40883096 2024-01-01 2024-12-31 40883096 2024-01-01 2024-12-31 0 40883096 2024-01-01 2024-12-31 0 40883096 2024-01-01 2024-12-31 1 40883096 2024-01-01 2024-12-31 2 40883096 2023-01-01 2023-12-31 40883096 2024-12-31 40883096 2023-12-31 40883096 2024-01-01 2024-12-31 0 iso4217:DKK xbrli:pure Regnskabsklasse B 2024-01-01 2024-12-31 PKA Venture I K/S Nørre Voldgade 90, 1st floor <p xmlns="http://www.w3.org/1999/xhtml">DK-1358</p><p xmlns="http://www.w3.org/1999/xhtml">DK-1358 Copenhagen K</p> Copenhagen K 40883096 2025-03-27 Linda á Dunga Brøndum <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s statement on the Annual Report</td></tr><tr><td colspan="1">The Board of Directors and the Executive Board have today considered and adopted the Annual Report of PKA Venture I K/S for the financial year 1 January – 31 December 2024.</td></tr><tr><td colspan="1">The Annual Report has been prepared in accordance with the Danish Financial Statements Act and other relevant legislation.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the Limited Partnership’s assets, liabilities and financial position at 31 December 2024 and of the results of the Limited Partnership’s operations for the financial year 1 January – 31 December 2024.</td></tr><tr><td colspan="1">In our opinion, Management’s Review includes a true and fair account of the affairs described.</td></tr><tr><td colspan="1">We recommend that the Annual Report be adopted at the annual general meeting.</td></tr></table> Copenhagen 2025-03-27 <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><tr><td colspan="1">To the Limited Partners of PKA Venture I 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">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.</td></tr><tr><td colspan="1">We have audited the Financial Statements of PKA Venture I K/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”).</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 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.</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 Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover 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 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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act and other relevant legislation.</td></tr><tr><td colspan="1">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 and the information requirements in other relevant legislation. We did not identify any material misstatement in 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">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 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.</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 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. 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 Company’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 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.</td></tr><tr><td colspan="1">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.</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> Hellerup 2025-03-27 <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 activities</td></tr><tr><td colspan="1">PKA Venture I K/S was established in October 2019 based on a capital commitment of DKK 2 billion from PKA.</td></tr><tr><td colspan="1">The Limited Partnership aims to invest in venture funds and co-investments with managers of venture funds in Europe and North America.</td></tr><tr><td colspan="1">PKA Venture I K/S has entered into a management agreement with IIP Denmark P/S in terms of handling the administration and provide investment advisory to PKA Venture I 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">Development in activities and financial position</td></tr><tr><td colspan="1">The financial year 1 January – 31 December 2024 resulted in a profit of DKK 113.1 million and the balance sheet reflected equity of DKK 1,468.2 million as of 31 December 2024.</td></tr><tr><td colspan="1">The result is positively affected by net fair value adjustments of investments. The trend that led to a negative market adjustment last year has reversed, and the venture funds are now back in a value-creation phase, where the growth of the underlying companies is the key driver of the funds’ performance. Furthermore, the result is positively affected by exchange rate adjustments of investments due to the increase in the USD exchange rate during the financial year.</td></tr><tr><td colspan="1">The result for 2024 is considered satisfactory.</td></tr><tr><td colspan="1">Balance sheet and capital resources</td></tr><tr><td colspan="1">The Limited Partners have paid DKK 1,298.1 million of their capital commitments as of 31 December 2024.</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">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 colspan="1">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">Investments in portfolio funds are measured at fair value as described in the accounting policies. The measurement includes accounting estimates and is, therefore, subject to uncertainty.</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 balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date and to this date that materially affect the assessment of the annual report.</td></tr></table> 115094000 2535000 112559000 565000 69000 113055000 113055000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Statement of changes in equity</td></tr><tr><td width="40%" ></td><td width="12%" colspan="1" align="left" valign="middle" >Paid-in</td><td width="21%" colspan="1" align="left" valign="middle" >Distributions to</td><td width="27%" colspan="2" align="left" valign="middle" >Retained</td></tr><tr><td width="40%" ></td><td width="12%" colspan="1" align="left" valign="middle" >capital</td><td width="21%" colspan="1" align="left" valign="middle" >Limited Partners</td><td width="12%" colspan="1" align="left" valign="middle" >earnings</td><td width="15%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="40%" ></td><td width="12%" colspan="1" align="left" valign="middle" >’000 DKK</td><td width="21%" colspan="1" align="left" valign="middle" >’000 DKK</td><td width="12%" colspan="1" align="left" valign="middle" >‘000 DKK</td><td width="15%" colspan="1" align="left" valign="middle" >‘000 DKK</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Equity at 1 January 2024</td><td width="12%" align="right" valign="middle" >982884</td><td width="21%" align="right" valign="middle" >-21229</td><td width="12%" align="right" valign="middle" >88660</td><td width="15%" align="right" valign="middle" >1050315</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Paid-in capital</td><td width="12%" align="right" valign="middle" >315204</td><td width="21%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >315204</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Distributions to Limited Partners</td><td width="12%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-10337</td><td width="12%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-10337</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Loss for the year</td><td width="12%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >113055</td><td width="15%" align="right" valign="middle" >113055</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Equity at 31 December 2024</td><td width="12%" align="right" valign="middle" >1298088</td><td width="21%" align="right" valign="middle" >-31566</td><td width="12%" align="right" valign="middle" >201715</td><td width="15%" align="right" valign="middle" >1468237</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Commitment</td><td width="12%" align="right" valign="middle" >2004500</td><td width="21%" ></td><td width="12%" ></td><td width="15%" ></td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Undrawn commitment</td><td width="12%" align="right" valign="middle" >714774</td><td width="21%" ></td><td width="12%" ></td><td width="15%" ></td></tr><tr><td width="40%" ></td><td width="12%" colspan="1" align="left" valign="middle" >Paid-in</td><td width="21%" colspan="1" align="left" valign="middle" >Distributions to</td><td width="27%" colspan="2" align="left" valign="middle" >Retained</td></tr><tr><td width="40%" ></td><td width="12%" colspan="1" align="left" valign="middle" >capital</td><td width="21%" colspan="1" align="left" valign="middle" >Limited Partners</td><td width="12%" colspan="1" align="left" valign="middle" >earnings</td><td width="15%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="40%" ></td><td width="12%" colspan="1" align="left" valign="middle" >’000 DKK</td><td width="21%" colspan="1" align="left" valign="middle" >’000 DKK</td><td width="12%" colspan="1" align="left" valign="middle" >‘000 DKK</td><td width="15%" colspan="1" align="left" valign="middle" >‘000 DKK</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Equity at 1 January 2023</td><td width="12%" align="right" valign="middle" >736800</td><td width="21%" align="right" valign="middle" >-15373</td><td width="12%" align="right" valign="middle" >187019</td><td width="15%" align="right" valign="middle" >908446</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Paid-in capital</td><td width="12%" align="right" valign="middle" >246084</td><td width="21%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >246084</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Distributions to Limited Partners</td><td width="12%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-5856</td><td width="12%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-5856</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="12%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-98359</td><td width="15%" align="right" valign="middle" >-98359</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Equity at 31 December 2023</td><td width="12%" align="right" valign="middle" >982884</td><td width="21%" align="right" valign="middle" >-21229</td><td width="12%" align="right" valign="middle" >88660</td><td width="15%" align="right" valign="middle" >1050315</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Commitment</td><td width="12%" align="right" valign="middle" >2004500</td><td width="21%" ></td><td width="12%" ></td><td width="15%" ></td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Undrawn commitment</td><td width="12%" align="right" valign="middle" >1022274</td><td width="21%" ></td><td width="12%" ></td><td width="15%" ></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="4" align="left" valign="middle" >Notes</td></tr><tr><td width="71%" ></td><td width="22%" ></td><td width="3%" align="right" valign="middle" >2024</td><td width="4%" align="right" valign="middle" >2023</td></tr><tr><td width="71%" ></td><td width="22%" ></td><td width="3%" colspan="1" align="left" valign="middle" >’000 DKK</td><td width="4%" colspan="1" align="left" valign="middle" >‘000 DKK</td></tr><tr><td colspan="4"></td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Cost at 1 January</td><td width="3%" align="right" valign="middle" >970375</td><td width="4%" align="right" valign="middle" >740294</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Additions in the year</td><td width="3%" align="right" valign="middle" >302644</td><td width="4%" align="right" valign="middle" >231793</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Disposals in the year</td><td width="3%" align="right" valign="middle" >-2631</td><td width="4%" align="right" valign="middle" >-1712</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Cost at 31 December</td><td width="3%" align="right" valign="middle" >1270388</td><td width="4%" align="right" valign="middle" >970375</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Value adjustments at 1 January</td><td width="3%" align="right" valign="middle" >84036</td><td width="4%" align="right" valign="middle" >184416</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Revaluations in the year</td><td width="3%" align="right" valign="middle" >122765</td><td width="4%" align="right" valign="middle" >-96225</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Revaluations on disposals in the year</td><td width="3%" align="right" valign="middle" >-7714</td><td width="4%" align="right" valign="middle" >-4155</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Value adjustments at 31 December</td><td width="3%" align="right" valign="middle" >199087</td><td width="4%" align="right" valign="middle" >84036</td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December</td><td width="3%" align="right" valign="middle" >1469475</td><td width="4%" align="right" valign="middle" >1054411</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >For a description regarding valuation measurement, reference is made to ”Investments in portfolio funds” in the accounting policies.</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="4"></td></tr><tr><td width="93%" colspan="2" align="left" valign="middle" >Average number of employees</td><td width="3%" align="right" valign="middle" >1</td><td width="4%" align="right" valign="middle" >1</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Information according to the Danish Alternative Investment Fund Managers Act (FAIF) section 61 (3) nos. 5 and 6 is disclosed in the annual report (including note 3) of IIP Denmark P/S.</td></tr></table> 1 <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="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The General Partner PKA Venture I GP ApS is the only related party with a controlling interest.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >In addition, related parties consist of Pensionskassen for Sygeplejersker og Lægesekretærer, Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale and Pensionskassen for Sundhedsfaglige.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >All transactions with related parties were conducted on an arm’s length basis.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Limited Partners comprise</td></tr><tr><td width="76%" align="right" valign="middle" >47,89%</td><td width="24%" colspan="1" align="left" valign="middle" >Pensionskassen for Sygeplejersker og Lægesekretærer</td></tr><tr><td width="76%" align="right" valign="middle" >27,24%</td><td width="24%" colspan="1" align="left" valign="middle" >Pensionskassen for Socialrådgivere, Socialpædagoger og Kontorpersonale</td></tr><tr><td width="76%" align="right" valign="middle" >21,15%</td><td width="24%" colspan="1" align="left" valign="middle" >Pensionskassen for Sundhedsfaglige</td></tr><tr><td width="76%" align="right" valign="middle" >3,49%</td><td width="24%" colspan="1" align="left" valign="middle" >Pensionskassen for Farmakonomer</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >All located at Tuborg Boulevard 3, DK-2900 Hellerup.</td></tr><tr><td width="76%" align="right" valign="middle" >0,15%</td><td width="24%" colspan="1" align="left" valign="middle" >PKA Venture I CIV I K/S</td></tr><tr><td width="76%" align="right" valign="middle" >0,08%</td><td width="24%" colspan="1" align="left" valign="middle" >PKA Venture I CIV II K/S</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >All located at Nørre Voldgade 90, 1st floor, DK-1358 Copenhagen K.</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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Limited Partnership has no collaterals or contingent liabilities as of 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">5. Accounting policies</td></tr><tr><td colspan="1">The annual report of PKA Venture I K/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities as well as selected rules applying to reporting class C.</td></tr><tr><td colspan="1">The presentation of the income statement deviates from the reporting form shown in schedule 2 of the Danish Financial Statements Act as the presentation has been adapted to the nature of the limited partnership’s activity.</td></tr><tr><td colspan="1">The accounting policies applied are unchanged compared to last year.</td></tr><tr><td colspan="1">The financial statements for 2024 are presented in Danish Kroner (DKK).</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">Recognition and measurement</td></tr><tr><td colspan="1">Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the limited partnership, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the limited partnership, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</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 denominated in foreign currencies are translated into DKK using the exchange rates at the date of transaction. Investments, receivables and payables denominated in foreign currencies are translated into DKK using the exchange rate at the balance sheet date. Realised and unrealised exchange rate adjustments are 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><tr><td colspan="1">Income from investments in portfolio funds</td></tr><tr><td colspan="1">Income from investments in portfolio funds include dividends, interests, realised and unrealised value adjustments, as well as realised and unrealised exchange rate adjustments related to transactions in foreign currency etc.</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">Administrative expenses</td></tr><tr><td colspan="1">Administrative expenses include management fees and other costs incurred by the limited 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 comprise interest on bank deposits, realised and unrealised exchange rate adjustments etc.</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 limited partnership is not independently liable to tax, and therefore, no tax is recognised in the financial statements.</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 in portfolio funds</td></tr><tr><td colspan="1">Investments in portfolio funds pertain to the limited partnership’s investments in portfolio companies structured through foreign venture funds.</td></tr><tr><td colspan="1">Unlisted investment assets are measured at fair value in accordance with the IPEV Valuation Guidelines. The valuation is based on the latest reporting received from underlying portfolio funds. This reporting includes a fair value assessment of each portfolio company based on traditional, recognised valuation methods. The value of a portfolio fund consists of the fair value of the individual portfolio company in the fund plus the value of the fund’s other net assets.</td></tr><tr><td colspan="1">In assessing the fair value reported by fund managers, management continuously monitors the performance of the portfolio investments, and also includes general market conditions in the assessment. In addition, the limited partnership maintains ongoing dialogue with the management of the individual fund managers to assess operational and business-related aspects of the underlying portfolio companies that may have an impact on the valuation. Based on this, adjustments are made to the reported values of the 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">Receivables</td></tr><tr><td colspan="1">Receivables are measured at the lower of amortised cost or net realisable value which usually corresponds to nominal value less write-downs for anticipated losses.</td></tr><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.</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 deposits at banks and are measured at fair 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">Equity</td></tr><tr><td colspan="1">Equity includes paid-in capital, distributions to limited partners and retained earnings.</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 liabilities</td></tr><tr><td colspan="1">Financial liabilities are measured at amortised cost, usually corresponding to nominal value.</td></tr></table> Årsrapport 40101799 IIP Denmark P/S Nørre Voldgade 90 1358 København K xWizard version 1.1.1326.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Maria Helene Hjorth CEO Michael Nellemann Pedersen (chairman) Nicolai Ørnstrup Pilehave Michael Flycht -96225000 1960000 -98185000 103000 277000 -98359000 -98359000 1 1469475000 1469475000 7500000 2941000 10441000 1479916000 1298088000 -31566000 201715000 1468237000 11679000 11679000 1479916000 1054411000 1054411000 0 4033000 4033000 1058444000 982884000 -21229000 88660000 1050315000 8129000 8129000 1058444000 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Per Rolf Larssen State Authorised Public Accountant mne24822 Strandvejen 44 DK-2900 Hellerup