34045097 2021-10-01 2022-09-30 34045097 2021-10-01 2022-09-30 0 34045097 2021-10-01 2022-09-30 0 34045097 2021-10-01 2022-09-30 cmn:PreviousYearMember 1 34045097 2021-10-01 2022-09-30 cmn:TwoYearsAgoMember 2 34045097 2021-10-01 2022-09-30 cmn:ThreeYearsAgoMember 3 34045097 2021-10-01 2022-09-30 cmn:FourYearsAgoMember 4 34045097 2021-10-01 2022-09-30 cmn:PreviousYearMember 34045097 2021-10-01 2022-09-30 cmn:TwoYearsAgoMember 34045097 2021-10-01 2022-09-30 cmn:ThreeYearsAgoMember 34045097 2021-10-01 2022-09-30 cmn:FourYearsAgoMember 34045097 2022-09-30 34045097 2022-09-30 cmn:PreviousYearMember 34045097 2022-09-30 cmn:TwoYearsAgoMember 34045097 2022-09-30 cmn:ThreeYearsAgoMember 34045097 2022-09-30 cmn:FourYearsAgoMember 34045097 2021-10-01 2022-09-30 5 34045097 2021-10-01 2022-09-30 cmn:PreviousYearMember 6 34045097 2021-10-01 2022-09-30 cmn:TwoYearsAgoMember 7 34045097 2021-10-01 2022-09-30 cmn:ThreeYearsAgoMember 8 34045097 2021-10-01 2022-09-30 cmn:FourYearsAgoMember 9 34045097 2021-10-01 2022-09-30 10 34045097 2021-10-01 2022-09-30 cmn:PreviousYearMember 11 34045097 2021-10-01 2022-09-30 cmn:TwoYearsAgoMember 12 34045097 2021-10-01 2022-09-30 cmn:ThreeYearsAgoMember 13 34045097 2021-10-01 2022-09-30 cmn:FourYearsAgoMember 14 34045097 2021-10-01 2022-09-30 15 34045097 2021-10-01 2022-09-30 cmn:PreviousYearMember 16 34045097 2021-10-01 2022-09-30 cmn:TwoYearsAgoMember 17 34045097 2021-10-01 2022-09-30 cmn:ThreeYearsAgoMember 18 34045097 2021-10-01 2022-09-30 cmn:FourYearsAgoMember 19 34045097 2020-10-01 2021-09-30 34045097 2021-10-01 2022-09-30 fsa:RetainedEarningsMember 34045097 2020-10-01 2021-09-30 fsa:RetainedEarningsMember 34045097 2021-09-30 34045097 2021-10-01 fsa:ContributedCapitalMember 34045097 2021-10-01 fsa:DistributionsMember 34045097 2021-10-01 fsa:RetainedEarningsMember 34045097 2021-10-01 34045097 2021-10-01 2022-09-30 fsa:ContributedCapitalMember 34045097 2021-10-01 2022-09-30 fsa:DistributionsMember 34045097 2021-10-01 2022-09-30 fsa:RetainedEarningsMember 34045097 2022-09-30 fsa:ContributedCapitalMember 34045097 2022-09-30 fsa:DistributionsMember 34045097 2022-09-30 fsa:RetainedEarningsMember 34045097 2021-10-01 2022-09-30 0 34045097 2020-10-01 2021-09-30 1 34045097 2020-10-01 34045097 2021-10-01 2022-09-30 0 34045097 2021-10-01 2022-09-30 1 iso4217:USD xbrli:pure Regnskabsklasse C, stor virksomhed 2021-10-01 2022-09-30 Saga V USD-A K/S Tuborg Boulevard 1 2900 Hellerup 34045097 2011-11-01 Gentofte 2023-01-27 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 V USD-A K/S for the financial year 1 October 2021 - 30 September 2022.</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 2022 and of the results of its operations for the financial year 1 October 2021 - 30 September 2022.</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 2022-12-19 <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 V USD-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 V USD-A K/S for the financial year 1 October 2021 - 30 September 2022, 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 2022, and of the results of the partnership's operations for the financial year 1 October 2021 – 30 September 2022, 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 2022-12-19 <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 review</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">Main activity of the partnership</td></tr><tr><td colspan="1">Saga V USD-A K/S (Saga V USD-A) is a fund-of-funds with a geographical focus on investments in North America. 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 profit of USD 22.7 million, corresponding to an IRR of 22.5%. Gains on investments in portfolio funds amounted to USD 25.4 million. Administrative expenses in the form of management fee and fund operating expenses amounted to USD 0.2 million and carried interest accrued amounted to USD 2.5 million.</td></tr><tr><td colspan="1">This year's result is in line with management expectations.</td></tr><tr><td colspan="1">In the financial year an aggregate amount of USD 0.6 million was contributed to the portfolio funds during the financial year, bringing total contributions to the portfolio funds and co-investment to USD 148.5 million, corresponding to 94.9% of the commitments to the portfolio funds and co-investment.</td></tr><tr><td colspan="1">In the financial year an amount of USD 99.9 million was distributed to the limited partners, bringing accumulated distributions to USD 400.7 million, corresponding to 280.0% of the limited partners’ paid-in capital. An aggregate amount of USD 121.2 million was distributed from portfolio funds during the financial year, bringing total distributions from portfolio funds and co-investment to USD 432.9 million, corresponding to 291.5% of the capital contributed to portfolio funds and co-investment.</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 2022 Saga V USD-A has invested in five portfolio funds and one co-investment. One of the portfolio funds has been liquidated as of 30 September 2022.</td></tr><tr><td colspan="1">Since inception the portfolio funds and co-investment have in general performed above expectations.</td></tr><tr><td colspan="1">Cash resources</td></tr><tr><td colspan="1">Saga V USD-A’s cash resources as of 30 September 2022, include cash and cash equivalents and outstanding commitments from the limited partners and are estimated as satisfactory to cover Saga V USD-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></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 risk</td></tr><tr><td colspan="1">The objective of Saga V USD-A is to supply risk capital to the portfolio funds, and also to their investments in competitive companies in the North American small and mid market. The highest factor of risk is therefore the changes in the value of the companies in which Saga V USD-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 V USD-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 V USD-A’s investments in portfolio funds have been made in USD. As the capital in Saga V USD-A is</td></tr><tr><td colspan="1">in USD the currency risk is considered insignificant.