37398667 2024-01-01 2024-12-31 37398667 2024-01-01 2024-12-31 1 37398667 2024-01-01 2024-12-31 1 37398667 2024-01-01 2024-12-31 2 37398667 2024-01-01 2024-12-31 3 37398667 2024-01-01 2024-12-31 2 37398667 2023-01-01 2023-12-31 37398667 2024-12-31 37398667 2023-12-31 37398667 2023-12-31 fsa:PaidContributedCapitalMember 37398667 2023-12-31 fsa:RetainedEarningsMember 37398667 2023-12-31 fsa:DistributionsMember 37398667 2024-01-01 2024-12-31 fsa:PaidContributedCapitalMember 37398667 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 37398667 2024-01-01 2024-12-31 fsa:DistributionsMember 37398667 2024-12-31 fsa:PaidContributedCapitalMember 37398667 2024-12-31 fsa:RetainedEarningsMember 37398667 2024-12-31 fsa:DistributionsMember 37398667 2022-12-31 fsa:PaidContributedCapitalMember 37398667 2022-12-31 fsa:RetainedEarningsMember 37398667 2022-12-31 fsa:DistributionsMember 37398667 2022-12-31 37398667 2023-01-01 2023-12-31 fsa:PaidContributedCapitalMember 37398667 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 37398667 2023-01-01 2023-12-31 fsa:DistributionsMember iso4217:DKK Frederik Bjørn Danish Agribusiness Fund I K/S Fredericiagade 27 Copenhagen K 1310 37398667 Copenhagen Weidekampsgade 6 2300 Copenhagen S Denmark The Management have today considered and approved the annual report of for Danish Agribusiness Fund I K/Sthe financial period - . 01.01.2024 31.12.2024The annual report has been prepared in accordance with information required by relevant law and regulations. In our opinion, the financial statements give a true and fair view of the Fund’s financial position at and 31.12.2024of the results of its operations and the cash flows for the financial period - . 01.01.2024 31.12.2024We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Lars Bo Bertram Frederik Bjørn Niels Gravgaard Laursen Primary activityIn January 2016, the Danish Agribusiness Fund I K/S (DAF) was established as a public-private partnership. Including a subsequent second close, total capital committed to DAF reached DKK 800 million. Three institutional investors committed DKK 500 million. The Danish Government and IFU committed in total DKK 300 million.DAF will invest in projects across the value chain from farm to fork based on Danish technology and know-how, e.g. primary production (crops and livestock etc.), processing of food and beverages and production of fertilizers.Projects co-financed by DAF must be commercially viable and offer an attractive return to its investors.DAF is managed by IFU.Due to the establishment of the Danish SDG Investment Fund, it was decided with the investors in DAF to end DAF’s investment period ahead of schedule. Consequently, from 2019, DAF would not engage in any new investments. The fund can continue to make follow-up on investments in projects in the active portfolio. As a consequence, the commitment from investors was lowered to DKK 450 million. Development in activities and financesThis year's gross profit for DAF K/S amounts to DKK 11,893 thousand compared to DKK 89,365 thousand last year. This year's net profit for DAF K/S amounts to DKK 11,804 thousand compared to DKK 89,764 thousand last year. A positive result was expected for 2024.Uncertainty relating to recognition and measurementIn preparing the financial statements, Management makes a number of estimates and assumptions of future events that will affect the carrying amount of assets and liabilities. The area, where estimates and assumptions are most critical to the financial statements, is the fair value measurement of share capital investments and the assessment of the need for specific allowances for impairment on project loans. The notes to the financial statements provide more details. Unusual circumstances affecting recognition and measurementIn preparing the financial statements, Management makes a number of estimates and assumptions of future events that will affect the carrying amount of assets and liabilities. The area, where estimates and assumptions are most critical to the financial statements, is the fair value measurement of share capital investments and the assessment of the need for specific allowances for impairment on project loans. The notes to the financial statements provide more detailsEvents after the balance sheet dateNo events have occurred after the balance sheet date, which have materially affected DAF’s financial position. To the shareholders of Danish Agribusiness Fund I K/S We have audited the financial statements of for the financial period - Danish Agribusiness Fund I K/S 01.01.202431.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Fund’s financial position at and 31.12.2024of the results of its operations for the financial period - in accordance with the Danish 01.01.2024 31.12.2024Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Management is responsible for assessing the Fund’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless the Management either intends to liquidate the Fund or to cease operations or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidencethat is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud mayinvolve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Entity’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required todraw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions may cause theEntity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions andevents in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit. Management is responsible for the Management's commentary.Our opinion on the financial statements does not cover the Management's commentary, and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management 'scommentary and, in doing so, consider whether the Management's commentary is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. Moreover, it is our responsibility to consider whether the Management commentary provides the informationrequired by relevant law and regulations.Based on the work we have performed, we conclude that the Management's commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the Management commentary. Copenhagen, DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Jens Ringbæk State Authorised Public Accountant mne27735 Lars Hillebrand State Authorised Public Accountant mne26712 0 -2000 15024000 93421000 15024000 93419000 3131000 4056000 11893000 89363000 15000 404000 104000 3000 11804000 89764000 11804000 89764000 332989000 318461000 332989000 318461000 332989000 318461000 685000 1369000 75000 72000 760000 1441000 333749000 319902000 361520000 351448000 26576000 14772000 -55113000 -54733000 332983000 311487000 634000 0 0 494000 132000 7921000 766000 8415000 766000 8415000 333749000 319902000 351448000 14772000 -54733000 311487000 10072000 0 0 10072000 0 0 380000 380000 0 11804000 0 11804000 361520000 26576000 -55113000 332983000 336303000 -74992000 -20361000 240950000 15145000 0 0 15145000 0 0 34372000 34372000 0 89764000 0 89764000 351448000 14772000 -54733000 311487000 true The financial statements have been prepared in accordance with the same accounting policies as last year, except that 'Undisbursed commitments' have been removed from the balance sheet, both from assets and liabilities. These commitments are now presented in the notes to provide a more accurate representation of the Funds's financial obligations. Additionally, reclassifications have been made in the income statement and balance sheet to enhance the clarity of the items presented. These reclassifications do not have any impact on profit/loss for the year and total equity. The financial statements are presented on the basis of going concern.The financial statements are presented on the basis of historical cost, except for the investments and receivables from investments, which are measured at fair value. Historical cost is based on the fair value of the consideration given in exchange for assets. All amounts in the financial statements are presented in thousands. Every figure is rounded off separately DKKand, for that reason, minor differences between the stated totals and the sum of underlying figures may occur. Significant accounting judgment and estimatesAs part of the preparation of the financial statements, the Fund Manager and the General Partner made judgements and estimates which affect the application of the Fund’s accounting policies and the reported amounts of assets, liabilities, income and expenses. None of these are considered significant.Recognition and measurementAssets are recognised in the balance sheet when it is probable that future economic benefits will flow to IIP, and provided that the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when DAF has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of DAF, and the value of the liability can be measured reliably. On initial recognition, financial assets and liabilities are measured at fair value, which is generally equivalent to cost. Adjustment subsequent to initial recognition is affected as described below for each item. In accordance with Section 37 (5) in the Danish Financial Statements Act, DAF applies the International Financial Reporting Standards (IFRS) as regards measurement of financial assets and financial liabilities (IFRS 9), related disclosures (IFRS 7) and fair value measurement disclosures (IFRS 13). Information brought to DAF's attention before the time of finalising the presentation of the annual report that evidence affairs and conditions existing at the balance sheet date is taken into consideration at recognition and measurement. Income other than value adjustments is recognised in the income statement when earned, just as costs are recognised by the amounts attributable to this financial year. Value adjustments of financial assets and liabilities are recognised in the income statement as value adjustments. Danish kroner is used as the measurement currency. All other currencies are regarded as foreign currenciesForeign currency translationThe functional currency reflects the currency in which the Limited Partners have committed themselves to the Fund as well as the currency in which the Fund pays the Fund Manager for carrying out investment related services. Investments and loans are carried out in different currencies and hence considered less relevant in terms of influencing the choice of functional currency. The financial statements of the Fund are presented in the currency unit DKK, which is the Fund’s functional and presentation currency. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Income statementOperating incomeOperating income from receivables and investments consists of un- and realised fair value adjustments, dividends, accrued interest, net foreign exchange gains or losses related to receivables and investments and profit or loss from the disposal of portfolio investments or receivables. Income realised from the disposal of investments is calculated as the difference between net selling price and the fair value at the beginning of the financial period.Administrative expenses and other operating expenses All expenses are recognised in the statement of comprehensive income on an accrual basis. Administrative expenses and other operating expenses comprise expenses incurred during the reporting period not directly related to the Fund’s investment activities. The Fund pays the Fund Manager an annual fee for carrying out investment related activities and administration. The fee is calculated in accordance with the criteria set out in the Limited Partnership Agreement. Administrative expenses and other operating expenses which can be directly allocated to specific investments are recognised in the underlying project companies when the investment structure is formally in place. Administrative expenses and other operating expenses that do not relate to the Fund’s investment activities or is investment specific are recognised as expense by the Fund. Such costs comprise among others financial, legal and tax advisory, audit, bookkeeping, travel costs and General Partner fee. Financial income and expensesFinancial income and expenses comprise interest income and various expenses, and net exchange rate adjustments on transactions in foreign currencies. Interest income and interest expenses are recognised on an accrual basis. TaxationUnder current Danish law governing the Fund, it is not independently taxable because the Fund’s profit/loss for the year is included in the Limited Partners’ taxable income.Balance sheetInvestmentsFinancial assets and liabilities are recognised at fair value through profit or loss when the Fund becomes party to the contractual provisions of the instrument. Recognition takes place on the trade date when the Fund purchases or sells an investment under a contract whose terms require delivery of the investment within the time frame established by the market. On initial recognition, investments and receivables from investments are measured at fair value and subsequently measured at fair value with recognition of fair value adjustments through profit or loss. Financial assets and liabilities are derecognised when the contractual rights to the cash flows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership. Investments consist of equity investments and receivables from investments consist of loans. Furthermore, investments consist of capitalised development costs, which increase the fair value of the investments. Capitalised development costs consist of expenses related to early-stage design and development of infrastructure investments and primarily relates to advisory services provided to fund projects such as project structuring, contracting and de-risking etc. On initial recognition the investments are measured at fair value, and subsequently measured at fair value with recognition of fair value adjustments through profit or loss. Receivables from investments are measured at fair value through profit or loss under IFRS 9, Financial Instruments. The fair value is calculated equivalent to an estimated fair value that is determined based on market information, IPEV Valuation Guidelines and generally accepted valuation techniques, including benchmarking, multiple, DCF or other relevant methods, which are considered to provide the best estimate of the fair value. For further information about the measurement of fair values, please refer to note .3PrepaymentsPrepayments comprise incurred costs relating to subsequent financial periods. Prepayments are measured at cost.Cash and cash equivalentsCash comprises cash in bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Fair value adjustments22024 2023DKK'000DKK'000Net realised foreign currency gains/(losses) 0 (2)Net increase/(decrease) in unrealised gains/(losses) 15,023 93,420Net unrealised foreign currency gains/(losses) 1 1Fair value adjustment 15,024 93,419 Investments3Equity Equity investments investments 2024 2023DKK'000DKK'000Cost at beginning of period 216,029 216,029Cost at end of period 216,029 216,029Fair value adjustments at beginning of period 102,432 (20,169)Fair value adjustments 14,528 122,601Fair value at end of period 116,960 102,432Carrying amount at end of period 332,989 318,461Equity interest Profit/(loss) Equity Investments Corporate form%DKK'000DKK'000 CountryCoexca S.A. S.A. 25.26 (50,677) 258,521 ChileConsistently with the accounting policies, the Fund regularly adjusts the value of the investments to the best estimate of fair value. This means that the proportionate share of operating profit or loss for the Companies is not recognised in profit or loss of the Fund, but rather a fair value adjustment of the investment. The methods applied by the Fund to measure investments are evident from note to the financial statements. 