39279487 2022-01-01 2022-12-31 39279487 2022-01-01 2022-12-31 1 39279487 2021-01-01 2021-12-31 39279487 2020-01-01 2020-12-31 39279487 2019-01-01 2019-12-31 39279487 2018-01-01 2018-12-31 39279487 2018-01-01 2018-12-31 1 39279487 2019-01-01 2019-12-31 1 39279487 2020-01-01 2020-12-31 1 39279487 2021-01-01 2021-12-31 1 39279487 2022-01-01 2022-12-31 1 39279487 2022-12-31 39279487 2021-12-31 39279487 2020-12-31 39279487 2019-12-31 39279487 2018-12-31 39279487 2022-01-01 2022-12-31 1 39279487 2022-01-01 2022-12-31 2 39279487 2022-01-01 2022-12-31 2 39279487 2021-12-31 fsa:ContributedCapitalMember 39279487 2021-12-31 fsa:RetainedEarningsMember 39279487 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 39279487 2022-12-31 fsa:ContributedCapitalMember 39279487 2022-12-31 fsa:RetainedEarningsMember 39279487 2021-01-01 2021-12-31 1 39279487 2022-01-01 2022-12-31 1 39279487 2021-01-01 2021-12-31 2 39279487 2022-01-01 2022-12-31 2 39279487 2021-01-01 2021-12-31 1 39279487 2022-01-01 2022-12-31 1 iso4217:DKK xbrli:pure Klaus Risager Klareboderne 1 1115 Copenhagen 39279487 Copenhagen Strandvejen 44 2900 Hellerup * 2018 was the first fiscal year for the company Primary activities The principal activities of the Fund in the period under review were to own shares of: • DKT Holdings ApS (16.7%) The fund's purpose is to generate returns through the limited partnership's capital, including the ownership of the shares in the Danish company DKT Holdings ApS, as well as investments in infrastructure assets and assets with similar characteristics. Development in activities and financial matters The fund’s Income Statement of the financial year 1 January – 31 December 2022 shows a negative result of DKK 719m and the Balance Sheet on 31 December 2022 a balance sheet total of DKK 3,507m and an equity of DKK 3,500m, which is below management’s expectations. For 2023 the management see positive changes in interest rates and inflations and expects a positive result between DKK 100-200m. Uncertainty in recognition and measurement It is assessed that there is no significant uncertainty in the recognition and measurement of financial figures. Principal risks and uncertainties Management does not see any special risks for the fund in connection with the ownership of the shares in DKT Holdings ApS in addition to the commonly occurring risks within the fund's industry. Management sees no special risk of affecting the external environment in connection with the ownership of the shares in above companies and their projects. Changes to principal accounting policies There are no changes to principal accounting policies in 2022. Subsequent events No subsequent events have occurred after the balance sheet date that required adjustment to or disclosure in the financial statement. Corporate social responsibility/ESG The company is managed by the fund manager AIP Management P/S. All matters related to Corporate Social Responsibility/ESG are governed by the policies of the fund manager. Please download the ESG report for further information about how AIP Management works with ESG across the investment portfolio. The report is available on the AIP Management website. Policies governing environment and climate, social matters and staff-related matters, human rights, and anti-corruption. The Limited Partnership is subject to several policies covering environment and climate, social matters and staff-related matters, human rights, and anti-corruption. The Responsible Investment Policy and the ESG policy defines the principles, while the underlying procedures supports the implementation. Environmental, social and governance considerations are important for investment decision-making, both in terms of understanding and managing risks, and identifying opportunities for enhancement. We believe that a strong focus on responsible investing and ESG will create long-term value for our investors. Consequently, we have integrated a range of ESG principles and valuations throughout all stages of our investment process; from initial screening and investment analysis, during due diligence, negotiation and closing of transaction, and thereafter in the asset management phase. Below we have described the principles and our results for 2022 in more detail. In 2023 the Limited Partnership expects to continue to focus on its efforts within environment and climate, social and staff-related matters, human rights, and anti-corruption. Environment and climate The Limited Partnership maintains a responsible approach to environmental and climate issues, with a climate-friendly investment policy and a requirement to adopt good industry environmental practices. Investments in renewable energy projects have significant climate benefits in terms of emissions avoided (see later SFDR section of this report). The Limited Partnership adheres to the following environmental principles: • Continue to invest in renewable energy • Minimize environmental consequences related to construction and operation of infrastructure assets • Minimize carbon footprint of investments • Minimize carbon footprint of own operations • Exclude investments in coal, oil and tar sands In 2022, the Limited Partnership has maintained its positive contribution within Environmental and Climate impact. Social matters and staff-related matters For social matters and staff-related matters, the Limited Partnership