</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 2022/23</td></tr><tr><td colspan="1">Coming out of a strong 2021, 2022 has been characterized by a very negative sentiment with supply chain challenges, high inflation, interest rate hikes, and war. So far, the private equity market has held up relatively well, although exit activity has dropped significantly. Portfolio company growth has generally slowed down, but companies are otherwise still in good shape. On the positive side, there are recently clear signs of supply chain bottlenecks easing, and inflation coming down or at least having peaked. However, returning to normal levels will take time, and the higher interest rates will put pressure on the private equity market. The outlook for 2023 remains highly uncertain and we expect a period of somewhat lower activity.</td></tr><tr><td colspan="1">The above-mentioned will affect the result for 2022/23. The management expects to realise a result for 2022/23 in the range of USD 0-9 million.</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><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> <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>.Management</td><td>General Partner: Saga V GP ApS with Karsten Sivebæk Knudsen</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>.Manager</td><td>Saga Private Equity ApS (FT-no. 23133) Website: www.saga-pe.com</td></tr></table> 22760000 -108000 22652000 <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">* Accumulated distributions and capital account end period/accumulated paid-in capital</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">Accounting policies</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 USD.</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 of Saga V USD-A K/S has been prepared in accordance with the Danish Financial Statements Act for a reporting class C entity with the adjustments following the legal form and operating activities of the partnership.</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><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">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.</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 fees and carried interest</td></tr><tr><td colspan="1">The management fees and carried interest include management fee and carried interest for the period according to the Limited Partnership Agreement.</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">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.</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">Other receivables</td></tr><tr><td colspan="1">Other receivables are measured at amortised cost after deduction of write-down for anticipated losses.</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 US Dollars (USD) according to the currency exchange rate at the transaction date.</td></tr><tr><td colspan="1">Investments, accounts receivable and payable in foreign currency are translated into USD according to the currency rate at the balance sheet date.</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 flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the partnerships’ cash flow of investment activity, operating and financing activity for the period, the period’s changes in cash and cash equivalents as well as the partnership’s cash and cash equivalents at the beginning and end of the period.</td></tr><tr><td colspan="1">Cash flow from investment activity</td></tr><tr><td colspan="1">Cash flow from investment activities comprise the cash flow between the partnership and the portfolio funds for the period.</td></tr><tr><td colspan="1">Cash flow from operations</td></tr><tr><td colspan="1">Cash flow from operating activities are entered as the result adjusted for non-cash operating items in the partnership and received and paid non-operating income.</td></tr><tr><td colspan="1">Cash flow from financing</td></tr><tr><td colspan="1">Cash flow from financing include payments to and from the limited partners and 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">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents include cash funds in open accounts.</td></tr></table> 25435000 2589000 86000 108000 0 -99923000 550000 120042000 119492000 -108000 -17490000 0 99923000 -99923000 2079000 <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 width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" ><b>Noter</b></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Note</td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" ><b>Investments in portfolio funds</b></td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" ><b>USD 1,000</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>2021/2022</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>2020/2021</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Cost at 1 October</td><td width="13%" align="left" valign="middle" >86.142</td><td width="16%" align="left" valign="middle" >102.875</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Additions in the year</td><td width="13%" align="left" valign="middle" >550</td><td width="16%" align="left" valign="middle" >239</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Disposals in the year</td><td width="13%" align="left" valign="middle" >-36.230</td><td width="16%" align="left" valign="middle" >-16.972</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" ><b>Cost