XCSE:PARKST-A ESEF Annual Report
PARK STREET A/S (XCSE:PARKST-A)
ESEF Annual Report
2024-09-10
For: 2024-06-30
View Original
Added on
September 22, 2026
Interim
Financial
Report
Half Year 2024
Company:
DK-2400 København NV
CVR no.: 12 93 25 02
LEI no.: LEIN913442016122012215420784
Registered office: Copenhagen, Denmark
Phone: +45 33 33 93 03
Internet: www.psnas.c om
E-mail: nordicom@nord icom.dk
Board of Directors:
Anita Nassar, Chairman
Pradeep Pattem
Ohene Aku Kwapong
Claes Peter Rading
Medha Pattem
Management:
CEO Pradeep Pattem
Auditor:
PriceWaterhouseCoopers Statsautoriseret Revisionspartnerselskab
Main activity:
Park Street is a fully integrated European real estate investment
and asset management company with offices in Copenhagen and London.
It owns and manages a large portfolio of commercial properties located across Denmark.
Contents
Directors' report 1
Directors' report 1
Consolidated financial review 2
Consolidated key figures and financial ratios 4
Statements 5
Statement by Board of Directors and Management 5
Financial statements 6
Income statement 6
Statement of comprehensive income 7
Statement of financial position as at 30 June 8
Statement of equity 10
Statement of cash flows 11
Notes 12
Park Street | Interim Financial Report 1
st
Half 2024
Page 1 of 16
Directors' report
Result in the period 1 January – 30 June 2024
Park Street result analysis primarily uses the term EBVAT (earnings before value adjustments and tax) to measure the Group’s operating results.
EBVAT in the first half of 2024 is DKK 6.5 million as compared to DKK 21.8 million for the same period last year. Net sales were at DKK 82.3 million
(DKK 83.4 million for the same period last year). The reduction in EBVAT was primarily driven by an increase in financial expenses offset by a
decrease in operating expenses.
The Group's equity as of 30 June 2024 was positive at DKK 928 million, against DKK 1,060 million as of 31 December 2023.
Expectations for 2024
Park Street’s EBVAT expectations are in the range of DKK 30 million to DKK 35 million compared to the earlier guidance of DKK 30 million to DKK
40 million. The refined guidance is in view of the lower number of assets due to the sale of properties.
Park Street has made significant progress on its plans for leasing Pulse properties with now completed launch of Pulse Norrebro.
Management comments on the interim report
In connection with the interim report for H1 2024, CEO Pradeep Pattem states the following:
“Park Street group has signed over 180 new leases with yearly rent of DKK 33.7m in the H1 2024 marking it as one of the most active periods ever
for leasing. The primary driver of this activity is Pulse N which is now fully launched and Pulse O where we have signed long term leases with a
premier Danish educational institution.
We have made further progress with our strategic intent of reducing property portfolio in non-core regions and sectors with sale of 5 properties
completed in H1 2024 reducing significantly our exposure to the Office segment. We expect to continue the process of asset disposals across Retail
segment and assets in regional locations over the next 12 to 18 months.
Park Street has completed a significant buyback program in H1 2024 in line with its ambition to simplify the capital structure. We will continue to work
on long term mortgage refinancing of Pulse properties, further simplification of company and capital structure to reduce non-operating overheads.
At Park Street we are committed to technology driven property management. Tech and design led approach to manage properties will be core to our
commitment towards a sustainable and collaborative approach to property ownership.”
Organisation and Annual General meeting held on April 26
th
, 2024.
The Board of Directors of Park Street consists of Pradeep Pattem, Ohene Aku Kwapong, Anita Nassar, Claes Peter Rading and Medha Pattem.
The number of employees of Park Street is 22 at the end of 2023 and 22 at the end of June 2024.
