Årsrapport34209936Grant Thornton, Godkendt RevisionspartnerselskabHostrupsvej, 263400, Hillerød2023-01-012023-12-312024-01-012024-12-3138350102EAF Procedius K/STeknikerbyen 5,2.2830VirumGrant Thornton, Godkendt Revisionspartnerselskab34209936Christoffer Anholm Salmonstatsautoriseret revisormne47918Hostrupsvej263400HillerødDanmark+45 33 110 220info@dk.gt.com2025-03-31Ole SkovRegnskabsklasse BRevisionspåtegningCaseWare fra Revisorgruppen DanmarkanpartshaverneHillerød2025-03-31Virum2025-03-31Grundlag for konklusionKonklusion-25000-25000-25000-2500071300447763189108320-33197-4510951-33197-4510951-33197-451095131002634280026343100263428002634310026342800263428638293352863829335310312722803196904136295838330458-10350436-103172393101252228013219187501875018750187501875018750310312722803196938330458382979583032500325004136295838330458-10317239-5806289-33197-451095101-10350436-10317239Today, the Managing Director has approved the annual report of EAF Procedius K/S for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 January – 31 December 2024. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Ole SkovWe have audited the financial statements of EAF Procedius K/S for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for conclusion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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. In preparing the financial statements, Management is responsible for assessing the Company’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 Company 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 material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the company The Limited Partnership’s objective is to generate an attractive risk-adjusted return from investments in SMEs. Significant changes in the company's activities and financial matters No investments or divestments have been made in the year. The present investments are progressing according to plan and to the owners’ satisfaction. Events occurring after the end of the financial year No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 1. Uncertainties concerning recognition and measurement The companies primary activity is to invest in small and startup enterprises, with the intention to help the nvestments onwards until a succesfull exit strategy can be performed. Most of the investments are according to plan not realizing a profit or positive cash flow, and the equity value of he enterprises does there fore not represent the fair value of the investments. The investments in both associated companies and other investments are measured at cost, which is also often based on the latest market valuation of the investment. Any profits from the investments are expected to be realized by a succesfull exit. Due to the nature of the investments there is a degree of uncertainty related to the valuation of these. Impairment of the investments are based on the managements best estimate of future profits from the investments. The annual report for EAF Procedius K/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross loss Gross loss comprises external expenses Other external expenses include expenses relating to the Entity’s ordinary activities, including expens-es for premises, stationery and office supplies, marketing costs, etc. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Other financial instruments Financial instruments recognised under non-current assets comprise listed bonds and shares measured at fair value on the reporting date. Listed financial instruments are measured at market price. Other unlisted financial instruments are measured at cost. Write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Liabilities other than provisions Other liabilities are measured at amortised cost which usually corresponds to the nominal value. 383501022024-01-012024-12-31383501022023-01-012023-12-31383501022023-12-31383501022024-12-31383501022024-01-012024-12-311383501022024-01-012024-12-311383501022024-01-01e:ContributedCapitalMember383501022024-01-012024-12-31e:ContributedCapitalMember383501022024-12-31e:ContributedCapitalMember383501022024-01-01e:RetainedEarningsMember383501022024-01-012024-12-31e:RetainedEarningsMember383501022024-12-31e:RetainedEarningsMember383501022023-01-01e:ContributedCapitalMember383501022023-01-012023-12-31e:ContributedCapitalMember383501022023-12-31e:ContributedCapitalMember383501022023-01-01e:RetainedEarningsMember383501022023-01-012023-12-31e:RetainedEarningsMember383501022023-12-31e:RetainedEarningsMemberiso4217:DKK