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The full data:
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rsrapport</c:InformationOnTypeOfSubmittedReport><c:IdentificationNumberCvrOfSubmittingEnterprise contextRef="c1">15915641</c:IdentificationNumberCvrOfSubmittingEnterprise><c:NameOfSubmittingEnterprise contextRef="c1">Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab</c:NameOfSubmittingEnterprise><c:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="c1">Store Kongensgade, 68</c:AddressOfSubmittingEnterpriseStreetAndNumber><c:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="c1">1264, København K</c:AddressOfSubmittingEnterprisePostcodeAndTown><c:PrecedingReportingPeriodStartDate contextRef="c1">2020-01-01</c:PrecedingReportingPeriodStartDate><c:PredingReportingPeriodEndDate contextRef="c1">2020-12-31</c:PredingReportingPeriodEndDate><c:ReportingPeriodStartDate contextRef="c1">2021-01-01</c:ReportingPeriodStartDate><c:ReportingPeriodEndDate contextRef="c1">2021-12-31</c:ReportingPeriodEndDate><c:IdentificationNumberCvrOfReportingEntity contextRef="c1">29149860</c:IdentificationNumberCvrOfReportingEntity><c:NameOfReportingEntity contextRef="c1">Covivio Berlin IV ApS</c:NameOfReportingEntity><c:AddressOfReportingEntityStreetName contextRef="c1">Store Kongensgade</c:AddressOfReportingEntityStreetName><c:AddressOfReportingEntityStreetBuildingIdentifier contextRef="c1">68</c:AddressOfReportingEntityStreetBuildingIdentifier><c:AddressOfReportingEntityPostCodeIdentifier contextRef="c1">1264</c:AddressOfReportingEntityPostCodeIdentifier><c:AddressOfReportingEntityDistrictName contextRef="c1">København K</c:AddressOfReportingEntityDistrictName><c:DateOfFoundationOfReportingEntity contextRef="c1">2005-07-01</c:DateOfFoundationOfReportingEntity><d:NameOfAuditFirm contextRef="c37">Christensen Kjærulff, Statsautoriseret Revisionsaktieselskab</d:NameOfAuditFirm><d:IdentificationNumberCvrOfAuditFirm contextRef="c37">15915641</d:IdentificationNumberCvrOfAuditFirm><d:NameAndSurnameOfAuditor contextRef="c37">Iver 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decimals="-3">379316000</e:LiabilitiesAndEquity><e:LiabilitiesAndEquity contextRef="c3" unitRef="u0" decimals="-3">329750000</e:LiabilitiesAndEquity><e:InvestmentsGross contextRef="c113" unitRef="u0" decimals="-3">76042000</e:InvestmentsGross><e:InvestmentsGross contextRef="c114" unitRef="u0" decimals="-3">76042000</e:InvestmentsGross><e:DisposalsOfInvestments contextRef="c115" unitRef="u0" decimals="-3">4006000</e:DisposalsOfInvestments><e:DisposalsOfInvestments contextRef="c116" unitRef="u0" decimals="-3">0</e:DisposalsOfInvestments><e:InvestmentsGross contextRef="c117" unitRef="u0" decimals="-3">72036000</e:InvestmentsGross><e:InvestmentsGross contextRef="c118" unitRef="u0" decimals="-3">76042000</e:InvestmentsGross><e:AccumulatedRevaluationsOfInvestments contextRef="c113" unitRef="u0" decimals="-3">253708000</e:AccumulatedRevaluationsOfInvestments><e:AccumulatedRevaluationsOfInvestments contextRef="c114" unitRef="u0" decimals="-3">231673000</e:AccumulatedRevaluationsOfInvestments><e:ProfitLossRelatedToInvestments contextRef="c115" unitRef="u0" decimals="-3">48108000</e:ProfitLossRelatedToInvestments><e:ProfitLossRelatedToInvestments contextRef="c116" unitRef="u0" decimals="-3">22035000</e:ProfitLossRelatedToInvestments><e:ReversalsOfRevaluationOfDisposedInvestments contextRef="c115" unitRef="u0" decimals="-3">-13367000</e:ReversalsOfRevaluationOfDisposedInvestments><e:ReversalsOfRevaluationOfDisposedInvestments contextRef="c116" unitRef="u0" decimals="-3">0</e:ReversalsOfRevaluationOfDisposedInvestments><e:AccumulatedRevaluationsOfInvestments