promotes that the fundamental employees’ rights shall be acknowledged and observed by the investment project. The principal risks to the Limited Partnership’s activities relate to non-adherence to its labor and health and safety standards. In addition to contractual standards, the Limited Partnership monitors performance on an ongoing basis and receives monthly reports about the status of Limited Partnership investments. In 2022, the Limited Partnership has a safe and healthy work environment. Human rights In respect of human rights, the Limited Partnership promotes human rights principles and adopts a zero-tolerance approach to infringement of such rights. The principal risks to the Limited Partnership’s activities relate to potential non-adherence to its labor standards in the investments. The Limited Partnership follows local regulations and expects investment to comply with international commitments related to human rights. The Limited Partnership is not aware of any breaches of human rights. In 2022, the Limited Partnership is not aware of any breaches of human rights. Anti-corruption The Limited Partnership has a zero-tolerance policy when it comes to corruption and bribery. No corruption and/or bribery shall take place or be carried out directly or indirectly by any of the parties involved in an investment. The Limited Partnership has taken measures to reduce the risk of corruption, by performing due diligence and monitoring of counterparties and requiring standards of business conduct in contractual agreements. Background checks are conducted using a risk-based approach. In 2022, the Limited Partnership believes that it has not contributed to any form of corruption or bribery. Risk assessment and risk mitigation The main risks associated with the overall investment process of the Fund are: • Market risks • Credit risks • Liquidity risks • Counterparty risks • Operational risks To manage these risks, AIP Management, as the overall fund management company in the group has established a risk management function. The key responsibilities of the function is to perform independent, and reliable: • Risk identification • Risk measurement • Risk management • Risk monitoring • Stress tests/Analysis Individual departments within AIP Management have the overall responsibility to carry out the procedures implemented, whilst Risk Management has the responsibility of overseeing this work. Sustainable Finance Disclosure Regulation (SFDR) The company has chosen to fulfill the requirement for periodic publication of information on financial products, cf. Article 8, subsection 1, 2 and 2a, in Regulation (EU) 2019/2088 and Article 6, subsection 1, in Regulation (EU) 2020/852 by preparing a supplementary report in connection with this annual report. -6000000 -7000000 -6000000 -4000000 -2000000 Financial items Financial items Financial items Financial items Financial items 326000000 300000000 276000000 420000000 0 -719000000 153000000 271000000 416000000 -2000000 3507000000 4223000000 4066000000 3798000000 3436000000 3500000000 4218000000 4066000000 3798000000 3436000000 0.998 0.999 1.00 1.00 1.00 -0.186 0.037 0.069 0.115 -0.001 Gender diversity There are only two persons in the Executive Board and it is not meaningful to set target figures. Data ethics The entity has not implemented a data ethics policy. The data landscape of the entity is very simple and does not imply any data ethical risk. The Executive Board have today considered and adopted the Annual Report of PKA Ophelia Holding K/S for the financial year 1 January – 31 December 2022. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Fund and of the results of the Fund operations for the financial year 1 January – 31 December 2022. In our opinion, the Management review includes a true and fair account of the matter addressed in the review. We recommend that the annual report be adopted at the Annual General Meeting. Copenhagen, Kasper Hansen Jannick Prehn Brøndum To the Limited Partners of PKA Ophelia Holding K/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Fund at 31 December 2022, and of the results of the Fund’s operations and cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of PKA Ophelia Holding K/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). 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 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, in our view, 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 in Management’s Review. 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 Fund’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 Fund 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 Fund’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 Fund’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 Fund 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. Hellerup, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Per Rolf Larssen Casper Larsen State Authorised Public Accountant mne24822 State Authorised Public Accountant mne45855 6000000 7000000 1039000000 140000000 -1045000000 -147000000 326000000 300000000 -719000000 153000000 -719000000 153000000 -719000000 153000000 0 546000000 3505000000 3676000000 3505000000 4221000000 2000000 1000000 2000000 1000000 3507000000 4223000000 3435000000 3435000000 65000000 783000000 3500000000 4218000000 1000000 1000000 1000000 1000000 6000000 3000000 6000000 