29137684 2023-10-01 2024-09-30 29137684 2023-10-01 2024-09-30 0 29137684 2022-10-01 2023-09-30 29137684 2024-09-30 29137684 2023-09-30 29137684 2023-10-01 2024-09-30 0 29137684 2023-10-01 2024-09-30 0 iso4217:EUR xbrli:pure Saga III EUR-A K/S <p xmlns="http://www.w3.org/1999/xhtml">Address</p><p xmlns="http://www.w3.org/1999/xhtml">Alexandriagade 8</p> 2150 Nordhavn 29137684 2005-09-22 Copenhagen 2023-10-01 2024-09-30 Poul Jagd Mogensen 2025-01-31 <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">The financial year resulted in a minor loss.</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 2024 Saga III EUR-A has invested in seven portfolio funds. All the investments have been sold or liquidated as of 30 September 2024.</td></tr><tr><td colspan="1">Since inception the portfolio funds have in general performed below expectations.</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 2024, include cash and cash equivalents 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. The valuation of investments in portfolio funds is based on an estimate and could therefore be connected with some degree of uncertainty.</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">Events after the end of the accounting period</td></tr><tr><td colspan="1">There have been no 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> <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">Sustainability update (SFDR)</td></tr><tr><td colspan="1">The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.</td></tr></table> 40000 -40000 14000 -26000 -26000 <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 width="100%" colspan="2" align="left" valign="middle" ><b>Note</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Fund operating expenses</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The partnership has no employees.</td></tr><tr><td colspan="2"></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 width="100%" colspan="5" align="left" valign="middle" ><b>Limited partners</b></td></tr><tr><td width="20%" ></td><td width="20%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>EUR 1000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>EUR 1000</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>EUR 1000</b></td></tr><tr><td width="20%" ></td><td width="20%" ></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Commitment</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Paid-in</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Outstanding commitment</b></td></tr><tr><td width="40%" colspan="2" align="left" valign="middle" >Limited partners</td><td width="20%" align="left" valign="middle" >228990</td><td width="20%" align="left" valign="middle" >213647</td><td width="20%" align="left" valign="middle" >15343</td></tr><tr><td colspan="5"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Manager</b></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 colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Transactions: None.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>General Partner</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >General Partner: Saga III GP ApS, c/o Accura Advokatpartnerselskab, Alexandriagade 8, 2150 Nordhavn</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Transactions: Administration fee.</td></tr><tr><td colspan="1"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" colspan="1" 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 colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The partnership has no contingent liabilities as of 30 September 2024.</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 statement on the annual report</td></tr><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 2023 - 30 September 2024.</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 2024 and of the results of its operations for the financial year 1 October 2023 - 30 September 2024.</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 2024-12-18 <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 2023 - 30 September 2024, which comprise accounting policies, income statement, balance sheet, statement of changes in limited partners’ capital, cash flow statement 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 2024, and of the results of the partnership's operations for the financial year 1 October 2023 – 30 September 2024, 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' 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.</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 2024-12-18 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">General</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 of recognition and measurement</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the partnership and the value of the asset can be reliably measured. Liabilities are recognised in the balance sheet when an outflow of economic benefits is probable and when the liability can be reliably measured.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item.</td></tr><tr><td colspan="1">Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the year’s earnings are recognised, including depreciation, amortization, impairment losses and provisions as well as reversals as a result of changes in accounting estimates of amounts which were previously recognised in the 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">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">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">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents include cash funds in open accounts.</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 and are measured at amortised cost, corresponding to the outstanding debt.</td></tr><tr><td colspan="1">Other liabilities are measured at cost, usually corresponding to nominal 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> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1316.0, by EasyX Aps. www.easyx.eu 2022-10-01 2023-09-30 Revisionspåtegning Grundlag for konklusion Konklusion 0 c/o Accura Advokatpartnerselskab 36000 -36000 9000 -27000 -27000 385000 385000 385000 -82013000 82379000 366000 19000 19000 19000 385000 411000 411000 411000 -82013000 82405000 392000 19000 19000 19000 411000 Karsten Sivebæk Knudsen General Partner, Saga III GP ApS EY Godkendt Revisionspartnerselskab 30700228 Thomas Hjortkjær Petersen State Authorised Public Accountant mne33748