Dato for ledelsens godkendelse af årsrapporten:2023-06-08
Beskrivelse af usikkerhed ved indregning eller måling:Recognition and measurement uncertainty
The properties are recognized in the financial statement at fair value, which has been calculated using return-based valuation models. The fair value represents the expected sales value if sold to a third party on the balance sheet date. The Group is continuous engaging with potential tenants and real estate agents, in order to gain a solid view of market levels for leases and yields which further form the basis for the components used in the fair value calculations. The market insights may not fulfill the strict requirements for the Auditors to sign up for, however the management still chooses to present the up-to-date market insights in the annual report with the intend to report what the management believes is a fair value picture of the properties. The fair value calculation is based on a number of assumptions including that the actual development projects are completed and on which pro-forma net earnings, a rate of return, the budgeted future cost for renovation, construction, development fee and the rate of progress have been estimated. Due to the attractive locations, there has been made no deductions for vacancies in the calculations. The required rate of return for the Group's properties averages approximately 4,28% at 31 December. An increase of the required rate of return of 0. 5 percentage points would reduce the total fair value by approximately DKK 161m. A reduction of the required rate of return of 0. 5 percent's points would increase the value by approximately DKK 202m. The property portfolio is composed of mixed commercial and residential rental properties, with the main emphasis being on commercial rental properties. For commercial rentals, the budgeted per square metre rent ranges between DKK 850 and DKK 13,750, depending on the application of the lease. The budgeted per square metre rent for residential rentals is DKK 2,269. The properties are placed in or around Copenhagen The budgeted future cost for renovation, construction and development, earnings and rate of return are based on estimates and as well as expected future events and is thus subject to uncertainty. Further full financing for the development and construction projects except for Blegdamsvej are also subject to uncertainty. However, construction is only started when the financing is in place. Work in progress Revenue and the value Work in progress, which is measured at the selling price of the work performed, are recognized based on the state of completion of the work performed. The stage of completion is estimated based on several factors such as the progress in signing of rent contracts, progress in the construction work and the complexity of the outstanding work The stage of completion is based on estimates and as well as expected future events and is thus subject to uncertainty.
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Oskar Real Copenhagen ApS for the financial year 19 November 2021 - 31 December 2022.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Principal activities
The principal activities comprise operations within real-estate and other investment activities.
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