At the Annual general meeting of Park Street A/S held on 26 April 2024, all proposals by the Board of Directors were approved. Reference is also
made to the distributed minutes of the ordinary general meeting on 26 April 2024, please refer to:
http://www.psnas.com/index.php/generalforsamling/
Park Street | Interim Financial Report 1
st
Half 2024
Page 2 of 16
Consolidated financial review
PROFIT FOR THE 1st HALF OF 2024
As mentioned in the Director’s report the EBVAT in the first half of 2024 is DKK 6.5 million (1st half of 2023: DKK 21.8 million). Net sales were DKK
82.3 million as compared to DKK 83.4 million in the 1
st
half of 2023. The reduction in EBVAT was primarily driven by an increase in financial expenses
(+DKK 15.0 million) offset by operating expenses (-DKK 2.6 million) and other external expenses (DKK 3.6 million). Finance costs have been
increased as up to last year it was capitalized.
Park Street's Profit for the Period (after tax and valuation adjustments) is DKK 2.9 million for the 1st half of 2024 (1st half of 2023: DKK 1.2 million).
This is equivalent to a 0.14 earnings per share. The investment properties valuations adjustment for the half year was -DKK 1.9 million (compared
to -DKK 18.6 million in H1 2023). The valuation review was primarily focused on the properties where specific changes have occurred on leases –
new leases signed or termination of existing leases. Market based assumptions were used around rents, capex and capitalization rates to determine
the fair value adjustment of these properties. Park Street has sold 5 properties Hejrevej 26-28 Ørnevej 33-35, Hejrevej 30, Ørnevej 18 Svanevej 12,
Birkemosevej 9 B, Helligkorsgade 1 Naverstræde 3.
BALANCE SHEET AS OF 30 JUNE 2024
Park Street's balance sheet total as of 30 June 2024 was DKK 2,465 million (DKK 2,717 million as on 31st December 2023). The decrease is primarily
due to sale of investment properties including domicile property (Svanevej).
Group’s equity as of 30 June 2024 was positive at DKK 928 million. Net asset value decreased to 16.2 per share as compared to 19.1 per share in
the 1
st
half of 2023.
Liabilities to credit institutions were DKK 1,254 million as at 30 June 2024 (31 December 2023: DKK 1,355 million). A significant proportion of the
total liabilities are non-current at 96.1%. The company continues to maintain a healthy equity ratio of 37.6%.
CASH FLOWS FOR THE 1st HALF OF 2024
Cash flows from operating activities for the 1st half of 2024 were DKK 20.3 million (1st half of 2023: DKK 12.8 million). The Increase is due to higher
operating capital (DKK 13.4 million as compared to -DKK 9.2 million in the same period last year) offset by higher financial expenses paid (DKK 37.2
million as compared to DKK 22.5 million in the same period last year).
Cash flows from investing activities for the 1st half of 2024 were DKK 74.3 million (1st half of 2023: -DKK 36.1 million). They were significantly Higher
as compared to last year due to DKK 282 million sale of investment properties in the Current year, offset of DKK 72.6 million spent on improvements
to investment properties across the portfolio and purchase of treasury share of DKK 134.9 million in the 1st half of 2024.
Cash flows from financing activities for the 1st half of 2024 were -DKK 101.5 million (1st half of 2023: DKK 28.2 million). The decrease in cash flows
primarily driven by DKK 101.6m repayment of liabilities to credit institutions Current year.
The Group's liquid assets amounted to DKK 31.3 million as of 30 June 2024.
Uncertainty in connection with recognition and measurement
Park Street | Interim Financial Report 1
st
Half 2024
Page 3 of 16
In connection with the submission of the interim report, management makes several estimates and assessments regarding the carrying amount of
assets and liabilities, including:
▪ Fair value of investment properties,
▪ Fair value of domicile properties,
▪ Impairment test on domicile properties,
▪ Classification of properties,
▪ Deferred tax assets and tax liabilities
Where estimates are concerned, there is uncertainty in relation to the stated factors and items. It may be necessary to change previous estimates
on account of changes in the factors on which the estimates were based. Reference is made to note 1 to the consolidated financial statements in the
Annual report for 2023 for further details on these assessments, estimates and associated uncertainties. New and changed assessments and esti-
mates in the 1st half of 2024 are discussed in note 1 to the interim report.
