German High Street Properties A/S
August 29, 2025
Interim Report for
January 1 – June 30, 2025
Table of contents
Company information
Group structure
Company presentation
Key figures (Group)
Management’s review
Income statement (Group)
Balance sheet (Group)
Cash flow (Group)
Strategy
2
3
4
6
7
10
12
13
14
Expectations for 2025
Management’s Statement
Income Statement
Other comprehensive income
Balance Sheet
Statement of Equity (Group)
Statement of Cash Flow
Notes
14
17
18
18
19
20
21
22
1
Interim Report Q2 2025
Company information
Company
Company registration number: 3069 1644
Financial year: January 1 – December 31
Municipality of residence: Gentofte
Managing director
Michael Hansen
Board of directors
Hans Thygesen
Claude Olof Nikolaj Zethraeus
René Angenend
Auditor
Beierholm
Statsautoriseret Revisionspartnerselskab
Ndr.Ringgade 70A
4200 Slagelse, Denmark
2
Interim Report Q2 2025
Group structure
As of June 30, 2025, the Group consisted of
German High Street Properties A/S
(“Company”) and seven German GmbH´s and
three holding companies in Germany.
German High Street Properties A/S
GHSP Erste Holding GmbH
GHSP Zweite Holding ApS & Co.KG.
GHSP Dritte Holding GmbH
Apreit Two Grundbesitz GmbH
100%
Minority shareholders
GHSP Grundbesitz I GmbH (Pforzheim)
6%
94%
94%
100%
10.4%
Braunschweig
Frankfurt
Hamburg
Kassel
Koblenz
Rosenheim
GHSP Grundbesitz III GmbH (Aachen)
GHSP Grundbesitz IV GmbH (Essen, Leverkusen)
GHSP Grundbesitz V GmbH (Braunschweig)
GHSP Grundbesitz VI GmbH (Essen)
GHSP Grundbesitz VII GmbH (Gütersloh)
6%
89.6%
3
Interim Report Q2 2025
Company presentation
German High Street Properties A/S aims to invest in well-located properties in cities
with economic and demographic growth in Scandinavia, Germany, Switzerland and
England. As of June 30, 2025, the Group has 13 German high street properties located
in the 11 cities of Aachen, Braunschweig (2), Essen (2), Frankfurt, Gütersloh,
Hamburg, Kassel, Koblenz, Leverkusen, Pforzheim and Rosenheim.
The Group was established in 2007, and its Parent Company, German High Street
Properties A/S, was listed on Nasdaq Copenhagen on September 20, 2007.
The Group is managed by Administrationsselskabet Gambit ApS. STRABAG Property
and Facility Services GmbH in Stuttgart, in cooperation with the Group's employees,
handles the property management in Germany. The Group has three employees.
Photo: Frankfurt, Goethestrasse 4
Photo: Frankfurt, Schillerstrasse
Interim Report Q2 2025
● Hamburg
● Pforzheim
Rosenheim ●
● Frankfurt
● Braunschweig
● Gütersloh
● Kassel
● Koblenz
● Essen
● Aachen
● Leverkusen
The big picture
18 years of experience
Established in 2007 and listed on Nasdaq Copenhagen September 20, 2007.
13 properties in portfolio
German high street properties in 11 cities.
Value of EUR 88.5 million
Value of German property portfolio as of June 30, 2025.
5
Interim Report Q2 2025
6
Key Figures (Group)
Interim Report Q2 2025
Income
Statement (EUR m)
June 30,
2025
June 30,
2024
FY
2024
FY
2023
FY
2022
Revenue
2.4
2.6
4.7
4.5
4.7
Result before fair market value adjustment and
interests
0.8
1.0
1.8
1.6
1.6
Fair market value adjustment of investment
properties
-3.1 -
1.6
-
0.2
-
5.1
-
4.7
Net
financial expenses -0.6 -
0.9
-
1.8
-
1.3
-
0.6
Result of continuing activities before tax
-2.9 -
1.6
-
0.1
-
4.8
-
3.8
Result of continuing activities after tax
-2.4 -
1.1
-
0.1
-
4.0
-
3.2
Result of discontinued activities after tax
0.0 -
0.3
-
0.3
0.5
0.8
Result
for the period
-2.4 -
1.4
-
0.5
-
3.5
-
2.4
Balance
sheet (EUR m)
Investment properties
88.5
89.5
91.1
91.0
96.0
Total non
-current assets
89.7
91.0
92.4
92.5
96.7
Total assets
94.5
96.3
97.7
102.1
107.0
Total
equity
60.7
56.3
63.1
57.7
61.2
Total non
-current liabilities
31.9
37.7
32.8
38.9
42.8
Statement of cash flow (EUR m)
June 30,
2025
June 30,
2024
FY
2024
FY
2023
FY
2022
Net cash flow from operating activities
0.5
0.6
0.5
0.6
-
0.2
Net cash flow from investing activities
-
0.5
4.5
4.3
4.5
8.8
Cash flow from financing activities
-
0.4
-
3.7
-
3.9
-
3.7
-
5.6
Net cash flow from the year
-
0.3
1.4
0.9
1.4
3.0
Key figures
Equity ratio %
64.2
58.4
64.6
56.5
57.2
Loan to value %
30.2
37.3
30.7
35.4
34.7
Return on property portfolio %
1.7
1.8
3.6
1.7
2.9
Return on equity before fair market value adjustment
and interests %
1.4
1.6
3.2
2.6
2.5
Interest coverage ratio
1.3
1.1
1.0
1.1
2.5
Earnings per share (DKK), continuing activity
-
4.9
-
2.7
-
0.3
-
9.8
-
7.8
Earnings per share (EUR), continuing activity
-
0.7
-
0.4
0.0
-
1.3
-
1.1
Earnings per share (DKK), discontinuing activity
0.0
-
0.9
-
0.7
1.2
1.9
Earnings per share (EUR), discontinuing activity
0.0
-
0.1
-
0.1
0.2
0.3
Equity per share, DKK
123.9
137.8
128.8
141.2
149.7
Equity per share, EUR
16.6
18.5
17.3
18.9
20.1
Stock price DKK
77.0
133.0
79.0
103.0
144.0
Stock price EUR
10.3
17.8
10.6
13.8
19.4
Number of employees
3
3
3
4
7
The German economy
Germany’s economy for the remainder of 2025 is expected to see moderate improvements in
consumer purchasing power, stabilization in the property market, and a robust retail leasing
sector, but with a continued weak labor market.
Unemployment is expected to remain around 6.3% through the end of the year, with low job
creation and subdued demand for labor (Federal Employment Agency, July 2025; Ifo Institute
forecast). Real wages are rising – driven by wage increases and lower inflation (around 2%) –
but the higher purchasing power is translating only slowly into consumption due to high saving
rates (Destatis Q1 2025 wage data; GfK/NIQ consumer sentiment survey, July 2025).
In the commercial property market, the price decline has reversed into modest growth in Q1–
Q2 (vdp property price index), though the recovery is uneven, and the office segment remains
vulnerable (JLL, 2025 market outlook, note 1). In retail, leasing activity is strong, with rising
take-up, declining vacancy in major cities, and stable to slightly increasing prime rents (JLL,
H1 2025 Retail Market Report).
Overall, 2025 points to an economy in gradual but uneven recovery, with private
consumption and the retail sector as the main drivers, while the labor market and
parts of the commercial property sector remain under pressure.
In 2025, the Group have successfully rented out premises in respectively
Gutersloh and Rosenheim to respectively the nationwide optician chain Apollo-
Optik and to ONLY stores Germany GmbH (Bestseller). In addition, the lease with
the anchor tenant Deichmann (Heinrich Deichmann-Schuhe GmbH) in Koblenz has
been provisionally extended until 2027 and with increasing rent.
Management’s review
Interim Report Q2 2025
--------------------------------------------------
Note 1: https://www.jll.com/en-de/insights/market-dynamics/germany-retail
Development of the property value
According to the management's assessment, the below valuation corresponds to
the fair market value as of June 30, 2025.
For the remainder of 2025, price trends for commercial properties in Germany’s
major cities are expected to be characterised by stabilization and slight growth,
supported by expectations that the ECB will keep interest rates unchanged for the
rest of the year (ECB, July 2025; Reuters, 2025).
In the prime retail segment, demand is high and supply is limited, particularly in
core locations, which is expected to result in modest price increases (JLL, H1
2025). For prime offices, rental levels have risen in several of the Big 7 cities, and
yields are stable with potential for marginal compression, while secondary offices
remain under pressure (JLL, Q2 2025; CBRE, 2025). In multifamily residential in
major cities, moderate price increases are driven by low new construction, stable
financing conditions, and continued strong demand (vdp, Q2 2025; Destatis, 2025).
Overall, the market outlook points to slightly positive price developments in prime
segments, while secondary locations remain challenged
As a result of this the management estimates that a fair market value of the
Group’s properties now amounts to EUR 88.5 million.
Photo: Braunschweig Palace in Braunschweig
8
Interim Report Q2 2025
Photo: Frankfurt, Börsenplatz
9
Stock price
German High Street Properties A/S is listed on Nasdaq OMX Copenhagen.
The stock was offered at a price of DKK 100 on September 20, 2007.
The stock price for German High Street Properties A/S on June 30, 2025, was
DKK 77 (EUR 10.30) and on December 31, 2024, DKK 79 (EUR 10.60).
Interim Report Q2 2025
10
Revenue
The revenue incl. “service change and other” for the period from January 1 to June 30,
2025 was EUR 2.4 million compared to EUR 2.6 million in the same period from January 1
to June 30, 2024. See note 2.
Total rental income excl. “service charges and other” amounts to tEUR 2,076.00 for the
period January 1 to June 30, 2025, compared to tEUR 2,007.00 in the same period of 2024
(a total increase of 3.4%).
A comparison of rental income by segment for the period January 1 to June 30, 2025
versus the same period in 2024 shows, cf. note 2, an increase in rental income within the
“commercial” segment of 2.6% and within the “residential” segment of 7.6%, while the
“office” segment decreased by 1.6%.
Result before value adjustments
The result before value adjustments from January 1 to June 30, 2025 amounted to EUR
0.214 million after property operation expenses, staff expenses and administrative
expenses of total EUR 1.6 million compared to a similar gross profit of EUR 0.05 million
after property operation expenses, staff expenses and administrative expenses of EUR 1.6
million in 2024.
Under administrative expenses for the period January 1 to June 30, 2025,
extraordinary legal costs of tEUR 66.0 are included, relating to advice concerning
reply of questions from certain shareholders.
The result from January 1 to June 30, 2025 before value adjustments and financial
items, was EUR 0.8 million compared to EUR 0.9 million in 2024.
Result before financial items
The result from January 1 to June 30, 2025 before financial items, was a loss of
EUR -2.3 million after a net value adjustment of EUR -3.1 million on the property
portfolio.
The net total negative value adjustment for the period January 1 to June 30, 2025 is
EUR -3.1 million as mentioned above. This is the sum of the negative gross value
adjustment of EUR -2.6 million in 2025, adjusted for the period's building
improvements totalling EUR -0.5 million.
In the same period in 2024, the result before financial items was a loss of EUR 0.6
million after a net value adjustment of EUR -1.6 million on the property portfolio.
Income statement (Group)
Interim Report Q2 2025
Result of continuing activities before tax
The result from January 1 to June 30, 2025 before tax, amounted to EUR -2.9
million after financial items of net EUR -0.6 million.
In the same period in 2024, the result was a loss of EUR -1.6 million after financial
items of net EUR -0.9 million.
Result of continuing activities after tax
The result of continuing activities after tax from January 1 to June 30, 2025 is a loss
of EUR -2.4 million compared to a loss of EUR -1.0 million in 2024 for the same
period.
Given the current economic conditions, interest rate developments, and market
conditions in Germany, the management considers the result as expected.
Photo: Aachen Town Hall – Markt, 52062 Aachen, Germany
11
Interim Report Q2 2025
12
Assets
The management assessed the property value in German properties at EUR 88.5
million as of June 30, 2025, compared to EUR 91.1 million as of December 31, 2024.
From January 1 to June 30, 2025, the property value of the Group's investment
properties decreased by gross EUR -2.6 million as mentioned above and by net
EUR -3.1 million adjusted for the period's building improvements totaling EUR 0.5
million mainly related to the property in Rosenheim.
As of June 30, 2025, total assets amounted to EUR 94.5 million, compared to EUR
97.7 million at the beginning of the year.
Equity and Liabilities
As of June 30, 2025 the equity was EUR 60.7 million, corresponding to an equity
ratio of 64.2%. As of June 30, 2024 the equity was EUR 56.3 million,
corresponding to an equity ratio of 58.4%, and EUR 63.1 million at the beginning
of the year corresponding to an equity ratio of 64.6%.
The equity decreased from at the beginning of the year to June 30, 2025 by EUR
-2.4 million primarily due to the value adjustment of the properties of EUR -3.1
million, cf. note 3.
