa:DisclosureOfCashAndCashEquivalents><fsa:DisclosureOfContributedCapital contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">10 Contributed capitalNumberPar value
DKK'000Nominal
âvalue
DKK'000Ordinary shares169,221,3160,001169,221169,221,316169,221The companyâs contributed capital consists only of A-shares. It has in previous years consisted of difference
classes.</fsa:DisclosureOfContributedCapital><fsa:DisclosureOfProvisionsForDeferredTax contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">11 Deferred tax2020/21
DKK'0002019/20
DKK'000Property, plant and equipment92,61440,212Liabilities other than provisions(21)(244)Tax losses carried forward(6,941)(3,244)Deferred tax85,65236,724
âChanges during the year2020/21
DKK'000Beginning of year36,724Recognised in the income statement52,749Other changes(3,821)End of year85,652According to the Danish Financial Statements Act management has to assess if acquired entities are to be considered as a business or group of single assets. Management has assessed that acquired properties located in Silkeborg, Vejle and Kolding is to be considered as a group of single assets.
Because the transaction is not a business combination it is required that the acquiring entity, in the consolidated financial statements does not recognise a deferred tax liability for taxable temporary differences that arise from the initial recognition.
The consequence is that the deferred tax liability as of 30.06.2021 is understated with DKK 33 million.
</fsa:DisclosureOfProvisionsForDeferredTax><fsa:DisclosureOfProvisionsForDeferredTax contextRef="duration_CY_only" xml:lang="en">11 Deferred tax</fsa:DisclosureOfProvisionsForDeferredTax><fsa:DisclosureOfLongtermLiabilities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">12 Non-current liabilities other than provisionsDue within 12
months
2020/21
DKK'000Due within 12
âmonths
2019/20
DKK'000Due after
more than 12
months
2020/21
DKK'000Outstanding
after 5 years
2020/21
DKK'000Mortgage debt26,10734,9011,670,6631,588,477Deposits002,3630Joint taxation contribution payable003,1220Other payables01,63916,213026,10736,5401,692,3611,588,477</fsa:DisclosureOfLongtermLiabilities><fsa:ExplanationOfShorttermLiability contextRef="duration_CY_C_ClassesOfShortTermLiabilitiesDimension_fsa_ShorttermDeferredIncomeMember_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">13 Deferred incomeDeferred income comprise revenue incurred relating to the following year.</fsa:ExplanationOfShorttermLiability><fsa:CashFlowsStatement contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">14 Changes in working capital2020/21
DKK'0002019/20
DKK'000Increase/decrease in inventories0(8,780)Increase/decrease in receivables16,68926,963Increase/decrease in trade payables etc.2,682(10,758)19,3717,425</fsa:CashFlowsStatement><fsa:DisclosureOfLiabilitiesUnderLeases contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">15 Unrecognised rental and lease commitments2020/21
DKK'0002019/20
DKK'000Total liabilities under rental or lease agreements until maturity 208116</fsa:DisclosureOfLiabilitiesUnderLeases><fsa:DisclosureOfContingentLiabilities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">16 Contingent liabilitiesThe Group has entered into an agreement regarding property management. The liability until maturity
amounts to 3.1 million.</fsa:DisclosureOfContingentLiabilities><fsa:DisclosureOfContingentLiabilities contextRef="duration_CY_only" xml:lang="en">10 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where CL Denmark 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.
The companies are included in a joint registration regarding VAT, and the group is liable unlimitedly and
jointly and severally for VAT with the other companies included in the joint registration. </fsa:DisclosureOfContingentLiabilities><fsa:DisclosureOfMortgagesAndCollaterals contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">17 Assets charged and collateralMortgage debt is secured by deposited mortgage deeds on the investment property with a
book value of TDKK 2,634,214.</fsa:DisclosureOfMortgagesAndCollaterals><fsa:DisclosureOfMortgagesAndCollaterals contextRef="duration_CY_only" xml:lang="en">11 Assets charged and collateralThe company has provided a guarantee for bank debt and mortgage debt in group enterprises.
The debt at year end is 1,621,355 TDKK.
As security for debt in group enterprises BoStad A/S have deposited deeds on its investments in group enterprises.
</fsa:DisclosureOfMortgagesAndCollaterals><fsa:DisclosureOfRelatedParties contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">18 Non-armâs length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.â No
such transactions were conducted during the financial year.</fsa:DisclosureOfRelatedParties><fsa:DisclosureOfRelatedParties contextRef="duration_CY_only" xml:lang="en">13 Non-armâs length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.â No
such transactions were conducted during the financial year.</fsa:DisclosureOfRelatedParties><fsa:InformationOnConsolidatedFinancialStatements contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">19
Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:
CL Denmark ApS, CVR-nr. 38330780, Copenhagen</fsa:InformationOnConsolidatedFinancialStatements><fsa:InformationOnShorttermInvestmentsInGroupEnterprises contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">20 SubsidiariesRegistered inCorporate
âformOwnership
ââ%Hovedvejen 9, 2600 Glostrup ApSAarhusApS100BoStad Commercial I ApS
AarhusApS100BoStad I ApSAarhusApS100BoStad II ApSAarhusApS100BoStad DS 4 ApS
AarhusApS100BoStad DS 7 ApS
AarhusApS100BoStad DS 8 ApS
AarhusApS100Ãsthavnsvej 37 ApS
AarhusApS100BoStad Hviidsminde Holding ApS
CopenhagenApS100BoStad Hviidsminde A/S
AarhusA/S100BoStad Vimmerbyvej 1 Holding ApS
CopenhagenApS100BoStad Vimmerbyvej 1 ApS
AarhusApS100BoStad Vimmerbyvej 2 Holding ApS
CopenhagenApS100BoStad Vimmerbyvej 2 ApS
AarhusApS100BoStad Vimmerbyvej 3 Holding ApS
CopenhagenApS100BoStad Vimmerbyvej 3 ApS
AarhusApS100BoStad Lysbrolysningen Holding ApS
CopenhagenApS100BoStad Lysbrolysningen ApS
AarhusApS100BoStad Kobbelvænget 1 Holding ApS
CopenhagenApS100BoStad Kobbelvænget 1 ApS
AarhusApS100BoStad Kobbelvænget 2 holding ApS
CopenhagenApS100BoStad Kobbelvænget 2 ApS
AarhusApS100</fsa:InformationOnShorttermInvestmentsInGroupEnterprises><fsa:IncomeFromInvestmentsInGroupEnterprises contextRef="duration_CY_only" decimals="-3" unitRef="DKK">174757000</fsa:IncomeFromInvestmentsInGroupEnterprises><fsa:IncomeFromInvestmentsInGroupEnterprises contextRef="duration_LY_only" decimals="-3" unitRef="DKK">0</fsa:IncomeFromInvestmentsInGroupEnterprises><fsa:ImpairmentOfFinancialAssets contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-5452000</fsa:ImpairmentOfFinancialAssets><fsa:ImpairmentOfFinancialAssets contextRef="duration_LY_only" decimals="-3" unitRef="DKK">6584000</fsa:ImpairmentOfFinancialAssets><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="DKK">578727000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="DKK">106051000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:CurrentDeferredTaxAssets contextRef="instant_CY_only" decimals="-3" unitRef="DKK">310000</fsa:CurrentDeferredTaxAssets><fsa:CurrentDeferredTaxAssets contextRef="instant_LY_only" decimals="-3" unitRef="DKK">1689000</fsa:CurrentDeferredTaxAssets><fsa:ShorttermTaxReceivablesFromGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="DKK">3332000</fsa:ShorttermTaxReceivablesFromGroupEnterprises><fsa:ShorttermTaxReceivablesFromGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="DKK">864000</fsa:ShorttermTaxReceivablesFromGroupEnterprises><fsa:ShorttermPayablesToGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="DKK">38652000</fsa:ShorttermPayablesToGroupEnterprises><fsa:ShorttermPayablesToGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="DKK">0</fsa:ShorttermPayablesToGroupEnterprises><fsa:AdditionsToDisposalsOfEquityThroughMergersAndBusinessCombinations contextRef="duration_CY_ClassesOfEquityDimension_fsa_ContributedCapitalMember_only" decimals="-3" unitRef="DKK">0</fsa:AdditionsToDisposalsOfEquityThroughMergersAndBusinessCombinations><fsa:AdditionsToDisposalsOfEquityThroughMergersAndBusinessCombinations contextRef="duration_CY_ClassesOfEquityDimension_fsa_RetainedEarningsMember_only" decimals="-3" unitRef="DKK">-10284000</fsa:AdditionsToDisposalsOfEquityThroughMergersAndBusinessCombinations><fsa:AdditionsToDisposalsOfEquityThroughMergersAndBusinessCombinations contextRef="duration_CY_only" decimals="-3" unitRef="DKK">-10284000</fsa:AdditionsToDisposalsOfEquityThroughMergersAndBusinessCombinations><fsa:StatementOfChangesInEquity contextRef="duration_CY_only" xml:lang="en">Effect of mergers and business combinations are related to the merger between BoStad A/S and BoStad Holding ApS effected in the begining of the year according to book-value-method.</fsa:StatementOfChangesInEquity><fsa:DisclosureOfOtherFinanceIncome contextRef="duration_CY_only" xml:lang="en">2 Other financial income2020/21
DKK'0002019/20
DKK'000Financial income from group enterprises7603,3337603,333</fsa:DisclosureOfOtherFinanceIncome><fsa:DisclosureOfDeferredTaxAssetsAndLiabilities contextRef="duration_CY_only" xml:lang="en">8 Deferred tax2020/21
DKK'000Tax losses carried forward310Deferred tax310
âChanges during the year2020/21
DKK'000Beginning of year1,689Recognised in the income statement(111)Other changes (1,268)End of year310 </fsa:DisclosureOfDeferredTaxAssetsAndLiabilities><fsa:InformationOnRelatedEntities contextRef="duration_CY_only" xml:lang="en">12 Related parties with controlling interestThe companyâs Executive Board and Board of Directors have subscription right and thus have a controlling
influence on BoStad A/S.
CL Denmark ApS owns all shares in the company and thus has a controlling influence on BoStad A/S.
