Balder Danmark A/S

Ledelsesberetning

Statement of policy for data ethics

Beskrivelse af virksomhedens væsentligste aktiviteter

Business review
The Group is the Danish part of the Swedish listed company Fastighets AB Balder, which is noted as Large Cap, on the Swedish stock exchange. Fastighets AB Balder is one of the largest real estate groups in the Nordics, with activities in Sweden, Denmark, Finland, Norway, Germany, and England.
The main activities of Balder Danmark are management and letting of residential and commercial properties as well as development, purchase, sale, and new construction of residential properties. The geographical area is centered around Greater Copenhagen which stretches to Helsingør in the north, Roskilde in the west and Køge in the south.
By the end of 2024 the portfolio’s total lettable area is 409.205 sqm.

Beskrivelse af usikkerhed ved indregning eller måling

Recognition and measurement uncertainties
The recognition and measurement of items in the annual report is not associated with any uncertainty.
The Group’s investment properties are measured at fair value. The calculation of fair value takes place as mentioned in the used accounting policy using the DCF-model (discounted cash flow). The determined required return of investments for each property is expected to reflect the market’s current required rate of return for a similar property. This method involves a certain degree of uncertainty but is selected to best ensure consistent market values for identical properties.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Financial review
In 2024 the Group’s total revenue has decreased to t.DKK 753,286 vs. t.DKK 853,669 in 2023. Sale of inventories (Bovieran senior housing) in 2024 amounts to t.DKK -72 vs. t.DKK 123,249 in 2023. The increase in the Group's other revenue from t.DKK 730,420 in 2023 to t.DKK 753,358 in 2024 is primarily due to expanded activities in the residential lease segment.
The Group's operating profit (before fair value adjustments, financial items, and tax) amounts to t.DKK 495,428 in 2024, compared to t.DKK 445,808 in 2023. The Group’s total result for 2024 shows a profit after tax of t.DKK 205,604 compared to a loss of t.DKK -824,499 in 2023.
The management considers the result of the year satisfying given the market conditions.
The balance sheet of the Group per 31.12.24 shows t.DKK 17,469,716 against t.DKK 17,434,593 per 31.12.23. Hereof, the value of investment properties amounts to t.DKK 16,885,008 per 31.12.24.
The Group’s equity per 31.12.24 amounts to t.DKK 5,677,568, against t.DKK 5,471,594 per 31.12.23.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

Significant events occurring after the end of the financial year
No events have occurred after the balance sheet date which could significantly affect the group's financial position.

Beskrivelse af virksomhedens forventede udvikling

Expected development
In 2024, both the Danish and global economies have shown signs of stabilization, with lower inflation and more stable interest rates. We are following with great interest the gradual revival in the property transaction market, and the continued demand for quality housing supports a positive development in our rental activities. Throughout 2024 and into 2025, we have continued to experience high demand for the Company’s rental units, with low vacancy rates and satisfactory occupancy levels.
We expect a positive increase in property values in 2025, despite geopolitical tensions and macroeconomic uncertainty.
In 2024, we completed our ongoing construction projects, and in 2025 our focus will remain on optimizing and developing the existing portfolio. We also see opportunities to once again allocate capital to new investments, while maintaining a continued focus on reducing Net Debt/EBITDA.
Our stable financial development is based on strong property operations, efficient leasing, targeted project development, and solid cost control. In addition, a continued strategic focus on customer and employee satisfaction, as well as a high degree of insourcing, supports our long-term robust and profitable performance. These efforts are guided by principles of proximity and focus.