3000000 7000000 4000000 3507000000 4223000000 3435000000 783000000 4218000000 -719000000 -719000000 3435000000 65000000 3500000000 Net result Net result -719000000 153000000 0 0 Change in working capital Change in working capital 3000000 3000000 -715000000 156000000 -171000000 296000000 Equity investment Equity investment 546000000 140000000 717000000 -156000000 1000000 1000000 1000000 1000000 -1000000 -1000000 2000000 1000000 This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium). Presentation currency The reporting currency is Danish kroner (DKK). All amounts are in DKK millions. Recognition and measurement Revenue is recognized in the income statement as it is earned, including value adjustments of financial assets and liabilities measured at fair value or amortized costs. In addition, expenses incurred to achieve the year’s earnings are recognized, including depreciation, write-downs, provisions and reversals as a result of changed accounting estimates of amounts previously recognized in the income statement. Assets are recognized in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the fund, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the fund has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the fund, and the value of the liabilities can be measured. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each accounting item below. Recognition and measurements take into account the gains, losses and risks that arise before the annual report is presented and which corroborates or invalidates conditions that existed at the balance sheet date. Income statement Other external costs Other external costs include costs for administration, etc. Financial items Financial income and expenses include interest income and expenses, realized and unrealized gains and losses on debt and transactions in foreign currencies. Tax The fund is not taxable independently, which is why the tax liability is incumbent on the fund’s investors. As a result, no tax and deferred tax has been set aside in the accounts. Balance Other securities and investments Other securities and investments are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Other receivables from investments Other receivables are measured at amortized cost, which usually corresponds to nominal value, less write-downs for expected losses and including accrued interest. Cash Cash comprises cash in bank deposits. Equity Dividend distributions proposed by the management for the financial year are shown as a separate item under equity. Other Liabilities Expenses with reference to the fiscal year are accrued for. Cash flow statement Cash flow from operating activities includes all cash transactions other than cash flows arising from investments, received dividends, paid and received financial items and equity transactions. Cash flow statement is calculated based on the indirect method where the cash flow is based on the difference between year start and year end with adjustments for non-cash items. Key figures Key figures in the Management’s review is calculated as follows: Equity ratio = Equity, ultimo x 100 Total assets, ultimo Return on equity = Net profit x 100 Equity true 0 0 The board of PKA Ophelia Holding K/S has no employees but is managed by AIP Management P/S.For information on remuneration paid to the manager, please refer to the notes in the annual re-report for AIP Management P/S. Note 3Financial items 2022 2021Interest from receivables 326 300Total financial items 326 300 Note 4Other investmentsCost at 1 January 686 686Addtions in year - - Disposals in year - - Cost at 31 December 686 686Impairment at 1 January -140 - Impairment in year -546 -140 Impairment at 31 December -686 -140 Total other securities and investments - 546 Note 5Other long-term receivables 2022 2021Cost at 1 January 3,676 3,380Additions in the year 326 300Repayments in the year -4 -4 Impairment -493 - Total other long-term receivables 3,505 3,676 Note 6EquityThe fund's contributed capital is divided into shares with a nominal value of DKK 1.00, each of which gives the right to one vote, as a limited partner regardless of shareholding.Apart from a share capital increase of DKK 10m in 2018 and the reversal of unpaid balances in 2020 of DKK 2.5m, there have been no changes in the share capital since the foundation. Note 7Contingent liabilitiesThe fund has no contingent liabilities apart from the liabilities already recognized in the balancesheet. Note 8Group and ownership relationsThe fund is owned by: - Pensionskassen for Sygeplejersker og Lægesekretærer, Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 15 11, Owner 49.988% - Pensionskassen for Sundhedsfaglige, Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 35 14, Owner 21.994% - Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale, Tuborg Boulevard 3, 2900 Hellerup, CVR 71 97 43 16, Owner 27.993%Other related parties include: - DKT Holdings ApS, Teglholmsgade 1, 2450 Copenhagen, CVR 39 18 68 29Besides the investment transactions shown in the financial statement and general partner fee,there are no transactions with related parties. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-27 PKA Ophelia Holding K/S Reporting class B 2018-01-25 2023-06-13 39504308 AIP Management P/S Klareboderne 1 1115 Copenhagen Opinion Basis for Opinion 2023-06-13 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup