1
Company:
CVR no.: 12 93 2 5 02
LEI no.: 213800VGJC18MR KMZC33
Registered office: Copenhagen, Denmark
Phone: +45 33 33 93 03
Internet: www.psnas.com
E-mail: parkstreet@parkstreet.dk
Board of Directors:
Anita Nassar, Chair
Claes Peter Rading
Ohene Aku Kwapong
Pradeep Pattem
Medha Pattem
Management:
CEO Pradeep Pattem
Auditor:
PriceWaterhouseCoopers Statsautoriseret Revisionspartnerselskab
Annual General Meeting:
Annual General Meeting to be held on 28th April 2025 at 14:00 at Amaliegade 6, 2. Tv, 1256 København K
.
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Contents
Management's review 2
Management's review 2
Subsequent events after 31 December 2024 3
Outlook and strategy for 2025 4
Financial Highlights 21
Financial Results 24
Risk Factors 25
Statutory Report CSR 27
Legal requirements for Corporate Governance 28
Statutory report on diversity in management 28
Management composition and remuneration 29
Board of Directors and Management 30
Shareholder structure 32
Group structure as of 31 December 2024 34
Statements
35
Statement by Board of Directors and Management 35
Independent auditor’s report 36
Consolidated Financial statements
42
Income statement 43
Statement of comprehensive income 44
Statement of financial position 45
Statement of equity 46
Statement of cash flows 47
Notes 48
Annual accounts for Park Street A/S
78
Income statement 79
Statement of comprehensive income 80
Statement of financial position as of 31 December 2024 81
Statement of equity 82
Statement of cash flows 83
Notes 84
Property Overview
98
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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.
Results of the year 2024
Park Street result analysis primarily uses the term EBVAT (Earnings before value adjustments and tax) to measure the Group’s operating results.
The Group achieved in 2024 an EBVAT (profit excluding value adjustments and tax) of DKK 2.8 million (2023:DKK 41.4 million), as compared
to our expectations of DKK 30-35 million. The variance from our published expectations was driven due to a combination factors, primarily due
to reduction in number of assets from sale of properties, and costs associated with provisions for long term clean of legacy delinquencies where
we see limited prospects for recoveries. We have undertaken significant changes to our operating model leading to one off costs for associated
with contract terminations and consultants which should resolve in a longer-term improvement of margins and create an operating platform
suitable to reduced number of properties. Furthermore, there was an increase in new leasing adding to costs for marketing activity, and an in-
crease in energy costs related to vacant units.
We expect the EBVAT for 2025 to be DKK 30-40 million in view of potential new leases in the pipeline and an expected reduction in costs. This
could change with any significant further sales or additions to the property portfolio.
The evolution of the EBVAT is influenced by the following factors:
• Gross profit in 2024 is DKK 107.3 million (2023: DKK 121.9 million), equivalent to a decrease of DKK 14.6 million. The decrease in
gross profit is primarily due to rental income due to sale of 5 properties duing the year 2024 (DKK 15.0 million).
• The Group's overhead cost were DKK 31.6 million in 2024 against DKK 28.1 million in 2023. The increase of DKK 3.5 million is
caused by cost incurred on services.
• Net financial items amount to DKK –72.9 million in 2024 against DKK -52.4 million in 2023, representing a negative change of DKK
20.5 million driven by an increase in the interest costs
The increase in the Net Result for the period from DKK -24.2 million in 2023 to DKK 6.9 million in 2024 is due to the following effects:
• Fair value adjustment in 2024 with a net of DKK 22.2 million against DKK -73.8 million in 2023. In both periods an evaluation of the
investment properties have been made adjusting the yield and the estimated profit and loss for the entire portfolio of Park Street A/S
and subsidiaries.
The Group's equity as at 31 December 2024 was DKK 963 million, compared to DKK 1,060 million as at 31 December 2023. The decline in
equity is due to repurchase of own shares during the year.
Property acquisitions and sales
In 2024, Park Street sold the following properties and plots:
Hejrevej 26-28, Ørnevej 33-35, 26, Hejrevej, København
Hejrevej 30, 30, Hejrevej, København
Ørnevej 18, Svanevej 12, 18, Ørnevej, København
Birkemosevej 9 B A, Kolding
Helligkorsgade 1, Naverstræde 3, Kolding
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Organisation
Since April of 2024 when the Annual General Meeting of the Company took place the Board of Directors of Park Street consists of Pradeep Pat-
tem, Ohene Aku Kwapong, Anita Nassar, Medha Pattem and Claes Peter Rading.
The number of employees of Park Street (parent company) were 7 by the end of 2024, against 9 at the start of the year.
Subsequent events after 31 December 2024
Park Street has sold one assets Stagehovej to a total amount of DKK 28 Million.
From the balance sheet date until the date of presentation of this Annual Report no additional events have occurred other than the above men-
tioned which significantly affect the assessment of the annual report.
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Park Street – Its journey & 2025 plans
Park Street (PSAM group) was setup in 2014 to identify and invest in Real Estate opportunities - in particular,
assets embedded in capital structure challenges or with value-add potential.
Park Street invested across Europe (UK, Germany, Norway, Spain etc.) before the acquisition of Nordicom
portfolio in Denmark in 2017.
The portfolio of assets are now concentrated in Denmark with assets across sectors: Residential, Offices,
Hotels and Retail, in the form of Park Street A/S
Our strategy in 2025 will continue develop Pulse Living (Young professional living sector) strategy and final-
ise development plans for Pulse Tastrup
Park Street will further improve the operational efficiencies across its core holdings of Hotels and invest in
leasing capex in select Value-Add assets.
We will further seek to raise external JV capital stable regional income assets portfolio and dispose other
non-core assets.
Park Street has completed the launch of Pulse Nørrebro with fully letting out commercial and studio units
and will seek refinance the development loans with long term stable financing across Pulse assets.
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Park Street – Our path
We at Park Street share an ambition defined by…
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As we shape our way, the path itself is fulled with several obstacles and inefficiencies - some in our control and some shaped by the
nature of industry. Our attempts to improve things at times lead to disturbing and breaking things which work well - we are learning
from it and working towards better outcomes for our tenants, buildings, partners and team members. The path so far has made more
aware of Janteloven.
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Park Street – Way forward
• Park Street portfolio in Denmark
1. Pulse Portfolio
• 5 properties- 3 Pulse Living (2 fully occupied and 1 development project) and 2 Pulse Hotels
• 60% of current portfolio Equity and 50% of Net operating income (NOI) , Low current Loan to Value
(LTV) (<55%)
2. Danish Regional Income Portfolio
• 15 properties – 70% retail & 30% office
• Low current LTV (<55%) with long term debt (fixed until 2027) - 17% of current portfolio Equity & 28%
of NOI
3. Value Add Portfolio (Stabiles fully by 2027)
• 5 properties, LTV (70%)
• 17% of NOI & 13% of current portfolio Equity with potential to nearly double the current NOI over next
3 years
4. Design Assets
• 2 properties and 1 land bank (combined 4 adjacent properties) targeted for selective development over
long term
• Low LTV (15%), 9% of current portfolio Equity
• Development will only be done with asset specific capital with limited investment currently for design
work
^
some co-located independent properties are combined as a single assets
*All financial and property NOI numbers are management estimates and not Audited Financials
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Pulse Living
Pulse N: Copenhagen NV
Pulse O: Copenhagen Ø
Pulse T: Taastrup (Project)
• Pulse Living is focused in shaping a vibrant living environment for young professionals' platform. +400 beds
• A scalable design, development and community development platform is shaped and tested at Pulse Nørrebro and Øster-
bro.
• Assets in the sector a both immense interest and fit for long term institutional capital.
• Pulse Living will aim to scale up the platform with stable long-term capital with its focus on further developing a tech driven
platform and creating vibrant connected communities.
2023: First Pulse N resident gathering
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Pulse Living: Pulse N
Pulse Living: Pulse O
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Pulse Living: Pulse T
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Pulse Hotels
• Hotel Prindsen is an exceptional property with several centuries of history as a hotel. 2025 Budget NOI DKK 16 mln.
• Park Street will seek to reposition the hotel as a luxury destination in the long run once the current lease concludes in
2030.
• Ballerup hotel is a high performing hotel with a stable management contract.
• Park Street has no plans for additional capital to this segment this year.
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Danish Regional Income Portfolio
(DRIP)
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43%
26%
22%
3%
2%
2%
Office - Government
Office - Healthcare
Office - IT
Office - Construction
Office - Merchandise
Office - Trader
Office - NGO
• Portfolio is geared for generating stable 8% to 10% dividend yield with long term fixed new financing.
• The portfolio has average current financing of over 10years with fixed rates until 2027.
• During 2025 and 2026 Park Street would intend to reduce its holdings with external JV capital
• Appointed NewSec as advisors to explore capital / JV partners
42%
15%
13%
9%
8%
6%
3%
2% 2%
Retail - Supermarket
Retail - Auto
Retail - Café/Restaurant
Retail - Clothing
Retail - Fitness
Retail - Consumer Good
Retail - Warehouse
Retail - Entertainment
Retail - Healthcare
Retail - Salon
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Value Add Properties
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• Park Street had acquired assets in Glostrup and Odense with over 80% vacancy and has been working steadily to in-
crease occupancy
• A prime example of value creation to date is conversion of first floor fully vacant shopping center to a highly successful HQ
office for an Engineering company
• Capex of 2000 to 3000 per SQM for some of the vacant areas required for transformation
• Target for 6m to 8m of new leases per year planned for 3 years with DKK 10m to 15m Capex per year.
• For 2025, we are in advanced stages is new lease of over 4500 sqm including signed LOI for IWG/Regus in Odense
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Design Portfolio
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Projects
• Park Street owns project assets in Vejle and Allerød where design work is being done for long term development plans. It
further owns land and storage usage properties in Naestved.
