41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember 2 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 41064072 2024-01-01 2024-12-31 cmn:ConsolidatedMember 41064072 2025-12-31 cmn:ConsolidatedMember 41064072 2024-12-31 cmn:ConsolidatedMember 41064072 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41064072 2024-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 41064072 2024-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41064072 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41064072 2024-12-31 cmn:ConsolidatedMember fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 41064072 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41064072 2025-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 41064072 2025-12-31 cmn:ConsolidatedMember fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 41064072 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41064072 2025-12-31 cmn:ConsolidatedMember fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 41064072 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 41064072 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 41064072 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 41064072 2025-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 41064072 2025-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 41064072 2025-01-01 2025-12-31 41064072 2023-12-31 cmn:ConsolidatedMember 41064072 2024-01-01 2024-12-31 41064072 2025-12-31 41064072 2024-12-31 41064072 2024-12-31 fsa:ContributedCapitalMember 41064072 2024-12-31 fsa:SharePremiumMember 41064072 2024-12-31 fsa:RetainedEarningsMember 41064072 2024-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 41064072 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41064072 2025-01-01 2025-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 41064072 2025-12-31 fsa:ContributedCapitalMember 41064072 2025-12-31 fsa:SharePremiumMember 41064072 2025-12-31 fsa:RetainedEarningsMember 41064072 2025-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Annual report 2026-06-22 Josephine Uhrbrand The Executive Board has today considered and approved the annual report of CI Capital 3 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 our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Christina Grumstrup Sørensen Torben Poul Bender To the shareholder of CI Capital 3 ApS We have audited the consolidated financial statements and the parent financial statements of CI Capital 3 ApS for​the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows 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 consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group 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 consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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​consolidated financial statements and the parent 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 consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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 ​Group and the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.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 consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Bill Haudal Pedersen State Authorised Public Accountant mne30131 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'000Key figuresGross profit/loss(3,815)(6,316)(3,174)Operating profit/loss(5,093)(6,316)(3,174)Net financials7,957308,07295,440Profit/loss for the year101,857435,486147,196Balance sheet total1,163,9871,057,900649,135Equity1,157,6261,035,263624,433Equity excl. minority interests956,037826,956598,607RatiosReturn on equity (%)9.2954.2746.48Equity ratio (%)96.1494.9295.84In compliance with the Danish Financial Statements Act, the management commentary within the inaugural group financial statements provides financial highlights for only two years, as permitted by the regulations.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.​​Due to a change in accounting class from class B to class C medium, the Annual Report does not include the comparable amounts and reations for the years preceding 2023.​​The financial highlights provided above pertain to the group as a whole rather than the stand-alone parent entity.Return on equity (%):Profit/loss for the year * 100​ Average equityEquity ratio (%)Equity * 100​Balance sheet total Primary activitiesThe primary activity of CI Capital 3 ApS is to be an investment company, holding shares in subsidiaries, associates​and other participating interests as well as other financial investments. Development in activities and financesThe group has realized a profit for 2025 of DKK 102m which is considered satisfactory and in line with expectations. The profit for 2025 is lower than 2024 driven by a significant non-recurring income in 2024 from an earn-out agreement related to a divestment in prior years. Profit/loss for the year in relation to expected developmentsThe Group has achieved decreased profit compared to 2024, driven by the non-recurring earn-out agreement in 2024, which was in line with expectations. OutlookManagement expects 2026 to be another strong year with continued investment activities. Expected profit for 2026 for the group is forecasted in the range of DKK 110 - 140m, depending mainly on outcome of results from investments in associates and other participating interests. Events after the balance sheet dateNo events have occurred after the balance sheet date to the date of approving the annual report for 2025, which in management’s view would materially influence the evaluation of this annual report. 3815000 6316000 -3815000 -6316000 1278000 0 -5093000 -6316000 96118000 174760000 29057000 7302000 11025000 308889000 2358000 0 710000 817000 128039000 483818000 26182000 48332000 101857000 435486000 319344000 248855000 779625000 603934000 0 593000 39568000 27353000 1138537000 880735000 1138537000 880735000 1114000 369000 1114000 369000 24336000 176796000 25450000 177165000 1163987000 1057900000 40000 40000 23801000 23801000 318282000 247385000 613914000 555730000 956037000 826956000 201589000 208307000 1157626000 1035263000 3659000 6526000 87000 150000 1400000 15060000 1215000 901000 6361000 22637000 6361000 22637000 1163987000 1057900000 40000 23801000 247795000 555319000 0 37209000 0 0 7100000 0 -9602000 0 0 -53238000 53238000 96118000 5357000 7100000 40000 23801000 318282000 613914000 0 826955000 208307000 1035262000 37209000 0 37209000 7100000 0 7100000 -9602000 0 -9602000 0 0 0 108575000 -6718000 101857000 956037000 201589000 1157626000 There are special dividend rights attached to specific share classes. The contributed capital for the group is ​divided into A-B2 shares.The share capital is not divided into share classes. ​ -17021000 97404000 -22114000 91088000 10988000 308889000 648000 817000 26182000 48332000 -37956000 350828000 187906000 193371000 593000 0 53238000 7302000 29057000 15864000 -105018000 -170205000 142974000 -180623000 2386000 0 7100000 24656000 -9486000 -24656000 -152460000 155967000 176796000 20829000 24336000 176796000 1 Events after the balance sheet dateNo material events have occurred after balance sheet date, which would influence the evaluation of this annual report. 2 Staff costs2025​DKK'0002024​DKK'000Wages and salaries1,27801,2780Number of employees at balance sheet date00Average number of full-time employees00Special incentive programmesThe Entity has established an incentive programme for a member of the Executive Board in the form of an option​programme. The option programme granted upon signing of the agreement is vested over a period of 5 years and can be exercised after 10 years or in a case of an exit event.The Group had an average of less than one full-time employee during the financial year; accordingly, by reference ​to section 98b(3), (ii), of the Danish Financial Statements Act, the remuneration to the group Management is not disclosed. Remuneration paid in the comparison year is DKK 0.​ 0 0 0 0 Special incentive programmesThe Entity has established an incentive programme for a member of the Executive Board in the form of an option​programme. The option programme granted upon signing of the agreement is vested over a period of 5 years and can be exercised after 10 years or in a case of an exit event. 3 Other financial incomeThe group entered into an earn-out agreement when divesting shares in Copenhagen Infrastructure Partners Holding P/S. Under the agreement CIP Holding 3 is fully committed to reinvest the proceeds in future fundraising of new CIP funds. Other financial income primarily comprises amounts from this transaction.​​Contingent assets ​Under the earn-out agreement, the Entity may become entitled to receive an additional earn-out payment. The amount is determined by the agreement; however, receipt is contingent upon certain conditions being met. 4 Proposed distribution of profit/loss2025​DKK'0002024​DKK'000Extraordinary distributions made in the financial year7,10024,656Retained earnings94,757410,830101,857435,486 7100000 24656000 94757000 410830000 101857000 435486000 5 Financial assetsInvestments in associates​DKK'000Investments in participating interests​DKK'000Receivables from participating interests​DKK'000Other investments​DKK'000Cost beginning of year1,060603,93459327,353Additions0178,049012,215Disposals00(593)0Cost end of year1,060781,983039,568Revaluations beginning of year247,795000Adjustments on equity27,608000Share of profit/loss for the year96,118000Dividend(53,237)000Revaluations end of year318,284000Impairment losses for the year0(2,358)00Impairment losses end of year0(2,358)00Carrying amount end of year319,344779,625039,568 AssociatesRegistered inOwnership ​​​%CIP Holding P/SDenmark14.00Investments in participating interestsRegistered inOwnership ​​​%Equity​DKK'000Profit/loss​DKK'000CI Capital InvestCo ApSDenmark25.002,249,231(39,790)CIV II 2014 K/S Denmark7.6511,392237,883CII HoldCo Ltd. United Kingdom12.08330,81016,240Asen 2 ApSDenmark18.7226,94513,845SP GP Interests Holding ApSDenmark20.00108,130(32)CI IV Sponsor Investor K/SDenmark5.96264,550(6,267)Asen 6 ApSDenmark20.0045,625(67)ASEN-PI K/SDenmark12.2575,894(21,303)CIV III 2017 K/SDenmark4.4570,7482,089NREP NSF III Investco 67ANorway16.6716,8601,094Asen 5 ApSDenmark22.2218,996(37)Asen 3 ApSDenmark33.339,456(253)CI NMF I CIV K/SDenmark4.3390,678(165)Asen 4 ApSDenmark20.005,6501,535Asen 7 ApSDenmark20.0079(8,266)Asen 8 ApSDenmark25.003,391(38)Asen 9 ApSDenmark25.00187(2,423)Based on unaudited financial statements as at 31.12.2025 or latest available reporting.​ ​The group has a total of 33 investments in participating interests. In order not to obscure other relevant information in the financial statements, Management has decided to list the most significant ones.​ ​CI Capital InvestCo ApS presents its annual report in EUR. An exchange rate of 7.47 has been used for conversion.​CII HoldCo Ltd presents its annual report in GBP. An exchange rate of 8.99 has been used for conversion. CI NMF I​CIV K/S presents its annual report in USD. An exchange rate of 6.35 has been used for conversion. NREP NSF III Investco 67A presents its annual report in NOK. An exchange rate of 0.66 has been used for conversion. 6 Changes in working capital2025​DKK'0002024​DKK'000Increase/decrease in receivables(745)69,144Increase/decrease in trade payables etc.(16,276)28,260(17,021)97,404 7 Contingent liabilities​Undrawn commitment​The group has made 15 commitments in 15 different investment portfolio companies through its subsidiaries.​​Commitments are made in DKK , USD and EUR where the total commitment is as follows: ​The commitment amount in DKK is 14,750 thousand and uncalled commitment in DKK is 6,177 thousand.​ The commitment amount in USD is 1,112 thousand and uncalled commitment in USD is 579 thousand.​The commitment amount in EUR is 13,835 thousand and uncalled commitment in DKK is 5,517 thousand. ​​ The Group has no other contingent liabilities or assets, which can affect the Company’s financial position. 8 Assets charged and collateralThe group has collateralised its shares in CIP MidCo 3 ApS as security for any obligation that CIP MidCo 3 ApS has or may have towards a credit institution and has collateralised its shares in CIP Holding 3 ApS as security for any obligation that CIP Holding 3 ApS has or may have towards a credit institution. 9 Transactions with related partiesOnly related party transactions not conducted on an arm’s length basis are disclosed in the financial statements.​All related party transactions during the financial year have been conducted on an arm’s length basis. 10 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%Equity​DKK'000Profit/loss​DKK'000CIP Midco 3 ApsDenmarkApS70.00792,03724,807Asen Holding 3 ​ApS ​DenmarkApS70.00100,5669,510CIP Holding 3 ApS ​DenmarkApS70.00361,50979,564NMF Brazil GP ApSDenmarkApS100.00452The above amounts are based on audited financial statements as at 31.12.2025 or latest available reporting. 3160000 226000 -3160000 -226000 20000000 0 96000 554000 11000 35000 1287000 628000 15660000 -265000 188000 0 15472000 -265000 23879000 23880000 47429000 34371000 71308000 58251000 71308000 58251000 0 19153000 364000 216000 26628000 32755000 26992000 52124000 119000 775000 27111000 52899000 98419000 111150000 40000 40000 23801000 23801000 19657000 11285000 43498000 35126000 2856000 6526000 51560000 69260000 87000 150000 418000 88000 54921000 76024000 54921000 76024000 98419000 111150000 40000 23801000 11285000 0 35126000 0 7100000 7100000 8372000 7100000 15472000 40000 23801000 19657000 0 43498000 1 Events after the balance sheet dateNo material events have occurred after balance sheet date, which would influence the evaluation of this annual report. 2 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Extraordinary dividend distributed in the financial year7,10024,656Retained earnings8,372(24,921)15,472(265) 7100000 24656000 8372000 -24921000 15472000 -265000 3 EmployeesThe Entity has no employees.​​The Management has not received remuneration20252024Average number of full-time employees00 0 0 4 Contingent liabilitiesUndrawn Commitment​The Entity has made seven commitments in seven diffrerent investment protfolio companies. ​​Commitments are made in DKK, USD and EUR where total comitments is as follows;​The commitment amount in DKK is 7,500 thousand and uncalled commitment in DKK is 2,579 thousand. ​The commitment amount in USD is 1,112 thousand and uncalled commitment in USD is 579 thousand. ​The commitment amount in EUR is 4,284 thousand and uncalled commitment in EUR is 1,477 thousand. ​​The Entity serves as administration entity in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. ​​There are no other guarantees or contingent liabilities of the Entity. 5 Assets charged and collateralThe Entity has collateralised its shares in CIP MidCo 3 ApS as security for any obligation that CIP MidCo 3 ​ApS has or may have towards a credit institution. 6 Transactions with related partiesOnly related party transactions not conducted on an arm’s length basis are disclosed in the financial statements. All related party transactions during the financial year have been conducted on an arm’s length basis. This 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 consolidated financial statements and parent financial statements are consistent with those applied last year.Reporting currency is Danish kroner (DKK). Reporting currency is Danish kroner (DKK). 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.Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. ​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities. Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates' profit/loss after elimination of intra-group profits or losses. Furthermore, income from investments in associates com­prises interest income and dividends received from investments in associates.Income from investments in participating interestsIncome from investments in participating interests comprises dividend etc. received from the individual ​participating interests in the financial year. Other financial incomeOther financial income comprises primarily of the income from the earn-out, interest income, and net exchange rate adjustments on transactions in foreign currencies. Impairment losses on financial assetsImpairment losses on financial assets comprises impairment losses on financial assets which are not measured ​at fair value on a current basis. Other financial expensesOther financial expenses comprise interest expenses and net exchange losses on transactions in foreign ​currencies. Tax 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. Investments 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 associatesInvestments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the associates' equity value.​​Upon distribution of profit or loss, net revaluation of investments in associates is transferred to reserve for net revaluation according to the equity method under equity.​Investments in associates fall within the definitions of both participating interests and associates, yet in the financial statements they have been presented as investments in associates because this designation reflects more accurately the Entity's involvement in the relevant entities. Investments in participating interestsInvestments in participating interests are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Other investmentsUnlisted equity investments measured at the lower of cost and net realisable value. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax. CashCash comprises bank deposits. DividendDividend 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. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Cash 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 taxes paid. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash. The 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 taxes paid. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash. true Grundlag for konklusion Konklusion 2026-06-22 2026-06-22 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 CI Capital 3 ApS 41064072 København S 2300 6 Weidekampsgade Copenhagen Nordhavn 2150 1218 Gdanskgade