contextRef="c117" unitRef="u0" decimals="-3">288449000</e:AccumulatedRevaluationsOfInvestments><e:AccumulatedRevaluationsOfInvestments contextRef="c118" unitRef="u0" decimals="-3">253708000</e:AccumulatedRevaluationsOfInvestments><e:LongtermInvestmentsAndReceivables contextRef="c117" unitRef="u0" decimals="-3">360485000</e:LongtermInvestmentsAndReceivables><e:LongtermInvestmentsAndReceivables contextRef="c118" unitRef="u0" decimals="-3">329750000</e:LongtermInvestmentsAndReceivables><e:RelatedEntityName contextRef="c324">Covivio Quadriga IV GmbH</e:RelatedEntityName><e:RelatedEntityLegalForm contextRef="c324">GmbH</e:RelatedEntityLegalForm><e:RelatedEntityRegisteredOffice contextRef="c324">Germany</e:RelatedEntityRegisteredOffice><e:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity contextRef="c325" unitRef="u8" decimals="1">89.9</e:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity><e:Equity contextRef="c325" unitRef="u0" decimals="INF">246531</e:Equity><e:ProfitLoss contextRef="c324" unitRef="u0" decimals="INF">20374</e:ProfitLoss><e:Equity contextRef="c119" unitRef="u0" decimals="-3">269000</e:Equity><e:Equity contextRef="c478" unitRef="u0" decimals="-3">269000</e:Equity><e:Equity contextRef="c121" unitRef="u0" decimals="-3">269000</e:Equity><e:Equity contextRef="c480" unitRef="u0" decimals="-3">269000</e:Equity><e:Equity contextRef="c131" unitRef="u0" decimals="-3">253708000</e:Equity><e:Equity contextRef="c493" unitRef="u0" decimals="-3">231673000</e:Equity><e:ProfitLoss contextRef="c133" unitRef="u0" decimals="-3">34741000</e:ProfitLoss><e:ProfitLoss contextRef="c494" unitRef="u0" decimals="-3">22035000</e:ProfitLoss><e:Equity contextRef="c132" unitRef="u0" decimals="-3">288449000</e:Equity><e:Equity contextRef="c495" unitRef="u0" decimals="-3">253708000</e:Equity><e:Equity contextRef="c137" unitRef="u0" decimals="-3">49259000</e:Equity><e:Equity contextRef="c498" unitRef="u0" decimals="-3">75671000</e:Equity><e:ProfitLoss contextRef="c138" unitRef="u0" decimals="-3">14949000</e:ProfitLoss><e:ProfitLoss contextRef="c499" unitRef="u0" decimals="-3">-26412000</e:ProfitLoss><e:ValueAdjustmentsOfEquity contextRef="c138" unitRef="u0" decimals="-3">26370000</e:ValueAdjustmentsOfEquity><e:ValueAdjustmentsOfEquity contextRef="c499" unitRef="u0" decimals="-3">0</e:ValueAdjustmentsOfEquity><e:Equity contextRef="c139" unitRef="u0" decimals="-3">90578000</e:Equity><e:Equity contextRef="c500" unitRef="u0" decimals="-3">49259000</e:Equity><e:Equity contextRef="c140" unitRef="u0" decimals="-3">26370000</e:Equity><e:Equity contextRef="c501" unitRef="u0" decimals="-3">0</e:Equity><e:DividendPaid contextRef="c141" unitRef="u0" decimals="-3">26370000</e:DividendPaid><e:DividendPaid contextRef="c502" unitRef="u0" decimals="-3">0</e:DividendPaid><e:Dividend contextRef="c141" unitRef="u0" decimals="-3">0</e:Dividend><e:Dividend contextRef="c502" unitRef="u0" decimals="-3">26370000</e:Dividend><e:Equity contextRef="c142" unitRef="u0" decimals="-3">0</e:Equity><e:Equity contextRef="c503" unitRef="u0" decimals="-3">26370000</e:Equity><g:IdentificationOfApprovedAnnualReport contextRef="c1" xml:lang="en">Today, the Executive Board has approved the annual report of Covivio Berlin IV ApS for the financial year 1 January - 31 December 2021.
</g:IdentificationOfApprovedAnnualReport><g:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="c1" xml:lang="en">The annual report has been prepared in accordance with the Danish Financial Statements Act.
</g:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement><g:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="c1" xml:lang="en">We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January â 31 December 2021.
</g:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults><g:ManagementsStatementAboutManagementsReview contextRef="c1" xml:lang="en">Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review.
</g:ManagementsStatementAboutManagementsReview><g:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="c1" xml:lang="en">We recommend that the annual report be approved at the Annual General Meeting.
</g:RecommendationForApprovalOfAnnualReportByGeneralMeeting><d:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c29">Arnaud Brément</d:NameAndSurnameOfMemberOfExecutiveBoard><d:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c28">Myriam Despas</d:NameAndSurnameOfMemberOfExecutiveBoard><d:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c30">Mette-Lise Vraa</d:NameAndSurnameOfMemberOfExecutiveBoard><f:OpinionOnAuditedFinancialStatements contextRef="c1" xml:lang="en">We have audited the financial statements of Covivio Berlin IV ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.
</f:OpinionOnAuditedFinancialStatements><f:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="c1" xml:lang="en">Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the âAuditorâs Responsibilities for the Audit of the Financial Statementsâ section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
</f:DescriptionOfQualificationsOfAuditedFinancialStatements><f:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="c1" xml:lang="en">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
</f:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><f:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="c1" xml:lang="en">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Companyâs internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
</f:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><f:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="c1" xml:lang="en">Statement on Managementâs Review
Management is responsible for Managementâs Review.
Our opinion on the financial statements does not cover Managementâs Review, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Managementâs Review and, in doing so, consider whether Managementâs Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Managementâs Review provides the information required under the Danish Financial Statements Act.
Based on the work we have performed, we conclude that Managementâs Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Managementâs Review.
</f:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><e:GrossResult contextRef="c184" unitRef="u0" decimals="-3">0</e:GrossResult><e:GrossResult contextRef="c187" unitRef="u0" decimals="-3">-22000</e:GrossResult><e:GrossResult contextRef="c190" unitRef="u0" decimals="-3">24000</e:GrossResult><e:ProfitLossFromOrdinaryOperatingActivities contextRef="c184" unitRef="u0" decimals="-3">0</e:ProfitLossFromOrdinaryOperatingActivities><e:ProfitLossFromOrdinaryOperatingActivities contextRef="c187" unitRef="u0" decimals="-3">-23000</e:ProfitLossFromOrdinaryOperatingActivities><e:ProfitLossFromOrdinaryOperatingActivities contextRef="c190" unitRef="u0" decimals="-3">24000</e:ProfitLossFromOrdinaryOperatingActivities><e:ResultsFromNetFinancials contextRef="c1" unitRef="u0" decimals="-3">-49708000</e:ResultsFromNetFinancials><e:ResultsFromNetFinancials contextRef="c2" unitRef="u0" decimals="-3">-22035000</e:ResultsFromNetFinancials><e:ResultsFromNetFinancials contextRef="c184" unitRef="u0" decimals="-3">-46660000</e:ResultsFromNetFinancials><e:ResultsFromNetFinancials contextRef="c187" unitRef="u0" decimals="-3">28025000</e:ResultsFromNetFinancials><e:ResultsFromNetFinancials contextRef="c190" unitRef="u0" decimals="-3">49930000</e:ResultsFromNetFinancials><e:ProfitLoss contextRef="c184" unitRef="u0" decimals="-3">0</e:ProfitLoss><e:ProfitLoss contextRef="c187" unitRef="u0" decimals="-3">28002000</e:ProfitLoss><e:ProfitLoss contextRef="c190" unitRef="u0" decimals="-3">49954000</e:ProfitLoss><e:Assets contextRef="c186" unitRef="u0" decimals="-3">0</e:Assets><e:Assets contextRef="c189" unitRef="u0" decimals="-3">261055000</e:Assets><e:Assets contextRef="c192" unitRef="u0" decimals="-3">233030000</e:Assets><e:Equity contextRef="c186" unitRef="u0" decimals="-3">0</e:Equity><e:Equity contextRef="c189" unitRef="u0" decimals="-3">260975000</e:Equity><e:Equity contextRef="c192" unitRef="u0" decimals="-3">232973000</e:Equity><h:EquityRatio contextRef="c1" unitRef="u8" decimals="1">100</h:EquityRatio><h:EquityRatio contextRef="c2" unitRef="u8" decimals="1">100</h:EquityRatio><h:EquityRatio contextRef="c184" unitRef="u8" decimals="1">100</h:EquityRatio><h:EquityRatio contextRef="c187" unitRef="u8" decimals="1">100</h:EquityRatio><h:EquityRatio contextRef="c190" unitRef="u8" decimals="1">100</h:EquityRatio><h:ReturnOnEquity contextRef="c1" unitRef="u8" decimals="1">14</h:ReturnOnEquity><h:ReturnOnEquity contextRef="c2" unitRef="u8" decimals="1">6.9</h:ReturnOnEquity><h:ReturnOnEquity contextRef="c184" unitRef="u8" decimals="1">16.4</h:ReturnOnEquity><h:ReturnOnEquity contextRef="c187" unitRef="u8" decimals="1">11.3</h:ReturnOnEquity><h:ReturnOnEquity contextRef="c190" unitRef="u8" decimals="1">23.7</h:ReturnOnEquity><h:DescriptionOfPrimaryActivitiesOfEntity contextRef="c1" xml:lang="en">The principal activities of the company
The principal activities are majority ownership to the shares in Covivio Quadriga IV GmbH, operating within the German real estate market.
</h:DescriptionOfPrimaryActivitiesOfEntity><h:DescriptionOfAnyUnusualMattersAffectingRecognitionOrMeasurement contextRef="c1" xml:lang="en">Unusual circumstances
The company has not been affected by the Covid-19 pandemic in the same way as a large number of other companies. The financial position and the result in the financial year 2021 are not significantly affected by the consequences of the Covid-19 pandemic.
</h:DescriptionOfAnyUnusualMattersAffectingRecognitionOrMeasurement><h:DescriptionOfAnyUncertaintyConnectedWithRecognitionOrMeasurement contextRef="c1" xml:lang="en">Uncertainties about recognition or measurement
No uncertainties as to recognition or measurement.
</h:DescriptionOfAnyUncertaintyConnectedWithRecognitionOrMeasurement><h:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs contextRef="c1" xml:lang="en">Development in activities and financial matters
The gross loss for the year totals t.EUR -17 against t.EUR -41 last year. Income from ordinary activities after tax totals t.EUR 49.690 against t.EUR 21.993 last year. Management considers the net profit for the year satisfactory.
</h:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs><e:DisclosureOfTreasuryShares contextRef="c1" xml:lang="en">Treasury shares
The enterpriseâ holding of own shares is 114.643 shares of EUR 0,134 each, corresponding to 5,73 % of the contributed capital.
</e:DisclosureOfTreasuryShares><h:DescriptionOfExpectedDevelopment contextRef="c1" xml:lang="en">Expected developments
The management expects a positive result for 2022.
</h:DescriptionOfExpectedDevelopment><h:DescriptionOfSignificantEventsOccurringAfterEndOfReportingPeriod contextRef="c1" xml:lang="en">Events occurring after the end of the financial year
No events have occured subsequent to the balance sheet date, which would have material impact on the financial position of the company.
</h:DescriptionOfSignificantEventsOccurringAfterEndOfReportingPeriod><e:DisclosureOfContingentLiabilities contextRef="c1" xml:lang="en">4. Contingencies
Joint taxation
With Covivio Dansk Holding ApS, company reg. no 30535723 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax.
As from 1 July 2012, the company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends.
The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company.
Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities.
</e:DisclosureOfContingentLiabilities><e:InformationOnRelatedEntities contextRef="c1" xml:lang="en">5. Related parties
Controlling interest
Covivio Dansk Holding ApS
Store Kongensgade 68
1264 Copenhagen K
Denmark
Majority shareholder
Transactions
All transactions have taken place on arm's-lengths basis.
Consolidated financial statements
The company is included in the consolidated annual accounts of Covivio Immobilien SE, Essener Str. 66, D-46047 Oberhausen, Germany.
</e:InformationOnRelatedEntities><e:InformationOnReportingClassOfEntity contextRef="c1" xml:lang="en">The annual report for Covivio Berlin IV ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises).
The accounting policies are unchanged from the previous year, and the annual report is presented in euro (EUR).
</e:InformationOnReportingClassOfEntity><e:InformationOnOmissionOfConsolidatedFinancialStatement contextRef="c1" xml:lang="en">No consolidated financial statements have been prepared pursuant to section 112 (1) of the Danish Financial Statements Act. The financial statements of Covivio Berlin IV ApS and its group enterprises are included in the consolidated financial statements for Covivio Immobilien SE, Germany, reg. no. 26385.
</e:InformationOnOmissionOfConsolidatedFinancialStatement><e:ExplanationOfNotDisclosingCashFlowsStatements contextRef="c1" xml:lang="en">Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of Covivio Immobilien SE.
The consolidated annual accounts for Covivio Immobilien SE can be found on the following link:
https://www.unternehmensregister.de/ureg/result.html </e:ExplanationOfNotDisclosingCashFlowsStatements><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisUsedInBusinessCombinations contextRef="c1" xml:lang="en">Business combinations
Acquisitions completed by the 1 July 2018 or later (measurement method)
Acquisition of group enterprises are dealt with in accordance with the acquisition method, and afterwards the assets and liabilities of the acquired entity are measured at fair value at the date of acquisition.
The date of acquisition is the date when the group obtains control of the acquired entity.
The cost of the acquired entity represents the fair value of the consideration agreed upon, including the considerations that are conditional on future events. Transaction costs directly attributable to the acquisition of group enterprises are added to the equity investment.
Positive differences between the cost of the acquired entity and the identified assets and liabilities are recognised in the equity investment as goodwill, which is amortised on a straight-line basis in the income statement over the expected useful life. Amortisation of goodwill is allocated to the functions to which the goodwill relates. If the difference is negative, this is recognised immediately in the income statement.
If the allocation of the purchase price is not final, positive and negative differences may, as a result of changes in recognition and measurement of acquired net assets, be adjusted until the end of the financial year following the acquisition year. These adjustments are also reflected in the value of goodwill or negative goodwill, including depreciation already made.
Adjustment of contingent considerations after initial recognition is recognised directly with a counter entry on the original purchase price, whereby the value of goodwill or negative goodwill is corrected.
In the case of step acquisitions, the carrying amount of the existing equity investments is included in the cost price.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisUsedInBusinessCombinations><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfRevenue contextRef="c1" xml:lang="en">Gross loss
Gross loss comprises external costs.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfRevenue><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses contextRef="c1" xml:lang="en">Other external expenses comprise expenses incurred for administration.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingExpenses contextRef="c1" xml:lang="en">Other operating expenses
Other operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingExpenses><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeAndExpensesFromInvestmentsInGroupEnterprisesAndAssociates contextRef="c1" xml:lang="en">Results from investments in subsidiaries
After full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the individual subsidiaries are recognised in the income statement as a proportional share of the subsidiaries' post-tax profit or loss.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeAndExpensesFromInvestmentsInGroupEnterprisesAndAssociates><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses contextRef="c1" xml:lang="en">Tax on net profit or loss for the year
Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.
The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises.
The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses).
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates contextRef="c1" xml:lang="en">Investments in subsidiaries
Investments in subsidiaries are recognised and measured by applying the equity method. The equity method is used as a measurement method.
Investments in subsidiaries are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed.
Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterpriseswith a strong market position and a long-term earnings profile.
In relation to material assets and liabilities recognised in subsidiaries but are not represented in the parent, the following accounting policies have been applied.
Investment property:
Investment properties are measured at estimated fair value. Consequently, depreciation does not takes place on a systematic basis. Fair value adjustment is recognised in the profit or loss of the group enterprise.
Liabilities other than provisions:
Liabilities other than provisions are measured at amortised cost which usually corresponds to the nominal value.
Investments in subsidiaries with a negative equity value are measured at EUR 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions.
To the extent the equity exceeds the cost, the net revaluation of equity investments in subsidiaries transferred to the reserve under equity for net revaluation according to the equity method. Dividends from subsidiaries expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in subsidiaries.
Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal.
On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables contextRef="c1" xml:lang="en">Receivables
Receivables are measured at amortised cost, which usually corresponds to nominal value.
In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level.
Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses.
Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity contextRef="c1" xml:lang="en">Equity
Reserve for net revaluation according to the equity method
The reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost.
The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates.
The reserve cannot be recognised by a negative amount.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity><e:DescriptionOfMethodsOfDividends contextRef="c1" xml:lang="en">Dividend
Dividend expected to be distributed for the year is recognised as a separate item under equity.
</e:DescriptionOfMethodsOfDividends><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax contextRef="c1" xml:lang="en">Income tax and deferred tax
Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account.
The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme.
According to the rules of joint taxation, Covivio Berlin IV ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies.
Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value.
Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses.
Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity.
Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value.
</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions contextRef="c1" xml:lang="en">Liabilities other than provisions
Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.