• In discussions with Vejle Kommune regarding the development of retail and store into into a sustainable mixed-use devel-
opment of 38,000 sqm. The master plan is expected to be in place within the next 1–2 years
• In project design phase to transform the Allerod first-floor office spaces into 16 residential units
• All land and project assets are with minimal debt currently and any new investment will be done with a standalone capital
and financing with partners.
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Financial Highlights
Key figures
Amounts in DKK 1000s
2024
2023
2022
2021
2020
Income statement
Rental income
131,697
145,503
136,348
124,328
126,903
Total net sales
151,116
166,142
153,281
158,264
172,669
Gross profit
107,288
121,915
104,675
117,418
124,979
Result from primary operations
24,107
-34,917
74,499
187,225
187,929
Financial items
-72,888
-52,424
-29,932
-25,881
-25,757
Earnings before value adjustments and tax (EBVAT)
2,753
41,369
42,898
56,866
69,983
Result for the period
6,993
-24,245
54,980
145,459
145,491
Statement of financial position
Investment properties
2,248,267
2,436,714
2,521,581
2,615,015
2,462,633
Investments in property, plant and equipment
11,528
65,284
-15,061
25,803
36,991
Balance sheet total
2,500,001
2,716,690
2,807,465
3,020,749
2,723,067
Interest-bearing debt
1,246,161
1,335,662
1,402,935
1,509,471
1,405,024
Total equity
962,479
1,059,959
1,087,024
1,217,038
1,071,946
Statement of cash flows
Cash flows from operations
-16,458
50,742
40,219
57,999
61,966
Cash flows from investment
278,418
208
116,508
-17,777
137,919
Cash flows from financing
-215,129
-47,274
-290,015
104,447
-238,341
Other disclosures
Non-current liabilities as a proportion of total liabilities (%)
60.6
95.2
95.6
95.7
94.1
Share capital
57,175
57,175
57,175
67,513
67,513
Share price, end of period (DKK)
12.00
7.70
13.90
14.10
10.00
Share price change in points
4.30
-6.20
-0.20
4.10
3.35
Dividend per share
0.0
0.0
0.0
0.0
0.0
Number of employees in the Group (average)
18
22
27
26
26
Financial ratios
2024
2023
2022
2021
2020
Return on property portfolio (% p.a.)
4.3
4.6
3.9
4.3
4.7
Average loan rate (% p.a.)
5.5
3.8
2.1
1.8
1.8
Return margin on property portfolio (% p.a.)
-1.2
0.8
1.8
2.5
2.9
Return on equity (%)
0.7
-2.3
5.1
11.9
13.6
Equity ratio (%)
38.5
39.0
38.7
40.3
39.4
Net asset value per share, end of period (DKK)
16.8
18.5
19.0
18.0
15.9
Earnings per share (avg. Number of shares) (DKK)
0.1
-0.4
1.1
2.2
2.2
Dividend yield (%)
0.0
0.0
0.0
0.0
0.0
Share Price/net asset value, end of period
0.4
0.4
0.3
0.4
0.4
Cash flow per share (DKK)
-0.4
0.9
0.7
0.9
0.9
The above financial ratios are calculated in accordance with the definitions in Note 31 to the consolidated financial statements in the Annual report for 2024.
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Financial Results
Segment Information
Park Street does not present segment information and the Group’s portfolio is presented as one.
Operation from Investment Properties
The Group's investment properties at 31 December 2024 is composed of all the Group's 38 properties, excluding
1 property classified as domicile property
The Group's investment properties are geographically concentrated in Greater Copenhagen and Zealand. Based on investment property values,
the portfolio allocates as follows:
Amount in Million DKK
2024
2023
Zealand
1,718
76%
1,902
78%
Fyn
240
11%
220
9%
Jutland
290
13%
314
13%
Total
2.248
2.436
The annual rent per square meter (in DKK) for the year 2024 in the aforementioned regions is, Zealand – 1,545; Fyn – 814, Jutland – 866.
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The breakdown by activity based the property value is split as follows
:
Amount in Million DKK
2024
2023
Residential
896
40%
878
36%
Residential Project
175
8%
175
7%
Office
319
14%
525
22%
Retail
728
32%
729
30%
Hotel
100
4%
97
4%
Storage
30
1%
32
1%
Total
2.248
2.436
The following table shows the calculated average vacancy divided by property types:
Average vacancy in %
2024
2023
Retail
20.83
28.64
Office
24.49
18.51
Residential
4.39
8.88
Storage
37.54
41.92
Hotel
0.00
0.00
Total
20.55
16.34
The following table shows the calculated average gross rent obtained divided by property types on properties held at 31 December 2024:
Avg. gross rent per sqm p.a. (DKK)
2024
2023
Retail
1,420
1,437
Office
847
780
Residential
3,104
2,880
Storage
451
443
Hotel
2,830
2,817
Total
1,730
1,672
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Consolidated Financial Review
PROFIT AND LOSS
Park Street's Net Result is DKK 6.9 million for 2024 (2023: DKK -24.2 million), equivalent to a change of DKK 31.2 million in relation to 2023.
As mentioned above the EBVAT in 2024 is DKK 2.8 million (2023: DKK 41.4 million), which is DKK 38.6 million lower than the one achieved in
2023. The reduction is primarily driven by an increase in the financial expenses (DKK –20.5 million), due to an increase in the finance cost as
expense as in 2023 it was capitalised and primarily driven by the sale of properties, intentional vacancy to initiate residential projects and a delay
on filling vacancies.
The Net Result for the period is DKK 6.9 million (2023: DKK -24.2 million) is due to fair value adjustment in 2024 with a net of DKK 22.2 million
while the fair value adjustment in 2023 had a net effect of DKK -73.8 million. To finalize, the effect of the Tax on profit in 2024 is DKK -17.1 million
(2023: DKK 10.7 million) due to a significant changes in fair value adjustments.
BALANCE SHEET
Park Street's Net Assets as at 31 December 2024 were DKK 2,500.0 million, a decrease of DKK 216.7 million on the balance sheet total at 31
December 2023. The decline is mainly due to sale of investment properties leading to a reduction of DKK 188.5 million and sale of one domicile
property 68.9 Million, an increase in current assets of DKK 40.9 million (from DKK 80.6 million at 31 December 2023 to DKK 121.6 million at 31
December 2024) due to proceeds from sale of investment properties, financing and re-financing activities. Non-current assets were DKK 2,378.4
million at 31 December 2024 (2023: DKK 2,636.1 million).
The Group's equity as at 31 December 2024 was DKK 963 million, compared to DKK 1,060 million as at 31 December 2023. The decline in the
Group's equity is mainly due to the repurchase of own shares.
Liabilities to credit institutions were DKK 1,246.2 million as at 31 December 2024 (31 December 2023: DKK 1,355.7 million), consisting of DKK
682.0 million (55%) for non-current liabilities and DKK 563.8 million (45%) for current liabilities. In 2024, financial liabilities were decreased by DKK
110.7 million driven by decrease in debt and amortization repayments to credit institutions.
CASH FLOWS FOR 2024
Cash flows from operating activities for 2024 were DKK -16.5 million (2023: DKK 50.7 million), equivalent to an decrease of DKK 67.2 million in
relation to the same period last year. The increase is primarily due to increase in operating capital, finance expenses and operating profit.
Cash flows from investing activities for 2024 were DKK 278.4 million (2023: DKK 208 thousand). Cash flows from investing activities increased
compared to the previous year due to sale of assets in 2024 as compared to 2023 (2024: DKK 290.0 million, 2023: DKK 76.4 million). There was
lesser improvements made to investment properties of DKK –11.5 million (2023: DKK –78.2 million).
Cash flows from financing activities for 2024 were DKK -215.1 million (2022: DKK –47.3 million) mainly driven by the repurchase of shares of DKK
104.4 million in year 2024 and repayments to credit institutions of DKK 110.7 million.
The Group's liquid assets amounted to DKK 85.0 million at 31 December 2024 against DKK 38.2 million as at 31 December 2023.
Uncertainty in connection with recognition and measurement
In connection with the Annual report, management makes a number of estimates and assessments regarding the carrying amount of assets and
liabilities, including:
Fair value of investment properties,
Fair value of domicile property,
Impairment test on domicile property,
Classification of properties,
Deferred tax assets and tax liabilities
Because of assumptions, assessments and estimates, uncertainty relates to the mentioned conditions and items. It may be necessary to change
previously made estimates, etc. due to changes in the circumstances underlying the estimate, changed strategy or due to additional information,
further experience or subsequent events. Reference is made to note 1 of the consolidated financial statements and note 1 in the parent company's
financial statements for further discussion of the assumptions, assessments, estimates and associated uncertainties.
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Parent company Park Street A/S
For the parent company Park Street A/S, profit before tax amounts to DKK 24.1 million in 2024 (2023: DKK -38.5 million).
The parent company's profit and loss before tax is affected by an adjustment in fair value of DKK 4.7 million (2023: DKK -105.7 million).
Parent company equity as of 31 December 2024 amounts to DKK 963 Million (31 December 2023: DKK 1,060 million).
Risk factors
Financial Risk
The financial management of the Group is geared towards optimising the term structure of liabilities in line with the Group's operations and mini-
mizing the Group's financial risk exposure. It is part of the Group's policy not to conduct speculative transactions by active use of financial instru-
ments, except to manage the financial risks inherent to the Group’s core activities.
The Group is exposed to various financial risks due to its activities, including liquidity risk, market risks (primarily interest rate risk) and credit risk.
Park Street regularly reviews the Group's risk profile in the areas of greatest risk, as per above description on page 2 and on the Consolidated
Financial Statements Note 1 and 26.
Other financial risks
Park Street financial risks are described in the consolidated financial statements, Note 26 and includes a description of the following compo-
nents:
Liquidity risk
• Refinancing risk
• Liquidity risk management
Interest rate risk.
Credit risk.
Capital management.
Park Street is in active and advanced discussions for refinancing the current loan with a mortgage institution. The mortgage valuations have initial
draft terms are agreed in principle but await credit confirmation and approval on the lender side. There remains risk until the terms are finalised
with a credit approval, hence the management had discussions with current lenders who remain positive for an extension of loan such their credit
approvals, and also noted that there are no specific restrictions they see with their fund for such an extension. Overall the lending environment is
positive for alternative lenders for full stable assets and the management is confident of alternative financing in the events of delay in getting mort-
gage financing concluded.
Refer to the information in Note 26.
Business risks
Park Street is subject to normal commercial and societal risks applicable to players in the Danish real estate market.
Park Street's significant business risks can be divided into the following categories:
Properties market value
Market Rent
Vacancy
Maintenance
Sales of properties
Errors and omissions concerning the renovation and new construction.
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Properties market value
Park Street values investment properties at fair value (market value) and includes valuation adjustments in net profit. Park Street's portfolio of
properties constitute a large share of the Group's balance sheet, which means that sensitivity to falling prices in the property market is relatively
large.
Property value is influenced by several factors, including a particular value sensitivity to fluctuations in the following parameters:
i. Market rent
ii. Vacancy
iii. Yield
Estimated changes in the properties' fair value changes of the parameters above are disclosed in note 1 to the consolidated financial statements.
Market Rent
Park Street’s portfolio of leases are generally at market rent levels. The Group has an opportunity to review the leases where there is a gap to
market rents using section 13 clause to migrate the lease levels closer to market rents. Improving demand for space and increasing market rents
could also give an opportunity to make capital investments on structurally vacant areas of the portfolio to create further lettable areas.
Renegotiating with existing tenants could create the risk of increased vacancy, which in turn will create a need for further capital investment re-
quirements for upgrading the vacant space.
Vacancy
Park Street is dependent on the ability to maintain or create a natural user requirement for the properties.
In the case of a tenant's relocation of a lease, there is a risk that the vacant lease cannot be re-leased within the expected time horizon or, if nec-
essary, can only be leased at lower rent level than expected. In addition, vacancy rates are affected by the general economic situation in the area
where the individual property is situated.
Maintenance
The basis for obtaining rental income is, of course, that Park Street can offer leases that meet the expectations and requirements of the tenants,
including a satisfactory maintenance condition for the property.
Lack of maintenance of properties therefore creates a risk to Park Street. Lack of maintenance can be due to many conditions, such as structural
deficiencies, unforeseen wreckage, vandalism, extreme weather conditions, etc. The company prepares long term maintenance budgets and
carries out the maintenance work necessary to maintain a satisfactory maintenance condition on the properties.
Sales of properties
Park Street sells properties that are suitable to sell. The selling price is naturally linked to uncertainty as it depends on the actual negotiation situa-
tion at the time of sale and is also influenced by a number of other factors, including the rental income of the property, the general interest rate
level and market conditions at the time of sale.
Errors and deficiencies regarding rebuilding and newbuilding
When rebuilding the existing properties of the Group, or in the case of new construction, there is a risk of malfunctioning. Park Street ensures
against this through contracts with the Group's suppliers (contractors, etc.) who will be required to correct any deficiencies. In cases where suppli-
ers have gone bankrupt or for some reason cannot fill their obligations, Park Street may, however, have to rectify defects at your own expense,
provided there is no guarantee or other security from the suppliers.
Other risks
Other risks can be divided into the following categories:
Insurance risks.
Tax risks.
Legal risks.
IT risks.
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Insurance risks
Park Street subscribes to statutory insurance and insurance policies that are deemed to be relevant and customary. The Group regularly conducts
an insurance review with the assistance of an insurance specialist. Based on the latest report on the company’s insurance coverage, management
believes that Park Street has sufficient insurance coverage.
Tax risks
Changes in tax legislation may affect Park Street's fiscal situation.
Legal risks
Park Street regularly enters into a number of agreements, including agreements concerning the operation of properties. The agreements involve
opportunities and risks, which are assessed and hedged in connection with the conclusion of the agreements.
IT risks
Park Street uses IT to a considerable extent and are thus exposed to operational disruption of the established IT safety. This can cause operating
and financial losses. Park Street constantly works to ensure a high level of IT security, which is currently estimated to be the case.
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Data ethics: The Park Street Group does not have a formalized policy on data ethics. Park Street only processes data for business pur-
Legal requirements for corporate governance
Park Street has chosen on the company's website to publish the statutory statement of business management, according to section § 107b of
the Danish Financial Statements Act (Årsregnskabslovens § 107b.).
The full statutory report available on our website http://www.psnas.com/index.php/corporate-governance-statement/
Internal control and risk management systems in relation to the accounting process
Park Street Board of Directors and the Audit Committee have the overall responsibility for risk management and internal controls in relation to the
presentation of the Group financial statements. Group’s internal control and risk management systems relating to the accounting process are
designed to minimise the risk of irregularities and significant errors in the published financial statements.
The Board of Directors / Audit Committee regularly assess material risks and internal controls in order to ensure that the control environment of
Park Street provides a good risk management and effective internal control.
At least once a year, as part of risk assessment, the Board of Directors / Audit Committee and the ccutive Board undertake a general identification
and assessment of risks in connection with the financial reporting, including the risk of fraud, and consider the measures to be implemented in
order to reduce or eliminate such risks.
The Board of Directors is overall responsible for the Group having information and reporting systems in place to ensure that its financial reporting is
in conformity with rules and regulations. For this purpose, the Company has set out detailed requirements in policies, manuals and procedures.
The internal control and risk management systems are monitored at different levels within the Group. Any weaknesses, control failures and viola-
tions of the applicable policies, manuals and procedures or other material deviations are communicated upwards in the organization in accordance
with relevant policies and instructions. Any weaknesses, omissions and violations are reported to the Executive Board.
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Management composition and remuneration
The management of Park Street consist of the following:
Board Directors
Executive Board
Appointed
/ Employee
Expiry of
electoral
term
Age
Shareholding
at the begin-
ning, number
of shares
Share buy in
the year,
number of
shares
Shareholding
at the end of
the year
Independence Sex
Board of Directors
Anita Nassar(*)
2016
2024
63
0
0
0
Independent
F
Pradeep Pattem (**)(***)
2016
2024
48
6,722,484
0
6,722,484
1)
Not Independent
M
Ohene Kwapong
2016
2024
64
0
0
0
Independent
M
Medha Pattem
2023
2024
47
0
0
0
Not Independent
F
Claes Peter Rading(*)
2021
2024
62
0
0
0
Independent
M
(*) Anita Nassar holds the position of chairman of the Board. Claes Peter Rading is the chairman of the Audit Committee.
(**) Pradeep Pattem holds the position of CEO of the Company
(***) Pradeep Pattem holds controlling rights in Park Street Nordac Sarl through Park Street Asset Management
1) Acquired via Park Street Asset Management Ltd.
Remuneration to the Board of Directors and Executive Board
The purpose of the Group's remuneration, including any incentive remuneration, is to attract and retain the group's management skills and pro-
mote the management incentive to realize Park Street’s objectives and create value in and for the company.
A remuneration policy has been prepared that describes the guidelines for defining and approving remuneration for the members of the Board of
Directors and the Executive Board. The remuneration policy approved at the company's general meeting and is available on www.psnas.com
.
The board members receive a fixed monthly fee. The Chairman receives DKK 250,000 annually and other Board members receive DKK 100,000
annually. In addition, the Chairman of the Audit Committee receives DKK 75,000 annually and other members of the Audit Committee receive DKK
50,000 annually.
The remuneration for the members of the Board of Directors in 2024 is shown in Note 5 of the consolidated financial statements.
Salary and employment conditions for the Executive Board are set at least once a year by the Board of Directors. The salary consists of fixed
salary, without bonus and pension. In addition, the Executive Board receives free telephone, etc. Total wage package is composed so that the fees
are set at a competitive level, taking into account the competencies and efforts of the Executive Member and the results achieved. Reference is
made to Note 5 of the consolidated accounts regarding remuneration to the Executive Board.
Park Street/ Management's review
30
Board of Directors and Management
Pradeep Pattem (Indian Citizen), Director and CEO
Pradeep Pattem is a graduate engineer from the Delhi Institute of Technology and has an MBA from the Indian Institute of Management, Calcutta.
As the founder and CEO of Park Street Advisors Limited, Pradeep has advised and implemented investments in across Europe since its estab-
lishment in 2014. Pradeep previously had a position as Managing Director, Head of Credit & Mortgage Markets for Europe and Asia in the Royal
Bank of Scotland (RBS). In connection with the employment in RBS, Pradeep also held senior positions as a member of the Global Trading Man-
agement Committee, the Chairman of the Strategic Investments Committee and the Chair of Credit & Mortgage Risk and Compliance Committee.
Director Positions
Park Street Asset Management Limited, England
Park Street Advisors, England
Park Street A/S
Pulse Taastrup P/S, Denmark
Pulse Glostrup P/S, Denmark
PS Holdco I P/S
Pulse Glostrup P/S
Pulse Taastrup P/S
Pulse O P/S
Pulse N P/S
Svanevej P/S
Ballerup Hotel P/S
Toldbuen P/S
Management positions
CEO of Park Street A/S, Denmark
Phoam Studio ApS
PSN ApS
Pulse Living ApS
Albuen ApS
PS I ApS
Ohene Aku Kwapong (US citizen, Ghanaian citizen)
Ohene Aku Kwapong is a graduate of Massachusetts Institute of Technology’s (MIT) Sloan School of Management, Cambridge, Massachusetts,
with MBA in Financial Engineering and also studied Chemical / Nuclear Engineering at MIT. He holds a PHD in Non-linear Systems Dynamics from
Columbia University, New York. Ohene Aku has previously held senior positions at Exxon Mobil, Deutsche Bank London, Senior Manager at
Microsoft Corporation, VP at GE Capital, Senior Vice President at the New York City Economic Development Corporation, Senior VP at Deutsche
Bank in New York, and COO EMEA Credit at Royal Bank of Scotland in London. Since 2014, Ohene Aku has been engaged in consultancy in
restructuring and launched The Songhai Group, a corporate development company.
