Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2025-12-31 | 791207758 | u2 |
| ifrs-full:Assets | 2024-12-31 | 756681003 | u2 |
| ifrs-full:Assets | 2025-12-31 | 230138499 | u2 |
| ifrs-full:Assets | 2024-12-31 | 230512573 | u2 |
| ifrs-full:Assets | 2023-12-31 | 659339000 | u2 |
| ifrs-full:Assets | 2022-12-31 | 467836000 | u2 |
| ifrs-full:Assets | 2021-12-31 | 23231000 | u2 |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 35215185 | u2 |
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 1759898 | u2 |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 1575000 | u2 |
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 0 | u2 |
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 29914000 | u2 |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 5715000 | u2 |
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 37857981 | u2 |
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/61114724/amNsb3VkczovLzAzLzU4LzVkLzk3L2M4Lzk5NWUtNGQzMS04NzU3LTZjY2RmOTRhZjliZQ.xml
Separator
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<c:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c75" id="ParaIndex_15819_CellNumber_EAY.B5_CellInstance_0">Gert Michael Mortensen</c:NameAndSurnameOfMemberOfExecutiveBoard>
<c:TitleOfMemberOfExecutiveBoard contextRef="c75" id="ParaIndex_15820_CellNumber_EAY.C5_CellInstance_0">CEO</c:TitleOfMemberOfExecutiveBoard>
<c:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c60" id="ParaIndex_15921_CellNumber_EAZ.B5_CellInstance_0">Thorbjørn Graarud</c:NameAndSurnameOfMemberOfSupervisoryBoard>
<c:TitleOfMemberOfSupervisoryBoard contextRef="c60" id="ParaIndex_15922_CellNumber_EAZ.C5_CellInstance_0">Chairman</c:TitleOfMemberOfSupervisoryBoard>
<c:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c61" id="ParaIndex_15926_CellNumber_EAZ.D5_CellInstance_0">Kirsten Sillehoved</c:NameAndSurnameOfMemberOfSupervisoryBoard>
<c:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c62" id="ParaIndex_15931_CellNumber_EAZ.F5_CellInstance_0">Christian Bertel Seidelin</c:NameAndSurnameOfMemberOfSupervisoryBoard>
<g:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="c0" id="ParaIndex_16364" xml:lang="en">To the Shareholder of Swiss Properties Invest A/S</g:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<g:OpinionOnAuditedFinancialStatements contextRef="c0" id="ParaIndex_16898" xml:lang="en">In our opinion the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments give a true and fair view of the group's and the comÂpaÂny's finanÂcial posiÂtion at 31.12.25 and of the results of the group's and the comÂpaÂny's opeÂraÂtions and conÂsolidated cash flows for the finanÂcial year 01.01.25 - 31.12.25 in acÂcorÂdanÂce with the Danish FinanÂcial StaÂteÂments Act.</g:OpinionOnAuditedFinancialStatements>
<g:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="c0" id="ParaIndex_17208" xml:lang="en">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 conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂmentsâ section of our report. We are independent of the group and 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.</g:DescriptionOfQualificationsOfAuditedFinancialStatements>
<g:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="c0" id="ParaIndex_17678" xml:lang="en">Management is responsible for the manaÂgeÂmentâs review.Our opinion on the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments does not cover the managementâs review, and we do not express any form of assurance conÂcluÂsion thereon. In connection with our audit of the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments, it is our responsibility is to read manaÂgementâs review and, in doing so, conÂsider whether managementâs review is mateÂrially inÂconÂsistent with the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments or paÂrent comÂpaÂny fiÂnanÂcial staÂteÂments or our knowÂledge obtained during the audit, or otherÂwise appears to be mateÂrially misstated.Moreover, it is our responsibility to consider whether managementâs review provides the inforÂmation required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the managementâs review is in accordance with the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the managementâs review.</g:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<g:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="c0" id="ParaIndex_18234" xml:lang="en">Management is responsible for the preÂpaÂraÂtion of conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments that give a true and fair view in acÂcorÂdance with the Danish FinanÂcial StaÂteÂments Act and for such inÂterÂnal control as ManaÂgement deÂterÂmiÂnes is necessary to enable the preÂpaÂraÂtion of conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments that are free from material misstatement, whether due to fraud or error.In preparing the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments, manaÂgeÂment is responsible for assessing the group's and the comÂpaÂny's ability to continue as a going concern, disÂclosing, as applicable, matÂters related to going conÂcern and using the going concern basis of acÂcounting in preÂparing the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments unless manaÂgeÂment either intends to liquidate the group and the company or to cease operations, or has no reaÂlistic alternative but to do so. </g:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<g:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="c0" id="ParaIndex_18381" xml:lang="en">Our objectives are to obtain reasonable asÂsurance about whether the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments as a whole are free from material misÂstatement, whether due to fraud or error, and to issue an auditorâs report that incluÂdes our opinion. Reasonable assurance is a high level of assurance, but is not a guaÂranÂtee that an audit conducted in accorÂdance with ISAs and the additional requirements applicÂable in Denmark will always detect a material misstatement when it exists. MisÂstaÂteÂments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be exÂpecÂted to influence the economic decisions