Risk factors
As mentioned in the Annual report for 2023, the financial management of the Group is geared towards optimising the term structure of liabilities in
line with the Group’s operations and minimizing the Group’s financial risk exposure. It is part of the Group’s policy not to conduct speculative trans-
actions by active use of financial instruments, except to manage the financial risks inherent to the Group’s core activities.
For further details of the Group's risks and risk management, see the company's Annual report for 2023 ('Risk factors' section).
The company announced share buy-back programme In the period 28 February 2024 to 30 June 2024, Park Street A/S has bought 11,072,293
shares (1,072,293 Class A shares and 10,000,000 Class B shares) for an average price of DKK 9.43 during this period.
As indicated on the company announcement published on 28 February 2024, Park Street A/S had initiated a share buyback program for up to DKK
100m of Class A and Class B shares, to be executed during the period from 28th February 2024 to 30th June 2024. The buyback program is being
launched in accordance with the authorization granted to the board of directors as stated on the point 3.7 and 3.8 of the Articles of Association and
approved by the shareholders at the Annual General Meeting on 22nd April 2021. The board of directors is authorized in the period until 21st April
2026 to allow the Company to acquire Class A and Class B treasury shares corresponding to a total of 35% of the Company’s Class A and 35% of
Class B share capital.
On 28th February 2024, Park Street A/S announced a share buy-back programme, as described in Company Announcement dated 28-02-2024. The
programme is carried out in compliance with the provisions of Regulation No 596/2014 of the European Parliament and of the Council on market
abuse (the Market Abuse Regulation – MAR) and delegated legislation under MAR; except for the limitation of implementing the authorized buy-back
of the Company’s shares within the 25% daily trading volume, due to the low levels of market liquidity in the Company’s shares.
The company cancelled the 15,120,450 shares on 3 June 2024 which include the 2,137,939 class A shares held by Park Street NordAc S.a.r.l. also
cancelled. The Company has announced on 21 August 2024 about the mistake is rooted in the conversion of 2,137,939 class B shares into 2,137,939
class A shares held by Park Street NordAc S.a.r.l., performed on 19 July 2022 and informed to the market in company announcement the same day.
As the converted class B shares were owned by Park Street NordAc S.a.r.l., the new issued class A shares based on the conversion should have
been attributed to the account of Park Street NordAc S.a.r.l., but instead they were mistakenly attributed to the account of the Company as treasury
shares during the settlement process.
To correct the above mistake now the Company has announced on 29 August 2024 about the rollback of share capital reduction.
Park Street Asset Management Ltd. owns a total of 71.79% (and a corresponding percentage of the votes) of the total nominal share capital of the
Company.
Park Street | Interim Financial Report 1
st
Half 2024
Page 4 of 16
Consolidated key figures and financial ratios
Key figures
1st half of
1st half of
Full year
Amounts in DKK 1000s
2024
2023
2023
Income statement
Rental income
58,100
62,543
145,503
Total net sales
82,263
83,447
166,142
Gross profit
58,172
56,735
121,915
Profit from primary operations
3,636
3,169
-34,917
Financial items
-37,217
-22,491
-52,424
Earnings before value adjustments and tax (EBVAT)
6,562
21,757
41,369
Profit for the period
2,963
1,169
-24,245
Statement of financial position
Investment properties
2,225,608
2,539,097
2,436,714
Investments in property, plant and equipment
72,649
36,104
65,284
Balance sheet total
2,464,834
2,820,251
2,716,690
Interest-bearing debt
1,254,103
1,426,454
1,335,662
Total equity
927,974
1,089,483
1,059,959
Statement of cash flows
Cash flows from operations
20,349
12,834
50,742
Cash flows from investment
74,294
-36,104
208
Cash flows from financing
-101,558
28,195
-47,274
Other disclosures
Non-current liabilities as a proportion of total liabilities (%)
96.1
96.4
95.2
Share capital
57,175
57,175
57,175
Share price, end of period (DKK)
10.90
10.60
7.70
Share price change in points
3.20
-3.30
-6.20
Number of employees in the Group (average)
22
22
22
Financial ratios
1st half of
1st half of
Full year
2024
2023
2023
Return on property portfolio (% p.a.)
