43914979 2023-12-31 43914979 2023-03-08 fsa:ContributedCapitalMember 43914979 2023-03-08 fsa:RetainedEarningsMember 43914979 2023-12-31 fsa:ContributedCapitalMember 43914979 2023-12-31 fsa:RetainedEarningsMember 43914979 2023-03-08 2023-12-31 43914979 2023-03-08 2023-12-31 1 43914979 2023-03-08 2023-12-31 memberOfBoardIdentifier_executive_board_1 43914979 2023-03-08 2023-12-31 memberOfBoardIdentifier_executive_board_2 43914979 2023-03-08 2023-12-31 memberOfBoardIdentifier_executive_board_3 43914979 2023-03-08 2023-12-31 2 43914979 2023-03-08 2023-12-31 fsa:RetainedEarningsMember 43914979 2023-03-08 2023-12-31 fsa:ContributedCapitalMember 43914979 2023-03-08 2023-12-31 fsa:RetainedEarningsMember iso4217:DKK Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-03-08 2023-12-31 43914979 VPK Komplementar III ApS Klostervej, 28, st. 8680 Ry Skanderborg PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jens Chr. Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2024-03-21 Klaus Bülow Davidsen Regnskabsklasse B Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of VPK Komplementar III ApS for the financial year 8 March - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-03-21 Ry Brian Vahlun Jørgensen Manager Jon Erik Risvig Manager Klaus Bülow Davidsen Manager To the shareholders of VPK Komplementar III ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company´s operations for the financial year 8 March - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of VPK Komplementar III ApS for the financial year 8 March - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion 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 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 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 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 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 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 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 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. 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. 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 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. Aarhus C 2024-03-21 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Christian Roding State Authorised Public Accountant mne33714 Christian Reumert Hedetoft State Authorised Public Accountant mne50596 Key activities The purpose of the company is to operate as the General Partner of VPK Fond III K/S and similar companies. Development in the year The income statement of the Company for 2023 shows a profit of TDKK 4, and at 31 December 2023 the balance sheet of the Company shows a positive equity of TDKK 44. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 5000 5000 1000 4000 4000 5000 40000 45000 45000 45000 40000 4000 44000 1000 1000 1000 45000 40000 0 0 4000 40000 4000 Other contingent liabilities The company acts as a general partner in VPK Fond III K/S which has assets of MDKK 43 and debt of MDKK 9 at 31 December 2023. The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Vækstpartner Kapital ApS is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The Annual Report of VPK Komplementar III ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The Financial Statements for 2023 are presented in TDKK. 1 All expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Revenue is measured at the fee received and is recognised exclusive of VAT and net of discounts relating to sales. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of revenue. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Vækstpartner Kapital ApS. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.