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dimension="e:ClassesOfEquityDimension">e:ProposedDividendRecognisedInEquityMember</xbrldi:explicitMember></scenario></context><!--Udbytte aktuel i aaret--><context id="c141"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2021-01-01</startDate><endDate>2021-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ProposedDividendRecognisedInEquityMember</xbrldi:explicitMember></scenario></context><!--Udbytte aktuel ultimo--><context id="c142"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2021-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ProposedDividendRecognisedInEquityMember</xbrldi:explicitMember></scenario></context><!--HTAL aar3--><context id="c184"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2021-01-01</startDate><endDate>2021-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:TwoYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL ultimo aar3--><context id="c186"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2021-12-31</instant></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:TwoYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL aar4--><context id="c187"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2021-01-01</startDate><endDate>2021-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:ThreeYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL ultimo aar4--><context id="c189"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2021-12-31</instant></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:ThreeYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL aar5--><context id="c190"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2021-01-01</startDate><endDate>2021-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:FourYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL ultimo aar5--><context id="c192"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2021-12-31</instant></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:FourYearsAgoMember</xbrldi:explicitMember></scenario></context><!--Nettopskrivning forrige i aaret--><context id="c323"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2020-01-01</startDate><endDate>2020-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:ResultDistributionDimension">e:ReserveForNetRevaluationAccordingToEquityMethodMember</xbrldi:explicitMember></scenario></context><!--Datterselskab1--><context id="c324"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2021-01-01</startDate><endDate>2021-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:TypeOfRelatedEntityDimension">e:SubsidiaryMember</xbrldi:explicitMember><xbrldi:typedMember dimension="e:IdentificationOfRelatedEntityDimension"><e:relatedEntityIdentifier>1</e:relatedEntityIdentifier></xbrldi:typedMember></scenario></context><!--Datterselskab ultimo1--><context id="c325"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2021-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:TypeOfRelatedEntityDimension">e:SubsidiaryMember</xbrldi:explicitMember><xbrldi:typedMember dimension="e:IdentificationOfRelatedEntityDimension"><e:relatedEntityIdentifier>1</e:relatedEntityIdentifier></xbrldi:typedMember></scenario></context><!--Virksomhedskapital forrige EKprimo--><context id="c478"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-01-01</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ContributedCapitalMember</xbrldi:explicitMember></scenario></context><!--Virksomhedskapital forrige EKultimo--><context id="c480"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ContributedCapitalMember</xbrldi:explicitMember></scenario></context><!--Reserve for nettoopskrivning indre vardi forrige EKprimo--><context id="c493"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-01-01</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ReserveForNetRevaluationAccordingToEquityMethodMember</xbrldi:explicitMember></scenario></context><!--Reserve for nettoopskrivning indre vardi forrige EKi aaret--><context id="c494"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2020-01-01</startDate><endDate>2020-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ReserveForNetRevaluationAccordingToEquityMethodMember</xbrldi:explicitMember></scenario></context><!--Reserve for nettoopskrivning indre vardi forrige EKultimo--><context id="c495"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ReserveForNetRevaluationAccordingToEquityMethodMember</xbrldi:explicitMember></scenario></context><!--Overfort res forrige EKprimo--><context id="c498"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-01-01</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:RetainedEarningsMember</xbrldi:explicitMember></scenario></context><!--Overfort res forrige EKi aaret--><context id="c499"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2020-01-01</startDate><endDate>2020-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:RetainedEarningsMember</xbrldi:explicitMember></scenario></context><!--Overfort res forrige EKultimo--><context id="c500"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:RetainedEarningsMember</xbrldi:explicitMember></scenario></context><!--Udbytte forrige EKprimo--><context id="c501"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-01-01</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ProposedDividendRecognisedInEquityMember</xbrldi:explicitMember></scenario></context><!--Udbytte forrige EKi aaret--><context id="c502"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><startDate>2020-01-01</startDate><endDate>2020-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ProposedDividendRecognisedInEquityMember</xbrldi:explicitMember></scenario></context><!--Udbytte forrige EKultimo--><context id="c503"><entity><identifier scheme="http://www.dcca.dk/cvr">29149860</identifier></entity><period><instant>2020-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfEquityDimension">e:ProposedDividendRecognisedInEquityMember</xbrldi:explicitMember></scenario></context><!--DKK 1000--><unit id="u0"><measure>iso4217:EUR</measure></unit><!--Decimal1--><unit id="u8"><measure>xbrli:pure</measure></unit></xbrl>