407544152024-01-012024-12-31407544152024-01-012024-12-311407544152024-01-012024-12-312407544152024-01-012024-12-313407544152024-01-012024-12-311407544152024-01-012024-12-312407544152024-12-31407544152023-12-31fsa:ContributedCapitalMember407544152023-12-31fsa:RetainedEarningsMember407544152023-12-31407544152024-01-012024-12-31fsa:ContributedCapitalMember407544152024-01-012024-12-31fsa:RetainedEarningsMember407544152024-12-31fsa:ContributedCapitalMember407544152024-12-31fsa:RetainedEarningsMember407544152023-01-012023-12-31407544152022-12-31iso4217:EURThe General Partner is Axcel VI GP ApS and the Fund Manager is Axcel Management A/S, FT no. 23101Unusual circumstances affecting recognition and measurementExcept for the fair value changes on investments, the annual report is not influenced by unusual circumstances.3727000The Board of Directors has today considered and approved the annual report of Axcel VI K/S for the financial year 01.01.2024 - 31.12.2024.3690000-3727000The annual report is presented in accordance with the Danish Financial Statements Act.-369000045413000In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2024 and of the result of the Company's operations for the financial year 1 January 2024 - 31 December 2024. 677240004000In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review.400041682000We recommend that the Annual Report to be adopted at the Annual General Meeting. 6403000041682000Copenhagen64030000328981000Christian Gymos Schmidt-Jacobsen402992000328981000Chairman402992000328981000Mads Dreyer Laursen402992000976000Member966000976000Jacob Høeg Madsen966000329957000Member403958000217171000To the shareholders of Axcel VI K/S221784000109724000We have audited the financial statements of Axcel VI K/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement 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 Entity’s financial position at 31.12.2024 and of the results of its operations and cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.173754000326895000We 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 Entity 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.395538000198000Management 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 Entity’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 Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.21050002864000Our 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 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 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 ​Entity 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 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.6315000306200084200003062000Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary 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 of the management commentary. 8420000329957000403958000-782000Copenhagen217171000-4509000Bill Haudal Pedersen10972400041669000mne30131-41669000State Authorised Public Accountant461300046178000Michael Thorø Larsen046462000mne35823461300046462000State Authorised Public Accountant64030000284000Financial highlights2024 EUR'0002023 EUR'0002022 EUR'0002021 EUR'0002019/20 EUR'000Key figuresOperating profit/loss(3,690)(3,727)(5,325)(7,072)(2,569)Profit/loss for the year64,03041,68256,67511,732(365)Total assets403,958329,957281,844109,18433,850Equity395,538326,895238,75173,9529,495RatiosReturn on equity (%)17.7314.7436.2528.12(7.69)Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark (FSR Danske revisorer).Return on equity (%) :Profit/loss for the year * 100 Average equity692000Primary activitiesAxcel VI K/S is a private fund which invests in mid-size Nordic based companies with the purpose of developing these commercially. Axcel VI K/S is managed by Axcel Management A/S, a manager under supervision by the Danish FSA.221784000976000Development in activities and financesAxcel VI K/S was established on 29 August 2019 and had final close on 20 august 2021. Axcel VI K/S co-invests with other partnerships and the funds have a combined commitment of EUR 807m from its limited partners. During the investment period, which ended in February 2023, the Fund acquired 12 platform investments. After the investment period, the Fund has focused on developing the acquired companies until they are divested. The portfolio companies have performed well during 2024 and have with a few exceptions, increased in value during the year. 17375400041682000Profit/loss for the year in relation to expected developmentsThe result for the year is a gain of approximately EUR 64.0 million compared to a gain of EUR 41.6 million last year. The result is driven by unrealised gain from valuations of the investments. The result is in line with management’s expectations. Uncertainty relating to recognition and measurementThe unrealized result on investments in portfolio companies, which are recognized in the income statement and the value of the investments that are recognized and measured in the balance sheet, are based on accounting judgement and estimates, which are uncertain by nature. When measuring the fair value of the unlisted investments, the General Partner assesses the stage of the portfolio companies compared to the initial plans at the time of making the initial investments, future financing requirements, commercialization possibilities, timing of exit and possible exit values, including changes in earnings and multiples.At 31.12.2024 carried interest has reduced the fair value of investment, and total net assets, with a total of 42.2 mEUR. In 2024 carried interest has reduced income from portfolio companies with 15.7 mEUR in 2024.OutlookForthcoming results of Axcel VI K/S depend on the portfolio companies’ performance and the stock market development in general for which it is not possible to provide forward-looking statements for the investment result. Other external expenses are expected to be in the range 3.6-4.0 mEUR in 2025. 