of users taken on the basis of these conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments.As part of an audit conducted in accordance with ISAs and the additional requirements applicÂable in Denmark, we exercise proÂfesÂsional judgment and maintain professional scepticism throughÂout the audit. We also: Identify and assess the risks of material misstatement of the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and apÂproÂpriate to provide a basis for our opinion. The risk of not detecting a mateÂrial misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misÂrepreÂsenÂtations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are approÂpriate in the cirÂcumÂstances, but not for the purpose of expresÂsing an opinion on the effectiveness of the group's and the comÂpaÂny's interÂnal control.Evaluate the appropriateness of accounÂting policies used and the reasonÂableÂness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of manageÂmentâs use of the going concern basis of accounÂting in preparing the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments and, based on the audit evidence obtained, whether a mateÂrial uncertainty exists related to events or conditions that may cast signiÂficant doubt on the group's and the comÂpaÂny's ability to conÂtinue as a going concern. If we conÂclude that a material uncertainty exists, we are required to draw attention in our audiÂtorâs report to the related disclosures in the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments or, if such disÂclosures 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 group and the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments, including the disclosures, and whether the conÂsoÂliÂdaÂted fiÂnanÂcial staÂteÂments and fiÂnanÂcial staÂteÂments repreÂsent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for expressing an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with goverÂnance regarding, among other matÂters, the planned scope and timing of the audit and significant audit findings, incluÂding any significant deficiencies in internal control that we identify during our audit. </g:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<g:SignatureOfAuditorsPlace contextRef="c0" id="ParaIndex_20865_CellNumber_FIRMABY_CellInstance_1">Hirtshals</g:SignatureOfAuditorsPlace>
<c:NameAndSurnameOfAuditor contextRef="c1656" id="ParaIndex_20882_CellNumber_REV1_CellInstance_0">Thomas Hoff Andersen</c:NameAndSurnameOfAuditor>
<c:DescriptionOfAuditor contextRef="c1656"
id="ParaIndex_20890_CellNumber_REVTITLE1_CellInstance_0">State Authorised Public Accountant</c:DescriptionOfAuditor>
<c:IdentificationNumberOfAuditor contextRef="c1656"
id="ParaIndex_20892_CellNumber_MNENUMMER1_CellInstance_0">mne47775</c:IdentificationNumberOfAuditor>
<d:Revenue contextRef="c12" decimals="-3" unitRef="u2">29914000</d:Revenue>
<d:Revenue contextRef="c15" decimals="-3" unitRef="u2">5715000</d:Revenue>
<d:GrossProfitLoss contextRef="c12" decimals="-3" unitRef="u2">20217000</d:GrossProfitLoss>
<d:GrossProfitLoss contextRef="c15" decimals="-3" unitRef="u2">336000</d:GrossProfitLoss>
<d:GrossProfitLoss contextRef="c18" decimals="-3" unitRef="u2">-151000</d:GrossProfitLoss>
<d:ProfitLossFromOrdinaryOperatingActivities contextRef="c12" decimals="-3" unitRef="u2">24971000</d:ProfitLossFromOrdinaryOperatingActivities>
<d:ProfitLossFromOrdinaryOperatingActivities contextRef="c15" decimals="-3" unitRef="u2">-271000</d:ProfitLossFromOrdinaryOperatingActivities>
<d:ProfitLossFromOrdinaryOperatingActivities contextRef="c18" decimals="-3" unitRef="u2">-151000</d:ProfitLossFromOrdinaryOperatingActivities>
<d:ResultsFromNetFinancials contextRef="c12" decimals="-3" unitRef="u2">-9728000</d:ResultsFromNetFinancials>
<d:ResultsFromNetFinancials contextRef="c15" decimals="-3" unitRef="u2">-5126000</d:ResultsFromNetFinancials>
<d:ResultsFromNetFinancials contextRef="c18" decimals="-3" unitRef="u2">61000</d:ResultsFromNetFinancials>
<d:ProfitLoss contextRef="c12" decimals="-3" unitRef="u2">13304000</d:ProfitLoss>
<d:ProfitLoss contextRef="c15" decimals="-3" unitRef="u2">-5641000</d:ProfitLoss>
<d:ProfitLoss contextRef="c18" decimals="-3" unitRef="u2">-91000</d:ProfitLoss>
<d:Assets contextRef="c14" decimals="-3" unitRef="u2">659339000</d:Assets>
<d:Assets contextRef="c17" decimals="-3" unitRef="u2">467836000</d:Assets>
<d:Assets contextRef="c20" decimals="-3" unitRef="u2">23231000</d:Assets>
<d:Equity contextRef="c14" decimals="-3" unitRef="u2">252440000</d:Equity>
<d:Equity contextRef="c17" decimals="-3" unitRef="u2">216913000</d:Equity>
<d:Equity contextRef="c20" decimals="-3" unitRef="u2">22417000</d:Equity>
<d:CashFlowsFromUsedInOperatingActivities contextRef="c12" decimals="-3" unitRef="u2">-2504000</d:CashFlowsFromUsedInOperatingActivities>
<d:CashFlowsFromUsedInOperatingActivities contextRef="c15" decimals="-3" unitRef="u2">-2679000</d:CashFlowsFromUsedInOperatingActivities>
<d:CashFlowsFromUsedInOperatingActivities contextRef="c18" decimals="-3" unitRef="u2">356000</d:CashFlowsFromUsedInOperatingActivities>
<d:CashFlowsFromUsedInInvestingActivities contextRef="c12" decimals="-3" unitRef="u2">-215115000</d:CashFlowsFromUsedInInvestingActivities>
<d:CashFlowsFromUsedInInvestingActivities contextRef="c15" decimals="-3" unitRef="u2">-377265000</d:CashFlowsFromUsedInInvestingActivities>
<d:CashFlowsFromUsedInInvestingActivities contextRef="c18" decimals="-3" unitRef="u2">-718000</d:CashFlowsFromUsedInInvestingActivities>
<d:CashFlowsFromUsedInFinancingActivities contextRef="c12" decimals="-3" unitRef="u2">159891000</d:CashFlowsFromUsedInFinancingActivities>
<d:CashFlowsFromUsedInFinancingActivities contextRef="c15" decimals="-3" unitRef="u2">445106000</d:CashFlowsFromUsedInFinancingActivities>
<d:CashFlowsFromUsedInFinancingActivities contextRef="c18" decimals="-3" unitRef="u2">22500000</d:CashFlowsFromUsedInFinancingActivities>
<e:ReturnOnEquity contextRef="c11" decimals="1" unitRef="u5">21</e:ReturnOnEquity>
<e:ReturnOnEquity contextRef="c12" decimals="1" unitRef="u5">6</e:ReturnOnEquity>
<e:ReturnOnEquity contextRef="c15" decimals="1" unitRef="u5">-4</e:ReturnOnEquity>
<e:ReturnOnEquity contextRef="c18" decimals="1" unitRef="u5">-1</e:ReturnOnEquity>
<e:EquityRatio contextRef="c0" decimals="1" unitRef="u5">43</e:EquityRatio>
<e:EquityRatio contextRef="c11" decimals="1" unitRef="u5">41</e:EquityRatio>
<e:EquityRatio contextRef="c12" decimals="1" unitRef="u5">38</e:EquityRatio>
<e:EquityRatio contextRef="c15" decimals="1" unitRef="u5">46</e:EquityRatio>
<e:EquityRatio contextRef="c18" decimals="1" unitRef="u5">97</e:EquityRatio>
<e:NameOfKeyFigureOrFinancialRatio contextRef="c393"
id="ParaIndex_26271_CellNumber_LMH.F16_CellInstance_0">Liquidity ratio</e:NameOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c393" decimals="2" unitRef="u5">102</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c394" decimals="2" unitRef="u5">45</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c395" decimals="2" unitRef="u5">232</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c396" decimals="2" unitRef="u5">42</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c397" decimals="2" unitRef="u5">2766</e:ValueOfKeyFigureOrFinancialRatio>
<d:AverageNumberOfEmployees contextRef="c12" decimals="INF" unitRef="u5">6</d:AverageNumberOfEmployees>
<d:AverageNumberOfEmployees contextRef="c15" decimals="INF" unitRef="u5">1</d:AverageNumberOfEmployees>
<d:AverageNumberOfEmployees contextRef="c18" decimals="INF" unitRef="u5">0</d:AverageNumberOfEmployees>
<e:NameOfKeyFigureOrFinancialRatio contextRef="c408"
id="ParaIndex_30162_CellNumber_LMG.F19_CellInstance_0">Earnings per share</e:NameOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c408" decimals="2" unitRef="u5">11.12</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c409" decimals="2" unitRef="u5">25.26</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c410" decimals="2" unitRef="u5">5.80</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c411" decimals="2" unitRef="u5">2.54</e:ValueOfKeyFigureOrFinancialRatio>
<e:NameOfKeyFigureOrFinancialRatio contextRef="c413"
id="ParaIndex_30262_CellNumber_LMG.F23_CellInstance_0">Numbers of outstanding shares</e:NameOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c413" decimals="2" unitRef="u5">2285272</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c414" decimals="2" unitRef="u5">2285272</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c415" decimals="2" unitRef="u5">2285272</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c416" decimals="2" unitRef="u5">2225000</e:ValueOfKeyFigureOrFinancialRatio>
<e:NameOfKeyFigureOrFinancialRatio contextRef="c418"
id="ParaIndex_30362_CellNumber_LMG.F27_CellInstance_0">Average (weighted) number of outstanding shares</e:NameOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c418" decimals="2" unitRef="u5">2285272</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c419" decimals="2" unitRef="u5">2285272</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c420" decimals="2" unitRef="u5">2227823</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c421" decimals="2" unitRef="u5">1161986</e:ValueOfKeyFigureOrFinancialRatio>
<e:NameOfKeyFigureOrFinancialRatio contextRef="c423"
id="ParaIndex_30462_CellNumber_LMG.F31_CellInstance_0">Book value per share</e:NameOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c423" decimals="2" unitRef="u5">147.52</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c424" decimals="2" unitRef="u5">134.11</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c425" decimals="2" unitRef="u5">110.46</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c426" decimals="2" unitRef="u5">97.49</e:ValueOfKeyFigureOrFinancialRatio>
<e:ValueOfKeyFigureOrFinancialRatio contextRef="c427" decimals="2" unitRef="u5">99.63</e:ValueOfKeyFigureOrFinancialRatio>
<e:InformationOnCalculationOfKeyFiguresAndFinancialRatios contextRef="c0"
id="SectionStart_30777_SectionEnd_31506_SectionUID_1642168291_ParaIndex_30783"
xml:lang="en">Ratios definitionsReturn on equity:Profit/loss for the year x 100Average equityGross margin:Gross result x 100RevenueSolvency ratio:Equity, end of year x 100Total assetsLiquidity ratio:Current assets x 100Short-term payables</e:InformationOnCalculationOfKeyFiguresAndFinancialRatios>
<e:DescriptionOfPrimaryActivitiesOfEntity contextRef="c0" id="ParaIndex_32709" xml:lang="en">Primary activitiesThe group's activities consist of investments in realestate with the purpose of commercial lease. </e:DescriptionOfPrimaryActivitiesOfEntity>
<e:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs contextRef="c0" id="ParaIndex_33174" xml:lang="en">Development in activities and financial affairs
Fiscal year 2025 was our third full year as a listed company and it has again been a successful year fulfilling our promise to build and operate a portfolio of commercial properties located in Switzerland to deliver long-term shareholder value. Key results for 2025 include:Book value of our properties has increased to 776.8 MDKK (versus 749.9 MDKK the year before)Profit after tax amounted to 25.4 MDKK (versus 57.7 MDKK the year before)Equity amounted to 337.1 MDKK (versus 306.4 MDKK the year before)Book value per share amounted to 147.5 DKK (versus 134.1 DKK the year before)Earnings per share amounted to 11.1 DKK (versus 25.30 DKK the year before) As illustrated, we continue to deliver strong profits and increase in shareholder value.Profit after tax decreaed compared to the year before as profit after tax in 2024 was positively affected by the significant value appreciation of our properties following the lower interest rate in Switzerland. Adjustments in property valuation are not an even process and a major adjustment as in 2024 is not to be expected every year. It should be noted that gross profit in 2025 increased by more than 40% compared to the year before and that being the result of our continued efforts to improve our profitability every year.The share price on 31.12.2025, however, was 99.50 DKK resulting in a Price to Book ratio of 0.67, indicating a continued undervaluation in the market as the shares of the Company are traded at a value lower than the value of the shareholders equity of the Company.
As with last year, we continue to see significant opportunities in the Swiss market to acquire more commercial properties at attractive yields, supporting our goal of providing even better returns to our shareholders. Additionally, we believe that the macroeconomic arguments for investors seeking a âsafe havenâ from inflation and global uncertainty continue, unfortunately, only to be more relevant.
Hence, it is our intention to offer investors the opportunity to participate in our journey towards maximizing shareholder value. We have already secured additional capital in March 2026, and we plan to continue seeking further capital increases to expand our portfolio of commercial properties for the benefit of all existing and new shareholders.The income statement for the period 01.01.25 - 31.12.25 shows a profit of DKK 25,419,015 against a profit of DKK 57,715,287 for the period 01.01.24 - 31.12.24. The balance sheet shows equity of DKK 337,130,086.The gross profit for the group for the year totals DKK 27,029,804 against DKK 19,157,691 last year.
The management considers the net profit for the year to be satisfactory.</e:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs>
<e:DescriptionOfSignificantEventsOccurringAfterEndOfReportingPeriod contextRef="c0" id="ParaIndex_34073" xml:lang="en">Subsequent eventsNo important events have occurred after the end of the financial year.</e:DescriptionOfSignificantEventsOccurringAfterEndOfReportingPeriod>
<d:Revenue contextRef="c0" decimals="0" unitRef="u2">37857981</d:Revenue>
<d:Revenue contextRef="c11" decimals="0" unitRef="u2">35215185</d:Revenue>
<d:Revenue contextRef="c1" decimals="0" unitRef="u2">1759898</d:Revenue>
<d:Revenue contextRef="c26" decimals="0" unitRef="u2">1575000</d:Revenue>
<d:OtherOperatingIncome contextRef="c0" decimals="0" unitRef="u2">538119</d:OtherOperatingIncome>
<d:OtherOperatingIncome contextRef="c11" decimals="0" unitRef="u2">139982</d:OtherOperatingIncome>
<d:OtherOperatingIncome contextRef="c1" decimals="0" unitRef="u2">0</d:OtherOperatingIncome>
<d:OtherOperatingIncome contextRef="c26" decimals="0" unitRef="u2">0</d:OtherOperatingIncome>
<d:PropertyCost contextRef="c0" decimals="0" unitRef="u2">8627864</d:PropertyCost>
<d:PropertyCost contextRef="c11" decimals="0" unitRef="u2">12931228</d:PropertyCost>
<d:PropertyCost contextRef="c1" decimals="0" unitRef="u2">0</d:PropertyCost>
<d:PropertyCost contextRef="c26" decimals="0" unitRef="u2">0</d:PropertyCost>
<d:OtherExternalExpenses contextRef="c0" decimals="0" unitRef="u2">2738432</d:OtherExternalExpenses>
<d:OtherExternalExpenses contextRef="c11" decimals="0" unitRef="u2">3266248</d:OtherExternalExpenses>
<d:OtherExternalExpenses contextRef="c1" decimals="0" unitRef="u2">1390370</d:OtherExternalExpenses>
<d:OtherExternalExpenses contextRef="c26" decimals="0" unitRef="u2">1260501</d:OtherExternalExpenses>
<d:GrossProfitLoss contextRef="c0" decimals="0" unitRef="u2">27029804</d:GrossProfitLoss>
<d:GrossProfitLoss contextRef="c11" decimals="0" unitRef="u2">19157691</d:GrossProfitLoss>
<d:GrossProfitLoss contextRef="c1" decimals="0" unitRef="u2">369528</d:GrossProfitLoss>
<d:GrossProfitLoss contextRef="c26" decimals="0" unitRef="u2">314499</d:GrossProfitLoss>
<d:EmployeeBenefitsExpense contextRef="c0" decimals="0" unitRef="u2">2199399</d:EmployeeBenefitsExpense>
<d:EmployeeBenefitsExpense contextRef="c11" decimals="0" unitRef="u2">1632388</d:EmployeeBenefitsExpense>
<d:EmployeeBenefitsExpense contextRef="c1" decimals="0" unitRef="u2">759879</d:EmployeeBenefitsExpense>
<d:EmployeeBenefitsExpense contextRef="c26" decimals="0" unitRef="u2">275000</d:EmployeeBenefitsExpense>
<d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments contextRef="c0" decimals="0" unitRef="u2">24830405</d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments>
<d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments contextRef="c11" decimals="0" unitRef="u2">17525303</d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments>
<d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments contextRef="c1" decimals="0" unitRef="u2">-390351</d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments>
<d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments contextRef="c26" decimals="0" unitRef="u2">39499</d:ProfitLossFromOrdinaryOperatingActivitiesBeforeGainsLossesFromFairValueAdjustments>