Management Positions
Managing Partner, The Songhai Group, US.
Director positions
Ecobank Ghana, Risk and Governance Committees.
The Practice School, an executive management skills company.
Trustee, Head of State Award Scheme – Ghana.
Anita Nassar (formerly Kamal) (French citizen)
Anita Nassar holds a bachelor's degree in business administration from the American University of Beirut. Anita is the founder of 'Alternative Con-
sultant Group'. Ms Nassar is Partner and Senior Managing Director at Balyasny Asset Management. She is also a member of BAM’s Management
Committee. Anita joined BAM from Citadel where she was a Partner and Managing Director serving Europe, the Middle-East, Africa and Asia
Pacific. Prior to joining Citadel, Anita served at Merrill Lynch, London as Managing Director, Co-Head of Government Institutions Sales. Previously,
she worked at HSBC London as Managing Director, Global Head of Government Sales, serving Asia, Europe, and the Americas.
Management Positions
Founder and CEO at Alternative Consultant Group.
Partner, Senior Managing Director at Balyasny Asset Management.
Park Street/ Management's review
31
Director positions
Board of Trustees at Northeastern University, Boston, USA.
Endowment Trustee in the Funds and Investments Subcommittee at Northeastern University, Boston, USA.
Claes Peter Rading (Swedish citizen)
Peter Rading is a Swedish citizen who graduated with a Bachelor of Science in Business Administration Summa Cum Laude from Georgetown
University DC in 1986. He worked for Royal Bank of Scotland Plc from 1990 to 2013, running multiple complex global businesses for the bank
between 2000 and 2013, when he then retired from the bank and the banking industry. His final position at the bank was as Global Co-Head of
Trading and included his serving on the Investment Bank executive committee, the Markets division management committee and as Chair of the
bank’s technology board. Since his departure from Royal Bank of Scotland Plc in 2013, Peter has actively focused on private investment activity in
the real estate sector, including an active involvement in the Nordics and high growth specialist real estate sub-sectors.
Director positions:
Elwyn Green Ltd
IP Nexus, US
Kamo River Investments Ltd
LocalCircles India Pvt Ltd, India
Seequestor, UK
Tillingbourne (Canterbury) Ltd
Tillingnourne (Horham) Ltd
Medha Pattem (UK citizen)
Medha Pattem is a graduate engineer from the Osmania University and has MS from the Rensselaer Polytechnic Institute, Troy, NY.
Director positions:
Sthenos International Ltd.
Park Street Advisors Ltd.
Park Street Asset Management Ltd.
Floorstax Ltd.
Swindon Ground Lease Ltd.
Xplore Markets Ltd.
India Growth Capital Ltd.
Thermopads UK Ltd.
Park Street/ Management's review
32
Shareholder structure
Shareholders above 5%
In percent
Park Street Asset Management Ltd.
71.79%
The number of registered shareholders amounts as of 31 December 2024 to 723 pcs. (31 December 2023: 789 pcs.). The registered shareholders
represent per 31 December 2024 99% of the share capital (31 December 2023: 99%).
All Park Street A/S Class A shares are listed on Nasdaq Copenhagen and are part of the Small Cap segment. The share price ended 31 Decem-
ber 2024 at price 12.00 (31 December 2023: 7.70), which is a increase of 4.30 points in relation to the share price per share as of 31 December
2023.
Appointment of board members
Rules of appointing and replacing members of the board of directors are included in the section 13.1 of the articles of association.
Rules for changing articles of association
Park Street A/S articles of association can be changed by a General Meeting in accordance with the Companies Act §§106 and 107. Resolution on
amendment of the Articles of Association are only valid if the resolution is approved by at least 2/3 of both voting rights and percentage of equity
which are present at the meeting.
Own shares
Information about treasury shares is shown in note 21 of the consolidated financial statements.
Dividends
The Board of Directors deems it prudential to propose to the Annual General Meeting that no dividend will be paid for the financial year 2024.
Investor Relations
It is Park Street's policy to inform quickly about relevant matters.
The Executive Board informs shareholders and investors according to guidelines agreed with the Board, and it is the goal to meet the information
obligations of Nasdaq Copenhagen each time. It is part of Park Street's information policy to:
publish interim reports,
issue annual reports, and
provide quick responses to inquiries to the group.
Share capital
DKK 57,175,572
Nominal share amount
DKK 1
Number of shares 57,175,572 shares
Share Classes
DKK 12,827,637 A-shares Listed
DKK 44,347,935 B-shares Not listed
Number of votes per share
One
Bearer Yes
Restriction on voting rights No
Limitations on transferability
No
ISIN
DK0010158500
Stock Exchange Nasdaq Copenhagen
Park Street/ Management's review
33
Stock exchange announcements made in 2025 & 2024
Date
Title
28-03-2025
Park Street 2025 Strategy
03-09-2024
Park Street changes in treasury shares 2024
03-09-2024
Park Street major shareholding announcement 2024
30-08-2024
Park Street Interim report half year 2024
30-08-2024
Announcement Interim report
29-08-2024
Park Street Roll back of the share capital reduction
21-08-2024
Company announcement – inside information
01-07-2024
Park Street A/S – Share buyback program 2024
26-06-2024
Park Street A/S – Share buyback program 2024
18-06-2024
Notification of Major Shareholding
18-06-2024
Notification of managers and closely related parties transactions
18-06-2024
Park Street- Voting rights and capital resulting from the capital reduction
17-06-2024
Park Street A/S – Share buyback program 2024
06-06-2024
Articles of Association (UK) (post capital reduction)
06-06-2024
Articles of Association (DK) (post capital reduction)
06-06-2024
Park Street A/S – Share buyback program 2024
27-05-2024
Park Street A/S – Share buyback program 2024
15-05-2024
Park Street A/S – Share buyback program 2024
06-05-2024
Park Street A/S – Share buyback program 2024
26-04-2024
Park Street A/S announces results of annual general meeting 2024
23-04-2024
Park Street A/S – Share buyback program 2024
12-04-2024
Park Street A/S – Share buyback program 2024
04-04-2024
Park Street A/S – Annual Report 2023
04-04-2024
Park Street A/S – Publishes Annual Report 2023
03-04-2024
Park Street A/S – Share buyback program 2024
20-03-2024
Park Street A/S – Share buyback program 2024
11-03-2024
Park Street A/S – Share buyback program 2024
05-03-2024
Park Street A/S : 2024 Strategy
28-02-2024
Park Street A/S – Share buyback program 2024
Financial Calendar
04-04-2025
Annual Report 2025
28-04-2024 Annual General Meeting
More info
Further information on company and shareholder matters and the Group's activities can be found on Park Street's website
http://www.psnas.com
Inquiries regarding the Group's relations with investors and the stock market can be addressed to:
CEO: Pradeep Pattem
Tel.: + 45 33 33 93 03
E-mail: parkstreet@parkstreet.dk
Park Street/ Management's review
34
The Group structure at 31 December 2024
The Group structure at 31 December 2024 consists of the company Park Street A/S and the fully owned subsidiaries Pulse Taastrup P/S, Pulse
Glostrup P/S, Pulse N P/S, Pulse O P/S, Ballerup Hotel P/S, Svanevej P/S, Toldbuen P/S, PS Holdco I P/S, Phoam Studio ApS, PSN ApS, Pulse
Living ApS, Albuen ApS, PS I ApS, and Park Street UK.
Information on investment is disclosed in note 11 of the parent company's financial statements. All subsidiaries are fully consolidated in the consol-
idated financial statements of Park Street A/S.
Park Street/ Statements
35
Statement by Board of Directors and Management
Management
Board of Directors
Park Street/ Independent Auditor’s Report
36
Independent Auditor’s Reports
Report on the audit of the Financial Statements
Park Street/ Independent Auditor’s Report
37
Park Street/ Independent Auditor’s Report
38
Park Street/ Independent Auditor’s Report
39
Park Street/ Independent Auditor’s Report
40
CVR no 33 77 12 31
Park Street/ Independent Auditor’s Report
41
Park Street/ Independent Auditor’s Report
42
2024
CONSOLIDATED
FINANCIAL STATEMENTS
Park Street | CONSOLIDATED Financial Statements
43
Income statement
Note
Amounts in DKK 1000s
2024
2023
3
Net sales
4
Operating expenses
-43,828
-44,227
Gross profit
5
Employee benefit expenses
-13,869
-15,528
Other expenses
-16,378
-10,039
7
Depreciation, amortisation and impairment
-1,401
-2,556
Operating profit (EBIT)
Financial income
8
Financial expenses
-73,364
-52,424
Earnings before value adjustments (EBVAT)
9
Adjustment to fair value, net
-73,750
10
Losses realised on the sale of investment properties
-855
-2,535
Result before tax
-34,917
11
Tax on profit for the period
-17,114
Result for the period
-24,245
12
Earnings per share, end of period
-0.44
12
Diluted earnings per share, end of period
-0.44
Park Street | CONSOLIDATED Financial Statements
44
Statement of comprehensive income
Note
Amounts in DKK 1000s
2024
2023
Profit for the period
-24,245
Other comprehensive income:
Items that cannot be reclassified to the income statement:
Fair value adjustment of domicile properties
-95
-3,615
Tax on fair value adjustment of domicile properties
Other comprehensive income after tax
-74
-2,820
Comprehensive income for the period
-27,065
Park Street | CONSOLIDATED Financial Statements
45
Statement of financial position
Note
Amounts in DKK 1000s
2024
2023
ASSETS
Non-current assets
Intangible assets
13
Leasehold improvements
Domiciles, Investment property and Property, plant and equipment
14
Domiciles
15
Investment properties
16
Machinery and equipment
Financial assets
Deposits
Total non-current assets
Current assets
17
Current financial assets at amortised cost
18
Trade and other current receivables
Income tax receivable
Prepaid expenses and accrued income
19
Cash and cash equivalents
Total current assets
Total assets
Equity
Share capital
Revaluation reserve
Share Premium
Accumulated profit
20,21
Total equity
LIABILITIES
Non-current liabilities
22
Deferred tax
23
Borrowings
Deposits
Current liabilities
24
Provisions
23
Current borrowings
Trade and other payables
Income tax payable
Deposits
Other liabilities
Total liabilities
Total equity and liabilities
Park Street | CONSOLIDATED Financial Statements
46
Statement of equity
Amounts in DKK 1000s
Share capi-
tal
Revaluation
reserve
Accumulated
profit
Share Pre-
mium
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
-95
-95
Tax on other comprehensive income
Other comprehensive income during the financial year
-74
-74
Comprehensive income for the period
-74
Transactions with owners
Repurchase own shares
-104,400
-104,400
Capital reduction
Total transactions with owners
-104,400
-104,400
Other adjustments
Revaluation reserve transfer for domicile sold property
Increase/decrease through transfer of depreciation on
revalued value of domicile property
-17,523
-700
Total other adjustments
-18,223
Equity as at 31 December 2024
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
-2,820
-2,820
Comprehensive income for the period
-2,820
-24,245
-27,065
Transactions with owners
Purchase own shares
Capital reduction
Total transactions with owners
Other adjustments
Increase/decrease through transfer of depreciation on
revalued value of domicile property
Total other adjustments
-1,566
Equity as at 31 December 2023
Park Street | CONSOLIDATED Financial Statements
47
Statement of cash flows
Note
Amounts in DKK 1000s
2024
2023
Operating profit (EBIT)
Reversal of depreciations and amortisations
Change in operating capital
-13,463
Cash flows concerning primary operations
Financial expenses paid
-72,888
-52,424
Paid corporate tax
-7,148
Total cash flow from operating activities
-16,458
Cash flow from investing activities
Improvements to investment properties
-11,528
-78,221
Sales of investment and domicile properties
Purchase of other property, plant and equipment
-304
Sale of associates
Total cash flow from investing activities
Cash flow from financing activities
Repurchase own shares
-104,400
Proceeds from assumption of liabilities to credit institutions
Repayment of other liabilities to credit institutions
-110,729
-89,995
Total cash flow from financing activities
-215,129
-47,274
Total cash flow for the period
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 deposits
Liquid assets at the end of the period
48
Summary
Note 1
Material accounting policy information
Note 2
Segment information
Note 3
Net sales
Note 4
Operating expenses
Note 5
Employee benefits expenses
Note 6
Auditor’s fees
Note 7
Depreciation and amortization
Note 8
Financial Expenses
Note 9
Adjustment to fair value, net
Note 10
Realized gains on the sale of investment properties
Note 11
Tax on profit for the year and other comprehensive income
Note 12
Earnings per share
Note 13
Intangible assets
Note 14
Domicile
Note 15
Investment properties
Note 16
Machinery and equipment
Note 17
Mortgages and instruments of debt
Note 18
Receivables
Note 19
Cash and cash equivalents
Note 20
Share capital
Note 21
Own shares
Note 22
Deferred taxes
Note 23
Borrowings
Note 24
Provisions for liabilities
Note 25
Contingent assets and liabilities
Note 26
Financial risks
Note 27
Non-current operating items, etc.
Note 28
Change in operating capital
Note 29
Disclosure of related parties
Note 30
Subsequent events
Note 31
Accounting policies
49
Notes
Note 1 – Material accounting policy information
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
Note 27 – Non-current operating items, etc.
Amounts in DKK 1000s
2024
2023
Depreciation and amortization
-1,401
-2,556
Profit/loss on sale of operating assets
-855
-2,535
Total regulation
-2,256
-5,091
71
72
73
74
75
76
Park Street | Park Street A/S Financial Statements
77
Park Street | Park Street A/S Financial Statements
78
2024
PARK STREET A/S
FINANCIAL STATEMENTS
Park Street | Park Street A/S Financial Statements
79
Income statement
Note
Amounts in DKK 1000s
2024
2023
2
Net sales
73,643
95,811
3
Operating expenses
-19,118
-22,728
Gross profit
54,525
73,083
4
Employee benefit expenses
-8,326
-10,700
Other expenses
-12,324
-7,592
6
Depreciation, amortisation and impairment
-209
-737
Operating profit (EBIT)
33,666
54,053
7
Financial income
11,942
5,840
7
Financial expenses
-22,453
-17,248
Earnings before value adjustments (EBVAT)
23,156
42,645
8
Income / Loss from subsidiaries
-1,951
27,099
9
Adjustment to fair value, net
4,655
-105,746
Gains realised on the sale of investment properties
-1,747
-2,535
Result before tax
24,113
-38,536
10
Tax on profit for the period
-17,193
11,471
Result for the period
6,920
-27,065
Park Street | Park Street A/S Financial Statements
80
Statement of comprehensive income
Note
Amounts in DKK 1000s
2024
2023
Result for the period
6,920
-27,065
Other comprehensive income:
Items that cannot be reclassified to the income statement:
Fair value adjustment of domicile properties
0
0
Tax on fair value adjustment of domicile properties
0
0
Other comprehensive income after tax
0
0
Comprehensive income for the period
6,920
-27,065
Distributed as follows
Parent's shareholders
6,920
-27,065
Comprehensive income for the period
6,920
-27,065
Park Street | Park Street A/S Financial Statements
81
Statement of financial position
Note
Amounts in DKK 1000s
2024
2023
ASSETS
Non-current assets
Intangible assets
Capitalised Leasing Fees
346
439
346
439
Property, plant and equipment
12
Investment properties
994,813
1,214,789
Machinery and equipment
0
-124
994,813
1,214,665
Financial assets
11
Investment in subsidiaries
497,346
492,183
Deposits
161
161
497,508
492,344
Total non-current assets
1,492,666
1,707,449
Current assets
13
Intercompany receviables
165,296
240,182
14
Trade and other current receivables
109,920
17,903
Income tax receivable
0
2,332
Prepaid expenses and accrued income
400
0
Cash and short-term deposits
62,226
14,732
Total current assets
337,842
275,149
Total assets
1,830,508
1,982,597
Equity
Share capital
57,175
57,175
Share Premium
289,260
289,260
Accumulated profit
616,045
713,524
Total equity
962,479
1,059,959
LIABILITIES
Non-current liabilities
15
Deferred tax
239,610
233,842
16
Borrowings
575,838
629,465
Deposits
140
7,200
815,589
870,507
Current liabilities
Provisions
400
400
16
Current borrowings
22,567
22,567
Trade and other payables
5,240
7,079
Deposits
20,675
20,675
Income tax payable
2060
0
Other liabilities
1,499
1,410
52,441
52,131
Total liabilities
868,030
922,639
Total equity and liabilities
1,830,508
1,982,598
Park Street | Park Street A/S Financial Statements
82
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
57,175
0
713,524
289,260
1,059,959
Comprehensive income for the period
Result for the period
0
0
6,920
0
6,920
Fair value adjustment of domicile
0
0
0
0
0
Tax on other comprehensive income
0
0
0
0
0
Other comprehensive income during the financial year
0
0
0
0
0
Comprehensive income for the period
0
0
6,920
0
6,920
Transactions with owners
Repurchase own shares
0
0
-104,400
0
-104,400
Capital reduction
0
0
0
0
0
Total transactions with owners
0
0
-104,400
0
-104,400
Equity as at 31 December 2024
57,175
0
616,045
289,260
962,479
Statement of equity for 2023:
Equity as at 1 January 2023
57,175
0
740,589
289,260
1,087,024
Comprehensive income for the period
Result for the period
0
0
-27,065
0
-27,065
Comprehensive income for the period
0
0
-27,065
0
- 27,065
Transactions with owners
Repurchase own shares
0
0
0
0
0
Cash reduction
0
0
0
0
0
Total transactions with owners
0
0
0
0
0
Other adjustments
Depreciation of revalued value of domiciles
Equity as at 31 December 2023
57,175
0
713,524
289,260
1,059,959
Park Street | Park Street A/S Financial Statements
83
Statement of cash flows
Note
Amounts in DKK 1000s
2024
2023
Operating profit (EBIT)
33,666
54,063
Reversal of depreciations and amortisations
209
737
Change in other operating capital
-26,949
-31,417
Cash flows concerning primary operations
6,926
23,373
Financial expenses paid
-10,510
-17,248
Paid Corporate Tax
-7,148
0
Total cash flow from operating activities
-10,733
6,125
Cash flow from investing activities
Improvements to investment properties
-3,049
14,040
Sales of investment properties
220,750
76,400
Purchases of other property, plant and equipment
-219
0
Total cash flow from investing activities
217,482
90,440
Cash flow from financing activities
Repurchase Own Shares
-104,400
0
Repayment of liabilities to credit institutions
-54,856
-30,728
Repayment of debt from disposal of assets
0
-58,272
Total cash flow from financing activities
-159,256
-89,000
Total cash flow for the period
47,494
7,565
Liquid assets as at 1 January
14,732
7,167
Liquid assets at the end of the period
62,226
14,732
Liquid assets at the end of the period
Cash and short term deposit
62,226
14,732
Liquid assets at the end of the period
62,226
14,732
Park Street |
84
Summary
Note 1
Accounting policies, accounting estimates, risks etc.
