24257185 2024-01-01 2024-12-31 24257185 2024-01-01 2024-12-31 1 24257185 2024-01-01 2024-12-31 2 24257185 2023-01-01 2023-12-31 24257185 2024-12-31 24257185 2023-12-31 24257185 2022-12-31 fsa:SharePremiumMember 24257185 2023-01-01 2023-12-31 fsa:SharePremiumMember 24257185 2023-12-31 fsa:SharePremiumMember 24257185 2022-12-31 fsa:RetainedEarningsMember 24257185 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 24257185 2023-12-31 fsa:RetainedEarningsMember 24257185 2022-12-31 24257185 2024-01-01 2024-12-31 fsa:SharePremiumMember 24257185 2024-12-31 fsa:SharePremiumMember 24257185 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 24257185 2024-12-31 fsa:RetainedEarningsMember 24257185 2024-01-01 2024-12-31 1 24257185 2024-01-01 2024-12-31 1 24257185 2024-01-01 2024-12-31 2 24257185 2024-01-01 2024-12-31 3 iso4217:DKK xbrli:pure Søren Justesen Hellerup Søren Justesen Claus Hansen Søren Justesen Naveed Iqbal Siddiqi Chair Management’s StatementThe Executive Management and Board of Directors have today considered and adopted the Annual Report of Novo Ventures 1 P/S for the financial year 1 January 2024 – 31 December 2024.The Annual Report has been prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the Company's financial position at 31 December 2024 and of the result of the Company's operations for the financial year 1 January 2024 - 31 December 2024.In our opinion, Management’s Review includes a true and fair view of the matters included in the Management’s Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Independent Auditor's Report To the shareholder of Novo Ventures 1 P/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations for the financial year 1 January 2024 - 31 December 2024 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Novo Ventures 1 P/S for the financial year 1 January 2024 - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our 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. Statement on Management's ReviewManagement is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of Financial Statements that give a true and fair view in accordance with 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, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or cease operations, or has no realistic alternative to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur 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 requitements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that 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 proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company’sability to continue as a going concern. If we conclude that a material uncertainty exists, we are requiredto draw attention in our auditor’s report to the related disclosures in the financial statements or, if suchdisclosures 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 theCompany to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in amanner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. State Authorised Public Accountant Hellerup Henning Storm Elife Savas State Authorised Public Accountant PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Novo Ventures 1 P/S Tuborg Havnevej 19 2900 Hellerup Denmark 24257185 Gentofte PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 33771231 Management’s ReviewFinancial resultsDuring the year, the Company has made investments in the form of payments to funds in accordance with previously concluded agreements for calling capital from the participants, just as the Company has received distributions during the year.The valuation of the underlying investments in portfolio funds has been made with the value reported by the respective portfolio funds. A significant proportion of this is illiquid assets, where the valuation is mainly based on accounting estimates and may thus be subject to a certain degree of uncertainty. Based on the funds' reports and on the basis of the ongoing contacts the Company has with the funds, Management considers the valuation to be fair.The Company’s financial result for the financial year is a profit of TDKK 256,293. The Company's equity at 31 December 2024 amounts to TDKK 1,161,159.Future results will have to be seen taking into account specific conditions in the individual investments and the general economic development. Financial supportNovo Holdings A/S will only demand payment of its receivables if the Company has sufficient liquidity for this. This is valid until and including 31 December 2025. Furthermore, Novo Holdings A/S will provide capital on demand, so the Company is fully enabled to fulfill its contractual obligations related to the investments in portfolio funds. Novo Holdings A/S also guarantees for the payment of the Company's tax within the joint taxation.Events after the balance sheet dateThere have been no events after the balance sheet date which would have a significant impact on the assessment of Company' financial position as of 31 December 2024. The main activities of the CompanyNovo Ventures 1 P/S is 100% owned by Novo Holdings A/S, Hellerup, Denmark.The Company's purpose is to buy and hold shares. 111000 130000 -111000 -130000 176138000 9391000 144256000 62965000 63984000 110037000 256299000 -37811000 6000 -3452000 256293000 -34359000 256293000 -34359000 694981000 571471000 1449860000 1305372000 2144841000 1876843000 6000 0 6000 0 115000 3847000 121000 3847000 2144962000 1880690000 22415000 22415000 1138744000 882451000 1161159000 904866000 99000 122000 983704000 975702000 983803000 975824000 983803000 975824000 2144962000 1880690000 22415000 916810000 939225000 0 -34359000 22415000 882451000 0 256293000 22415000 1138744000 Note 1 – Accounting policiesThe Annual Report is presented in TDKK.Translation of foreign currenciesForeign currency transactions are translated using the exchange rates prevailing at the transactions dates. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities, are recognised in the income statement.Other operating costsOther operating costs comprises of operating costs related to the company's activities. Result of investments in portfolio fundsResult of investments in portfolio funds includes value adjustments and dividends received, is included in the profit and loss in the year the dividend is distributed. Other financial incomeFinancial income comprise interest and realised and unrealised foreign currency translations adjustments and other financial income. Interests is included in the profit and loss with the amount related to the current financial year, regardless of due date. Other financial costsFinancial costs comprise interest and realised and unrealised foreign currency translations adjustments and other financial costs. Interests is included in the profit and loss with the amount related to the current financial year, regardless of due date.TaxationAs a partner company, Novo Ventures 1 P/S is not an independent tax subject, which is why neither current nor deferred tax is set aside on the year's total income in the annual accounts. Novo Ventures 1 P/S's total income is taxed by the partner company's capital owner according to the rules applicable in tax legislation.Financial assetsInvestments in portfolio funds are recognised at fair value and are valued on the basis of the latest reporting received from the respective funds. The reports from the funds contain a valuation of the fund, including a valuation of each individual portfolio company. The value of a fund consists of the sum of the values of the portfolio companies in which the fund has invested in, and the value of other net assets.ReceivablesReceivables are measured at amortized cost. An impairment loss are recognized if there is objective evidence that a receviable or a group of receviables is impaired.Financial liabilitiesFinancial liabilities are stated at amortised cost unless specifically mentioned otherwise. true true Note 2 Financial supportNovo Holdings A/S will only demand payment of its receivables if the Company has sufficient liquidity for this. This is valid until and including 31 December 2025. Furthermore, Novo Holdings A/S will provide capital on demand, so the Company is fully enabled to fulfill its contractual obligations related to the investments in portfolio funds. Novo Holdings A/S also guarantees for the payment of the Company's tax within the joint taxation. 0 0 The management do not receive remuneration. Note 4 Other financial incomeRealised and unrealised gain/loss currency74,8840Interest income from group companies 69,372 62,965Total other financial income144,25662,965 Note 5 Other financial expensesRealised and unrealised gain/loss currency038,411Interest expenses to group companies63,97371,615Bank fees 12 11Total other financial expenses63,985110,037 Note 6 Tax on net result for the yearTax adjustments previous years -6 3,452Total tax on net result for the year-63,452 Note 7 Investments in portfolio fundsCost at 1 January 460,347 549,085Investments during the year 112,496 127,801Divestments during the year -90,865 -216,539Cost at 31 December481,978460,347Value adjustments at 1 January 111,124 176,943Market value adjustments 176,138 9,391Divestments during the year -74,260 -75,210Value adjustments at 31 December 213,002111,124Carrying amount at 31 December694,980571,471Through investments in portfolio funds the Company has ownership of mainly unqouted investments. The Company has no controlling or significant influence on the funds in which the Company has invested. The funds in which the Company has invested all use common accepted guidelines for measuring the fair value. The measuring of the fair value of the investments in the underlying portfolio companies are made by the managers of the funds.The value of a fund is measured as the fair value of each investment in portfolio companies owned by the fund with addition of other net assets in the fund. The valuation of a portfolio company in a fund is based on the industry, market position and earnings capacity, and the (i) the peer group multiple, i.e. the market value of comparable listed companies, (ii) transaction multiple in recent M&A transactions involving comparable companies, (iii) value indications from potential buyers of the portfolio company, (iv) market value if the portfolio company is publicly traded, and or (v) future expected proceeds, if there is a concluded agreement on the sale of the portfolio company. Usually the Company has no or very little information about specific methods and assumptions used by the managers of the funds when measuring the fair value of the underlying portfolio companies. At the assessment of the fair value of the underlying portfolio companies reported by the managers, information about market conditions, company specific information as well as information received through dialogue with the managers of the funds are used. The Company invests in portfolio funds. The investments made by the funds are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.Level 1 - Inputs based upon quoted prices for identical assets and liabilities in active markets. Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active.Level 3 - Unobservable input.All investments in portfolio funds owed by the Company are classified as Level 3 investments within the fair value hierarchy. TDKK 2024 2022/23Note 8 Contingent obligationsContractual obligations related to Investments in portfolio companies 139,221 243,530 Note 9 Events after the balance sheet dateThere have been no events after the balance sheet date which would have a significant impact on the assessment of the Company's financial position as of 31 December 2024. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-07-10 Reporting class B 35276500 2025-07-10 Srandvejen 44 2900 Hellerup Opinion Basis for Opinion 2025-07-10 mne34453 mne50616 33771231 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup