422466112024-01-012024-12-31422466112024-01-012024-12-311422466112024-01-012024-12-312422466112024-01-012024-12-311422466112024-12-31422466112023-12-31fsa:ContributedCapitalMember422466112023-12-31fsa:SharePremiumMember422466112023-12-31fsa:RetainedEarningsMember422466112023-12-31fsa:ProposedDividendRecognisedInEquityMember422466112023-12-31422466112024-01-012024-12-31fsa:RetainedEarningsMember422466112024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember422466112024-12-31fsa:ContributedCapitalMember422466112024-12-31fsa:SharePremiumMember422466112024-12-31fsa:RetainedEarningsMember422466112024-12-31fsa:ProposedDividendRecognisedInEquityMember422466112024-01-012024-12-311422466112023-01-012023-12-31422466112023-01-012023-12-311422466112022-12-31iso4217:DKKThe Executive Board has today considered and approved the annual report of CIP MidCo 1 ApS for the financial year 01.01.2024 - 31.12.2024. -9298000-245000The annual report is presented in accordance with the Danish Financial Statements Act.35234900042574000In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations and cash flows for the financial year 01.01.2024 - 31.12.2024.66830006544000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.2740000We recommend the annual report for adoption at the Annual General Meeting.12630002530000Copenhagen21790003421000Jakob Baruël Poulsen34909200047982000Torben Poul Bender01280000To the shareholders of CIP MidCo 1 ApS34909200046702000We have audited the financial statements of CIP MidCo 1 ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement 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 at 31.12.2024 and of the results of its operations and cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.142137000167853000We 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.491169000319604000Management 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.633306000487457000Our 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.6333060004874570001696790004932000Management 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 of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary.01120001696790005044000Copenhagen929000894000Bill Haudal Pedersen1706080005938000mne30131803914000493395000State Authorised Public Accountant5000050000Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'000Key figuresGross profit/loss(9,298)(245)(122)(70)Operating profit/loss(9,298)(245)(122)(70)Net financials(642)(891)(524)(75)Profit/loss for the year349,09246,702136,550245,046Total assets803,914493,395449,138267,764Equity748,033405,741401,260264,710RatiosReturn on equity (%)60.5111.9341.04N/AEquity ratio (%)93.0582.2389.3498.86Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%):Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets1961600019616000Primary activitiesThe object of the Entity is to act as a holding company and to conduct business within the fields of trade and investments, along with other fields which are related hereto.718367000379275000Development in activities and financesThe Entity has realised a profit of DKK 349,092 thousand compared with a profit of DKK 46,702 thousand last year. 100000006800000Profit/loss for the year in relation to expected developmentsThe development in the financial year's activities is as expected. The development was positively affected by dividends from the underlying investments. 748033000405741000OutlookManagement expects a positive result in 2025.4029600056164000Events 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.1545900030135000This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.Reporting currency is Danish kroner (DKK).01280000Reporting currency is Danish kroner (DKK).12600075000Consolidated financial statementsReferring to section 112(2) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.5588100087654000Recognition 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.5588100087654000Gross profit or lossGross profit or loss comprises other external expenses.803914000493395000Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities.500008000Income from investments in group enterprisesIncome from investments in group enterprises comprises interests gains in the form of interests, dividends etc. received from the individual group enterprises in the financial year.Income from investments in participating interestsIncome from investments in participating interests comprises interests gains in the form of interests, dividends etc. received from the individual associates in the financial year.19616000-237000379275000471000Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc on receivables from group enterprises.Other financial incomeOther financial income comprises interest income and exchange rate adjustments.6800000499000-265000Other financial expensesOther financial expenses comprise interest expenses, guarantee premium, bank charges and exchange rate adjustments.0214000Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).68000005641000Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.Investments in participating interestsInvestments in participating interests are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.68000000339092000-43281000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.10000000-37426000CashCash comprises cash in bank deposits.37691000DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.5000029750000Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.196160000Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.71836700029750000Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​ ​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​etc of intangible assets and property, plant and equipment. ​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​ ​Cash and cash equivalents comprise cash and short-term bank debt.10000000-7941000The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. Cash and cash equivalents comprise cash and short-term bank debt.-47329000trueThere are special dividend rights attached to specific share classes. The contributed capital for the Entity is divided into A-B2 shares.-55270000Grundlag for konklusion949100056164000Konklusion1930002025-06-24545000399020002025-06-24690000Regnskabsklasse C, mellemstor virksomhed480002023-01-017520002023-12-312392180003396355631076000København SCapital increase in investments2300-186353000622541000Weidekampsgade-22589000Deloitte Statsautoriseret Revisionspartnerselskab114000Copenhagen6800000Nordhavn-6686000215015903000Revisionspåtegning2024-12-31-393670002024-01-014029600012181 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.2 Proposed distribution of profit and loss2024 DKK'0002023 DKK'000Ordinary dividend for the financial year10,0006,800Retained earnings339,09239,902349,09246,702Gdanskgade339092000CIP MidCo 1 ApS422466113 Financial assetsInvestments in group enterprises DKK'000Investments in participa- ting interests DKK'000Cost beginning of year167,853319,604Additions(25,716)171,565Cost end of year142,137491,169Carrying amount end of year142,137491,169Investments in subsidiariesRegistered inCorporate formEquity interest %Equity DKK'000Profit/loss DKK'000CIP Holding 1 ApSDenmarkApS100.00243,002436,805Asen Holding 1 ApSDenmarkApS100.00105,7101,564CIP HoldCo 1 ApSDenmarkApS51.007,604(234)Investments in participating interestsRegistered inCorporate ​​​formOwnership ​​​%Equity DKK'000Profit/loss DKK'000CI Capital InvestCo ApS DenmarkApS25.001,647,65222,457CIV II 2014 K/SDenmarkK/S7.6512,26390,908CII PCL Holding K/SDenmarkK/S0.25619,8271,404CII HoldCo LtdUnited KingdomLtd3.94329,98711,860CI Capital InvestCo ApS presents its annual report in EUR. An exchange rate of 7.46 has been used for conversion. CII HoldCo Ltd presents its annual report in GBP. An exchange rate of 8.58 has been used for conversion.339635564 Contributed capitalNumberNominal​value​DKK'000Share class A19,42719Share class B115,64316Share class B215,0301550,100502300 København S5 Changes in working capital2024 DKK'0002023 DKK'000Increase/decrease in trade payables etc9,49189,4918Weidekampsgade 66 EmployeesThe Entity has no employees. The Management has not received remunerations. Deloitte Statsautoriseret Revisionspartnerselskab7 Contingent liabilitiesThere is a remaining investment commitment of DKK 837 thousand. The Entity participates in a Danish joint taxation arrangement where CI Capital 1 ApS serves as the administration entity. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore secondarily liable for income taxes etc for the jointly taxed entities, which is limited to the equity interest by which the entity participates in the Group. There are no other guarantees or contingent liabilities of the Entity. Årsrapport8 Assets charged and collateralThe Entity has collateralised its shares in CIP Holding 1 ApS as security for any obligation that CIP Holding 1 ApS has or may have towards a credit institution. 2025-06-249 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year.Josephine Uhrbrand