Note 2
Net sales
Note 3
Operating expenses
Note 4
Employee Expenditure
Note 5
Auditor's fees
Note 6
Depreciation and amortization
Note 7
Financial income and expenses
Note 8
Income / (loss) from subsidiaries
Note 9
Adjustment to fair value, net
Note 10
Tax on profit for the year and other comprehensive income
Note 11
Investment in subsidiaries
Note 12
Investment properties
Note 13
Intercompany receviables
Note 14
Trade and other current receivables
Note 15
Deferred taxes
Note 16
Borrowings
Note 17
Contingent assets and liabilities
Note 18
Financial risks
Note 19
Change in other working capital
Note 20
Related parties
Note 21
Events after the balance sheet date
Note 22
Accounting policies
Park Street |
85
Notes
Note 1 - Accounting policies, accounting estimates and risks, etc.
The accounting assumptions, assessments and estimates made in the preparation of the parent company accounts are the same as described in
note 22 of these financial statements, to which reference is made.
See note 11 regarding the recognition and measurement of investments, receivables from subsidiaries and provisions relating to subsidiaries in the
Parent Company's financial statements.
Note 2 - Net sales
Amounts in DKK 1000s 2024 2023
Rental income
60,957
83,877
Sales of other services
12,686
11,934
73,643
95,811
Note 3 - Operating expenses
Amounts in DKK 1000s 2024 2023
Operating expenses, investment properties
19,118
22,723
Operating expenses, other services 0 5
19,118
22,728
Note 4 – Employee benefits expenses
Amounts in DKK 1000s 2024 2023
Salary
7,673
9,770
Contribution based pension (*)
318
486
Other social security costs
26
80
Other staff costs
309
364
8,326
10,700
Average number of employ-
ees
7 10
(*) Park Street A/S has only defined contribution plans. For defined contribution plans, the employer undertakes to pay a defined contribution to a
pension fund, but has no risk with regard to future developments in interest rates, inflation, mortality, disability, etc. as regards the amount to be
paid to the employee.
Remuneration of the CEO and the Board of Directors is described in Note 5 of the consolidated accounts.
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Note 5 – Auditor’s fees
The auditor appointed in 2024 and 2023 is PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab. Their fees can be specified as
follows:
Amounts in DKK 1000s 2024 2023
Statutory audit 781 811
Tax and VAT advice 278 243
1,059 1,054
Fees for non-audit services delivered by PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab, include taxation and VAT services.
Note 6 – Depreciation, amortisation and impairment
Amounts in DKK 1000s
2024
2023
Depreciation, software
93
632
Depreciation, inventory and fixed
assets
115 105
208 737
Note 7 – Financial Income and Expenses
Amounts in DKK 1000s 2024 2023
Financial income
-11,942
-5,840
Interest expenses, liabilities to credit institutions measured at amortized cost 22,375 17,187
Other interest costs and fees 77 74
Borrowing costs 0 -13
10,510
11,408
Note 8 – Year’s result in subsidiary companies
Amounts in DKK 1000s
2024
2023
Income / Loss from subsidiaries
-1,951
27,099
-1,951 27,099
Note 9 – Adjustments to fair value, net
Amounts in DKK 1000s
2024
2023
Fair value adjustment, investment properties
4,655
-105,746
4,655 -105,746
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Note 10 – Tax on profit for the year and other comprehensive income
Amounts in DKK 1000s
2024
2023
Annual tax can be divided as follows:
Current tax on profit of the year
0
0
Current tax adjustment
0
0
Changes in deferred taxes
17.193
-11,471
Changes in deferred taxes previous years
0
0
17,193
-11,471
Tax on profit for the year can be explained as follows:
Estimated tax at a tax rate of 22%
5,575
-8,478
Adjustment of deferred tax assets and liabilities
11,888
-2,993
17,193
-11,471
Effective tax rate
71.30%
29.77%
Note 11 – Investment in subsidiaries
See accounting policies on note 22 of the Parent’s Financial Statements.
Receivables considered part of the overall investment in the subsidiary are written down by any remaining negative equity value.
Amounts in DKK 1000s
2024
2023
Cost price at 1 January 404,144 404,144
Additions
0
0
Cost price at 31 December
404,144
404,144
Value adjustments at 1 January
89,525
62,426
Prior years adjustments 17,561 0
Share of profit/loss for the year after tax -1,951 27,099
Value adjustments at 31 December
105,135
89,525
Carrying amount at 1 January 492,183 465,532
Investments with negative equity offset against trade receivables -11,932 -1,486
Carrying amount at 31 December
497,346
492,183
List of subsidiaries:
Subsidiaries
Registered Address
Equity
PSN ApS
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse Glostrup P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse Taastrup P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Phoam Studio ApS
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse Living ApS
Amaliegade 6, 2 tv, 1256 København K
100%
Albuen ApS
Amaliegade 6, 2 tv, 1256 København K
100%
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PS I ApS
Amaliegade 6, 2 tv, 1256 København K
100%
PS Hold Co P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse N P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Pulse O P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Ballerup Hotel P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Toldbuen P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Svanevej P/S
Amaliegade 6, 2 tv, 1256 København K
100%
Park Street Nordicom UK Ltd
85, Great Portland Street, London, W1W 7LT, England
100%
Note 12 – Investment properties
Amounts in DKK 1000s 2024
2023
Balance at 1 of January
1,214,789 1,398,722
Costs incurred for improvements
3,049 0
Adjustment to fair value, net
4,655 -105,746
Additions fixed assests
0 0
Depreciation of fixed assets
0
0
Retirement on sale
-227,679
-78,187
Balance at 31 December 994,813 1,214,789
Fair value hierarchy for investment:
Amounts in DKK 1000s
Level 1
Level 2
Level 3
Total
At 31 December 2024:
Investment properties 0 0 994,813 1,214,789
0 0 994,813 1,214,789
At 31 December 2023:
Investment properties 0 1,214,789 1,214,789
0 0 1,214,789 1,214,789
Classification of investment properties in level 3 means that determining the fair value of investment properties is mainly based on data that is not
observable in the market.
During 2024 and 2023 there has been no transfers between levels of the fair value hierarchy.
The fair value of investment properties is based on estimates. Refer to note 15 in the consolidated financial statements for additional details.
The net income of the investment portfolio is as follows:
Amounts in DKK 1000s
2024
2023
Rental income from investment properties
60,957
83,877
Operating expenses, investment properties
-19,118
-22,723
Net income from investment properties 41,838 61,154
The Group has entered into operating leases (leases) to tenants of its investment properties. The leases duration is up to 15 years. The contract
minimum payments under existing leases are distributed as follows:
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Amounts in DKK 1000s
2024
2023
Remaining termination within 1 year from the balance sheet date
2,429
583
Remaining termination between 1 and 5 years from the balance sheet date 0 916
Remaining termination after 5 years from the balance sheet date 56,838 56,442
59,267
57,941
The accumulated minimum lease payments for commercial rentals during the non- cancellable period can be shown as follows:
Amounts in DKK 1000s 2024 2023
Before 1 Year 5,290 37,263
Before 2 Years 2,990 10,095
Before 3 years
755 4,740
Before 4 years
5618 2,330
Before 5 years 3,444 0
After 5 years 37,138 16,167
Total accumulated minimum lease
payments
55,235 70,594
Note 13 – Intercompany receviables
Park Street has the following receviables:
Amounts in DKK 1000s 2024 2023
Intercompany receviables at 1 January
240,182
212,321
Repayment of the year -74,886 0
Additions - Intercompany loans 0 27,861
Financial assets at amortized cost at 31 December
165,296
240,182
Park Street A/S has provided a credit line facility to the subsidiary Pulse Taastrup P/S with an aggregate principal amount of nominal DKK 175
million (175 million utilized at 31.12.23) with an annual interest rate of 7.5% payable at the maturity date of the loan. Additionally, Park Street A/S
has provided a credit line facility to the subsidiary Phoam Studio ApS with an aggregate principal amount of nominal DKK 5 million (5 million uti-
lized at 31.12.24) with an annual interest rate of 7.5% payable at the maturity date of the loan.
Note 14 – Trade and other current receivables
Amounts in DKK 1000s
2024
2023
Receivable Rental Income
5,019
8,003
Deposited funds in banks
383
383
Other Receivables
12,023 9,517
Receivable from related party 92,495 74,886
Receivables at 31 December
109,920
92,789
Write-downs on receivable rental income have been made after an individual assessment and have developed as follows:
Bad debt provision as of 1st of January
2,164
2,165
Additional provisions
2,692
0
Reversal 0 -1
4,856
2,164
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In the above tenant rental income, receivables have been recognized which were overdue as at 31 December but have not been written down, with
the following amounts:
Up to 30 days
312
1,305
Between 30 and 90 days
799
2,278
Over 90 days
3,908
4,420
5,019
8,003
Trade receivables are predominantly non-interest bearing. Apart from rental income receivable, Park Street has no receivables that are overdue at
the balance sheet date or which have been assessed as impaired.
Funds deposited in banks relate to receivables selling price from properties sold, funds deposited as collateral for mortgage loans and deposits as
security for the initiated maintenance work on properties.
Note 15 – Deferred Taxes
Amounts in DKK 1000s
2024
2023
Deferred tax liabilities at 1st of January
233,842
247,723
Correction from previous years
-11
-2,410
Recognized in the income statement
5,779
-11,471
Deferred tax liabilities at 31 December
239,610
233,842
Deferred tax is recognized in the balance sheet as follows:
Deferred tax (asset)
Deferred tax (liability)
-239,610
-233,842
Deferred tax at 31 December
-239,610
-233,842
Deferred tax recognized in the balance
The calculation of deferred taxes included DKK 13 million relating to tax losses carried forward from Group companies. Based on budget account-
ing and tax profits in the period 2025-2027 and deferred tax liabilities, it is estimated that all tax losses (tax base) will be realized, which is includ-
ed in the calculation of deferred tax DKK 239.6 million (taxable value) per 31 December 2024 (2023: DKK 233.8 million).
