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Annual report
2026-06-10
Rana Salame
The Executive Board has today considered and approved the annual report of NIO VSO Feeder ApS for the financial year 01.01.2025 - 31.12.2025.
The annual report is presented in accordance with the Danish Financial Statements Act.
In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 andof the results of its operations for the financial year 01.01.2025 - 31.12.2025.
I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.
I recommend the annual report for adoption at the Annual General Meeting.
Copenhagen
2026-05-08
Christian Jung Meinicke
To the shareholders of NIO VSO Feeder ApS
We have audited the financial statements of NIO VSO Feeder ApS for the financial year01.01.2025 -
31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance
with the Danish Financial Statements Act.
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 further
described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s
report. We are independent of the Entity 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 Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going
concern basis of accounting in preparing the financial statements unless Management either intends to 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 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 judgement and maintain professional scepticism 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 Entity’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 Entity’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
Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, 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.
Management is responsible for the management commentary.
Our opinion on the financial statements does not cover the management commentary, 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 the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.
Copenhagen
2026-05-08
Deloitte Statsautoriseret Revisionspartnerselskab
33963556
Rasmus Grynderup Kiær Steffensen
State Authorised Public Accountant
mne44143
Primary activitiesThe Entity's objects are to hold, directly or indirectly, shares or other financial instruments in companies.
Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of
this annual report.
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The share capital is not divided into classes of shares.
1 Financial assetsThe unlisted equities consist solely of the Entity's ownership shares in a diversified alternative investment
fund which, in turn, holds ownership of shares in alternative investment funds within the private equity, infrastructure, and real estate sectors (“portfolio funds”).
The Entity has through its investment in portfolio funds ownership of solely unlisted investments. The
Entity does not posses controlling or significant influence on the portfolio funds in which the Entity has
invested.
As a part of the compilation of the annual report, Management assesses the fair value principles and accounting
estimates of the portfolio funds, and evaluate if the applied principles are fair, based upon management
experience and knowledge regarding the specific portfolio funds. Given the nature of the unlisted equities the
valuation is inherently associated with uncertainty, and the final valuation or sale price of the investments held by
the portfolio funds, will depend on the future developments in market and specific factors, including earnings,
interest rates, foreign exchange, etc.
The unrealised fair value adjustments recognized in this annual report is a result of the performance and
valuation of the portfolio funds. Annually the Entity receives audited financial statements by an independent
auditor from each of the portfolio funds, which serve as the basis for the year-end valuation.
Neither Management nor the Entity has any influence on the fair value assessments in the portfolio funds,
and since the fair value is based upon audited figures, no quantitative inputs can be disclosed. The portfolio
funds in which the Entity has invested use common accepted guidelines for measuring the fair value. The fair
value measuring of the investments held by the portfolio funds are made by the manager of the portfolio funds. The fair value of all investments held by the Entity are based on level 3 in the fair value hierarchy
(unobservable inputs) under IFRS.
For further considerations see accounting policies.
2 Non-current liabilities other than provisionsDue after more than 12 months2025EUR'000Other payables9,0549,054As part of the financing of the Entity's investments, a credit facility with accrued interests has been established. For further details regarding the guarantees provided for this credit facility, reference is made to the note on assets charged and collateral.
3 EmployeesThe Entity has no employees other than the Executive Board and the Board of Directors.
The Executive Board and Board of Directors have not received any remuneration.
20252024Average number of full-time employees00
0
0
4
Fair value informationUnlisted equitiesEUR'000Fair value end of year17,402Unrealised fair value adjustments recognised in the income statement(1,246)
5 Contingent liabilitiesThe Entity has made nine commitments in nine different investment portfolio funds and
is jointly and severally liable for all uncalled commitments together with Nordic Investment Opportunities VSO Feeder K/S.
Commitments are made in both EUR and USD where the total commitment is as follows:
The commitment amount in EUR is 9,049 thousand and uncalled commitment in EUR is 1,801 thousand.
The commitment amount in USD is 11,711 thousand and uncalled commitment in USD is 2,439 thousand.
6 Assets charged and collateralExternal debt financing is secured by way of giving the Lenders a:
- First priority pledge over the Investors interests in any of the Company's interests
- First priority pledge over the Company's interest in any Subsidiary
- First priority pledge over the direct interests in any portfolio fund.Furthermore, an agreement has been made regarding financing, where remaining committed capital is provided as collateral.
This annual report has been presented in accordance with the provisions of the Danish Financial Statements
Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.
Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity 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 Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year.
Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
Gross profit or lossGross profit or loss comprises other external expenses.
Fair value adjustment of financial assetsFair value adjustment of financial assets comprise adjustments for the financial year of the Entity’s
financial assets measured at fair value at the balance sheet date.
Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities and management fee.
Management fee comprises of management fee for the period calculated according to the Limited Partnership
Agreement.
Other financial incomeOther financial income comprises dividends etc received on other investments, interest income and exchange
gains on transactions in foreign currencies.
Other financial expensesOther financial expenses comprise interest expenses and net exchange losses in foreign currencies.Tax on profit/loss for the year
The Company has the status of a tax exempt investment
company pursuant to §19 of the Capital Gains on Shares
Act and are registered as such within the Danish Tax Authorities. In accordance with this, no tax is recognised in the financial statements of the Company.The legislation regarding when an investment company can be categorised as pursuant to §19 is not clear. Based on legislation and common practice in the area management has assessed that the Company's investments in the underlying funds will meet the requirements of §19 of the Capital Gains on Shares Act.
If, contrary to management's assessment, the Tax Authorities finds, that the Company does not comply with the requirements of being an investment company pursuant to §19 of the Capital Gains on Shares Act, it will not have
a significant impact on the Company's income statement or balance sheet. This is due to the fact that fair value adjustments of unlisted equity investments does not incur changes in deferred tax since a material part of the return from the investments expectedly will be tax exempt returns on tax exempt unlisted portfolio shares if the Company were to be taxed as a regular corporate taxable entity under the Capital Gains on Shares Act.
Other investmentsOther investments recognized under fixed assets solely consist of unlisted investments in alternative investment funds (AIFs) measured at fair value through the income statement.
When measuring the fair value of the investment in alternative investment funds (AIFs), the valuation is based upon the fair value of the assets and liabilities included in the portfolio fund and as shown in the audited annual reports of
the portfolio fund. The fair value of the portfolio funds are calculated based on recognized valuation methods, including IPEV valuation guidelines, which essentially correspond to recognition and measurement provisions in IFRS 13. The
fair value of the portfolio funds corresponds to the accumulated share of ownership of the total capital of the underlying portfolio fund.
As a result of the investment being made through other alternative investment funds, it is not possible to provide additional information about the used multiple, yield requirements, etc. in the valuation.
At Q4 the Entity
receives audited financial statements by an independent auditor from the underlying funds which is the basis for
the valuation at the balance sheet date.
Since the valuation in the portfolio funds depends on assumptions regarding future earnings in underlying companies
owned by the portfolio funds and the development in market multiples, the valuation is linked to natural uncertainty.
This uncertainty will naturally be greater in periods of fluctuation in the financial markets, where market multiples, and thus the valuation will be influenced by, among other things, the development of liquidity premiums and the possibility of selling underlying companies in the portfolio funds.
Outstanding investment commitments at the balance sheet date are disclosed as contingent liabilities in the
notes.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.
CashCash comprises cash in bank deposits.
Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
true
Grundlag for konklusion
Konklusion
true
2024-01-01
2024-12-31
København S
2300
6
Weidekampsgade
Copenhagen
Copenhagen
1306
Regnskabsklasse B
Revisionspåtegning
2025-12-31
2025-01-01
18
Kronprinsessegade
NIO VSO Feeder ApS
40519971
33963556
2300 København S
Weidekampsgade 6
Deloitte Statsautoriseret Revisionspartnerselskab