As of June 30, 2025, financial debt obligations were EUR 27.5 million (EUR 34.0
million June 30, 2024).
Balance sheet (Group)
Interim Report Q2 2025
Cash flow (Group)
From January 1 to June 30, 2025 net cash flow from operating activities after interest and taxes
paid amounted to EUR 0.5 million, compared to EUR 0.5 million in the same period in 2024.
Net cash flow from investing activities was EUR -0.5 million, compared to EUR 4.5 million in the
same period in 2024 relating to the sale of the property Hesselvang 11, Grenaa.
Net cash flow from financing activities was EUR -0.367 million, related to repayments of the
Group's financial debt obligations compared to EUR -3.7 million in the same period in 2024.
Photo: Berliner Strasse – Gütersloh, Germany
13
Interim Report Q2 2025
14
Strategy
As further described in the annual report for 2024, the Group will increasingly make investments
in Danish and Swedish properties.
Building on its proven track record within German high-street retail properties, the company
intends to leverage its expertise in prime, well-located assets to establish a resilient and well-
diversified portfolio in markets characterized by economic stability, transparency, and strong
consumer purchasing power.
Through this strategic positioning, the Group strengthens its alignment with its home market and
reduces exposure to the German economy, thereby creating a more balanced and robust
platform for long-term growth. Combining local market insight with financial discipline and long-
term capital management, the company is well positioned to establish itself as a leading Nordic
player within the property segment and to deliver attractive returns to its shareholders.
Interim Report Q2 2025
Expectations for 2025
The management still expects a recovery of the German economy for specific
industries. Rent and vacancy levels will remain at the same level as at the end of 2024,
and a slightly lower interest rate will mean that the Group’s result for 2025 before value
adjustments and tax is expected to be in the higher end of the range of EUR 0.3 – 0.7
million, cf. Stock Exchange announcement No. 270. However, the expectation is given
with a reservation for a higher interest rate than expected, as the general geopolitical
situation may negatively affect the result.
The management believes that the demand for well-located premises will increase
slightly in 2025, making reletting easier. However, improvements and refurbishment in
several leases will be required for reletting and tenant changes.
Ownership and related parties
According to the Companies Act § 55, the following shareholders have reported owning more than 5% of
the share capital at the end of the accounting period:
The Group is controlled by Alexander and Kristoffer Thygesen through Drot ApS and Marsk ApS, which are
the controlling shareholders in Kartago Property ApS and Kartago ApS, owning respectively 41.78% and
11.99% of the share capital, totalling 53.77% of the share capital in German High Street Properties A/S.
The Group's related parties also include the Parent Company's board of directors, executive management,
and these people’s close family members. Related parties also include companies where the Group of
people has control or significant influence.
In addition to the shareholdings mentioned above controlled by Alexander and Kristoffer Thygesen, the
board of directors, executive management, and companies where this Group has a controlling influence
hold a total of 220 shares.
Investor relations
Stock exchange announcements, annual reports, etc., are published on the Company’s website:
https://www.germanhighstreet.com
Shareholders: Municipality Share capital
Kartago Property ApS Gentofte 41.78 %
Olav W. Hansen A/S Horsens 16.05 %
Sparekassen Danmark Vrå 12.77 %
Kartago ApS Gentofte 11.99 %
OTK Holding Hjørring 6.24 %
15
Interim Report Q2 2025
Financial calendar 2025
March 20, 2025: Deadline for submission of proposals
for voting at the Company's annual
general meeting.
March 28, 2025: Annual Report 2024.
March 28, 2025: Expected date for convening the
annual general meeting.
April 30, 2025: Holding of the annual general
meeting/or notification of the general meeting.
May 30, 2025: Interim report for the period January 1 to
March 31, 2025.
August 29, 2025: Half-year report for the period January 1 to
June 30, 2025.
November 28, 2025: Interim report for the period January 1 to
September 30, 2025.