Amounts in DKK 1000s Balance 1/1
Recognized
in the income
statement
Recognized
in another
comprehensive
income
Balance 31/12
2024
Software -214 290 0 76
Investment and residential properties 260,190 -7,986 0 252,204
Fixtures and fittings -363 123 0 -240
Receivables -612 -391 0 -1,003
Provisions
-176
171
0
-5
Credit institutions
3,041
-1,923
0
1,118
Tax losses carryforward
-28,024
15,484
5
-12,540
233,842 5,768 0 239,610
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Amounts in DKK 1000s Balance 1/1
Recognized
in the income
statement
Recognized
in another
comprehensive
income
Balance 31/12
2023
Software
98
-312
0
-214
Investment and residential properties
277,897
-17,707
0
260,190
Fixtures and fittings
-388
25
0
-363
Receivables
-612
0
0
-612
Provisions -88 -88 0 -176
Credit institutions 1,131 1,910 0 3,041
Tax losses carryforward
-30,315 2,291 0 -28,024
247,723
-13,881
0
233,842
There are no deferred tax assets not recognized in the balance.
Note 16 – Borrowings
Amounts in DKK 1000s
2024
2023
Credit institutions, nominal
602,755 657,612
Market value adjustments
-4,350 -5,579
598,405
652,033
The liabilities are thus included in the balance sheet:
Credit institutions, long-term
575,838
629,465
Credit institutions, short-term
22,567
22,567
598,405 652,032
The Group's loans and credits are distributed as per 31 December as follows:
Liabilities recognized at fair value
Currency
Rate type
Expiry date
2024
2023
Convertible bonds
DKK
Interest-free
10-14 years
11,335
11,335
11,335
11,335
Market value adjustments
-4,350
-5,579
Carrying amount
6,986
5,756
Liabilities recognized at amortized cost
Currency
Rate type
Expiry date
2024
2023
Mortgage Debt
DKK
Variable
2-5 years
158,022
50,822
Mortgage Debt
DKK
Variable
6-10 years
280,031
0
Mortgage Debt
DKK
Variable
11-15 years
160,352
596,489
Mortgage Debt
DKK
Variable
16-20 years
0
0
Carrying amount
598,405
647,311
The nominal amounts stated in the tables represent the amount that Park Street will repay under the loan agreements by the end of these
agreements.
Fixed interest loans stated in the tables indicate that a fixed rate applies until the loans' maturity date or until a new negotiation is made with the
individual bank. Variable interest rates expressed in the tables indicate that the loans have interest rates that are regularly adjusted over the term
of the loans due to fluctuations in market interest rates.
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The evolution of the long and short term liabilities with credit institutions is specified follows:
Amounts in DKK 1000s
2024
2023
Non-current financial liabilities
629,465
720,686
Current financial liabilities
22,567
20,347
Financial liabilities with credit institutions at 1 January
652,033
741,032
Repayment of liabilities to credit institutions -54,856 -89,000
Accrued financial expenses 1,229
Financial liabilities with credit institutions at 31 December
598,405
652,032
Non-current financial liabilities 575,838 629,465
Current financial liabilities
22,567
22,567
Total financial liabilities with credit institutions at 31 December
598,405
652,033
Determining the fair value of debt to credit institutions
Information on Group’s financial loan agreements, mortgage debt and convertible bonds is disclosed in note 23 of the consolidated financial state-
ments. Information on estimates and judgments related to the determination of fair value of financial liabilities is disclosed in note 1 of the Consoli-
dated Financial Statements. As stated in these notes mortgage and bank debt have been recognized at amortised cost in 2024. No reversal of fair
value adjustments in 2024.
Zero-coupon bonds (former Convertible bonds)
See note 23 in the Consolidated Financial Statements.
Note 17 – Contingent assets and liabilities
Disclosure of collateral
The nominal pledge for the bank debt and mortgage debt given by credit institutions per 31 December, 2024 amount a total of DKK 598 million (31
December 2023: DKK 652 million), the nominal value of the loans amounts a total of DKK 598 million (31 December 2023: DKK 652 million) in the
group's investment properties and domicile with a book value totalling DKK 995 million (31 December 2023: DKK 1,233 million).
The nominal pledge for the bank debt and mortgage debt given by credit institutions per 31 December, 2024 amount a total of DKK 7.4 million (31
December 2023: DKK 7.4 million), in the group's deposited mortgage deeds with a book value totalling DKK 7.4 million (31 December 2023: DKK
7.4 million).
Disclosure of contingent liabilities
Park Street had a legal dispute with a previous and a current tenant in relation to the lease being deemed as a commercial or a residential lease.
Park Street has lost the argument and now the lease is deemed to be residential. This could lead to some potential liability in relation to the dilapi-
dations claim and other aspects. This will be clarified as the case proceeds further with court processes..
No additional significant litigations and disputes are acknowledged by the Group at 31 December, 2024.
Lease hire agreements
There are lease hire agreements for cars rental and printers.
2024 2023
Within 1 year from the balance sheet date
32
10
Between 1 and 5 years from the balance sheet date 126 422
After 5 years from the balance sheet date 0 0
Lease hire obligations at 31 December
158
432
Minimum lease payments recognized in the profit and loss account for the year 15 31
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Note 18 – Financial risks
Amounts in DKK 1000s 2024 2023
Mortgages and debentures
7,412
7,412
Intercompany loan
157,883
157,883
Financial assets measured at amortized cost 165,295 165,295
Receivables
109,920
92,789
Cash and equivalents 62,226 14,732
Loan and receivables
172,146
107,521
Credit institutions
6,986
5,757
Financial liabilities measured at fair value through profit or loss 6,986 5,757
Credit institutions 598,405 652,033
Deposits 20,816 27,876
Accounts payable 5,240 7,079
Other Debts 1,498 881
Financial liabilities measured at amortized cost
625,959
687,869
Risk management policy
The financial management of the Group is geared towards stabilization and optimization of the Group's operations, while at minimizing the Group's
financial risk exposure. It is part of the Group's policy not to conduct speculative transactions by active use of financial instruments.
The group is due to its activities exposed to various financial risks, including liquidity risk, market risks (primarily interest rate risk) and credit risk.
Liquidity risk
Park Street’s liquidity risk consists on not being able to make regular payments and not being able to provide sufficient liquidity to cover the financ-
ing costs, capital repayment obligations and capital investments. Lack of liquidity may arise from insufficient cash resources and may be adversely
affected by missed payments from Park Street tenants, increased vacancy, repayment of deposits, divestments, unexpected costs and investment
needs. Lack of liquidity may also arise from default of loans signed and in connection with refinancing when existing loan agreements expire or are
terminated.
Cash reserves total at 31 December, 2024 DKK 62.2 million (31 December 2023: DKK 14.7 million).
Maturity of financial liabilities is specified as follows:
Amounts in DKK 1000s
Carry forward
balance
Contractual
cash flows
0 - 1 Years 2 - 3 Years 4 - 5 Years
After 5
Years
2024
Non-derivative financial instruments
Credit institutions
598,405
615,382
16,977
10,213
0
588,193
Trade payables
5,240
5,240
5,240
0
0
0
Deposits
20.816
20.816
7,900
10,583
1,570
764
Other debts
1,498
1,498
1,498
0
0
0
Total
625,959
642,936
31,614
20,796
1,570
588,957
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94
2023
Non-derivative financial instruments
Credit institutions
652,033
883,500
75,642
385,618
82,141
340,098
Trade payables
7,079
7,079
7,079
0
0
0
Deposits
27,876
27,876
14,960
10,583
1,570
764
Other debts
881
881
881
0
0
0
Total
687,869
919,336
98,562
396,201
83,711
340,862
Interest rate risk
Park Street is as a result of its financing activities in significant extent exposed to interest rate fluctuations. The interest rate risk is therefore an
essential element in the overall assessment of the Group's financial situation.
The interest rate risk as of 31 December, 2024 primarily relate to the following:
Fluctuations in market interest rates on mortgages with variable rates (Cibor6, F2, F3, F5).
Renegotiation of the margin rate applied on the mortgage loans.
Renegotiation of fixed interest rate of bank debt associated with the extension of loans / terms. Fixed rate includes loans, which applies
a fixed rate until the loans' maturity date, to other agreed point in time or until a renegotiation is made with the individual bank.
Park Street’s major interest rate risk is the risk that the financial creditors on short notice increase terms of interest and margin rates. In this
situation, the level of interest and contribution rates depend on negotiations with the financial institutions. The Group's loan portfolio is continu-
ously monitored with a view to optimizing the group's exposure to interest rate risks. Park Street at 31 December, 2024 does not have financial
instruments for interest rate hedging, and the group has limited opportunities to influence the interest rate risk in the current financial situation.
Group's nominal financial debt is specified as follows, based on the type of interest rate that is linked to individual loans:
Type of loan
Nominal (DKK million)
* Weighted interest rate (per annum)
At 31 December, 2024:
Mortgage debt
Cibor6
40
2.56%
Mortgage debt
F2
38
2.60%
Mortgage debt
F3
123
1.38%
Mortgage debt F5
366
1.81%
Others Others
31
1.15%
598
1.79%
At 31 December, 2023:
Mortgage debt
Cibor6
88
4.26%
Mortgage debt
F2
40
2.60%
Mortgage debt F3
110
1.28%
Mortgage debt F5
390
1.15%
Bank debt etc. Fixed
25
1.15%
Others
Others
0
-
653
2.98%
The calculated weighted interest rate for all Park Street loans at 31 December 2024 was 1.79% per annum and is based on the latest confirmed
interest rates. The corresponding calculated weighted rate at 31 December 2023 was 2.98% per annum.
Breakdown by maturity until the next date of interest rate adjustment distributes the Group's loans as follows (as of Dec. 31):
Park Street |
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Amounts in DKK million
2024
2023
Between 0 and 12 months
0
76
Between 2 and 3 years
10
386
Between 4 and 5 years
0
82
After 5 years
588
340
598
884
The interest rate adjustment date for fixed-rate and interest-free loans is included in the above table at the time of the renegotiation of the maturity
and / or terms of the loans or where existing confirmations on a given interest rate expire for a period.