4.6
4.1
4.6
Average loan rate (% p.a.)
5.4
3.1
3.8
Return margin on property portfolio (% p.a.)
-0.8
1.1
0.8
Return on equity (%)
0.6
0.2
-2.3
Equity ratio (%)
37.6
38.6
39.0
Net asset value per share, end of period (DKK)
16.2
19.1
18.5
Earnings per share (DKK), end of period (DKK)
0.1
0.0
-0.4
Share Price/net asset value, end of period
0.7
0.6
0.4
Cash flow per share (DKK)
0.7
0.4
0.9
Reference is made to note 33 to the consolidated financial statements in the Annual report for 2023.
Park Street | Interim Financial Report 1
st
Half 2024
Page 5 of 16
Statement by Board of Directors and Management
Management
Board of Directors
Park Street | Interim Financial Report 1
st
Half 2024
Page 6 of 16
Income statement
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2024
2023
2023
3
Net sales
4
Operating expenses
-24,090
-26,713
-44,227
Gross profit
Employee benefit expenses
-7,252
-8,836
-15,528
Other external expenses
-6,712
-3,067
-10,039
Depreciation, amortisation and impairment
-429
-584
-2,556
Operating profit (EBIT)
Financial income
5
Financial expenses
-37,217
-22,491
-52,424
Earnings before value adjustments (EBVAT)
6
Adjustment to fair value, net
-1,864
-18,587
-73,750
7
Loss on the sale of investment properties
-1,062
-2,535
Profit before tax
-34,917
8
Tax on profit for the period
-672
-2,000
Profit for the period
-24,245
Distributed as follows
Parent's shareholders
-24,245
Profit for the period
-24,245
Earnings per share
-0.44
Diluted earnings per share
-0.44
Park Street | Interim Financial Report 1
st
Half 2024
Page 7 of 16
Statement of comprehensive income
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2024
2023
2023
Profit for the period
-24,245
Other comprehensive income:
Items that cannot be reclassified to the income statement:
Fair value adjustment of headquarters properties
-3,615
Tax on fair value adjustment of headquarters properties
-364
Other comprehensive income after tax
-2,820
Comprehensive income for the period
-27,065
Distributed as follows
Parent's shareholders
-27,065
Comprehensive income for the period
-27,065
Park Street | Interim Financial Report 1
st
Half 2024
Page 8 of 16
Statement of financial position
Note
Amounts in DKK 1000s
30 June
30 June
31 December
2024
2023
2023
ASSETS
Non-current assets
Intangible assets
Software
Capitalised leasing costs
Property, plant and equipment
9
Domiciles
10
Investment properties
Machinery and equipment
Financial assets
Deposits
Total non-current assets
Current assets
Mortgages and instruments of debt
11
Receivables
Income tax receivable
Prepaid expenses and accrued income
Cash and short-term deposits
Total current assets
Total assets
Park Street | Interim Financial Report 1
st
Half 2024
Page 9 of 16
Statement of financial position
Note
Amounts in DKK 1000s
30 June
30 June
31 December
2024
2023
2023
LIABILITIES
Equity
Share capital
Revaluation reserve
Share Premium
Accumulated profit
12
Total equity
Liabilities
Non-current liabilities
Deferred tax
15
Credit institutions
Deposits
Current liabilities
Provisions for liabilities
15
Credit institutions
Trade and other payables
Income tax payable
Deposits
Other liabilities
Total liabilities
Total equity and liabilities
Park Street | Interim Financial Report 1
st
Half 2024
Page 10 of 16
Statement of equity
Amounts in DKK 1000s
Share capital
Revaluation
reserve
Accumulated
profit
Share
Premium
Equity
Total
Statement of equity for 2024:
Equity as at 1 January 2024
Comprehensive income for the period
Profit for the period
Fair value adjustment of domicile
Tax on other comprehensive income
Other comprehensive income during the financial year
Comprehensive income for the period
Transactions with owners