Company announcements
August 7, 2024: Financial calendar 2024
August 14, 2024: Value adjustment of properties
August 19, 2024: Publication of preliminary half year result – Timing of half year
report – Intention to initiate capital raise
August 19, 2024: Financial calendar 2024
August 20, 2024: Financial report January 1 - June 30, 2024
August 30, 2024: Launch Announcement
September 20, 2024: German High Street Properties announces results of rights issue
September 24, 2024: Completion Announcement - Rights Issue
September 25, 2024: Major Shareholder Announcements
November 29, 2024: Interim Report for the period January 1 – September 30, 2024
November 29, 2024: Financial expectations 2025
November 29, 2024: Financial calendar 2025
February 27, 2025: Value adjustment of properties
March 28, 2025: Results 2024
March 28, 2025: Notice of Ordinary General Meeting
April 24, 2025: Value adjustment of properties
April 30, 2025: Proceedings of the ordinary general meeting
May 30, 2025: Interim Report for the period January 1 – March 31, 2025
16
Interim Report Q2 2025
Management’s Statement
Executive management
Board of Directors
17
Interim Report Q2 2025
Income Statement
Other comprehensive income
18
Interim Report Q2 2025
Group
EUR 1.000
Note Jan-
Jun
2025
Jan-
Jun
2024
Q2 2025
Q2
2024
FY 2024
Revenue
2
Property operation
expenses
-
-950 -
-
-
Operating
income
Staff expenses
-
-217
-
-
-
Administrative expenses
-
-480 -
-
-
Result before fair market value adjustment
and interests
Gain/losses from subsidiaries
0
0
0
Fair market value adjustment of investment
properties
3 -
-1,604 -
Result before interests and tax
-
-645
Financial income
Financial expenses
-
-966
-
-
-
Result of continuing activities before tax
-
-1,555 -
-
-
Tax of continuing activities
-
Result of continuing activities after tax
-
-1,088 -
-
-
Result of discontinued activities after tax
-348
0
Result for the period
-
-1,436 -
-
-
The Parent Company’s shareholders
-
-1,431
-
-
-
The minority interests' share
-
-5
-
Result for the period
-
-1,436 -
-
-
Earnings per share (EUR), continuing activity
-
-0.36 -
-
-
Earnings per share (EUR), discontinuing
activity
-0.11
-
Group
EUR 1.000
Jan-
Jun
2025
Jan-
Jun
2024
Q2
2025
Q2
2024
FY
2024
Result
for the period -
-
-
-
-
Items that may be reclassified to
profit/loss for the year
Exchange differences on translation of
foreign operations
Tax on other comprehensive income,
income/expense
Other comprehensive income, net of tax
Total comprehensive income for the
year
-
-
-
-
-
The Parent Company’s shareholders
-
-
-
-
-
The minority interests' share
-
-
Total comprehensive income for the
year
-
-
-
-
-
Equity and liabilities
Balance Sheet
19
Assets
Interim Report Q2 2025
Group
EUR 1.000
Note
June 30,
2025
June 30,
2024
December
31, 2024
Investment properties
3
Other receivables
Deferred tax assets
Total non
-current assets
Trade receivables
Income tax receivables
Other receivables
Liquid assets
Total current assets
Total assets
Group
EUR 1.000
Note
June 30,
2025
June 30,
2024
December
31, 2024
Share
capital
Foreign
currency translation reserve
Share
premium
Retained
earnings
Equity attributable to shareholders of the Parent
Company
The minority interests' share
Total equity
Borrowings
5
Deferred tax liabilities
Total non
-current liabilities
Borrowings
5
Trade payables
Other payables
Total current liabilities
Total equity and liabilities
Statement of Equity
20
Interim Report Q2 2025
Group Share capital
Foreign
currency
translation
reserve Share premium
Retained
earnings
Equity attributable
to shareholders of
the Parent
Company
The minority
interests' share Total equity
T.EUR
Total equity at the beginning 2025
Result for the period
0
-
-
-
Other comprehensive income, net of tax
Total equity June 30, 2025
T.EUR
Total equity at the beginning 2024
Result for the period
0
-
-
-
Other comprehensive income, net of tax
Total equity June 30, 2024
T.EUR
Total equity at the beginning 2024
Capital increase
Costs related to the capital increase
0
-
Result for the period
0
-
-
Other comprehensive income, net of tax
Total equity December 31, 2024
Statement of Cash Flow
21
Interim Report Q2 2025
Group
EUR 1.000
Note
June 30,
2025
June 30,
2024
December
31, 2024
Profit/loss for the period
Gain/losses from subsidiaries
0
0
0
Fair market value adjustment of investment
properties
3
Fair market value adjustment from assets held for
sales
Financial income
-
-
-
Financial expenses
Tax for the year
-
-
Net cash flow from operating activities before
change in net working capital
Change in receivables
Change in trade and other payables
-
Net cash flow from operating activities before
interest and taxes paid
Finance expenses
– net -
-
-
Income tax paid/received
Net cash flow from operating activities after
interest and taxes paid
Group
EUR 1.000
Note
June 30,
2025