CL V Ventures Offshore LLC is ultimate parant and thus has a controlling influence on BoStad A/S.</fsa:InformationOnRelatedEntities><fsa:InformationOnReportingClassOfEntity contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.</fsa:InformationOnReportingClassOfEntity><fsa:AccountingPoliciesAreUnchangedFromPreviousPeriod contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">false</fsa:AccountingPoliciesAreUnchangedFromPreviousPeriod><fsa:DescriptionOfGeneralMattersRelatedToRecognitionMeasurementAndChangesInAccountingPolicies contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
âbenefits will flow to the Entity, and the value of the asset can be measured reliably.
â
âLiabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
âresult of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
âvalue of the liability can be measured reliably.
â
âOn initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
ârecognition is effected as described below for each financial statement item.
â
âAnticipated risks and losses that arise before the time of presentation of the annual report and that confirm
âor invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
âmeasurement.
â
âIncome is recognised in the income statement when earned, whereas costs are recognised by the amounts
âattributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Groupâs accounting policies.
Subsidiariesâ financial statement items are recognised in full in the consolidated financial statements.</fsa:DescriptionOfGeneralMattersRelatedToRecognitionMeasurementAndChangesInAccountingPolicies><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGrossProfitLoss contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Gross profit or lossGross profit or loss comprises revenue, other operating income, and external expenses.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGrossProfitLoss><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfRevenue contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">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.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfRevenue><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Fair value adjustments of investment propertyFair value adjustments of investment property comprise adjustments for the financial year of the Entityâs
investment properties measured at fair value at the balance sheet date.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCostOfSales contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary
inventory
writedowns.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCostOfSales><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Other external expensesOther external expenses include expenses relating to the Entityâs ordinary activities, including expenses for
âpremises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
âreceivables recognised in current assets.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyCosts contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Property costsProperty costs include costs incurred to operate the Entityâs properties in the financial year, including repair
âand maintenance costs, property tax and electricity, water and heating, which are not charged directly from
âthe lessee.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyCosts><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEmployeeBenefitExpense contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEmployeeBenefitExpense><fsa:DescriptionOfMethodsOfImpairmentLossesAndDepreciation contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to equipment comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of plant and equipment.</fsa:DescriptionOfMethodsOfImpairmentLossesAndDepreciation><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeAndExpensesFromInvestmentsInGroupEnterprisesAndAssociates contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc. received from the
individual group enterprises in the financial year.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeAndExpensesFromInvestmentsInGroupEnterprisesAndAssociates><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncome contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including
âinterest income on receivables from group enterprises ect.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncome><fsa:DescriptionOfImpairmentOfFinancialAssets contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Impairment of financial assetsImpairment of financial assets comprise impairment of financial assets which are not measured
âat fair value on a current basis.</fsa:DescriptionOfImpairmentOfFinancialAssets><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceExpenses contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
âenterprises, âamortisation of financial liabilities etc.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceExpenses><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">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
âincome 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.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax
losses).</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Property, plant and equipmentOther fixtures and fittings, tools and equipment are
âmeasured at
cost less accumulated depreciation and impairment losses.