7 Other payables42024 2023DKK'000DKK'000Payable to Fund Manager 102 9,097Other liabilities 30 29Other vendors and other liabilities 0 (1,205)Other payables 132 7,921The carrying amount of payables relates to legal fees, auditor’s fees, travel costs etc. The amount recognised is equal to the fair value of the liabilities. Other payables fall due for payment within 12 months. Financial risk management6Though investments, DAF is exposed to financial risks such as equity and credit risk on investments, currency risk and liquidity risk. A number of limits have been established to avoid excessive concentration of risks, and through its investment policy and due diligence procedures, IIP further seeks to identify and mitigate the equity risk.Key financial risk factors and exposure regarding the financial statements for can be categorised as follows:2024 Financial instruments5Categories of financial instruments:2024 2023DKK'000DKK'000Equity investments 332,989 318,461Financial assets measured at fair value through profit or loss 332,989 318,461Credit facility 634 0Other payables 132 7,921Financial liabilities measured at amortised cost 766 7,921All financial liabilities are due for payment within 12 months.Financial risk factorsLiquidity risksBetween 1 Less than 1 year and 5 year years After 5 years Total DKK'000DKK'000DKK'000DKK'000Credit facility 634 0 0 634Other payables 132 0 0 132Other receivables 685 0 0 68531.12.20241,451 0 0 1,451Between 1 Less than 1 year and 5 year years After 5 years Total DKK'000DKK'000DKK'000DKK'000Other payables 100 0 0 100Other receivables 1,142 0 0 1,14231.12.20231,242 0 0 1,242The Fund manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. In addition, the Fund is able to draw on uncalled commitments from its investors tomeet its obligations if needed. In addition, no indication of the Limited Partners' inability to contribute the remaining fund commitment exists as well as future income from investments is expected to settle the outstanding amount.Credit risksCredit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Fund. The credit risks of the Fund are considered limited. The Fund's credit risk primarily arises from:Cash at banksOther receivablesContingent liabilities or guaranteesThe majority of the Fund’s receivable is receivables from investments which are measured at fair value and therefore no provision for expected credit loss (ECL) is recognised. Historically, no losses on other receivables have been realised, hence no provisions for expected credit loss have been recognised in the Income statement. Any such provision would be considered insignificant as the credit risks of the Fund are considered limited. Management manages its credit risk exposure by transacting the majority of the Fund’s contractual commitment activities with well-established banks, regulated exchanges and business partners which the Management consider to be reputable. Investments are progressing as planned and following the outlined budget. Furthermore, the Fund provides a guarantee to the underlying projects if needed indicating that obligations will be met. Also, the Fund invest in infrastructure projects in a combination of loan and equity. Infrastructure projects are characterised by a stable and solid income when the project reaches FID. There is no indication towards that projects are in a state where they will not be able to meet the obligation against the Fund. The Fund is not exposed to any significant credit risk from a single counterparty at , since the portfolio 31.12.2024of the Fund consists of a number of counterparties and infrastructure projects. The Fund Manager regularly assesses the risk related to single exposures taking into account current market developments, inflation, performance of investments, interest rate, price movements etc. Currency riskCurrency risk is the risk that the value of a financial instrument fluctuates due to changes in foreign exchange rates. DAF is exposed to currency risk through its investments that are denominated in currencies other than the functional currency (DKK). DAF does not hedge currency exposure in share capital investments, as the timing of cash flow is uncertain, and investments are typically exposed to local currencies where hedging costs are normally very high. By way of operation, some investments may have a natural built-in hedge, e.g. export-oriented businesses. Normally, DAF does not hedge commitments to disburse either, as timing and amounts are often difficult to foresee. Currency exposure and sensitivity In 2023, there is no currency risk besides share capital investments. Financial instruments measured at fair value7The fair values of the individual investments are calculated on the basis of methods that best reflect individual investment risks, life cycle, and industry conditions. Generally applicable, the fair value is calculated in accordance with IPEV valuation guidelines and accepted valuation methods, including multiple analysis/benchmarking or other relevant methods The Fund Manager has implemented procedures and methodology to ensure that the valuation is carried out consistently over time and across investments. Methods applied in and assumptions underlying the determination of fair values of investmentsThe fair value of each investment and receivables from investments has been estimated by applying methods that best reflect the risks and the stage of each investment, e.g., assumptions related to power prices, inflation rates, technical availability and discount rate. In general, the fair value is determined in accordance with IPEV Valuation Guidelines and generally accepted valuation techniques, including DCF models, benchmarking or other relevant methods. However, for projects which are before financial close, cost, including capitalised development costs, is considered the best estimate for fair value. The valuation approach incorporates all of the factors that market participants would take into account in pricing a transaction, such as cash flows, discount rates and yield curves assumptions. The