Repurchase treasury shares
-134,948
Capital reduction
Cash injection by existing shareholders
Liabilities with financial institutions converted into Equity
Total transactions with owners
-134,948
Other adjustments
Revaluation reserve transfer for domicile sold property
-8,532
Total other adjustments
-8,532
Equity as at 30 June 2024
Amounts in DKK 1000s
Share
capital
Revaluation
reserve
Accumulated
profit
Share
Premium
Equity
Total
Statement of equity for 2023:
Equity as at 1 January 2023
Comprehensive income for the period
Profit for the period
-24,245
-24,245
Fair value adjustment of domicile
-3,615
-3,615
Tax on other comprehensive income
Other comprehensive income during the financial year
Comprehensive income for the period
-2,820
-2,820
Other adjustments
Increase/decrease through transfer of depreciation of re-
valued value of owner- occupied property
-1,566
Total other adjustments
-1,566
Equity as at 31 December 2023
Park Street | Interim Financial Report 1
st
Half 2024
Page 11 of 16
Statement of cash flows
1st half of
1st half of
Full year
Note
Amounts in DKK 1000s
2024
2023
2023
Operating profit (EBIT)
Adjustment for illiquid operating items, etc.
Change in other operating capital
-9,210
Cash flows concerning primary operations
Financial expenses paid
-37,217
-22,491
-52,424
Paid Corporate Tax
-296
Total cash flow from operating activities
Cash flow from investing activities
Improvements to investment properties
-72,649
-36,104
-78,221
Sales of investment properties
Purchase of intangible assets
Treasury Shares
-134,948
Purchases of other property, plant and equipment
Sale of associates
Total cash flow from investing activities
-36,104
Cash flow from financing activities
Repurchase Own Shares
Proceeds from assumption of liabilities to credit institutions
Repayment of liabilities to credit institutions
-101,558
-11,031
-89,995
Repayment of debt from disposal of assets
-3,773
Total cash flow from financing activities
-101,588
-47,274
Total cash flow for the period
-6,915
Liquid assets as at 1 January
Liquid assets at the end of the period
Liquid assets at the end of the period
Cash and short term deposit
Liquid assets at the end of the period
Park Street | Interim Financial Report 1
st
Half 2024
Page 12 of 16
Notes
Note 1 - Accounting policies, accounting estimates and risks, etc.
Accounting policies
The interim report was submitted in accordance with IAS 34 'Interim Financial Reporting', as adopted by the EU, and Danish disclosure
requirements for interim reports for listed companies. No interim financial statements were prepared for the Parent. The interim report is presented
in Danish kroner (DKK), which is the functional currency of the Parent.
The accounting policies are unchanged in relation to the Annual report for 2023. Reference is made to note 33 to the
consolidated financial statements in Park Street Annual report for 2023 for a full description of the accounting policies used.
Changes to accounting policies
Park Street has implemented the changes on IFRS standards and interpretative contributions that enter into force for 2024. None of these changes
affected recognition and measurement in 2024.
Accounting assessments and estimates
No significant new accounting assessments or changes to accounting estimates have been made in the interim report for the 1st half of 2024 in
relation to the Annual report for 2023. For a description of significant accounting assessments and estimates, see note 1 to the
consolidated financial statements in the Annual report for 2023.
Note 2 - Seasons
As in previous years, the Group's activities were not affected by seasonal or cyclical fluctuations in the interim period.