ââ
ââCost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
âasset until the time when it is ready to be put into operation.
â
âThe basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Other fixtures and fittings, tools and equipment3-5 years
Estimated useful lives and residual values are reassessed annually.
â
âItems of equipment are written down to the lower of recoverable amount and carrying
âamount.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInvestmentProperty contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Investment propertyOn initial recognition, investment properties are measured at cost consisting of the acquisition price of the
âproperties plus directly related acquisition costs.
â
âSubsequent to initial recognition, investment properties are measured at fair value which is equivalent to the
âamount at which the individual property may be sold to an independent buyer at the balance sheet date.Fair value is determined by using the DCF model as the calculated value in
use of
expected cash flows from each property. To determine expected cash flows, the budgeted cash flows for each
property for the next 11 years is used, including increases in price and rent levels, and a
calculated terminal value
which reflects the amount of normalised cash flows expected to be generated by
the property after the budget
period. The cash flows so calculated are discounted to net present value by
using a discount rate that is
estimated to reflect current market-required yield rates for similar properties
inclusive of expected inflation.âThe financial year's adjustments of the propertiesâ fair value are recognised in the income statement.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInvestmentProperty><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates contextRef="duration_CY_only" xml:lang="en">Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the
âlower of recoverable amount and carrying amount.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
âdoubtful debts.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInventories contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">InventoriesInventories include acquired properties intended for resale. Inventories are measured at cost, or net realizable value, if this is lower. Net realizable value for inventories is calculated as expected sales price less
completion costs and costs to be incurred to effect sales</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInventories><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
â
âDeferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
âtheir estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax><fsa:DescriptionOfMethodsOfCurrentTaxReceivablesAndLiabilities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
âtaxable income, adjusted for prepaid tax.<br />Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.<br />Joint taxation contributions payable or receivableCurrent joint taxation contributions payable or receivable are recognised in the
âbalance sheet, stated as tax computed on this year's taxable income, adjusted for
âprepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
âexpected to be used under the joint taxation arrangement.</fsa:DescriptionOfMethodsOfCurrentTaxReceivablesAndLiabilities><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
âcost.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCashAndCashEquivalents contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">CashCash comprises bank deposits.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCashAndCashEquivalents><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds
âto the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at
amortised
cost. This means that the difference between the proceeds at the time of borrowing and the nominal
repayable
amount of the loan is recognised in the income statement as a financial expense over the term
of the loan
applying the effective interest method.<br />Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions><fsa:DescriptionOfMethodsOfLeases contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.</fsa:DescriptionOfMethodsOfLeases><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeLiabilities contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
âis measured at cost.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeLiabilities><fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
âand cash equivalents at the beginning and the end of the financial year.
â
âCash flows from operating activities are presented using the indirect method and calculated as the operating
âprofit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
â
âCash flows from investing activities comprise payments in connection with acquisition and divestment of
â enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
âetc. of intangible assets and property, plant and equipment.
â
âCash flows from financing activities comprise changes in the size or composition of the contributed capital
âand related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
â
âCash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
</fsa:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement><fsa:ExplanationOfEntitysDefinitionOfCashAndCashEquivalents contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only" xml:lang="en">The cash flow statement shows cash flows from operating, investing and financing activities, and cash
âand cash equivalents at the beginning and the end of the financial year.
â
âCash flows from operating activities are presented using the indirect method and calculated as the operating
âprofit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
â
âCash flows from investing activities comprise payments in connection with acquisition and divestment of
â enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
âetc. of intangible assets and property, plant and equipment.
â
âCash flows from financing activities comprise changes in the size or composition of the contributed capital
âand related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
â
âCash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
</fsa:ExplanationOfEntitysDefinitionOfCashAndCashEquivalents><gsd:DateOfGeneralMeeting contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">2021-11-30</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_C_ConsolidatedSoloDimension_cmn_ConsolidatedMember_only">Michael Brichmann</gsd:NameAndSurnameOfChairmanOfGeneralMeeting></xbrli:xbrl>