41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 41315350 2023-01-01 2023-12-31 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 41315350 2022-01-01 2022-12-31 cmn:ConsolidatedMember 41315350 2022-01-01 2022-12-31 41315350 2023-12-31 cmn:ConsolidatedMember 41315350 2022-12-31 cmn:ConsolidatedMember 41315350 2023-12-31 41315350 2022-12-31 41315350 2022-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41315350 2022-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 41315350 2022-12-31 cmn:ConsolidatedMember fsa:RevaluationReserveMember 41315350 2022-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41315350 2022-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:RevaluationReserveMember 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 41315350 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41315350 2023-12-31 cmn:ConsolidatedMember fsa:ProposedDividendRecognisedInEquityMember 41315350 2023-12-31 cmn:ConsolidatedMember fsa:RevaluationReserveMember 41315350 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41315350 2023-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 41315350 2022-12-31 fsa:ContributedCapitalMember 41315350 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 41315350 2022-12-31 fsa:RetainedEarningsMember 41315350 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 41315350 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 41315350 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 41315350 2023-12-31 fsa:ContributedCapitalMember 41315350 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 41315350 2023-12-31 fsa:RetainedEarningsMember 41315350 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 41315350 2022-01-01 2022-12-31 cmn:ConsolidatedMember 2 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 41315350 2022-01-01 2022-12-31 cmn:ConsolidatedMember 1 41315350 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 41315350 2021-12-31 cmn:ConsolidatedMember iso4217:DKK xbrli:pure Klaus Risager AIP Infrastructure I K/S Klareboderne 1 1115 Copenhagen 41315350 Copenhagen Strandvejen 44 2900 Hellerup Primary activities The Company, AIP Infrastructure I K/S, was established in April 2020 and is a private alternative infrastructure fund managed by AIP Management P/S. The General Partner is AIP Infrastructure I GP ApS. The Company invests in renewables energy and transition assets and is set to yield stable and long-term returns to the benefit of the investors. The principal activities of the Company in the period under review were to own shares of: • NSI DK HoldCo GP ApS (100%) • NSI DK HoldCo K/S (99.97%) o North Sea Infrastructure AS (97.8%) ▪ Vestproces DA (23%) ▪ Nyhamna JV (13.7%) • AIP Blafa GP ApS (100%) • AIP Blafa Mezzanie K/S (99.97%) • AIP Blafa Equity K/S (99.97%) o Blakliden Fäbodberget Holding AB (30%) • AIP Zion Holding GP ApS (100%) • AIP Zion Holding K/S (99.89%) o AIP Zion Holding (US) GP (100%) o AIP Zion Holding (US) LP (100%) ▪ RE Cantua Holdings LLC (100%) • RE Floral Holdings LLC (100%) o RE Tranquility LLC (49%) ▪ RE Mojave Holdings LLC (100%) • RE Pelican Holdings LLC (100%) o RE Silverlake Holdings LLC (49%) ▪ AIP Zion Battery LLC (100%) • SP Solar Storage Development Holdings LLC (49%) • AIP El-Campo Holding GP ApS (100%) • AIP El-Campo Holding K/S (99.97%) o AIP El Campo Holding (US) GP (100%) o AIP El Campo Holding (US) LP (100%) ▪ El Campo Wind Renewables LLC (50%) ▪ AIP Prospero LLC (100%) • Prospero Renewables LLC (50%) ▪ AIP Little Bear LLC (100%) • Grandma Bear LLC (50%) Development in activities and finances The Company’s Consolidated Income Statement of the Financial year 1 January – 31 December 2023 shows a result of DKK 619,568 thousand, compared to a negative result of DKK 1,007,118 thousand in 2022. The result is line with management’s expectations and have been favorably impacted by macro-economic circumstances, that has been partially offset by increased interest rates and negative change in fx. For 2024 the management expects a positive result of DKK 300-400 millions depending on macro-economic circumstances e.g. power prices, inflation and interest levels. Uncertainty in recognition and measurement It is assessed that there is no significant uncertainty in the recognition and measurement of financial figures. Principal risks and uncertainties The management does not see any special risks to the company in connection with the ownership of the shares in above companies’ projects in addition to the commonly occurring risks within the companies’ industry. Management sees no special risk of affecting the external environment in connection with the ownership of the shares in above companies and their projects. Subsequent Events No subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the financial statements. Policies governing environment and climate, social matters and staff-related matters, human rights, and anti-corruption. The Limited Partnership is subject to several policies covering environment and climate, social matters and staff-related matters, human rights, and anti-corruption. The Responsible Investment Policy and the ESG policy defines the principles, while the underlying procedures supports the implementation. Environmental, social and governance considerations are important for investment decision-making, both in terms of understanding and managing risks, and identifying opportunities for enhancement. We believe that a strong focus on responsible investing and ESG will create long-term value for our investors. Consequently, we have integrated a range of ESG principles and valuations throughout all stages of our investment process; from initial screening and investment analysis, during due diligence, negotiation and closing of transaction, and thereafter in the asset management phase. Below we have described the principles and our results for 2023 in more detail. In 2024 the Limited Partnership expects to continue to focus on its efforts within environment and climate, social and staff-related matters, human rights, and anti-corruption. Environment and climate The Limited Partnership maintains a responsible approach to environmental and climate issues, with a climate-friendly investment policy and a requirement to adopt good industry environmental practices. Investments in renewable energy projects have significant climate benefits in terms of emissions avoided (see later SFDR section of this report). The Limited Partnership adheres to the following environmental principles: • Continue to invest in renewable energy • Minimize environmental consequences related to construction and operation of infrastructure assets • Minimize carbon footprint of investments • Minimize carbon footprint of own operations • Exclude investments in coal, oil and tar sands In 2023, the Limited Partnership has maintained its positive contribution within Environmental and Climate impact. Social matters and staff-related matters For social matters and staff-related matters, the Limited Partnership promotes that the fundamental employees’ rights shall be acknowledged and observed by the investment project. The principal risks to the Limited Partnership’s activities relate to non-adherence to its labor and health and safety standards. In addition to contractual standards, the Limited Partnership monitors performance on an ongoing basis and receives monthly reports about the status of Limited Partnership investments. In 2023, the Limited Partnership has a safe and healthy work environment. Human rights In respect of human rights, the Limited Partnership promotes human rights principles and adopts a zero-tolerance approach to infringement of such rights. The principal risks to the Limited Partnership’s activities relate to potential non-adherence to its labor standards in the investments. The Limited Partnership follows local regulations and expects investment to comply with international commitments related to human rights. The Limited Partnership is not aware of any breaches of human rights. In 2023, the Limited Partnership is not aware of any breaches of human rights. Anti-corruption The Limited Partnership has a zero-tolerance policy when it comes to corruption and bribery. No corruption and/or bribery shall take place or be carried out directly or indirectly by any of the parties involved in an investment. The Limited Partnership has taken measures to reduce the risk of corruption, by performing due diligence and monitoring of counterparties and requiring standards of business conduct in contractual agreements. Background checks are conducted using a risk-based approach. In 2023, the Limited Partnership believes that it has not contributed to any form of corruption or bribery. Risk assessment and risk mitigation The main risks associated with the overall investment process of the Fund are: • Market risks • Credit risks • Liquidity risks • Counterparty risks • Operational risks To manage these risks, AIP Management, as the overall fund management company in the group has established a risk management function. The key responsibility of the function is to perform independent, and reliable: • Risk identification • Risk measurement • Risk management • Risk monitoring • Stress tests/Analysis Individual departments within AIP Management have the overall responsibility to carry out the procedures implemented, whilst Risk Management has the responsibility of overseeing this work. Sustainable Finance Disclosure Regulation (SFDR) The company has chosen to fulfill the requirement for periodic publication of information on financial products, cf. Article 8, subsection 1, 2 and 2a, in Regulation (EU) 2019/2088 and Article 6, subsection 1, in Regulation (EU) 2020/852 by preparing a supplementary report in connection with this annual report. Supplementary Report ANNEX IV Template periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852 Product name: AIP Infrastructure I K/S (CVR.no: 41315350) Legal entity identifier: 41315350 Environmental and/or social characteristics Did this financial product have a sustainable investment objective? Yes No It made sustainable investments It promoted Environmental/Social (E/S) X with an environmental characteristics and while it did not have as its objective: ___% objective a sustainable investment, it had a proportion of 9% of sustainable investments. in economic activities that with an environmental objective in economic qualify as environmentally activities that qualify as environmentally sustainable under the EU sustainable under the EU Taxonomy Taxonomy with an environmental objective in in economic activities that do economic activities that do not qualify as not qualify as environmentally environmentally sustainable under the EU sustainable under the EU Taxonomy Taxonomy with a social objective It made sustainable investments with It promoted E/S characteristics, but did not make any a social objective: ___% sustainable investments AIP Infrastructure I K/S (“the Fund”) is a close-ended fund which was established and held its final closing prior to the entry into force of Regulation (EU) 2019/2088 (the “Sustainable Finance Disclosure Regulation” or “SFDR”). The Fund’s overall approach is to promote environmental characteristics by having invested in assets that contribute to reducing total CO2e emissions. To what extent were the environmental and/or social characteristics promoted by this financial product met? The Fund promotes environmental characteristics by having invested in economic activities that contributes to one or more of the following sustainability indicators, increased renewable energy capacity (MW), reduction in greenhouse gas emissions and increased renewable energy generated (MWh). This report discloses information pertaining to the sustainability and performance of investments in cases where the assets are actively producing electricity. Investments that are currently under construction and prospective investment opportunities, as they do not yet generate electricity, have not attained a stage allowing for reliable determination of sustainability indicators. All investment of the Fund are in production. How did the sustainability indicators perform? During the reference period, the Fund has used the following sustainability indicators to measure the environmental characteristics promoted: Sustainability indicators Data 2022 Data 2023 Change in % Renewable energy capacity 634 647 2% (MW) Renewable energy 1,526,675 1,449,058 (5,1%) generated (MWh) Greenhouse gas emissions 464,435 457,195 (1,6%) avoided (tCO2e) The operational portfolio of the Fund generated 1,449,058 MWh during 2023, which corresponds to 457,195 tCO2e, GHG emissions avoided. …and compared to previous periods? The Fund decreased its emissions avoided by 7,240 tCO2e in 2023. This constitutes a reduction of 1,6%. What were the objectives of the sustainable investments that the financial product partially made and how did the sustainable investment contribute to such objectives? The Fund did not commit to sustainable investments, however the Fund does have 9% Taxonomy-aligned investments hence sustainable investments. These support the Fund objectives to promote environmental characteristics. How did the sustainable investments that the financial product partially made not cause significant harm to any environmental or social sustainable investment objective? The Fund did not commit to sustainable investments. How were the indicators for adverse impacts on sustainability factors taken into account? These are continuosly monitored during asset management. Were sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details: 9% of the investments that are aligned with the EU Taxonomy. The remaining share of the portfolio also aligns with the OECD MNE and the UNGP, as this is part of the ESG due diligence process. The fund has established an annual good governance screening process and minimum safeguards based in OECD and the UNGP are considered in the due diligence phase. How did this financial product consider principal adverse impacts on sustainability factors? During the reference period, the principal adverse impact indicators (PAIs) were considered during the ESG due diligence process. For the portfolio as a whole the PAIs are presented in AIP’s Article 4 - PAI Statement. The Fund assesses that none of the investments in the portfolio are causing significant harm to any environmental or social objectives. During this reference period the Fund have committed and considered the following 2 environmental and 7 social additional voluntary PAIs on sustainability factors to its reporting (available in our Annex I – Principal Adverse Impact Statement):  Environmental: • Investments in companies without carbon emission reduction initiatives   • Natural species and protected areas  Social: • Investments in companies without workplace accident prevention policies  • Number of days lost to injuries, accident, fatalities, or illness  • Insufficient whistleblower protection  • Lack of human rights policy  • Operations and suppliers at significant risk of incidents of child labour  • Operations and suppliers at significant risk of incidents of forced or compulsory labour  • Number of identified cases of severe human rights issues and incident What were the top investments of this financial product? Largest investments Sector % Assets Country Zion Renewable Energy 35% United States NSI Gas Infrastructure 17% Norway Little Bear Renewable Energy 15% Unitied States El Campo Renewable Energy 14% United States Prospero Renewable Energy 10% United States BlaFa Renewable Energy 9% Sweden What was the proportion of sustainability-related investments? The proportion of sustainability-related investment was 9%. This is based on the current/market value of each asset which has been assessed as being aligned with the criteria in the EU Taxonomy. What was the asset allocation? Taxonomy-aligned#1A Sustainable 7%9%#1 Aligned with E/S characteristics#1B Other E/S 83%characteristicsInvestments74%#2 Other17%#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product. #2Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments. The category #1 Aligned with E/S characteristics covers: - The sub-category #1A Sustainable covers environmentally and socially sustainable investments. - The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as sustainable investments. In which economic sectors were the investments made? During the reference period, the Fund’s portfolio of investments is unchanged compared to the previous reference period and consists of investments in the following economic sectors: gas infrastructure and renewable energy in on- and offshore wind, solar, and battery energy storage systems. Of the total assets of the Fund, 17% are allocated for gas infrastructure investments, and 83% are allocated for renewable energy investments. To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy? 9% of investments in economic activities that quality as environmentally sustainable were aligned with the EU Taxonomy. Did the financial product invest in fossil gas and/or nuclear energy related activities 1complying with the EU Taxonomy? Yes: In fossil gas In nuclear energy No X 1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objective - see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214. The graphs below show in green the percentage of investments that were aligned with the EU Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment of sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation to the investments of the financial product other than sovereign bonds. 2. Taxonomy-alignment of investments 1. Taxonomy-alignment of investments excluding sovereign bonds*including sovereign bonds* x%x%91%Turnoverx%x%x%91%TurnoverCapExx%x%x%91%CapExx%x%x%91%OpExx%x%91%OpExx%x%x%91%0% 50% 100%0% 50% 100%Taxonomy-aligned: Fossil gasTaxonomy-aligned: Fossil gasTaxonomy-aligned: NuclearTaxonomy-aligned: NuclearTaxonomy-aligned (no gas and nuclear)Taxonomy-aligned (no gas and nuclear)Non Taxonomy-alignedNon Taxonomy-alignedThis graph represents 91% of the total investments.* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures.What was the share of investments made in transitional and enabling activities? 0% of the assets classified as aligned with the EU Taxonomy was in transitional or enabling activities. How did the percentage of investments that were aligned with the EU Taxonomy compare with previous reference periods? In previous reference period, 7% of the assets was classified as aligned with the EU Taxonomy. During this reference period, 9% of the assets are now classified as aligned with the EU Taxonomy. What was the share of sustainable investments with an environmental objective not aligned with the EU Taxonomy? The Fund did not commit to sustainable investments. What was the share of socially sustainable investments? The Fund did not commit to make socially sustainable investments. What investments were included under “other”, what was their purpose and were there any minimum environmental or social safeguards? 17% of the fund AuM is in upstream gas assets. These investments were made as part of the Funds mandate. The assets are screened annually against the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights, as specified in AIP’s ESG Policy. During annual screenings no cases of non-compliance has been identified and all investments to be aligned with the OECD MNE and the UNGP. What actions have been taken to meet the environmental and/or social characteristics during the reference period? All investments held by the Fund during the reference period were subject to the mechnanisms and procedures described in the Fund’s Article 10 – Website Disclosure and were considered to be materially aligned with them. The binding elements of the investment strategy used to attain the environmental and social characteristics promoted by this fund have been monitored and documented on an ongoing basis. Specific actions have been taken by implementing a new data collection tool in collaboration with third-party experts with the purpose of strenghtening good governance around the ESG data collection process and more validated calculations of the principal adverse impact indicators. This will also act as a database going forward and let us to establish more specific GHG targets for the the Fund. How did this financial product perform compared to the reference benchmark?A specific index is not designated to the Fund. How does the reference benchmark differ from a broad market index? The Fund did not use a reference benchmark. How did this financial product perform with regard to the sustainability indicators to determine the alignment of the reference benchmark with the environmental or social characteristics promoted? The Fund did not use a reference benchmark. How did this financial product perform compared with the reference benchmark? The Fund did not use a reference benchmark. How did this financial product perform compared with the broad market index The Fund did not use a reference benchmark. Corporate social responsibility/ESG The company is managed by the fund manager AIP Management P/S. All matters related to Corporate Social Responsibility/ESG are governed by the policies of the fund manager. Please download the ESG report for further information about how AIP Management works with ESG across the investment portfolio. The report is available on the AIP Management website, www.aipmanagement.dk/sustainability-reports. Gender diversity There are only two persons in the Executive Board and it is not meaningful to set target figures. Data ethics The entity has not implemented a data ethics policy. The data landscape of the entity is very simple and does not imply any data ethical risk. The Executive Board has today considered and adopted the Annual Report of AIP Infrastructure I K/S for the financial year 1 January – 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act and other relevant legislation. In our opinion, the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and the Group and of the results of the Company and Group operations and cash flows for 1 January – 31 December 2023. In our opinion, the Management review includes a true and fair account of the matter addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, Jannick Prehn Brøndum Kasper Hansen To the Limited Partners of AIP Infrastructure I K/S In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023, and of the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of AIP Infrastructure I K/S for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“financial statements”). We 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 areindependent of the Group 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 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 Financials Statements Act and other relevant legislation. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act and the information requirements in other relevant legislation. We did not identify any material misstatement in Management’s Review. Management’s Responsibilities for the Financial Statements Management is responsible for the preparation of Consolidated Financial Statements and Parent Company 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 Group’s and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements 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 judgment and maintain professional skepticism 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 evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve 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 the effectiveness of the Group’s and the Parent Company’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 Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw 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 evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Per Rolf Larssen Casper Larsen State Authorised Public Accountant State Authorised Public Accountant mne24822 mne45855 40472000 20580000 24425000 9358000 2297000 3482000 0 0 0 0 133510000 304053000 487318000 641613000 0 0 -263955000 1536252000 -500770000 880654000 708504000 -918701000 609855000 -585959000 113345000 181743000 69981000 157061000 49466000 8758000 207854000 3131000 772383000 -745716000 471983000 -432029000 152815000 261402000 0 0 619568000 -1007118000 471983000 -432029000 272162000 348725000 272162000 348725000 1229000 -1997000 0 0 346178000 -1353846000 199821000 -780754000 619568000 -1007118000 471983000 -432029000 0 0 5030997000 4506364000 4356256000 3986746000 0 0 77684000 79627000 0 0 4433941000 4066372000 5030997000 4506364000 4433941000 4066372000 5030997000 4506364000 0 0 1213466000 1324993000 1888563000 1820195000 0 0 1888563000 1820195000 1213466000 1324993000 0 0 58219000 21056000 44278000 73216000 0 64572000 1932841000 1893411000 1271686000 1410621000 32397000 151682000 9279000 74884000 1965238000 2045093000 1280965000 1485505000 6399179000 6111465000 6311962000 5991869000 7451666000 7464400000 7454304000 7252648000 -250230000 -56390000 0 0 -983385000 -1513914000 -1145559000 -1345380000 6218052000 5894096000 6308745000 5907267000 4635000 2376000 0 0 6222686000 5896472000 6308745000 5907267000 77684000 79627000 0 0 77684000 79627000 0 0 0 0 0 81779000 98808000 135366000 3217000 2822000 98808000 135366000 3217000 84602000 176492000 214993000 3217000 84602000 6399179000 6111465000 6311962000 5991869000 7464400000 0 -56390000 -1513914000 2376000 5896472000 214390000 0 193839000 -184274000 -958000 222997000 201656000 149000 201805000 272085000 346255000 1229000 619568000 -272085000 -77000 -272162000 7451666000 0 -250230000 -983385000 4635000 6222686000 7252648000 0 -1345380000 5907267000 201656000 201656000 272162000 199821000 471983000 -272162000 -272162000 7454304000 0 -1145559000 6308745000 Net profit Net profit 619568000 -1007118000 -245560000 -714388000 Changes in working capital Changes in working capital -429964000 593283000 -55955000 -1128222000 Investments in financial assets Investments in financial assets -232096000 260533000 105761000 90573000 133510000 617986000 7176000 969092000 201656000 455664000 272162000 345498000 -70505000 110166000 -119285000 -48964000 151682000 200646000 -119285000 -48964000 32397000 151682000 Principal accounting policies This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). The accounting policies applied to group are identical to the rules applied to the parent. Consolidated financial statements The consolidated financial statement comprises the parent and the group enterprises that are controlled by the parent. Control of a subsidiary is achieved by the parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way exercising controlling influence. Enterprises in which the group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates. Basis of consolidation The consolidated financial statements are prepared based on the financial statements of the parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income, expenses, accounts and dividends are eliminated. The financial statements used for consolidation have been prepared applying the group accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Presentation currency The reporting currency is Danish kroner. All amounts are in thousands of DKK. The exchange rates used as at 31 December 2023: EUR 745.29 (2022: 743.65), USD 674.47 (2022: 697.22), NOK 63.30 (2022: 70.73) were used where translation to DKK was needed. Recognition and measurement Revenue is recognized in the income statement as it is earned, including value adjustments of financial assets and liabilities measured at fair value or amortized costs. In addition, expenses incurred to achieve the year’s earnings are recognized, including depreciation, write-downs, provisions, and reversals because of changed accounting estimates of amounts previously recognized in the income statement. Assets are recognized in the balance sheet when it is probable because of a prior event that future economic benefits will flow to the company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the company has a legal or constructive obligation because of a prior event, and it is probable that future economic benefits will flow out of the company, and the value of the liabilities can be measured. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each accounting item below. Recognition and measurements consider the gains, losses and risks that arise before the annual report is presented and which corroborates or invalidates conditions that existed at the balance sheet date. The group accounts are consolidated based on the subsidiaries individual accounts adjusted for any intercompany transactions and equity interest. Foreign currency translation Foreign currency transactions are translated at the exchange rate at the transaction date. Exchange rate differences arising between the exchange rate at the transaction date and the rate at the payment date are recognizes in the income statement as a financial item. Receivables, payables, and other monetary items in foreign currencies that have not been settled on the balance sheet date are translated at the exchange rate at the balance sheet date. The difference between the exchange rate at the balance sheet date and the exchange rate at the transaction date is recognized in the income statement as a financial item. Key ratios Key figures and financial ratios are determined based on “Recommendations & Financial Ratios” issued by the Danish Society of Financial Analyst: Equity ratio = Total Equity x 100 Total Assets Return on Equity = Net Result x 100 Average Equity Income statement Other external costs Consists of other external costs e.g., costs for administration, etc. Staff expenses Comprises of wages, payroll taxes and other social security contributions. For information about remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds please see the annual report for the Fund Manager. Income from Group companies Dividend income from group companies is presented in the Income statement in the year of which it was declared. Income from associated companies Dividend income from associated companies is presented in the Income statement in the year of which it was declared. Impairment Investments in subsidiaries and associates are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Financial items Financial income and expenses include interest income and expenses, realized and unrealized gains and losses on debt, fair value of investments & loans and transactions in foreign currencies. Tax The company is not taxable independently, which is why the tax liability is incumbent on the company’s investors. As a result, no tax and deferred tax has been set aside in the accounts for the Company. At Group level the income taxes for the year, is recognized in the income statement with the part that can be attributed to the profit for the year. Investments in financial assets Investments in subsidiaries and associates are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Receivables Receivables are recognized and measured at amortized cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to the lower value. Cash and cash equivalents Cash comprises cash in bank deposits. Cash and cash equivalents comprise cash and bank balances net of bank overdrafts. Equity Dividend distributions proposed by the management for the financial year are shown as a separate item under equity. Short-term payables Expenses with reference to the fiscal year are accrued for. Cash flow statement Cash flow from operating activities includes all cash transactions other than cash flows arising from investments, received dividends, paid and received financial items and equity transactions. Cash flow statement is calculated based on the indirect method where the cash flow is based on the difference between year start and year end with adjustments for non-cash items. true Note 2 2023 2022 2023 2022Fees to appointed auditors Group Group Parent ParentFees to PricewaterhouseCoopers 465 200 291 60Statutory audit 327 183 154 42Other assurance engagement 19 18 19 18Other services 119 0 119 0Total fees 465 200 291 60 Note 3EmployeesWages and salaries -1,957 -2,982 - - Pensions -44 -64 - - Other social security expenses -286 -429 - - Other staff expenses -9 -7 - - Total staff expenses -2,297 -3,482 - - 4 4 0 0 Note 4Financial incomeInterest from loans to group companies - - 67,738 70,379Interest from loans to associated companies 105,761 90,573 - - Other financial income 7,584 5,297 2,243 834Exchange gains - 85,873 - 85,848Total financial income 113,345 181,743 69,981 157,061 Note 5Financial expensesOther financial expenses 2,717 -5,634 -5 -7Exchange loss 46,748 -3,125 -207,849 -3,125Total financial expenses 49,466 -8,758 -207,854 -3,131 Note 6Income taxesCurrent tax for the year 149,519 -257,693 - - Adjustment previous years 3,295 -3,709 - - Total income taxes 152,815 -261,402 - - Note 7 2023 2022 2023 2022Investment in group companies Group Group Parent ParentCosts at 1 January - - 5,769,770 5,316,674Additions in the year - - 184,556 453,096Costs at 31 December - - 5,954,326 5,769,770Impairment at 1 January - - -1,263,406 -383,384 Impairment in the year - - 340,077 -880,022 Impairment at 31 December - - -923,329 -1,263,406 Total investment in group companies - - 5,030,997 4,506,364The company has investment in subsidiaries located in Denmark with approximately 99.9% ownership: Company name Registered office Ownership % • NSI DK Holding GP APS Copenhagen, Denmark 100.00% • NSI DK Holding K/S Copenhagen, Denmark 99.97% • AIP Blafa GP ApS Copenhagen, Denmark 100.00% • AIP Blafa Mezzanine K/S Copenhagen, Denmark 99.97% • AIP Blafa Equity K/S Copenhagen, Denmark 99.97% • AIP Zion Holding GP ApS Copenhagen, Denmark 100.00% • AIP Zion Holding K/S Copenhagen, Denmark 99.89% • AIP El-Campo Holding GP ApS Copenhagen, Denmark 100.00% • AIP El-Campo Holding K/S Copenhagen, Denmark 99.97% Note 8Investment in associated companiesCosts at 1 January 5,522,997 5,491,195 - - Changes in the year 105,556 31,802 - - Costs at 31 December 5,628,553 5,522,997 - - Impairment at 1 January -1,536,252 - - - Impairment in the year 263,955 -1,536,252 - - Impairment at 31 December -1,272,297 -1,536,252 - - Total investment in associated companies 4,356,256 3,986,746 - - Registered Owner NetCompany name LCY office share Equity* result*NSI Nyhamna JV NOK Nyhamna, Norway 13.70% **)NSI Vestprocess DA NOK Bygnes, Norway 23.00%781 511Blakliden Fäbodberget Wind AB EURBlakliden, Sweden30.00% **)RE Tranquility Holdings LLC &RE Silvarlake Holdings LLC USD Delaware, USA 49.00% **)SP Solar Storage Devlopment Holdings LLC &SP Solar Storage Class B Holdings LLC USD Delaware, USA 49.00% **)El Campo Wind Renewables LLC USD Boston, MA, USA 50.00% **)Grandma Bear LLC USD Boston, MA, USA 50.00% **)Prospero Solar Renewables LLC USD Boston, MA, USA 50.00% **)*) in millions LCY**) No publicly available annual reports Note 9 Other long-term payables The provision of DKK 77.7 million in the company North Sea Infrastructure AS includes dismantling obligation, including removal of oil and gas installations. The Norwegian authorities and the OSPAR-Convention are used to determine the size of the obligation. The operator's estimates are used for determining the obligation. There is uncertainty about several of the factors including the removal method, technology, and time of removal. The removal obligation will be paid by the shippers who use the plant, and therefore a long-term receivable has also been recognized against the shippers at the same value as the company's obligation. Note 10 Cash flow statement – adjustments 2023 2022Group GroupFX adjustment -6,288 -5,829Dividends received -133,510 -617,986Interests received -105,761 -90,573Total adjustments -245,560 -714,388 Note 11 Contingent liabilities A letter of credit of SEK 17.6 million has been issued to cover the company’s shares of decommissioning of the Blakliden Fäbodberget Wind investment to the municipality of Västerbotten. The company has no contingent liabilities apart from the liabilities already recognized in the balance sheet. Note 12 Group and ownership relations The company is owned by: • Pensionskassen for Sygeplejersker og Lægesekretærer, Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 15 11, Owner 36.92% • Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 43 16, Owner 21.00% • Pensionskassen for Sundhedsfaglige, Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 35 14, Owner 16.31% • Pensionskassen for Farmakonomer, Tuborg Boulevard 3, 2900 Hellerup, CVR 10 49 68 37, Owner 2.69% • PenSam Pension forsikringsselskab, Jørgen Knudsens Vej 2, 3520 Farum, CVR 14 63 89 03, Owner 23.08% Other related parties include: • AIP Infrastructure I GP ApS, Klareboderne 1, 1115 Copenhagen, CVR: 41 26 84 17 Besides the investment transactions shown in the financial statement and general partner fee, there are no transactions with related parties. The Group is not part of any other consolidated financial statements. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-04-29 Reporting class C, large enterprise 2020-04-01 2024-04-15 39504308 AIP Management P/S Klareboderne 1 1115 Copenhagen Opinion Basis for Opinion 2024-04-15 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup