29137684 2020-10-01 2021-09-30 29137684 2020-10-01 2021-09-30 0 29137684 2019-10-01 2020-09-30 29137684 2020-10-01 2021-09-30 fsa:RetainedEarningsMember 29137684 2019-10-01 2020-09-30 fsa:RetainedEarningsMember 29137684 2021-09-30 29137684 2020-09-30 29137684 2020-10-01 fsa:OtherInvestmentsMember 29137684 2019-10-01 fsa:OtherInvestmentsMember 29137684 2020-10-01 2021-09-30 fsa:OtherInvestmentsMember 29137684 2019-10-01 2020-09-30 fsa:OtherInvestmentsMember 29137684 2021-09-30 fsa:OtherInvestmentsMember 29137684 2020-09-30 fsa:OtherInvestmentsMember 29137684 2020-10-01 2021-09-30 fsa:AllTypesOfRelationsNumberOfEmployeesMember 29137684 2020-10-01 2021-09-30 0 29137684 2020-10-01 2021-09-30 1 iso4217:EUR xbrli:pure 2020-10-01 2021-09-30 Saga III EUR-A K/S Tuborg Boulevard 1 2900 Hellerup 29137684 2005-09-22 Gentofte 2022-01-28 Poul Jagd Mogensen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s statement on the annual report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Management have today discussed and approved the annual report of Saga III EUR-A K/S for the financial year 1 October 2020 - 30 September 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the partnership's financial position at 30 September 2021 and of the results of its operations for the financial year 1 October 2020 - 30 September 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Furthermore, in our opinion, the Management's review includes a fair review of the developments in the partnership's activities and financial matters.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2021-12-20 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the limited partners of Saga III EUR-A K/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of Saga III EUR-A K/S for the financial year 1 October 2020 - 30 September 2021, which comprise accounting policies, income statement, balance sheet and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the partnership at 30 September 2021, and of the results of the partnership's operations for the financial year 1 October 2020 – 30 September 2021, in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are</td></tr><tr><td colspan="1">further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the partnership in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the partnership'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 partnership or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.</td></tr><tr><td colspan="1">We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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 partnership's internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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 partnership'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 partnership to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's</td></tr><tr><td colspan="1">review and, in doing so, consider whether the Management's review is materially inconsistent with the</td></tr><tr><td colspan="1">financial statements or our knowledge obtained during the audit, or otherwise appears to be materially</td></tr><tr><td colspan="1">misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statement Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the 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 of the Management's review.</td></tr></table> Copenhagen 2021-12-20 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Main activity of the partnership</td></tr><tr><td colspan="1">Saga III EUR-A K/S (Saga III EUR-A) is a fund-of-funds with a geographical focus on investments in Europe. Investments are mainly made in small and mid market buy-out funds.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Performance in the financial year</td></tr><tr><td colspan="1">Saga Private Equity has as the manager started exploring secondary opportunities for parts of the underlying portfolio funds. Bids have been received from potential buyers. The investments in portfolio funds are valued based on the bids.</td></tr><tr><td colspan="1">The financial year resulted in a loss of EUR 4.6 million, corresponding to an IRR of -31.5%. Losses on investments in portfolio funds amounted to EUR 4.6 million.</td></tr><tr><td colspan="1">This year’s result below management’s expectations.</td></tr><tr><td colspan="1">An aggregate amount of EUR 1.2 million was contributed to the portfolio funds during the financial year, bringing total contributions to the portfolio funds to EUR 207.3 million, corresponding to 97.2% of the commitments to the portfolio funds. In the financial year an amount of EUR 4.5 million was distributed to the limited partners, bringing accumulated distributions to EUR 286.4 million, corresponding to 134.1% of the limited partners’ paid-in capital.