<d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty contextRef="c0" decimals="0" unitRef="u2">11362985</d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty>
<d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty contextRef="c11" decimals="0" unitRef="u2">60451515</d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty>
<d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty contextRef="c1" decimals="0" unitRef="u2">0</d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty>
<d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty contextRef="c26" decimals="0" unitRef="u2">0</d:GainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty>
<d:ProfitLossFromOrdinaryOperatingActivities contextRef="c0" decimals="0" unitRef="u2">36193390</d:ProfitLossFromOrdinaryOperatingActivities>
<d:ProfitLossFromOrdinaryOperatingActivities contextRef="c11" decimals="0" unitRef="u2">77976818</d:ProfitLossFromOrdinaryOperatingActivities>
<d:ProfitLossFromOrdinaryOperatingActivities contextRef="c1" decimals="0" unitRef="u2">-390351</d:ProfitLossFromOrdinaryOperatingActivities>
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id="SectionStart_48309_SectionEnd_63472_SectionUID_1611549570_ParaIndex_48436"
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<d:CashAndCashEquivalents contextRef="c698" decimals="0" unitRef="u2">29572663</d:CashAndCashEquivalents>
<d:CashAndCashEquivalentsConcerningCashflowStatement contextRef="c444" decimals="0" unitRef="u2">12013871</d:CashAndCashEquivalentsConcerningCashflowStatement>
<d:CashAndCashEquivalentsConcerningCashflowStatement contextRef="c445" decimals="0" unitRef="u2">3988576</d:CashAndCashEquivalentsConcerningCashflowStatement>
<d:CashAndCashEquivalents contextRef="c444" decimals="0" unitRef="u2">12013871</d:CashAndCashEquivalents>
<d:CashAndCashEquivalents contextRef="c445" decimals="0" unitRef="u2">3988576</d:CashAndCashEquivalents>
<d:InformationOnOperatingSegmentsAndGeographicalMarkets contextRef="c0"
id="SectionStart_67461_SectionEnd_68859_SectionUID_1611549641_ParaIndex_67695"
xml:lang="en">Grabenstrasse 8, 8608 Nänikon, Zurich3,167,6153,116,51800Murgstrasse 21, 9545 Wängi, Thurgau6,585,7806,479,54400Industriestrasse 17+17A, 6303 Sempach, Luzern5,361,3915,449,85900Pilatusstrasse 2, 6036 Dierikon, Luzern 5,112,2355,044,71900Weststrasse 15, 8570 Weinfelden, Thurgau4,204,8563,699,23600Ringstrasse 1, 8603 Schwerzenbach, Zürich6,172,3565,840,35400Burgstrasse 2 + Wasserturmplatz 3, 4410 Liestal, Baselland2,867,8712,741,59200Tüftelstrasse 50, 5322 Koblenz, Aargau4,061,6782,331,09200Other income from investment properties324,202512,27700Total37,857,98435,215,19100</d:InformationOnOperatingSegmentsAndGeographicalMarkets>
<d:DisclosureOfRevenue contextRef="c0"
id="SectionStart_68948_SectionEnd_69012_SectionUID_1630935583_ParaIndex_68966"
xml:lang="en"></d:DisclosureOfRevenue>
<d:WagesAndSalaries contextRef="c0" decimals="0" unitRef="u2">1980171</d:WagesAndSalaries>
<d:WagesAndSalaries contextRef="c11" decimals="0" unitRef="u2">1463663</d:WagesAndSalaries>
<d:WagesAndSalaries contextRef="c1" decimals="0" unitRef="u2">756622</d:WagesAndSalaries>
<d:WagesAndSalaries contextRef="c26" decimals="0" unitRef="u2">275000</d:WagesAndSalaries>
<d:PostemploymentBenefitExpense contextRef="c0" decimals="0" unitRef="u2">27912</d:PostemploymentBenefitExpense>
<d:PostemploymentBenefitExpense contextRef="c11" decimals="0" unitRef="u2">25784</d:PostemploymentBenefitExpense>
<d:PostemploymentBenefitExpense contextRef="c1" decimals="0" unitRef="u2">0</d:PostemploymentBenefitExpense>
<d:PostemploymentBenefitExpense contextRef="c26" decimals="0" unitRef="u2">0</d:PostemploymentBenefitExpense>
<d:SocialSecurityContributions contextRef="c0" decimals="0" unitRef="u2">169149</d:SocialSecurityContributions>
<d:SocialSecurityContributions contextRef="c11" decimals="0" unitRef="u2">121875</d:SocialSecurityContributions>
<d:SocialSecurityContributions contextRef="c1" decimals="0" unitRef="u2">3257</d:SocialSecurityContributions>
<d:SocialSecurityContributions contextRef="c26" decimals="0" unitRef="u2">0</d:SocialSecurityContributions>
<d:OtherEmployeeExpense contextRef="c0" decimals="0" unitRef="u2">22167</d:OtherEmployeeExpense>
<d:OtherEmployeeExpense contextRef="c11" decimals="0" unitRef="u2">21066</d:OtherEmployeeExpense>
<d:OtherEmployeeExpense contextRef="c1" decimals="0" unitRef="u2">0</d:OtherEmployeeExpense>
<d:OtherEmployeeExpense contextRef="c26" decimals="0" unitRef="u2">0</d:OtherEmployeeExpense>
<d:AverageNumberOfEmployees contextRef="c0" decimals="INF" unitRef="u5">9</d:AverageNumberOfEmployees>
<d:AverageNumberOfEmployees contextRef="c11" decimals="INF" unitRef="u5">8</d:AverageNumberOfEmployees>
<d:AverageNumberOfEmployees contextRef="c1" decimals="INF" unitRef="u5">4</d:AverageNumberOfEmployees>
<d:AverageNumberOfEmployees contextRef="c26" decimals="INF" unitRef="u5">3</d:AverageNumberOfEmployees>
<d:DisclosureOfInvestments contextRef="c0"
id="SectionStart_73177_SectionEnd_84234_SectionUID_1611550036_ParaIndex_73255"
xml:lang="en">3.Equity investmentsName and registered office:Ownership interestSubsidiaries:Swiss Properties Invest AG, Baar, Schweiz100%</d:DisclosureOfInvestments>
<d:RelatedEntityName contextRef="c321"
id="ParaIndex_82249_CellNumber_NEO.F16_CellInstance_0">Swiss Properties Invest AG</d:RelatedEntityName>
<d:RelatedEntityRegisteredOffice contextRef="c321"
id="ParaIndex_82249_CellNumber_NEO.R16_CellInstance_0">Baar, Schweiz</d:RelatedEntityRegisteredOffice>
<d:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity contextRef="c322" decimals="1" unitRef="u5">100</d:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity>
<d:LongtermLiabilitiesOtherThanProvisionsDueInOneYear contextRef="c205" decimals="0" unitRef="u2">-8221953</d:LongtermLiabilitiesOtherThanProvisionsDueInOneYear>
<d:LongtermLiabilitiesOtherThanProvisionsDueAfterFiveYearsAndMore contextRef="c205" decimals="0" unitRef="u2">391027017</d:LongtermLiabilitiesOtherThanProvisionsDueAfterFiveYearsAndMore>
<d:LongtermLiabilitiesOtherThanProvisions contextRef="c205" decimals="0" unitRef="u2">432136783</d:LongtermLiabilitiesOtherThanProvisions>
<d:LongtermLiabilitiesOtherThanProvisions contextRef="c206" decimals="0" unitRef="u2">430984334</d:LongtermLiabilitiesOtherThanProvisions>
<d:DisclosureOfAssetsOrLiabilitiesRecognizedAtFairValue contextRef="c0"
id="SectionStart_87122_SectionEnd_89583_SectionUID_1604773186_ParaIndex_87213"
xml:lang="en">5.Fair value informationFigures in DKKInvestÂment proÂperÂtiesGroup:Fair value as at 31.12.25776,842,145Unrealised changes of fair value recognised in the income statement for the year11,362,985All investment properties are commercial properties located in Switzerland. Measurement of fair value of investment properties is calculated using a DCF-model. The fair value is determined as the present value of the expected future cash flows over a 15year budget period, together with the terminal value attributable to the period thereafter.A determination of the return from the individual properties is based on the expected rental income from fully leased properties less expected operating costs, administration costs, and maintenance costs.The projected future cash flows are based on the propertyâs 15year budget and assume expected average rental income as well as annual operating costs, including maintenance. In addition to ordinary ongoing maintenance, the budget includes nonrecurring maintenance expenditures reflecting the current condition of the property.If the expected rental income is different than estimated rent potential the valuation expects the rent potential to be realized within 3 - 10 years. The subsequent value is adjusted for recognised vacant-period lease for a reasonable period of time and expected costs of improvements and large maintenance projects, etc., plus added deposits and prepaid lease payments.
The required rate of return has been determined on the basis of market statistics and management's knowledge of the property market in general. When determining the required rate of return, parameters such as type (residence, office, shop, etc.), location, age, state of maintenance, duration of rental agreements, and tenants credit quality, etc., are considered.
The determination of the market value (carrying value) is based on the following data:
Weighted average rate of return 4.35%
Highest rate of return 5.21%
Lowest rate of return 3.79%
Lowest vacancy rate 1.00%
Highest vacancy rate 10.00%Inflation assumption 0.00%
All the properties are primarily used for office, retail, storage and commercial purposes. In the Management's review the location of the properties is listed.
Sensitivity analysis:
Changes in the rates of return have a material effect on the measurement of investment properties. An increase in the rate of return could mean a decrease in market value. The market development may result in changed requirements on the return on real property.
An increase of the required rate of return by 1 percentage point would mean a reduction of the valueof the investment properties of DKK 147,096,859.A reduction of the required rate of return by 1 percentage point would mean an increase of the value of the investment properties of DKK 239,879,093.</d:DisclosureOfAssetsOrLiabilitiesRecognizedAtFairValue>
<d:InformationOnLeaseObligations contextRef="c0"
id="SectionStart_89584_SectionEnd_91047_SectionUID_1751350600_ParaIndex_89641"
xml:lang="en">6.Other commitmentsGroup:The group has entered into other binding agreements for the purchase of auxiliary materials and services, some of which will be delivered in the next financial year. These agreements are considered a normal part of ordinary operations.Parent:The company has no other commitments as at 31.12.25.</d:InformationOnLeaseObligations>
<d:DisclosureOfCollateralsAndAssetsPledgesAsSecurity contextRef="c0"
id="SectionStart_91048_SectionEnd_92783_SectionUID_1604773401_ParaIndex_91105"
xml:lang="en">7.Charges and securityGroup:Investment properties with a carrying amount of t.DKK 776,842 have been provided as security for mortgage debt of t.DKK 432,137. Parent:The company has not provided any security over assets.</d:DisclosureOfCollateralsAndAssetsPledgesAsSecurity>
<d:AdjustmentsOfInvestmentPropertyCashFlow contextRef="c0" decimals="0" unitRef="u2">-11362985</d:AdjustmentsOfInvestmentPropertyCashFlow>
<d:AdjustmentsOfInvestmentPropertyCashFlow contextRef="c11" decimals="0" unitRef="u2">-60451515</d:AdjustmentsOfInvestmentPropertyCashFlow>
<d:AdjustmentsOfInterestAndSimilarIncomes contextRef="c0" decimals="0" unitRef="u2">-2544</d:AdjustmentsOfInterestAndSimilarIncomes>
<d:AdjustmentsOfInterestAndSimilarIncomes contextRef="c11" decimals="0" unitRef="u2">-74229</d:AdjustmentsOfInterestAndSimilarIncomes>
<d:AdjustmentsfInterestAndSimilarExpenses contextRef="c0" decimals="0" unitRef="u2">6581103</d:AdjustmentsfInterestAndSimilarExpenses>
<d:AdjustmentsfInterestAndSimilarExpenses contextRef="c11" decimals="0" unitRef="u2">9245749</d:AdjustmentsfInterestAndSimilarExpenses>
<d:AdjustmentsOfTaxExpense contextRef="c0" decimals="0" unitRef="u2">4195816</d:AdjustmentsOfTaxExpense>
<d:AdjustmentsOfTaxExpense contextRef="c11" decimals="0" unitRef="u2">11090011</d:AdjustmentsOfTaxExpense>
<d:OtherAdjustments contextRef="c0" decimals="0" unitRef="u2">-7233968</d:OtherAdjustments>
<d:OtherAdjustments contextRef="c11" decimals="0" unitRef="u2">6800781</d:OtherAdjustments>
<d:InformationOnReportingClassOfEntity contextRef="c0" id="ParaIndex_94120" xml:lang="en">The annual report is presenÂted in accordance with the provisions of the Danish Financial Statements Act for groups and enterprises in reÂportÂing class B with application of proÂviÂsions for a higher reporting class.</d:InformationOnReportingClassOfEntity>
<d:DescriptionOfGeneralMattersRelatedToRecognitionMeasurementAndChangesInAccountingPolicies contextRef="c0" id="ParaIndex_94971" xml:lang="en">Basis of recognition and measurementIncome is recognised in the income stateÂment as earned, including value adjustÂments of finÂanÂcial assets and liabilities. All exÂpenses, including depreciation, amortisaÂtion, impairÂment losses and write-downs, are also recognised in the inÂcome stateÂment.Assets are recognised in the balance sheet when it is probable that future economic beneÂfits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date.</d:DescriptionOfGeneralMattersRelatedToRecognitionMeasurementAndChangesInAccountingPolicies>
<d:InformationOnConsolidations contextRef="c0" id="ParaIndex_95278" xml:lang="en">CONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control.All financial statements used for consolidation are prepared in accordance with the acÂcountÂing policies of the group.The consolidated financial statements conÂsolidate the financial statements of the parent and its subsidiaries by adding toÂgether items of a uniform nature, elimiÂnating intercompany income and exÂpenditure, equity investments, interÂcompany balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised.</d:InformationOnConsolidations>
<d:DescriptionOfMethodsOfForeignCurrencies contextRef="c0" id="ParaIndex_95866" xml:lang="en">CURRENCYThe annual report is presenÂted in Danish kroner (DKK).On initial recognition, transactions denÂominated in foreign currencies are transÂlated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exÂchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or exÂpenses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement.</d:DescriptionOfMethodsOfForeignCurrencies>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGrossProfitLoss contextRef="c0" id="ParaIndex_96482" xml:lang="en">Gross profitGross profit comprises revÂenue, other operating income and property costs and other external exÂpenses.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGrossProfitLoss>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfRevenue contextRef="c0" id="ParaIndex_96721" xml:lang="en">RevenueIncome from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts.Income from the rental of properties is recognised in the income statement for the relevant period. Revenue is measured at fair value and determined exclusive of VAT and discounts.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfRevenue>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingIncome contextRef="c0" id="ParaIndex_97168" xml:lang="en">Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterpriseâs activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfOtherOperatingIncome>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyCosts contextRef="c0" id="ParaIndex_97335" xml:lang="en">Property costsProperty costs comprise costs relating to property management, including repair and maintenance costs, real property taxes, insurance, overhead costs and other costs.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyCosts>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses contextRef="c0" id="ParaIndex_97502" xml:lang="en">Other external expensesOther external expenses comprise selling costs, cost of premises and administrative expenses as well as other capacity costs, including bad debts to the extent that these do not exceed normal write-downs.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfExternalExpenses>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEmployeeBenefitExpense contextRef="c0" id="ParaIndex_97739" xml:lang="en">Staff costsStaff costs comprise wages and salaries as well as other staff-related costs.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEmployeeBenefitExpense>
<d:DescriptionOfMethodsOfImpairmentLossesAndDepreciation contextRef="c0" id="ParaIndex_97976" xml:lang="en">DeÂpreÂciÂaÂtion, amorÂtiÂsaÂtion and impairÂment lossesInvestment properties are not depreciated.</d:DescriptionOfMethodsOfImpairmentLossesAndDepreciation>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty contextRef="c0" id="ParaIndex_98948" xml:lang="en">Fair value adjustment of investment propertiesUnrealised value adjustments of investment properties and realised gains and losses on the sale of assets are recognised in the fair value adjustment of investment properties.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfGainsLossesFromCurrentValueAdjustmentsOfInvestmentProperty>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncomeAndExpenses contextRef="c0" id="ParaIndex_99185" xml:lang="en">Other net financialsInterest income and interest expenses, forÂeign exchange gains and losses on transÂacÂtions denominated in foreign currencies etc. are recognised in other net financials.Amortisation of capital losses and borrowing costs relating to financial liabilities is recognised on an ongoing basis as financial expenses.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncomeAndExpenses>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses contextRef="c0" id="ParaIndex_99492" xml:lang="en">Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment contextRef="c0" id="ParaIndex_99976" xml:lang="en">Property, plant and equipmentGains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInvestmentProperty contextRef="c0" id="ParaIndex_100058" xml:lang="en">Investment propertiesInvestment properties comprise investÂments in land and buildings for the purpose of earning a return on such investments in the form of regular operating income and capital gains on sale. Investment properties are recognised at cost at the date of acquisition. Cost comprises the purchase price plus expenses resulting directly from the purchase until the asset is ready for use. Investment properties are subsequently measured at fair value with value adjustments in the income statement. The fair value is calculated by applying an individually determined discount rate to the capitalisation of a cash-flow from the property. A valuer has not been used to determine the fair value.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInvestmentProperty>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates contextRef="c0" id="ParaIndex_102330" xml:lang="en">Equity investments in group enÂtreÂprisesEquity investments in subsidiaries are measured at cost less any impairment losses in the balance sheet of the parent. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments in the balance sheet of the parent, while transaction costs are recognised in the income statement in the consolidated financial statements. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates>
<d:DescriptionOfMethodsOfAmortisationOfNoncurrentAssets contextRef="c0" id="ParaIndex_105102" xml:lang="en">Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in deÂpreÂciÂaÂtion and amorÂtiÂsaÂtion.If the company's realised return on an asset or a group of assets is lower than expected, this isconsidered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.If dividends are distributed on equity investments in subÂsiÂdiÂarÂies exceeding the year earnings from the enterprise in question, this is considered an indication of impairment.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. </d:DescriptionOfMethodsOfAmortisationOfNoncurrentAssets>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables contextRef="c0" id="ParaIndex_105689" xml:lang="en">ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nomÂinal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfReceivables>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets contextRef="c0" id="ParaIndex_106066" xml:lang="en">PrepaymentsPrepayments recognised under assets comÂprise costs incurred in respect of subseÂquent financial years.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCashAndCashEquivalents contextRef="c0" id="ParaIndex_106233" xml:lang="en">CashCash includes deposits in bank account.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfCashAndCashEquivalents>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity contextRef="c0" id="ParaIndex_106400" xml:lang="en">EquityUnrealised foreign currency gains and losses from the translation of the net investment in independent foreign entities are recognised in equity under the foreign currency translation reserve. The reserve is dissolved when the independent foreign entities are disposed of.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfEquity>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax contextRef="c0" id="ParaIndex_107477" xml:lang="en">Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differÂences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxÂable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of managementâs intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions contextRef="c0" id="ParaIndex_108064" xml:lang="en">PayablesLong-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability.Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. </d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions>
<d:DescriptionOfMethodsOfPrepayments contextRef="c0" id="ParaIndex_108651" xml:lang="en">Prepayments received from customersPrepayments received from customers comÂprise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service.</d:DescriptionOfMethodsOfPrepayments>
<d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeLiabilities contextRef="c0" id="ParaIndex_108818" xml:lang="en">Deferred incomeDeferred income under liabilities comprises payments received in respect of income in subÂsequent financial years.</d:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeLiabilities>
<d:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement contextRef="c0" id="ParaIndex_109067" xml:lang="en">The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities comÂprise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital.Cash flows from investing activities comÂprise payments in connection with the acÂquisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of inÂtangible assets and property, plant and equipment.Cash flows from financing activities comÂprise changes in the parentâs share capital and asÂsoÂciÂaÂted costs and finanÂcing from and diÂvidends paid to shareholdÂers as well as the arÂranÂgeÂment and repayÂment of long-term payÂables. </d:DescriptionMethodsOfRecognitionAndMeasurementBasisForCashFlowsStatement>
<d:ExplanationOfEntitysDefinitionOfCashAndCashEquivalents contextRef="c0" id="ParaIndex_109347" xml:lang="en">Cash and cash equivalents at the beginning and end of the year comprise cash.</d:ExplanationOfEntitysDefinitionOfCashAndCashEquivalents>
</xbrli:xbrl>