valuation of equity investments and receivables from investments is based on the same methods, as equity investments and receivables from investments are exposed to the same risks, regardless of the funding method.Fair value hierarchy for financial instruments measured at fair value in the balance sheetBelow, financial instruments measured at fair value are classified using the fair value hierarchy:Quoted prices in active markets for identical instruments (Level 1)Quoted prices in active markets for similar assets or liabilities or other valuation methods under which all material inputs are based on observable market data (Level 2)Valuation techniques under which any material inputs are not based on observable market data (Level 3)All investments are classified as Level 3 investments and there have not been any transfers between the levels during the financial year.Material unobservable inputs for Level 3Financial instruments measured at fair value in the balance sheet are based on valuation techniques that include material unobservable input. Material unobservable inputs mean in this context that the valuation is dependent on a return requirement that contains a number of components that cannot be observed on trading markets, for example project-specific risks and illiquidity prices.Level 1 Level 2 Level 3 Total DKK'000DKK'000DKK'000DKK'0002024Unlisted shares, equity investments 0 0 332,989 332,989Financial assets measured at fair value 0 0 332,989 332,989through profit or loss Level 1 Level 2 Level 3 Total DKK'000DKK'000DKK'000DKK'0002023Unlisted shares, equity investments 0 0 318,461 318,461Financial assets measured at fair value 0 0 318,461 318,461through profit or loss Material unobservable inputsFair value of the assets is determined based on both forward-looking information, current market and geopolitical conditions, actuals e.g., contributions and distributions etc. as well as status on the specific assets. Valuations are conducted by an inhouse valuation expert team and approved quarterly in the Valuation Committee and subsequently by the Board of Directors as part of the quarterly report. A number of material unobservable input is applied in the valuation and is ongoingly assessed on a on a Fund specific level. An elaboration of the assessed material unobservable inputs is outlined below.Sensitivity analysis The fair value of the Fund’s investments is affected by developments in the applied discount rate and future earnings expectations for these investments. A decline or increase in the material unobservable inputs stated above and changes in macroeconomic conditions might have a direct effect on the valuation of the investments. Due to the nature of the investments, the effects are subject to some uncertainty as other factors can in some scenarios have a reverse effect. It is the assessment that any reverse effect will be immaterial. The approximately impact on Fund NAV is calculated by altering one input at a time and rerun the model. No sensitivity analysis has been made for investments where Management has assessed the cost price as the best estimate of fair value. The table below presents the effect of changing the assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions for those investments whose fair values are recognized in whole or in part using valuation techniques based on assumptions that are not supported by prices or other inputs from observable current market transactions in the same instrument. In the below table only equity investments are included because these are the only investments calculated with a valuation technique. For development projects before FID and receivables from investments cost price is considered best estimate of the fair value. Fair value at Valuation Unobservable Weighted Change in Asset type31.12.2024Technique Input average input Valuation +/-Investments 0 Cost332,989 Discounted cash flow WACC +10% (48,730)Growth in terminal -20% 0valueThe inputs above are considered the most material unobservable input due to the nature of the investments. Authorisation of the annual report for issue11At the meeting held on 31.03.2025 the General Partner authorised this annual report for issue on 31.03.2025. The annual report will be presented to the limited partners of the Fund for approval at the Annual General Meeting on 30.04.2025. Related parties8Related parties with a controlling interestThe following are recorded in the Company's register of limited partners: - Pension Danmark - PKA - PFA - IFU Other related parties: - DAF I GP P/S - DAF I GP Komplementar ApS Contingent liabilities9The Fund has the following third-party contingent liabilities or guarantees as of :31.12.2024Undisbursed contracted commitments for 2024 is 509,000 .DKKDAF has signed a management agreement with IFU, whereby IFU performs administration, monitoring and invest-ment advice for DAF. The management agreement cannot be cancelled. For 2024, the payment amounts to DKK 2,721 thousand incl. VAT. There are no other guarantees or contingent liabilities of the Fund. No provisions for expected credit loss have been recognised. Please refer to note for further.6 Events after the balance sheet date10No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-04-30 Reporting class B 2025-03-31 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 Copenhagen S Opinion Basis for Opinion 2025-03-31 6 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 Copenhagen S Denmark