1907000Statutory report on corporate social responsibility It is the mission of Axcel VI K/S (“Axcel VI” or “the Fund”) to generate returns for its investors by acquiring, developing, improving and selling medium-sized Nordic companies. Axcel VI has integrated sustainability considerations into its investment process and approach to active ownership. Axcel VI is classified as an Article 8 fund under the Sustainable Finance Disclosure Regulation (“SFDR”). Axcel VI’s approach to sustainability is guided by Axcel Management’s (“Axcel”) policies and procedures, specifically the Sustainability Policy and the Investment and Due Diligence Policy. All policies are approved by Axcel’s Board of Directors. ​​The Sustainability Policy outlines Axcel’s commitment to respecting human and labour rights, undertaking initiatives to promote greater environmental responsibility, and working to prevent corruption in all forms as a signatory to the United Nations Global Compact. Insights into how Axcel addresses its impacts, risks, and opportunities are described further in the sections ‘Investment Process’, ‘Environmental and social characteristics’, and ‘Environmental, Social and Governance Performance’. ​​The Head of Sustainability is responsible for developing and implementing Axcel’s sustainability strategy, overseen by Axcel’s partners and the Board of Directors. This work includes ensuring appropriate risk management of Environmental, Social and Governance (“ESG”) factors, including risks related to climate change. In portfolio companies, sustainability efforts are led by Executive Management and are overseen by the company’s Board of Directors, where Axcel is always represented. Axcel requires that the boards of directors of the portfolio companies follow up on all ESG matters which may emerge during i) due diligence, ii) in the course of audits, iii) in the regular risk reporting cycle, iv) during self-assessments or v) in the course of the day-to-day business. Progress on sustainability matters in the portfolio is monitored through quarterly reporting to Axcel and an annual review by the company's Board of Directors. ​​Data ethics ​Axcel VI has not adopted a policy for data ethics, because the Fund does not process large amounts of data itself or uses algorithms for data analysis. The investments owned by the Fund have very different business areas and can therefore process data to an extent where it is advisable to adopt a data policy. The data policies of the investments are then published either in these companies’ consolidated accounts or on their website. ​​Investment process ​Axcel VI integrates sustainability considerations in all stages of its investment process, from sourcing and due diligence, through active ownership and exit. ​​Sourcing and Due Diligence ​When screening new investment opportunities, Axcel incorporates relevant ESG factors into the general evaluation criteria. Axcel conducts a thorough ESG due diligence ahead of any new investment with support from external specialists. The due diligence identifies and assesses ESG impacts, including principal adverse impacts as​defined by the SFDR, as well as ESG risks and opportunities by considering the company’s business model, industry, and geographic footprint. Climate-related risks and opportunities are assessed using the recommendations from the Taskforce on Climate-related Financial Disclosures (“TCFD”). The due diligence focuses on those impacts, risks and opportunities that are deemed most relevant taking into account the probability of occurrence and the severity of impacts including their potentially irremediable character. ​​The assessment relies on quantitative data where available, as well as qualitative data in the form of documentation and interviews with company management. The maturity of the target’s responses to the identified impacts, risks, and opportunities is assessed. The result is a summary of the type and scale of various ESG impacts, risks and opportunities, the maturity of the company’s approach to addressing ESG matters, the willingness of management to improve performance on ESG matters, and the resulting net risk score. ​​The consultant’s findings serve as input to the overall assessment of an opportunity and guide the future ESG work with the company to secure a successful exit. ​​Active ownership ​As an active owner, Axcel VI considers ESG factors not only in strategic decisions, but also in day-to-day business activities to ensure that companies mitigate sustainability-driven risks, capture sustainability-driven opportunities, and improve their impact on society and the environment. Axcel VI implements a five-step sustainability programme in portfolio companies: ​​(i) Embed sustainability in policies and management systems: requirements include a) Sustainability policy, b) Code of conduct, c) Supplier code of conduct, d) Data privacy policy, e) Whistleblower scheme f) Commitment to the UN Global Compact, g) ESG priorities linked to the UN Sustainable Development Goals. ​​(ii) Identify and assess ESG impacts, risks and opportunities: building on the analyses conducted during due diligence, companies are asked to assess their ESG impacts, risks, and opportunities in line with the OECD Guidelines and the UN Guiding Principles. ESG-related risks and opportunities are assessed leveraging stakeholder insights, the SASB materiality finder and findings from the TCFD assessment. ​​(iii) Prioritise topics and define ESG priorities: topics are mapped on a materiality matrix. Actions are defined to address prioritised ESG topics that are aligned with the UN Sustainable Development Goals (SDGs). ​​(iv) Track implementation and results: companies report quarterly on progress on ESG priorities and ESG KPIs aligned with the EU Principal Adverse Impact indicators (“PAI indicators”) and the Data Convergence Initiative. Company boards review and approve ESG efforts on an annual basis. ​​(v) Communicate on progress: companies report publicly on progress in line with UN Global Compact requirements. ​​Exit ​The efforts and achievements of Axcel’s companies related to sustainability are highlighted in the exit story. By working with its companies in a comprehensive and structured manner Axcel seeks to ensure that the sustainability efforts are well embedded in the organization and continue to flourish long after exit. ​ ​Environmental and social characteristics ​The Fund promotes the following environmental and social characteristics: ​1. Improve ESG Management: ​a. As part of Axcel’s 5-step sustainability programme, 100% of portfolio companies are required to embed: a) Sustainability policy, b) Code of conduct, c) Supplier code of conduct, d) Data privacy policy, e) Whistleblower scheme f) Commitment to the UN Global Compact, g) ESG priorities linked to the UN Sustainable Development Goals within one year of ownership (target applies from 2021) ​b. Axcel encourages portfolio companies to implement sustainability-linked loans ​c. All portfolio companies must measure and report on Axcel’s identified PAI indicators and should seek to reduce​adverse impacts where possible ​​2. Mitigate Climate Change: ​a. All portfolio companies must measure and report on their Scope 1-3 emissions, and reduce emissions where possible ​b. Portfolio companies are encouraged to set Science-Based Targets, with a target of 60% of all companies across Funds having set an approved target by 2025, and 100% by 2030 ​​3. Increase Diversity, Equity & Inclusion: ​a. Portfolio companies across all funds should ensure at least 40% of new hires to leadership of the underrepresented gender during the holding period ​b. Axcel’s portfolio across all funds with boards established after 2021 should ensure at least 40% of independent​Board members of the underrepresented gender ​​4. Support People & Culture: ​a. Portfolio companies should ensure processes to track and report employee satisfaction, sickness absence and work-related injuries ​​Environmental performance ​Environmental risks ​The most significant environmental risks in the Axcel VI portfolio relate to climate change. All companies in the portfolio directly or indirectly emit GHG emissions through their business activities. Some companies operate in high-impact climate sectors. Climate change impacts are addressed through portfolio-wide targets as described below. In addition to climate change, some companies have specific environmental impact areas that they address in their individual ESG strategies, for example, waste management and circular economy. ​​Climate change​Axcel has set an approved science-based target and targets that by 2025, 60% of its portfolio companies across Axcel’s funds will have set approved science-based targets and that by 2030, 100% of portfolio companies will have done so. Portfolio coverage is measured as the share of invested capital in companies owned for more than two years. ​​As per 30 September 2024, six companies in the Axcel portfolio had approved science-based targets representing​46% of invested capital in companies owned for more than two years. Four of the companies with approved science-based targets are owned by Axcel VI, representing 36% of invested capital in Axcel VI. All companies in Axcel VI have been owned for more than two years. ​​Axcel is furthermore committed to sourcing at least 85% renewable electricity. During 2024, Axcel sourced 100% renewable electricity. ​​As per the requirements set out in the SFDR PAI template (Table 1 of Annex I of the Regulatory Technical Standards) Axcel VI portfolio companies collect and report data on GHG emissions, energy consumption, biodiversity, water, and waste. During 2024, full GHG emissions baselines were completed for all Axcel VI companies. ​​Social performance ​Social risks ​All organizations are at risk of adversely impacting labour and human rights. These risks are identified and addressed in each company in a systematic manner through the governance requirements described in the next section including policy requirements that make specific commitments to respect human and labour rights and the