41309857 2025-01-01 2025-12-31 41309857 2025-01-01 2025-12-31 1 41309857 2025-01-01 2025-12-31 1 41309857 2024-01-01 2024-12-31 41309857 2025-12-31 41309857 2024-12-31 41309857 2024-12-31 fsa:ContributedCapitalMember 41309857 2024-12-31 fsa:SharePremiumMember 41309857 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 41309857 2024-12-31 fsa:RetainedEarningsMember 41309857 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 41309857 2025-01-01 2025-12-31 fsa:SharePremiumMember 41309857 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 41309857 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 41309857 2025-12-31 fsa:ContributedCapitalMember 41309857 2025-12-31 fsa:SharePremiumMember 41309857 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 41309857 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Kasper Hansen 2020 Holding ApS Løvsangervej 9 2900 Hellerup 41309857 Gentofte Weidekampsgade 6 2300 København Primary activities The Company’s main activity is to own shares in investment companies. The Executive Board have today considered and approved the annual report of 2020 Holding ApS for the financial year 1 January – 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for the financial year 1 January – 31 De-cember 2025. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend the annual report for adoption at the Annual General Meeting. Copenhagen Kasper Hansen To the Shareholder of 2020 Holding ApS Opinion We have audited the financial statements of 2020 Holding 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. 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 31.12.2025 and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Dan-ish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional re-quirements 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 Ac-countants’ 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’s Responsibilities for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in ac-cordance 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 liqui-date the Entity or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements 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, indi-vidually 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 Den-mark, 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 misstate-ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, for-gery, 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 effective-ness of the Entity’s internal control.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-mates and related disclosures made by Management.  Conclude on the appropriateness of Management’s use of the going concern basis of accounting in pre-paring the financial statements, and, based on the audit evidence obtained, whether a material uncer-tainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to con-tinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw atten-tion 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 con-tinue as a going concern.  Evaluate the overall presentation, structure and content of the financial statements, including the disclo-sures 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. Statement on the management commentary Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not ex-press any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management com-mentary 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 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Rasmus Grynderup Kiær Steffensen State Authorised Public Accountant mne44143 -27601 -11063 0 125775066 143672 0 2730638 251927 61229 52304 2785480 125963626 2363039 125909644 20000000 20000000 -17636961 105909644 53982 422441 411020 411020 1843850 1654730 26845000 26845000 2488425 0 31588295 28910750 31588295 28910750 136076 600000 1590083 1501805 1726159 2101805 48174339 0 29610553 100289684 79511051 102391489 111099346 131302239 40000 40000 1923580 1923580 20000000 20000000 89109203 106746164 111072783 128709744 26563 2592495 26563 2592495 26563 2592495 111099346 131302239 40000 1923580 20000000 106746164 128709744 0 0 20000000 0 20000000 0 0 20000000 -17636961 2363039 40000 1923580 20000000 89109203 111072783 true true The Financial Statements for 2025 are presented in DKK. Consolidated financial statements Referring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial as-sets 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 including depreciation, amortisa-tion, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as de-scribed for each item below. Translation policies Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the bal-ance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Income statement Gross profit/loss Gross profit/loss is calculated with reference to Section 32 of the Danish Financial Statements Act as a sum-mary of other external costs. Other external expenses Other external expenses are recognised in the income statement in the period to which they relate and are measured at cost. Expenses are recognised in accordance with the accrual principle, ensuring that costs are recognised in the financial period to which they relate, irrespective of the timing of payment Income from investments in group enterprises and participating interests In the income statement, dividends are recognized from other investments in the financial year in which the dividend is declared. Gains or losses on disposal during the year of investments in participating interest are also recognized in the income statement Financial items Financial income and expenses include interest income and expenses, realized and unrealized gains and losses on debt, fair value of investments & loans and transactions in foreign currencies. Tax on loss for the year Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributa-ble to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Balance sheet Investment in group enterprises and participating interests Investments in group enterprises and participating interests are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Other long-term receivables Earn-out The fair value of earn-outs is calculated using generally accepted valuation methods (DCF) based on expecta-tions of future cash flows, earn-out terms, and other relevant factors. The fair value adjustment for the year is recognized in the Income Statement. When determining the required rate of return, parameters such as the structure of the earn-out, the performance metrics involved, the time frame for payments, and the credit qual-ity of the counterparty, etc., are considered. Options Options consisting of call and put options. Options are recognised at fair value based on the capital value using commonly accepted valuation models and techniques. If an approximate sales value cannot be calcu-lated, the options will be measured at cost. Other receivables Receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nomi-nal value. Provisions for estimated bad debts are made. Other investments Securities classified as current assets comprise shares, bonds and other investments and are measured at fair value at the balance sheet date. Cash Cash comprises cash in bank deposits. Current tax receivables and liabilities Current tax liabilities and receivables are recognized in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and re-payment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Other financial liabilities Other liabilities are measured at amortised cost, substantially corresponding to nominal value. Dividend Dividend distributions proposed by the management for the financial period are shown as a separate item under equity. 0 0 Note 3: Other financial income Dividends from listed securities 201,200 0 Fair value gains on listed securities 1,339,661 0 Other financial income from group enterprises 50,924 0 Other financial income 1,138,853 251,927 Other financial income 2,730,638251,927 Note 4: Other financial expenses Interest debt to management 0 51,233 Other financial expenses 61,229 1,071 Other financial expenses 61,22952,304 Note 5: Tax on profit/loss for the year (DKK) Current tax for the year 411,450 41,483 Adjustment tax prior year 10,991 12,499 Tax on profit/loss for the year 422,44153,982 Note 6: Financial assets Investments in group enterprises: Cost primo 411,020 1,290,068 Additions for the year 0 24,000 Disposals for the year0 -903,048 Cost ultimo 411,020 411,020 Investments in group enterprises 411,020411,020Investments in participating interests: Cost primo 1,654,730 1,654,730 Additions for the year 189,119 4,801 Disposals for the year 0 -4,801 Cost ultimo 1,843,850 1,654,730 Investments in participating interests 1,843,8501,654,730Other receivables: Earn-out Fair value at the beginning of the period 26,845,000 0 Adjustment to fair value for the year 0 26,845,000 Fair value at the end of the period 26,845,000 26,845,000 Other receivables 26,845,00026,845,000Management has assessed the fair value of the Company’s earn-out agreements and concluded that it re-mains unchanged. Options As part of a transaction the company has been granted put options and the company has issued call options to the buyer. There are a range of scenarios where neither the put or call option will be exercised. Management has assessed the valuation of the put and call option considering the complexity of valuing sim-ilar assets. Management has concluded that there are too many scenarios impacting the value of the put and call options in order to measure the fair value reliably. Until a reliable fair value can be measured, the cost price will be used. Note 7: Other investments Fair value information: Fair value end of year 48,174,339 0 Unrealised fair value adjustment recognised 1,339,662 in the income statement 0 Note 8: Contingent assets, liabilities, and other financial obligations The company’s obligations to their investments are TDKK 80,563. The company has in relation to a credit facility with Nordea towards AIP Infrastructure V Sponsor A SCSp and AIP Infrastructure V Sponsor B SCSp of TDKK 2,241 at December 2025 pledged cash balances totaling TDKK 28,218 at December 2025 towards Nordea. The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc. of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Daem Holding ApS, which is the management company of the joint taxation purposes. The company has no other contingent liabilities apart from mentioned above and from the liabilities already recognized in the balance sheet. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-30 Reporting class B 2020-04-22 2026-06-30 39504308 AIP Management P/S Klareboderne 1 1115 København K Opinion Basis for Opinion 2026-06-30