Note 3 - Net sales
1st half of
1st half of
Full year
Amounts in DKK 1000s
2024
2023
2023
Rental income
58,100
62,543
145,503
Sales of other services
24,162
20,905
20,639
Total sales of services
82,263
83,447
166,142
82,263
83,447
166,142
Park Street | Interim Financial Report 1
st
Half 2024
Page 13 of 16
Note 4 - Operating expenses
1st half of
1st half of
Full year
Amounts in DKK 1000s
2024
2023
2023
Operating expenses, investment properties
20,277
23,149
36,996
Operating expenses, other services
3,813
3,563
7,231
24,090
26,713
44,227
Note 5 – Financial expenses
1st half of
1st half of
Full year
Amounts in DKK 1000s
2024
2023
2023
Interest expenses, liabilities to credit institutions measured at
amortized cost
37,148
22,480
52,339
Other interest costs and fees
69
24
85
Borrowing costs
0
-13
0
37,217
22,491
52,424
Note 6 - Adjustment to fair value, net
1st half of
1st half of
Full year
Amounts in DKK 1000s
2024
2023
2023
Fair value adjustment, investment properties
-1,864
-18,587
-73,750
-1,864
-18,587
-73,750
Note 7 - Realized gains on the sales of investment properties
1st half of
1st half of
Full year
Amounts in DKK 1000s
2024
2023
2023
Sales totals, investment properties
281,891
0
76,400
Book value of properties when sold, etc.
-282,953
0
-78,935
-1,062
0
-2,535
Note 8 - Tax
The tax expense recognised in the income statement for the accounting period was calculated based on the net profit before tax and an estimated
effective tax rate for the Group for 2024.
Park Street | Interim Financial Report 1
st
Half 2024
Page 14 of 16
Note 9 – Domiciles Property
Amounts in DKK 1000s
30 June
2024
31 December
2023
Cost at 1 of January
215,823
219,438
Revaluation of value
0
-3,615
Sale of property
-68,194
0
Cost / Revaluated Value at 30 June
147,629
215,823
Depreciation and amortization at 1 January
-17,542
-15,976
Depreciation
0
-1,566
Depreciation and amortization at 31 June
-17,542
-17,542
Balance at 30 June
130,087
198,281
Note 10 - Investment properties
30 June
31 December
Amounts in DKK 1000s
2024
2023
Book value as at 1 January
2,436,714
25,21,580
Transfer to/from project holdings
0
0
Cost incurred for improvements
72,649
65,284
Adjustment to fair value, net
-1,864
-73,750
Acquisition of properties
0
0
Depreciation of fixed assets
0
0
Retirement on sale
-281,891
-76,400
2,225,608
24,36,714
Note 11 – Receivable
30 June
31 December
Amounts in DKK 1000s
2024
2023
Receivables from tenants
10,369
11,244
Other receivable
51,256
13,686
61,625
24,930
Other receivables include the transactions related to sale of properties.
Park Street | Interim Financial Report 1
st
Half 2024
Page 15 of 16
Note 12 – Share Capital
30 June
31 December
Amounts in DKK 1000s
2024
2023
Share capital opening period
57,175
57,175
Share capital reduction
0
0
Share capital closing period
57,175
57,175
The share capital consists of 57,175,572 shares of DKK 1 (31 December 2023: 57,175,572 shares of DKK 1). No shares have special rights. The
shares are fully paid.
Park Street Asset Management Ltd. owns a total of 71.79% (and a corresponding percentage of the votes) of the total nominal share capital of the
Company. The shares are held by Park Street Asset Management Ltd. and Park Street NordAc S.a.r.l., which is 100% owned by Park Street Asset
Management Ltd.
Note 13 – Treasury shares
Number of shares
Nominal value
Share of share capital
(Amount in DKK 1000)
30 June
2024
31 December
2023
30 June
2024
31 Decem-
ber
2023
30 June
2024
31 Decem-
ber 2023
As at 1 January
4,859,970
4,859,970
4,860
4,860
8.50%
8.50%
Additions during the year
11,072,293
0
11,072
0
19.37%
0%
Correction from conversion of
class B to class A shares
-2,137,939
0
-2,138
0
-3.74%
0%
As at 30 June
13,794,324
4,859,970
15,932
4,860
24.13%
8.50%
The share buy-back programme announced has now been concluded. In the period 28 February 2024 to 30 June 2024, Park Street A/S has bought
11,072,293 shares (1,072,293 Class A shares and 10,000,000 Class B shares) for an average price of DKK 9.43.
All own shares are owned by Park Street A/S.
On 28 February 2024, Park Street A/S announced a share buy-back programme to be executed in the period from 28 February 2024 to 30 June
2024. As a result of this share buy-back programme Park Street A/S has during the period bought 11,072,293 shares (1,072,293 class A shares and
10,000,000 class B shares) for an average price of DKK 9.43.
With effect from 30 May 2024, Park Street A/S performed a cancellation of 2,955,585 class A shares and 12,164,865 class B shares all held in
treasury by Park Street A/S.
However, on 21 August 2024, the Company announced the discovery of a mistake rooted in the conversion of 2,137,939 class B shares into 2,137,939
class A shares held by Park Street NordAc S.a.r.l., performed on 19 July 2022 and informed to the market in company announcement the same day.
As the converted class B shares were owned by Park Street NordAc S.a.r.l., the new issued class A shares based on the conversion should have
been attributed to the account of Park Street NordAc S.a.r.l., but instead they had mistakenly been attributed to the account of the Company as
treasury shares during the settlement process. Due to this error, the Company's recorded holding of treasury class A shares then included an excess
of 2,137,939 shares resulting in the cancellation of 2,137,939 treasury class A shares more than the Company's legal holding of class A shares.
To correct this mistake the Company informed in company announcement of 29 August 2024 that the share capital reduction performed in May 2024
had been rolled back in its entirety based on a decision by the Danish Business Authority.
Park Street | Interim Financial Report 1
st
Half 2024
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Note 14 - Contingent liabilities and assets
There have been no significant changes in contingent liabilities or assets since the Annual report for 2023, to which reference is made.
Note 15 – Credit Institutions
The evolution of the long and short-term liabilities with credit institutions is specified as follows:
30 June
31 December
2024
2023
Amounts in DKK 1000s
Non-current financial liabilities with credit institutions
1,332,708
1,382,643
Current financial liabilities with credit institutions
22,953
20,293
Financial liabilities with credit institutions at 1 January
1,355,662
1,402,935
Repayment of liabilities to credit institutions
-100,523
-89,995
Proceeds from assumption of liabilities to credit institutions
0
42,721
Repayment of debt from disposal of assets
0
0
Accrued financial expenses
-1,035
0
Financial liabilities with credit institutions end of period
1,254,103
1,355,662
Non-current financial liabilities with credit institutions
1,233,967
1,332,708
Current financial liabilities with credit institutions
20,136
22,953
Total financial liabilities with credit institutions end of period
1,254,103
1,355,662
Note 16 – Subsequent Events
The Company has announced on 21 August 2024 about the mistake is rooted in the conversion of 2,137,939 class B shares into 2,137,939 class A
shares held by Park Street NordAc S.a.r.l., performed on 19 July 2022 and informed to the market in company announcement the same day. As the
converted class B shares were owned by Park Street NordAc S.a.r.l., the new issued class A shares based on the conversion should have been
attributed to the account of Park Street NordAc S.a.r.l., but instead they were mistakenly attributed to the account of the Company as treasury shares
during the settlement process.
The Company has announced on 29 August 2024 about the rollback of share capital reduction.
Park Street A/s owns 13,794,324 treasury shares (24.13% of total nominal share capital),
Park Street Asset Management Ltd. owns a total of 71.79% (and a corresponding percentage of the votes) of the total nominal share capital of the
Company. The shares are held by Park Street Asset Management Ltd. and Park Street NordAc S.a.r.l., which is 100% owned by Park Street Asset
Management Ltd.