Interest rate risk from Park Street’s view can be presented in the following two divisions:
Variable market interest rates: Risks associated with fluctuations in market interest rates, ie. on loans where interest rate adjustment
takes place at defined times based on market fluctuations. This applies to mortgage loans with variable interest rates.
Interest, etc. on all loans: Risks associated with fluctuations in interest rates on all loans. In addition to the above fluctuations in market
rates, this includes the renegotiation of contribution rates at mortgage banks and renegotiation of loan terms with bank creditors.
The hypothetical effect on the results and equity after tax as a result of 1 percentage point increase in interest rates (ex. Fair value adjustments)
are illustrated in the following table:
Amounts in DKK 1000s
2024
2023
Variable Interest rate loans:
Effect on income statement
-0.4
-1.0
Effect on equity
-0.4
-1.0
On loans from credit institutions, with ongoing interest rate adjustments resulting from changes in market interest rates, illustrates the table above
that the hypothetical effect on net income and equity as a result of one percentage point increase in interest rates amounts to DKK –0.4 million per
annum (2023 DKK -1.0 million).
Currency risk
The company exposure is very limited to changes in currency rates.
Credit risk
The Company's credit risk is primarily related to:
Lease receivables
Receivables from the sale of properties
Receivables form mortgages
The maximum credit risk for financial assets is reflected in the accounting values of the balance sheet, and taking into account securities
received.
Risks concerning to rental receivables are limited to Park Street’s options to deduct payments from deposits and termination of the covered leases.
Credit risk on receivables arising from the sale of properties is limited, as the transactions are always subject to payment of purchase price and
deposit of the purchase price. With mortgage deeds, the Group has an usual debtor risk, which is reduced by mortgages on properties.
In order to minimize the risk of loss of receivable rent, the tenants' ability to pay prior to entering into leases is assessed to the extent that it is
relevant. In addition, there is usually a requirement for a cash deposit, a guarantee and / or prepaid rent. However, if a tenant is unable to pay, it
may result in loss as well as reduced income due to rental allowance upon relocation, lower future rental income and any additional costs incurred
in connection with refurbishment etc.
Credit risk on receivables at 31 December, 2024, is further described in note 19 of the consolidated financial statements.
Group’s Cash and cash equivalents consists primarily of deposits in reputable banks. The group believes that there is no significant credit risk
associated with the cash. Deposits in banks are labelled at variable interest rate.
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96
Financial liabilities with credit institutions and fair value
Group’s mortgage debt and bank debt is classified as amortized cost. Fair value of loans measured at amortised cost amount to DKK 909,420.
Fair value has been determined as the present value of the contractual cash flows discounted at a rate reflecting the current borrowing rate. Due to
the fact that the terms of all loans were renegotiated in 2017, fair value of all floating rate loans is considered to be equal to their carrying aomunt.
Based on a recent transaction, the fair value measurement is considered a level 2 measurement.
The fair value of zero-coupon debt is established based on the fair value estimated by an independent reviewer (estimated rate of 50.79).
The Group's financial assets and liabilities measured at fair value are classified on the following 3 levels in the fair value hierarchy:
Level 1: Based on listed prices (non-adjusted) on active markets for identical assets or liabilities.
Level 2: Based on inputs other than listed prices that are observable for the asset or liability, either direct (as prices) or indirect
(derived from prices).
Level 3: Based on data that is not observable in the market.
Amounts in DKK 1000s
Carry forward balance
Level 1
Level 1
Level 2
2024
Mortgages and debentures
7,412
0
0
7,412
Intercompany loan 157,883
157,883
Total financial assets
165,295
0
0
165,295
Credit institutions 6,986
0 0 6,986
Total financial liabilities
6,986
0
0
6,986
2023
Mortgages and debentures
7,412
0
0
7,412
Intercompany loan
157,883
157,883
Total financial assets 165,296 0 0 165,296
Credit institutions 5,757
0 0 5,757
Total financial liabilities
5,757
0
0
5,757
It is the Group's policy to recognise transfers between the different levels from the time at which an event or change in circumstances entails a
change in the classifications. No transfers were made between levels 1 and 2 in the accounting period.
When calculating the fair value of the Group's liabilities in accordance with level 3 of the fair value hierarchy, a correction is made for the Group's
own credit rating, taking into account the legal status of the liabilities, and the security in the assets measured at fair value. Consequently, no direct
assumptions of discount factors, etc. are included when measuring liabilities to credit institutions in accordance with level 3 of the fair value
hierarchy.
The table below shows the change in liabilities to credit institutions measured at fair value in the balance sheet based on valuation methods in
which significant inputs are not based on observable market data (level 3):
Amounts in DKK million 2024 2023
Carrying amount per. 1 January
6,986
5,757
Gains / losses in the income statement 0 0
Balance at 31 December
6,986
5,757
Gain / loss in the income statement for liabilities held at 31 December 0 0
Gains/losses concerning credit institutions measured at fair value are included in the item 'Adjustment to fair value, net' and in the item 'Special
items' in the income statement of the consolidated financial statements. Liabilities to credit institutions measured at fair value are transferred
to/from level 3 in the fair value hierarchy depending on whether the fair value of the loans contains a correction for the Group's own credit rating.
For financial instruments that are not measured at fair value, the book value is assessed as being a reasonable approximation of fair value.
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Note 19 – Changes in other working capital
Amounts in DKK 1000s
2024
2023
Change in receivables
-16,302 -26,960
Change in deposit
-8,896 -1,152
Change in trade payables
-1,751
-3,305
Change in total working capital
-26,949
-31,417
Note 20 – Related parties
Park Street Asset Management Ltd. (London, England) has controlling influence in Park Street A/S by virtue of its shareholding of 71.79% of
shares and votes in Park Street A/S. See note 5 in the Consolidated annual report, where the remuneration of Directors and Board of Park Street
appears. The Company has additionally had the following transactions between Park Street and related parties:
Amounts in DKK 1000s
2024
2023
Other related parties
Software expenses
2,448
1,338
There have been no other transactions, etc. with related parties during the period.
Note 21 – Accounting policies
Park Street A/S applies the same accounting policies as stated in Note 33 on the consolidated financial statements, in addition the following note
is applicable for the parent company:
Investment in subsidiaries
Investments in subsidiaries are recognised and measured in the financial statements of the parent company under the equity method. On acquisi-
tion of subsidiaries, the difference between cost of acquisition and net asset value of the entity acquired is determined at the date of acquisition
after the individual assets and liabilities having been adjusted to fair value (the acquisition method).
The item ”Income (loss) from investment in subsidiaries” in the income statement includes the proportionate share of the profit after tax of the
subsidiary. The item ”Investments in subsidiaries” in the balance sheet includes the proportionate ownership share of the net asset value of the
entities calculated under the accounting policies of the parent company with deduction or addition of unrealised intercompany profits or losses and
with addition of any remaining value of the positive differences (goodwill).
Subsidiaries with a negative net assets value are measured at DKK 0, and any receivables from these are written down by the parent company’s
share of the negative net asset value, if impaired. Any legal or constructive obligation of the parent company to cover the negative balance of the
subsidiaries is recognised as provisions. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to ” Re-
serve for net revaluation” under equity. Gains and losses on disposals or winding up of subsidiaries are calculated as the difference between the
sales value or cost of winding up and the carrying amount of the net assets at the date of acquisition including goodwill and expected loss of dis-
posal or winding up. The gains or losses are included in the income statement.
Park Street |
98
PROPERTY OVERVIEW
Park Street Group owns at 31 December 2024, 39 properties.
#
Property Type
Address
ZIP
City
1
Office
1 C, Vilhelmskildevej
5700
Svendborg
2
Glostrup
2600
Glostrup
3
23-35, Birkemose Allé 23-35
6000
Kolding
4
6, Toldbuen
4700
Næstved
5
275, Svendborgvej
5000
Odense
6
Retail
Mosede Centret
2670
Greve
7
27, Immerkær
2650
Hvidovre
8
Sjællandsgade 12,16,18
7100
Vejle
9
Hotel
13, Algade
4000
Roskilde
10
Ballerup Idrætsby Hotel
2750
Ballerup
11
Residential
29, Tåsingegade
2100
København
12
8-10, Hejrevej
2400
København
13
Office
21, Birkemose Allé
6000
Kolding
14
4, Kirsebærgården
3450
Lillerød
15
Residential - Project
2, Selsmosevej
2630
Taastrup
16
39, Skibsegen
3070
Snekkersten
17
Storage
78, Vordingborgvej
4700
Næstved
18
78-82, Vordingborgvej
4700
Næstved
19
Office
Dannebrogsgade 2,
5000
Odense
20
Omøvej 9
4700
Næstved
21
6, Jernbanegade 6
4000
Roskilde
22
Residential
21, Nørregade
4700
Rinsted
23
Nørregade 31-33
4100
Ringsted
24
33-35, Jernbanegade
6000
Kolding
25
2, Søndergade
Struer
26
Grønings Have
Havnestaden
27
Retail
Ros Have 8, 10, 12, 18
4000
Roskilde
28
11, Ros Have
4000
Roskilde
29
13, Ros Have
4000
Roskilde
30
20, Prøvestensvej
3000
Helsingør
31
2, L.C. Worsøesvej
6780
Holbæk
32
3, Banetorvet
3450
Lillerød
33
10, Dyssegårdsvej
4700
Næstved
34
13-19, Nørregade
4100
Ringsted
35
27A+B, Nørregade
4100
Ringsted
36
102, Silkeborgvej
7400
Herning
Park Street |
99
37
2 A-B, Engdahlsvej
7400
Herning
38
19A, Albuen
6000
Kolding
39
Storage
7-13, Blegdammen
4700
Næstved