June 30,
2024
December
31, 2024
Sale of
investment property
Purchase of
investment property
0
0
0
Additions during the year related to investment
property
3 -
Net cash flow from investment activities
-
Proceeds from borrowings
Capital increase, net
Repayment of borrowings
-
-
-
Net cash flow from financing activities
-
-
-
Net cash flow for the year
-
Net cash and cash equivalents 1 January
Effects of exchange rate changes on cash and
cash equivalents
Net cash and cash equivalents ultimo
Note 1 – Applied accounting policies
Note 2 – Segment information
Note 3 – Investment properties
Note 4 – Related parties
Note 5 – Fair value hierarchy for investment properties and financial instruments
Note 6 – Contingent liabilities
Note 7 – Subsequent events
23
24
25
26
27
28
28
Notes
Photo: Frankfurt, Börsenplatz
22
Interim Report Q2 2025
Note 1 – Applied accounting policies
General
This interim report covers the period January 1 – June 30, 2025 (first half-year). In
addition, the primary financial statements for the second quarter (April 1 – June 30, 2025)
are presented.
The interim report has been prepared in accordance with IAS 34 Interim Financial
Reporting as adopted by the EU and with additional requirements of the Danish Financial
Statements Act.
The financial part of the interim report follows the provisions of IAS 34 for condensed
interim financial statements.
The accounting policies applied are, except as stated below, unchanged compared to the
consolidated financial statements and the annual report for 2024, to which reference is
made.
The consolidated financial statements and the annual report for 2024 contain a full
description of the applied accounting policies.
23
Interim Report Q2 2025
New and amended standards adopted by the Group.
With effect from January 1, 2025, The Group has implemented the following new or
amended standards and interpretations:
Amendments to:
• IAS 21 The Effects of Changes in Foreign Exchange Rates regarding lack of
exchangeability of a currency.
The Group has implemented the standards and interpretations that enter into force in the
EU in 2025. None of these have affected recognition and measurement in 2025, nor are
they expected to affect The Group.
Note 2 – Segment information
The Group’s activities are managed, reported, and presented in Commercial, Residential,
Office and Service charge and other.
The revenue incl. “service change and other” for the period from January 1 to June 30,
2025 was EUR 2.4 million compared to EUR 2.6 million in the same period from January 1
to June 30, 2024.
Total revenue excl. “service charges and other” amounts to tEUR 2,076.00 for the period
January 1 to June 30, 2025, compared to tEUR 2,007.00 in the same period of 2024 (a
total increase of 3.4%).
Profit January 1 to June 30, 2025, Segment Information
24
Profit January 1 to December 31, 2024, Segment Information
Profit January 1 to June 30, 2024, Segment Information
Interim Report Q2 2025
EUR 1000
Commercial Residential Office
Service
charge and
other
Group
Revenue
1,629 272 175 354
2,430
Property operation
expenses -
892
Operating income
1,538
Staff
expenses -
247
Administrative expenses
-
497
Result before fair market value
adjustment and interests
794
Fair market value adjustment of
investment properties
-
3,112
Result before interests and tax
-
2,318
Financial expenses, net
-
580
Result of continuing activities before
tax
-
2,898
EUR 1000
Commercial Residential Office
Service charge
and other
Group
Revenue
3,159 499 371 669
4,698
Property operation expenses
-
1,423
Operating income
3,275
Staff expenses
-
484
Administrative expenses
-
943
Result before fair market value
adjustment and interests
1,848
Fair market value adjustment of
investment properties
-
156
Result before interests and tax
1,692
Financial expenses, net
-
1,775
Result of continuing activities before
tax
-
83
EUR 1000
Commercial Residential Office
Service charge
and other
Group
Revenue
1,568 251 188 599
2,606
Property operation expenses
-
950
Operating income
1,656
Staff expenses
-
217
Administrative expenses
-
480
Result before fair market value
adjustment and interests
959
Fair market value adjustment of
investment properties
-
1,604
Result before interests and tax
-
645
Financial expenses, net
-
910
Result of continuing activities before
tax
-
1,555
Note 3 – Investment properties
Management has obtained a valuation of the German investment properties based on
information from the external valuer Ralph Hagedorn GmbH & Co. KG to support the fair
market value determined by management. As at June 30, 2025 the board has chosen to
value the German investment properties at EUR 88.5 million (March 31, 2025: EUR 88.5
million), and the Management assesses that the recorded value of the German
investment properties is their fair market value as of June 30, 2025.
The fair market value of the German investment properties of EUR 88.5 million is
determined property by property. In general, the gross capitalization factors have
decreased by 0.5-1.0 points compared to December 31, 2024. The valuation as of June
30, 2025 corresponds to a gross capitalization factor between 12.25 and 24.50, weighted
average 19.2 (December 31, 2024 weighted average 19.8).
The method used for valuing the fair market value of the investment properties is based
on the property's expected gross rental income and the so-called gross capitalization
factor. The fair market value of the investment property is calculated as the product of the
expected gross rental income and the gross capitalization factor.
25
In connection with a sale of the properties, there will be sales costs that are estimated to amount to at least 2%. These costs
are not included in the above statement.
Interim Report Q2 2025
Group
EUR 1.000
June 30,
2025
June 30,
2024
December
31, 2024
Costprice beginning of the year
57,057
56,801
56,801
Additions/improvements during the
year
512
104
256
Costprice end of the period
57,569
56,905
57,057
Value adjustment
Value adjustment beginning of the
year
34,043
34,199
34,199
Fair market value adjustment of
investment properties, net
-
3,112
-
1,604
-
156
Value adjustment end of the year
30,931
32,595
34,043
Book value at the end of the
period
88,500
89,500
91,100
Note 4 – Related Parties
Alexander and Kristoffer Thygesen control the Group through Drot ApS and Marsk ApS
which are the controlling shareholders in Kartago Property ApS and Kartago ApS, owning
41.78% and 11.99% of the share capital and votes, respectively.
The accounts for German High Street Properties are included in the consolidated
accounts of Kartago Property ApS.
The Group's related parties also include the Parent company's board of directors,
executive management, and their close family members. Related parties also include
companies in which the individuals mentioned above have control or joint control.
In addition to the shareholdings controlled by Alexander and Kristoffer Thygesen, the
board of directors, executive management, and companies where this group of people
has a controlling influence hold 220 shares.
Transactions with companies controlled by the Thygesen family have only included
administration fees, remuneration of the director in accordance with the management
agreement, and a minor prepayment for administration fees which is usually invoiced at
the end of the quarter for the upcoming quarter.
Remuneration of the board amounted to a total of T.EUR 160 for the year (2024 T.EUR 163).
The executive management's remuneration is T.EUR 120 and is settled by German High
Street Properties A/S. The executive management is closely related to the Kartago Group.
26
Interim Report Q2 2025
Group
EUR 1.000
Jan-
Jun
2025
Jan-
Jun
2024
FY 2024
Administration agreement
315
302
589
Note 5 – Fair value hierarchy for investment
properties and financial instruments
The table below shows classifications of investment properties and financial instruments measured at
fair market value*, divided according to the fair market value hierarchy:
• Level 1: Quoted prices in active markets for identical assets/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.
When calculating the fair value of the Group's liabilities in accordance with level 3 of the fair market
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 for bank loans.
There have been no significant transfers between levels during the fiscal year.
*Bank loans are measured at amortized cost
27
Interim Report Q2 2025
Group - June 30, 2025
Balance
sheet
EUR 1000
Level 1
Level 2
Level 3
total
Long-term assets
Investment properties
88,500
88,500
Long-term liabilities
Bank loans*
26,902
26,902
Short-term liabilities
Bank loans*
646
646
Group - June 30, 2024
Balance sheet
EUR 1000
Level 1
Level 2
Level 3
total
Long-term assets
Investment properties
91,000
91,000
Long-term liabilities
Bank loans*
32,680
32,680
Short-term liabilities
Bank loans*
1,306
1,306
Group - December 31, 2024
Balance sheet
EUR 1000
Level 1
Level 2
Level 3
total
Long-term assets
Investment properties
91,100
91,100
Long-term liabilities
Bank loans*
27,269
27,269
Short-term liabilities
Bank loans*
646
646
Note 6 – Contingent Liabilities
There are no pending legal proceedings.
Note 7 – Subsequent events
There have been no subsequent events.
28
Interim Report Q2 2025
Property in Leverkusen