at 30 September</b></td><td width="13%" align="left" valign="middle" ><b>50.462</b></td><td width="16%" align="left" valign="middle" ><b>86.142</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Revaluations at 1 October</td><td width="13%" align="left" valign="middle" >112.503</td><td width="16%" align="left" valign="middle" >65.388</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Revaluations on disposals in the year</td><td width="13%" align="left" valign="middle" >-84.992</td><td width="16%" align="left" valign="middle" >-68.738</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Revaluation in the year</td><td width="13%" align="left" valign="middle" >25.435</td><td width="16%" align="left" valign="middle" >115.853</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" ><b>Revaluations at 30 September</b></td><td width="13%" align="left" valign="middle" ><b>52.946</b></td><td width="16%" align="left" valign="middle" ><b>112.503</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" ><b>Carrying amount at 30 September</b></td><td width="13%" align="left" valign="middle" ><b>103.408</b></td><td width="16%" align="left" valign="middle" ><b>198.645</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" ><b>Specification of revaluations in the year</b></td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Realised gains/losses on investments</td><td width="13%" align="left" valign="middle" >86.829</td><td width="16%" align="left" valign="middle" >70.212</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" >Unrealised gains/loss on investments</td><td width="13%" align="left" valign="middle" >-61.394</td><td width="16%" align="left" valign="middle" >45.641</td></tr><tr><td width="6%" ></td><td width="65%" colspan="4" align="left" valign="middle" ><b>Gains/losses on investments</b></td><td width="13%" align="left" valign="middle" ><b>25.435</b></td><td width="16%" align="left" valign="middle" ><b>115.853</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" ><b>Investments in portfolio funds</b></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >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="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >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="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >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="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >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="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >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&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="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >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="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >Level 1 – Inputs based upon priced for identical assets and liabilities in active markets</td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >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="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" >Level 3 – Unobservable input</td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" ><b>Fair market value measurements as of 30 September 2022</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="39%" colspan="2" align="left" valign="middle" ><b>USD 1,000</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Quoted prices Level 1</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Observable input Level 2</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Unobservable input Level 3</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td width="6%" ></td><td width="39%" colspan="2" align="left" valign="middle" >Investments in portfolio funds</td><td width="13%" align="left" valign="middle" >4.101</td><td width="13%" align="left" valign="middle" >0</td><td width="13%" align="left" valign="middle" >99.307</td><td width="16%" align="left" valign="middle" >103.408</td></tr><tr><td width="6%" ></td><td width="39%" colspan="2" align="left" valign="middle" >Total</td><td width="13%" align="left" valign="middle" >4.101</td><td width="13%" align="left" valign="middle" >0</td><td width="13%" align="left" valign="middle" >99.307</td><td width="16%" align="left" valign="middle" >103.408</td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" ><b>Fair market value measurements as of 30 September 2021</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="26%" colspan="1" align="left" valign="middle" ><b>USD 1,000</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Quoted prices Level 1</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Observable input Level 2</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Unobservable input Level 3</b></td><td width="29%" colspan="2" align="left" valign="middle" ><b>Total</b></td></tr><tr><td width="6%" ></td><td width="26%" colspan="1" align="left" valign="middle" >Investments in portfolio funds</td><td width="13%" align="left" valign="middle" >9.746</td><td width="13%" align="left" valign="middle" >0</td><td width="13%" align="left" valign="middle" >188.899</td><td width="13%" align="left" valign="middle" >198.645</td><td width="16%" ></td></tr><tr><td width="6%" ></td><td width="26%" colspan="1" align="left" valign="middle" >Total</td><td width="13%" align="left" valign="middle" >9.746</td><td width="13%" align="left" valign="middle" >0</td><td width="13%" align="left" valign="middle" >188.899</td><td width="13%" align="left" valign="middle" >198.645</td><td width="16%" ></td></tr><tr><td colspan="7"></td></tr><tr><td width="6%" ></td><td width="94%" colspan="6" align="left" valign="middle" ><b>The investments divided by Industry and Geography, based on fair market value as of 30 September 2022</b></td></tr><tr><td colspan="7"></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 width="100%" colspan="3" align="left" valign="middle" ><b>Management fees etc.</b></td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" ><b>USD 1,000</b></td><td width="25%" colspan="1" align="left" valign="middle" ><b>2021/2022</b></td><td width="26%" colspan="1" align="left" valign="middle" ><b>2020/2021</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Management fee</td><td width="25%" align="left" valign="middle" >80</td><td width="26%" align="left" valign="middle" >119</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Adjustment of carried interest</td><td width="25%" align="left" valign="middle" >2.509</td><td width="26%" align="left" valign="middle" >12.461</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" ><b>Management fees etc. in total</b></td><td width="25%" align="left" valign="middle" >2.589</td><td width="26%" align="left" valign="middle" >12.580</td></tr><tr><td colspan="3"></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>Fund operating expenses</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The partnership has no employees.</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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Limited partners</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>USD 1,000</b></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="21%" colspan="1" align="left" valign="middle" ><b>Outstanding commitment</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Limited partners</td><td width="20%" align="left" valign="middle" >161.719</td><td width="20%" align="left" valign="middle" >143.122</td><td width="21%" align="left" valign="middle" >18.597</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 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: Management fee.</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 V GP ApS, c/o Accura Advokatpartnerselskab, Tuborg Boulevard 1, 2900 Hellerup</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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Investment obligations</b></td></tr><tr><td width="28%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Commitment</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Commitment</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Outstanding commitment</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Outstanding commitment</b></td></tr><tr><td width="42%" colspan="2" align="left" valign="middle" ><b>USD 1,000</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Currency</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>USD</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Currency</b></td><td width="16%" colspan="1" align="left" valign="middle" ><b>USD</b></td></tr><tr><td width="42%" colspan="2" align="left" valign="middle" >Commitment, USD</td><td width="14%" align="left" valign="middle" >156.470</td><td width="14%" align="left" valign="middle" >156.470</td><td width="14%" align="left" valign="middle" >7.450</td><td width="16%" align="left" valign="middle" >7.450</td></tr><tr><td colspan="6"></td></tr><tr><td width="56%" colspan="3" align="left" valign="middle" ><b>Total commitment, USD</b></td><td width="14%" align="left" valign="middle" ><b>156.470</b></td><td width="14%" ></td><td width="16%" align="left" valign="middle" ><b>7.450</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The portfolio funds have made recallable distributions to the partnership, which as of 30 September 2022 amounts to USD 13.4 million.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The partnership has no other contingent liabilities as of 30 September 2022.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1175.0, by EasyX Aps. www.easyx.eu 2020-10-01 2021-09-30 Revisionspåtegning Grundlag for konklusion Konklusion 0 Karsten Sivebæk Knudsen Gains/losses on portfolio funds' investments 25435000 Gains/losses on portfolio funds' investments 115853000 Gains/losses on portfolio funds' investments 32562000 Gains/losses on portfolio funds' investments 61070000 Gains/losses on portfolio funds' investments 81439000 103208000 -55000 103153000 28867000 2000 28869000 55906000 13000 55919000 72857000 16000 72873000 107096000 103408000 103408000 103408000 2152000 2152000 1536000 3688000 143122000 -400702000 343799000 86219000 0 20877000 20877000 20877000 107096000 1536000 199616000 171434000 171650000 175185000 Total limited partners' capital 86219000 Total limited partners' capital 163490000 Total limited partners' capital 148312000 Total limited partners' capital 151782000 Total limited partners' capital 160239000 Investments in portfolio funds 103408000 Investments in portfolio funds 198645000 Investments in portfolio funds 168263000 Investments in portfolio funds 171289000 Investments in portfolio funds 169239000 Performance ratio* 3400 Performance ratio* 3240 Performance ratio* 2520 Performance ratio* 2380 Performance ratio* 1970 115853000 12580000 65000 103208000 55000 103153000 239000 84901000 84662000 -55000 -239000 0 87797000 -87797000 -3374000 22652000 103153000 198645000 198645000 198645000 971000 971000 0 971000 199616000 143122000 -300779000 321147000 163490000 543000 35583000 36126000 36126000 199616000 -543000 143122000 -300779000 321147000 163490000 -543000 0 0 0 0 -99923000 0 0 0 22652000 143122000 -400702000 343799000 Cash flow from expenses -17382000 Cash flow from expenses -184000 2831000 EY Godkendt Revisionspartnerselskab 30700228 Thomas Hjortkjær Petersen State Authorised Public Accountant mne33748 Bjørn Würtz Rosendal State Authorised Public Accountant mne40039 30700228 EY Godkendt Revisionspartnerselskab