requirement to commit to the United Nations Global Compact’s ten principles. No severe actual human rights​impacts have been identified during the financial year. Focus areas during 2024 have included diversity, employee wellbeing, and employee safety. Focus on these matters will continue in 2025. ​​Across companies, the risk of discrimination in company operations is significant and therefore addressed through portfolio-wide targets on diversity, equity & inclusion. The starting point is to focus on gender diversity with the aim of encouraging more inclusive workplaces that promote all types of diversity. ​​Diversity, equity & inclusion ​Axcel VI targets that during its ownership period 40% of persons hired into portfolio company leadership teams will be of the underrepresented gender (measured as the share of women hired into the leadership team, or in the case men are the underrepresented gender, the share of men hired into the leadership team). Leadership teams are defined as the CEO, direct reports to the CEO (L1), and direct reports to L1 (L2). Only employees who have others reporting to them are included. Additions are defined as persons promoted or hired into the leadership team. The target has applied since January 2022 and is an ongoing target that continues into the coming years. ​​As per 30 September 2024: ​• 25% of Axcel VI companies have met the target of 40% of additions to leadership teams being of the underrepresented gender ​• 75% of Axcel VI companies have not met the target of 40% of additions to leadership teams being of the underrepresented gender ​• 0% of Axcel VI companies have not made additions to the leadership team ​• 0% of Axcel VI companies did not report on additions to the leadership team, as they have been owned for less than one year ​• 17% of Axcel VI companies have at least a 60/40 gender split in leadership team ​​Axcel targets that 40% of independent board members will be of the underrepresented gender across all boards established after June 2021. ​​As per 30 September 2024: ​• 35% of independent board members were women in boards established after June 2021 across all Axcel portfolio companies ​• 35% of independent board members were women in Axcel VI boards established after June 2021 ​• 58% of Axcel VI companies had both genders represented on the Board ​​As per the requirements set out in the SFDR PAI template (Table 1 of Annex I of the Regulatory Technical Standards) Axcel VI portfolio companies collect and report on compliance with the OECD Guidelines, the UN Global Compact, unadjusted gender pay gap, board gender diversity, and exposure to controversial weapons. ​ ​Governance performance ​Governance risks ​All organizations are at risk of incidents of corruption, be it bribery, theft, fraud, or another type. Incidents can occur within the organization or in its value chain. This risk is addressed through Axcel’s governance requirements which are implemented in all companies. A status on implementation is provided below. ​​ESG requirements ​As per 30 September 2024: ​• 100% of Axcel VI companies had implemented Axcel required ESG policies, commitments, and processes ​• 20% of Axcel companies within scope of the target did not meet the requirements within one year of ownership but have subsequently implemented all requirements ​​In accordance with the requirements set out in the SFDR PAI template (Table 1 of Annex I of the Regulatory Technical Standards) Axcel VI monitors ESG incidents in its portfolio companies. All companies are required to implement a whistleblower system and report incidents to Axcel. During 2024 no significant incidents occurred. Monitoring of ESG incidents and the implementation of required policies and procedures will continue in 2025.​Information according to the Alternative Investment Fund Managers Directive​According to Article 22 of the Alternative Investment Fund Managers Directive, Alternative Investment Funds (AIF) must make certain disclosures to investors in connection with the presentation of financial statements. ​ ​ - During the financial period covered by the financial statements, there have been no significant changes in the matters below: ​ - The Fund’s Investment strategy;​ - Valuation principles of the Fund’s investments;​ - The percentage of the AIF’s assets which are subject to special arrangements arising from their illiquid nature;​ - New arrangements for managing the Fund’s liquidity;​ - The Fund's risk profile and the risk management systems implemented by the Fund Manager used to manage ​ the Fund's risks;​ - There have been no amendments to the maximum level of leverage which the Fund Manager can use on behalf​ of the Fund. Nor has there been any changes in the right to use collateral or any guarantee accordance with the​ agreement allowing for the leverage.-17830002840000-2840000462300046130004613000Statutory report on data ethics policyAxcel VI K/S has not adopted a policy for data ethics, because the Fund does not process large amounts of data itself or make use of algorithms for data analysis. The investments owned by the Fund have very different business areas and can therefore process data to an extent where it is advisable to adopt a data policy. The data policies of the investments owned are then published either in these companies' consolidated accounts or on their website.-10000Events after the balance sheet dateNo events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.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 these financial statements are consistent with those applied last year.966000Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity 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 the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.1 Events after the balance sheet dateNo events have occurred after the reporting date, which would materially influence the evaluation of this annual report.Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for management fee, administration and abort cost. 2 Other external expensesAccording to Article 107 of the AIFMD Level 2 Regulation and paragraph 61 section 3 (nos. 5 and 6) of the Alternative Investment Fund Managers etc. Act, alternative investment funds must disclose information about the total remuneration of the entire staff of the Fund Manager and the number of beneficiaries. Furthermore, remuneration to material risk-takers must be disclosed. In accordance with section 61 (nos. 5 and 6) of the Alternative Investment Fund Managers etc. Act, information regarding salaries paid to employees of the fund manager is disclosed in the Annual Report for 2024 for Axcel Management A/S, Business Reg. No. 28 30 18 55. The Fund Manager must also disclose the information necessary to provide an understanding of the risk profile of the Fund and the measures that the Fund Manager takes to avoid or manage conflicts of interest between the Fund Manager and the Limited Partners. The Board of Directors has adopted a remuneration policy in order to ensure that the employees and Management are remunerated according to the Danish Executive Order on remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds, etc. The remuneration policy ensures, among other matters, that the following is applied in relation to remuneration at the Fund Manager: - Promoting of sound and effective risk management, which does not encourage excessive risk-taking. - Consistency with the principles regarding the protection of the Limited Partners and measures in order to avoid conflicts of interest.Income from investments in participating interestsIncome from investments in participating interests comprises gains/losses from divestments, fair value changes and received dividends and other similar types of returns from the investments.3 Fees to the auditor appointed by the Annual General Meeting2024 EUR'0002023 EUR'000Statutory audit services1919Other assurance engagements12Tax services01Other services222224Other financial expensesOther financial expenses comprise bank fees and transactions in foreign currencies. 4 Proposed distribution of profit and loss2024 EUR'0002023 EUR'000Retained earnings64,03041,682 64,03041,682Investments in participating interestsInvestments in participating interests comprise equity investments in portfolio companies measured at fair value through profit or loss. The fair value of the unlisted investments is determined in accordance with IPEV’s Valuation Guidelines, according to which the fair value – depending on the type and maturity of the investment – is determined to be equal to cost (typically applied for new investments) or multiple-based calculations based on industry benchmarks. 64030000CashCash comprises cash in bank.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.5 Financial assetsInvestments in participa-​ting interests​EUR'000Cost beginning of year200,324Addition through business combinations etc6,287Cost end of year206,611Revaluations beginning of year128,657Share of profit/loss for the year67,724Revaluations end of year196,381Carrying amount end of year402,992Investments in participating interests are measured at fair value. ​The Fund Manager regularly and at least on a quarterly basis reviews the fair value of its portfolio companies in connection with its non-public reporting to its Limited Partners and in connection with the preparation of the financial statements. ​ ​The Fund’s portfolio companies are not classified as investment companies. They are engaged in doing business in trading and development, etc. The Fund has no limitations concerning the potential reception of dividends or having loans etc. repaid from the portfolio companies, apart from the fact that distribution from the portfolio companies can only take place if it is considered proper and prudent. ​ ​Methods and assumptions for determining fair values in unlisted portfolio companies ​The fair value for each unlisted group enterprise is determined based on methods which best reflect the individ-ual investment’s potential and risk. ​​In general, the fair value is determined following the IPEV Valuation Guidelines which prescribe the use of accepted valuation methods, such as multiple analysis/benchmarking, most recent transaction multiple and other ​relevant methods. Upon initial investment, cost of the investment is generally determined to represent the fair value. In connection with the use of this method, the Fund assesses which multiples are applicable as well as assesses the determination of the applicable earnings to be used in the calculation of the deemed fair value. ​ ​The fair value is determined in the functional currency of the group enterprise, which is then translated to euro at ​the exchange rate at the balance sheet date, and any exchange rate adjustment is included in the fair value adjustment of the investment in profit or loss. ​ ​Axcel VI K/S owns each portfolio company via separate holding structures for each investment. Axcel VI K/S owns a share class, which has certain preference rights, but the fair value of the shares owned may also be reduced by carried interest if the conditions for carried interest are fulfilled. Carried interest is based on a classical European whole-fund carried interest model with a hurdle rate of 8%. ​ ​Following valuation of investments in portfolio companies, it can be determined whether the management in-centive program in the respective group enterprise is in or out of the money, which may then either decrease or increase Axcel VI’s fair value of the investment. As a final step in measuring the valuation of all Axcel VI’s investments, carried interest is recalculated (if relevant) in accordance with the whole fund waterfall mechanism as agreed with the Limited Partners​​Material unobservable inputs for Level 3 ​Financial instruments measured at fair value in the balance sheet are based on valuation techniques that include material unobservable inputs. Material unobservable assumptions used in the valuation of unlisted investments​in portfolio companies consist of multiples and future earnings expectations for the portfolio companies. The multiples are derived from look-ing at the valuation of comparable business for each investment. As the mulitples ​are multiplied on the expected earning level of a given investment, the multiple used has a significant effect on the valuation. Management believes that the multiples applied are on a par with the market for comparable Danish businesses. In addition, allowance is made for net interest-bearing debt of the portfolio companies when making the valuation.20242023Technology8 to 1811 to 17Business Services and industries8 to 118 to 11Healthcare12 to 1611 to 14Consumer15 to 1515 to 15Investments in participating interestsRegistered inCorporate ​​​​formOwnership ​​​​%Equity​EUR'000Profit/loss​EUR'000SuperOffice Holding IIINOA/S29.5231,633(5,086)AX VI Edda Group Holding IIIDKApS29.5222,660(5,669)AX VI VET Holding III ​(Vetopia)DKApS29.5260,963(25,774)AX VI INV7 Holding III (BullWall)*DKApS29.5237,2365,058AX VI INV6 Holding III ApS ​(Init)*DKApS29.5244,726(3,450)AX VI INV5 Holding III ApS ​(DANX)*DKApS21.30121,004(5,511)AX VI INV3 Holding III AB (Oral Care)SEAB29.5238,419(2,936)AX VI INV2 Holding III AB (Voff)*SEAB19.59143,424(13,110)VI INV1 Holding (Currentum)SEAB29.5287,218(1,333)emagine Holding IIIDKApS16.05580(57)AX VI INV8 Holding III ApS (NTI)DKApS21.4196,845(3,943)AX VI Itm8 Holding III ApS (itm8)DKAPS16.72349,453(37,697)The Profit/(loss) and Equity for Investments are from the investments' latest Annual Reports. ​​The table above only includes the directly owned Holding company within each investment as it is consider ed​more accurate to present in the Annual Report as Axcel VI K/S is a Fund. For specification of Group companies ​within each investment refer to the Group Annual Reports for the listed Holding companies. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income and financial expenses. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and repayments of interest-bearing debt. Cash comprises cash in bank deposits.The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income and financial expenses. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and repayments of interest-bearing debt. Cash comprises cash in bank deposits.Supplementary reportsPlease refer to the supplementary report provided for the Sustainable Finance Disclosure Regulation on page 26.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​6 Changes in working capital2024 EUR'0002023 EUR'000Increase/decrease in trade payables etc1,907(782)1,907(782)true7 EmployeesThe Entity has no employees. Grundlag for konklusion8 Contingent liabilitiesThe fund has an obligation to pay a management fee of 1.75% of the total invested capital in the Fund during the realisation period which is initially set to expire on the 21 February 2031. The liability to pay management fee is considered to be contingent as the fund under certain conditions may discontinue the management agreement with the Fund Manager. As of 31 December 2024, Axcel VI K/S has issued guarantees of EUR 4.5 million to support senior loan facilities in portfolio companies. Konklusion9 Assets charged and collateralNo securities or mortgages exist at the balance sheet date.2025-02-0510 Related parties with controlling interestNo single Limited Partner has control over the Fund, following Limited Partners as holding more than 5% of the voting rights or nominal value of the contributed capital: PKA Private Funds III K/S Danica Pension, Livsforsikringsaktieselskab Cubera IX, L.P. Nordea Danmark, Filial af Nordea Bank Abp, Finland Dansk Vækstkapital III K/S Carnegie Alternatives S.A. SICAV-SIF - SUB-FUND 7 BNP Paribas SA 2025-02-05Regnskabsklasse C, stor virksomhed2023-01-012023-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn Ø2100Revisionspåtegning2024-12-312024-01-015C/O Kromann Reumert SundkrogsgadeAxcel VI K/S40754415339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-02-06Jesper Frydensberg Rasmussen