</td></tr><tr><td colspan="1">In the financial year an aggregate amount of EUR 5.7 million was distributed from portfolio funds, bringing total distributions from portfolio funds to EUR 293.1 million, corresponding to 141.4% of the capital contributed to portfolio funds.</td></tr><tr><td colspan="1">Recognition and measurement uncertainties</td></tr><tr><td colspan="1">Investments in portfolio funds are measured at fair value. The measurement includes accounting estimates and is, therefore, subject to uncertainty. Reference is made to note 1 for further information on measurement of portfolio funds.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investment activity</td></tr><tr><td colspan="1">In the period from inception to 30 September 2021 Saga III EUR-A has invested in seven portfolio funds. One of the portfolio funds has been liquidated as of 30 September 2021.</td></tr><tr><td colspan="1">Since inception the portfolio funds have in general performed as expected.</td></tr><tr><td colspan="1">Cash resources</td></tr><tr><td colspan="1">Saga III EUR-A’s cash resources as of 30 September 2021, include cash and cash equivalents, undrawn credit facilities and outstanding commitments from the limited partners and are estimated as satisfactory to cover Saga III EUR-A’s liabilities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Special risk</td></tr><tr><td colspan="1">Financial risk</td></tr><tr><td colspan="1">The objective of Saga III EUR-A is to supply risk capital to the portfolio funds, and also to their investments in competitive companies in the European small and mid market. The highest factor of risk is therefore the changes in the value of the companies in which Saga III EUR-A’s portfolio funds invest in, which to a significant extent depend on the valuations of comparable listed companies on the quoted market.</td></tr><tr><td colspan="1">Interest rate risk</td></tr><tr><td colspan="1">Saga III EUR-A is less sensitive to the changes in interest rate levels.</td></tr><tr><td colspan="1">Foreign exchange currency risk</td></tr><tr><td colspan="1">Saga III EUR-A’s investments in portfolio funds have been made in EUR and GBP. As the capital in Saga III EUR-A is in EUR, Saga III EUR-A is influenced by currency fluctuations in GBP. The currency risk is therefore considered as material. In accordance with Saga III EUR-A’s investment policy Saga III EUR-A does not hedge its exposure toward currency rate fluctuations.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Expectation for 2021/22</td></tr><tr><td colspan="1">It is expected that all or parts of the underlying portfolio funds are disposed or liquidated in 2021/22.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the end of the accounting period</td></tr><tr><td colspan="1">After the balance sheet date Saga III EUR-A has signed a conditional agreement regarding sale of the remaining portfolio funds. The closing is expected to happen during Q1 2022.</td></tr><tr><td colspan="1">There have been no other events after the end of the financial year and to the signing of the annual report which are considered of significance to the annual report.</td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of Saga III EUR-A K/S has been prepared in accordance with the Danish Financial Statements Act for a reporting class B entity with the adjustments following the legal form and operating activities of the partnership.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in the functional currency EUR.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gains/losses on portfolio funds’ investments etc.</td></tr><tr><td colspan="1">Gains/losses on portfolio funds’ investments include income from investments (dividend and interest), realised and unrealised revaluations or depreciations of investments in portfolio funds as well as realised and unrealised exchange rate profit margins and losses related to the investment in portfolio funds etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Fund operating expenses</td></tr><tr><td colspan="1">Fund operating expenses include cost incurred by the partnership.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses include interest as well as exchange gains and losses related to accounts receivable and payable.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax</td></tr><tr><td colspan="1">The partnership is not independently liable to tax, and therefore no tax is charged to the profit and loss account.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments assets</td></tr><tr><td colspan="1">Investments in portfolio funds and co-investments are measured in accordance with the IPEV Valuation Guidelines or similar guidelines depending on the country of domicile of the portfolio funds, according to which investments are measured at fair value. Revaluations are included in the profit and loss account.</td></tr><tr><td colspan="1">Investments in unlisted private equity funds are valued on the basis of the latest reporting received from the respective sub-funds. The reports from the funds contain a valuation of the private equity fund, including a valuation of each individual portfolio company. The value of a private equity fund consists of the sum of the values of the portfolio companies in which the fund has invested in, and the value of other net assets.</td></tr><tr><td colspan="1">Outstanding investment commitments at the balance sheet date are disclosed as contingent liabilities</td></tr><tr><td colspan="1">in the notes.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents include cash funds in open accounts and fixed short term loans.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other payables</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at fair value.</td></tr><tr><td colspan="1">Other payables include potential carried interest and fund operating expenses due. Liabilities are measured at net realised value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">Transactions in foreign currency are translated into Euro (EUR) according to the currency exchange rate at the transaction date. Investments, accounts receivable and accounts payable in foreign currency are translated into Euro (EUR) according to the currency rate at the balance sheet date.</td></tr></table> -4563000 49000 -4612000 10000 -4622000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">Specification of revaluations in the year</td></tr><tr><td>Realised gains/losses on investments</td><td>-7661</td><td>-5511</td></tr><tr><td>Unrealised gains/loss on investments</td><td>3054</td><td>6940</td></tr><tr><td /><td>-4607</td><td>1429</td></tr><tr><td>Exchange gains/losses on investments</td><td>44</td><td>-26</td></tr><tr><td>Gains/losses on investments</td><td>-4563</td><td>1403</td></tr><tr><td colspan="5">.Investments in portfolio funds</td></tr><tr><td colspan="5">The partnership has through investments in portfolio funds ownership of mainly unquoted investments. The partnership has no controlling or significant influence on the portfolio funds in which the partnership has invested.</td></tr><tr><td colspan="5">The portfolio funds in which the partnership has invested all use common accepted guidelines for measuring the fair value. The measuring of the fair value of the investments in underlying portfolio companies are made by the managers of the portfolio funds.</td></tr><tr><td colspan="5">Usually the partnership has no or very little information about specific methods and assumptions used by the managers of the portfolio funds when measuring the fair value of the underlying portfolio companies.</td></tr><tr><td colspan="5">The manager’s valuation committee will assess and if considered necessary adjust the valuation of the underlying portfolio companies. At the assessment of the fair value of the underlying portfolio companies reported by the managers, information about the market conditions, company specific information as well as information received through dialog with the managers of the portfolio funds are used.</td></tr><tr><td colspan="5">The value of a private equity fund is measured as the fair value of each investment in portfolio companies owned by the fund with addition of other net assets in the fund. The valuation of a portfolio company in a private equity fund is based on the industry, market position and earnings capacity, and the (i) the peer group multiple, i.e. the market value of comparable listed companies, (ii) transaction multiple in recent M&amp;A transactions involving comparable companies, (iii) value indications from potential buyers of the portfolio company, (iv) market value if the portfolio company is publicly traded or (v) future expected proceeds, if there is a concluded agreement on the sale of the portfolio company.</td></tr><tr><td colspan="5">The partnership invests in buy-out funds. The investments made by the portfolio funds are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are described below</td></tr><tr><td colspan="5">Level 1 – Inputs based upon priced for identical assets and liabilities in active markets</td></tr><tr><td colspan="5">Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active</td></tr><tr><td colspan="5">Level 3 – Unobservable input</td></tr><tr><td colspan="5">Fair market value measurements as of 30 September 2021</td></tr><tr><td /><td>.Quoted prices</td><td>.Observable input</td><td>.Unobservable input</td><td colspan="2">.Total</td></tr><tr><td /><td>Level 1</td><td>Level 2</td><td>Level 3</td></tr><tr><td>.Investments in portfolio funds</td><td>0</td><td>0</td><td>7119</td><td colspan="2">7119</td></tr><tr><td>.Total</td><td>0</td><td>0</td><td>7119</td><td colspan="2">7119</td></tr><tr><td colspan="5">Fair market value measurements as of 30 September 2020</td></tr><tr><td /><td>.Quoted prices</td><td>.Observable input</td><td>.Unobservable input</td><td>.Total</td></tr><tr><td /><td>Level 1</td><td>Level 2</td><td>Level 3</td></tr><tr><td>.Investments in portfolio funds</td><td>574</td><td>0</td><td>15536</td><td>16110</td></tr><tr><td>.Total</td><td>574</td><td>0</td><td>15536</td><td>16110</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Fund operating expenses</td></tr><tr><td colspan="1">The partnership has no employees.</td></tr></table> 0.000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Limited partners</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >EUR 1,000</td><td width="5%" colspan="1" align="left" valign="middle" >Commitment</td><td width="5%" colspan="1" align="left" valign="middle" >Paid-in</td><td width="12%" colspan="1" align="left" valign="middle" >Outstanding commitment</td></tr><tr><td width="78%" colspan="1" align="left" valign="middle" >Limited partners</td><td width="5%" align="right" valign="middle" >228990</td><td width="5%" align="right" valign="middle" >213647</td><td width="12%" align="right" valign="middle" >15342</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Manager</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Manager: Saga Private Equity ApS, Amaliegade 24, 1., 1256 Copenhagen K</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Transactions: None.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >General Partner</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >General Partner: Saga III GP ApS, c/o Accura Advokatpartnerselskab, Tuborg Boulevard 1, 2900 Hellerup</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Transactions: Administration fee.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Investment obligations</td></tr><tr><td width="70%" ></td><td width="4%" colspan="1" align="left" valign="middle" >Commitment</td><td width="4%" colspan="1" align="left" valign="middle" >Commitment</td><td width="9%" colspan="1" align="left" valign="middle" >Outstanding commitment</td><td width="13%" colspan="1" align="left" valign="middle" >Outstanding commitment</td></tr><tr><td width="70%" colspan="1" align="left" valign="middle" >EUR 1,000</td><td width="4%" colspan="1" align="left" valign="middle" >Currency</td><td width="4%" colspan="1" align="left" valign="middle" >EUR</td><td width="9%" colspan="1" align="left" valign="middle" >Currency</td><td width="13%" colspan="1" align="left" valign="middle" >EUR</td></tr><tr><td width="70%" colspan="1" align="left" valign="middle" >Commitment, EUR</td><td width="4%" align="right" valign="middle" >176244</td><td width="4%" align="right" valign="middle" >176244</td><td width="9%" align="right" valign="middle" >4403</td><td width="13%" align="right" valign="middle" >4403</td></tr><tr><td width="70%" colspan="1" align="left" valign="middle" >Commitment, GBP</td><td width="4%" align="right" valign="middle" >30632</td><td width="4%" align="right" valign="middle" >37052</td><td width="9%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Total commitment, EUR</td><td width="4%" align="right" valign="middle" >213295</td><td width="9%" ></td><td width="13%" align="right" valign="middle" >4403</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Commitment in EUR is calculated as residual commitment in local currency multiplied by exchange rate, end period plus contributed to portfolio funds in EUR (transaction date’s currency rate).</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The portfolio funds have made recallable distributions to the partnership, which as of 30 September 2021 amounts to EUR 1.9 million.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The partnership has no other contingent liabilities as of 30 September 2021.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense 2019-10-01 2020-09-30 Revisionspåtegning Karsten Sivebæk Knudsen 1402000 38000 1364000 11000 1353000 -4622000 1353000 7119000 7119000 7119000 2160000 2160000 9279000 213647000 -286412000 82010000 9245000 34000 34000 34000 9279000 16110000 16110000 16110000 2249000 2249000 18359000 213647000 -281930000 86632000 18349000 10000 10000 10000 18359000 80875000 -64765000 81223000 -63979000 1227000 2845000 2810000 -4563000 990000 1338000 2189000 1403000 79257000 -72138000 7119000 80875000 -64765000 16110000 0.000 EY Godkendt Revisionspartnerselskab 30700228 Thomas Hjortkjær Petersen State Authorised Public Accountant mne33748 Bjørn Würtz Rosendal State Authorised Public Accountant mne40039 30700228 EY Godkendt Revisionspartnerselskab