iso4217:USD401094712021-01-012021-12-31401094712021-01-012021-12-311401094712021-01-012021-12-312401094712021-01-012021-12-311401094712021-01-012021-12-312401094712020-01-012020-12-31401094712021-12-31401094712020-12-31401094712021-01-01401094712020-01-01401094712021-01-012021-12-311401094712020-01-012020-12-311401094712021-01-012021-12-3111401094712020-01-012020-12-3111401094712021-01-012021-12-3122401094712020-01-012020-12-3122401094712021-01-012021-12-3141401094712020-01-012020-12-3141401094712021-01-012021-12-3142401094712020-01-012020-12-3142RevisionspåtegningÅrsrapport40109471Copenhagen Infrastructure New Markets Fund I K/SAmerika Plads292100Copenhagen2018-12-19Copenhagen+45 70 70 51 51www.cipartners.dk2021-01-012021-12-312020-01-012020-12-312022-04-08Casper Gordon ChristiansenJakob Baruël PoulsenChristian Troels Skakkebæk3396355633963556Deloitte Statsautoriseret RevisionspartnerselskabDeloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade 62300Copenhagen S33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade 62300 Copenhagen STo the shareholders of Copenhagen Infrastructure New Markets Fund I K/SOpinionWe have audited the financial statements of Copenhagen Infrastructure New Markets Fund I K/S for the financial<br/>year 01.01.2021 - 31.12.2021, which comprise the statement of comprehensive income, balance sheet, statement<br/>of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The<br/>financial statements are prepared in accordance with International Financial Reporting Standards as adopted by<br/>the EU and additional requirements of the Danish Financial Statements Act.<br/>In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021<br/>and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordance with International<br/>Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial<br/>Statements Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements<br/>applicable in Denmark. Our responsibilities under those standards and requirements are further described<br/>in the Auditor’s responsibilities for the audit of the financial statements section of this auditor’s report. We are<br/>independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International<br/>Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements<br/>applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements<br/>and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate<br/>to provide a basis for our opinion.The General Partner is responsible for the management commentary.<br/>Our opinion on the financial statements does not cover the management commentary, and we do not express any<br/>form of assurance conclusion thereon.<br/>In connection with our audit of the financial statements, our responsibility is to read the management commentary<br/>and, in doing so, consider whether the management commentary is materially inconsistent with the financial<br/>statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/>Moreover, it is our responsibility to consider whether the management commentary provides the information<br/>required under the Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that the management commentary is in accordance with the<br/>financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements<br/>Act. We did not identify any material misstatement of the management commentary.The General Partner is responsible for the preparation of financial statements that give a true and fair view in<br/>accordance with International Financial Reporting Standards as adopted by the EU and additional requirements<br/>of the Danish Financial Statements Act, and for such internal control as the General Partner determines is<br/>necessary to enable the preparation of financial statements that are free from material misstatement, whether due<br/>to fraud or error.<br/>In preparing the financial statements, the General Partner is responsible for assessing the Entity’s ability to continue<br/>as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going<br/>concern basis of accounting in preparing the financial statements unless the General Partner either intends to<br/>liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from<br/>material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.<br/>Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance<br/>with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement<br/>when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the<br/>aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of<br/>these financial statements.<br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,<br/>we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br/>Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or<br/>error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is<br/>sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement<br/>resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,<br/>forgery, intentional omissions, misrepresentations, or the override of internal control.<br/>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that<br/>are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness<br/>of the Entity’s internal control.<br/>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br/>and related disclosures made by the General Partner.<br/>Conclude on the appropriateness of the General Partner’s use of the going concern basis of accounting in<br/>preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty<br/>exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue<br/>as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention<br/>in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are<br/>inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the<br/>date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue<br/>as a going concern.<br/>Evaluate the overall presentation, structure and content of the financial statements, including the disclosures<br/>in the notes, and whether the financial statements represent the underlying transactions and events<br/>in a manner that gives a true and fair view.<br/>We communicate with those charged with governance regarding, among other matters, the planned scope and<br/>timing of the audit and significant audit findings, including any significant deficiencies in internal control that<br/>we identify during our audit.Copenhagen2022-04-08Bill Haudal PedersenMichael Thorø LarsenState-Authorised Public Accountant State-Authorised Public Accountant mne30131mne358231700000-21630000-1190000-2112000019306000113440001930600011344000-21418000-113440002840005060001800000911000-22934000-1175000000-22934000-11750000334340001392400091900003740004262400014298000426240001429800096190003441000097300096190004414000395000952000952000564900010049000536600052638000196640008695100037918000-43040000-2010600043911000178120005663000330003064000181900087270001852000872700018520005263800019664000-3960000-2709000-23266000-140530001800000911000284000506000Income from investmentsIncome from investments21120000-1516000-4070002176100012660000Increase of receivables from investmentsIncrease of receivables from investmentsDistributions from receivables from investmentsDistributions from receivables from investments-9022000-3740003450000-30438000-13034000Contribution from Limited PartnersContribution from Limited PartnersCredit facilityCredit facility49033000379180005630000-151210005466300022797000-557000-4697000