29137684 2024-10-01 2025-09-30 29137684 2024-10-01 2025-09-30 0 29137684 2024-10-01 2025-09-30 1 29137684 2024-10-01 2025-09-30 0 29137684 2023-10-01 2024-09-30 29137684 2025-09-30 29137684 2024-09-30 xbrli:pure iso4217:EUR Regnskabsklasse B true Årsrapport 30700228 EY godkendt partnerselskab Cortex park vest 3 5230 Odense m xWizard version 1.1.1465.0, by EasyX Aps. www.easyx.eu 2023-10-01 2024-09-30 Revisionspåtegning Grundlag for konklusion Konklusion 2026-01-30 Poul Jagd Mogensen 2025-12-17 0 Saga III EUR-A K/S c/o Accura Advokatpartnerselskab Alexandriagade 8 2150 Nordhavn 29137684 2005-09-22 Copenhagen Management’s statement on the annual report   The Management have today discussed and approved the annual report of Saga III EUR-A K/S for the   financial year 1 October 2024 - 30 September 2025. 2024-10-01 2025-09-30 The annual report has been prepared in accordance with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the partnership's financial position at   30 September 2025 and of the results of its operations for the financial year 1 October 2024 - 30   September 2025.   Furthermore, in our opinion, the Management's review includes a fair review of the developments in the   partnership's activities and financial matters.   We recommend that the annual report be approved at the annual general meeting.   General Partner, Saga III GP ApS Karsten Sivebæk Knudsen Independent auditor’s report   To the limited partners of Saga III EUR-A K/S   Opinion   We have audited the financial statements of Saga III EUR-A K/S for the financial year 1 October 2024   - 30 September 2025, which comprise accounting policies, income statement, balance sheet and notes.   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 financial position of the   partnership at 30 September 2025, and of the results of the partnership's operations for the financial   year 1 October 2024 – 30 September 2025, in accordance with the Danish Financial Statements Act.   Basis for opinion   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 our   report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a   basis for our opinion.   Independence   We are independent of the partnership 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.   Management's responsibilities for the financial statements   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 partnership'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 partnership 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 as to 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 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 the financial statements.   As part of an audit conducted in accordance with ISAs and 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.   Independent auditor's report   • 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 partnership'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 partnership'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 partnership to cease to   continue as a going concern.   • Evaluate the overall presentation, structure and contents of the financial statements, including   the note disclosures, 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's review   Management is responsible for the Management's review.   Our opinion on the financial statements does not cover the Management's review, 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's   review and, in doing so, consider whether the Management's review is materially inconsistent with the   financial statements or our knowledge obtained during the audit, or otherwise appears to be materially   misstated.   Moreover, it is our responsibility to consider whether the Management's review provides the information   required under the Danish Financial Statement Act.   Based on the work we have performed, we conclude that the 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. We did not identify any material misstatement of the Management's review.   EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Thomas Hjortkjær Petersen State Authorised Public Accountant mne33748 Bjørn Würtz Rosendal State Authorised Public Accountant mne40039 Main activity of the partnership   Saga III EUR-A K/S (Saga III EUR-A) is a fund-of-funds with a geographical focus on investments in Europe.   Investments were mainly made in small and mid market buy-out funds. All the investments have been sold or   liquidated as of 30 September 2025. It is expected that the partnership will be liquidated in 2026.   Performance in the financial year   The financial year resulted in a profit of EUR 0.1 million.   Investment activity   In the period from inception to 30 September 2025 Saga III EUR-A has invested in seven portfolio funds. All   the investments have been sold or liquidated as of 30 September 2025.   Since inception the portfolio funds have in general performed below expectations.   Cash resources   Saga III EUR-A’s cash resources as of 30 September 2025, include cash and cash equivalents and  outstanding commitments from the limited partners and are estimated as satisfactory to cover Saga III EUR-   A’s liabilities.   Special risk   Interest rate risk   Saga III EUR-A is less sensitive to the changes in interest rate levels.   Events after the end of the accounting period   There have been no events after the end of the financial year and to the signing of the annual report which   are considered of significance to the annual report.   Sustainability update (SFDR)   The investments underlying this financial product do not take into account the EU criteria for environmentally   sustainable economic activities.   Accounting policies   The annual report of Saga III EUR-A K/S has been prepared in accordance with the Danish Financial   Statements Act for a reporting class B entity with the adjustments following the legal form and operating   activities of the partnership.   The annual report has been prepared in the functional currency EUR.   Accounting policies   General   Basis of recognition and measurement   Assets are recognised in the balance sheet when it is probable that future economic benefits will flow   to the partnership and the value of the asset can be reliably measured. Liabilities are recognised in the   balance sheet when an outflow of economic benefits is probable and when the liability can be reliably   measured.   On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities   are measured as described below for each individual item.   Income is recognised in the income statement as earned, including value adjustments of financial   assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the   year’s earnings are recognised, including depreciation, amortization, impairment losses and provisions  as well as reversals as a result of changes in accounting estimates of amounts which were previously   recognised in the income statement.   Income Statement   Gains/losses on portfolio funds’ investments etc.   Gains/losses on portfolio funds’ investments include income from investments (dividend and interest),   realised and unrealised revaluations or depreciations of investments in portfolio funds as well as   realised and unrealised exchange rate profit margins and losses related to the investment in portfolio   funds etc.   Fund operating expenses   Fund operating expenses include cost incurred by the partnership.   Financial income and expenses   Financial income and expenses include interest as well as exchange gains and losses related to   accounts receivable and payable.   Tax   The partnership is not independently liable to tax, and therefore no tax is charged to the profit and loss   account.   Balance sheet   Cash and cash equivalents   Cash and cash equivalents include cash funds in open accounts.   Other payables   Financial liabilities are recognised at the date of borrowing and are measured at amortised cost,   corresponding to the outstanding debt.   Other liabilities are measured at cost, usually corresponding to nominal value.   Foreign currency translation   Transactions in foreign currency are translated into Euro (EUR) according to the currency exchange   rate at the transaction date. Investments, accounts receivable and accounts payable in foreign currency   are translated into Euro (EUR) according to the currency rate at the balance sheet date.   90000 0 13000 77000 40000 -40000 8000 14000 85000 -26000 85000 85000 -26000 -26000 467000 467000 467000 385000 385000 385000 213647000 -295660000 82465000 452000 213647000 -295660000 82379000 366000 15000 15000 15000 19000 19000 19000 467000 385000 Notes   Note   1 Fund operating expenses   The partnership has no employees.   2 Limited partners   Outstanding   EUR 1,000   Commitment   Paid-in   commitment   Limited partners   228,990   213,647   15,343   3 Related parties   Manager   Manager: Saga Private Equity ApS, Amaliegade 24, 1., 1256 Copenhagen K   Transactions: None.   General Partner   General Partner: Saga III GP ApS, c/o Accura Advokatpartnerselskab, Alexandriagade 8, 2150   Nordhavn   Transactions: Administration fee.   4 Contingent liabilities   The partnership has no contingent liabilities as of 30 September 2025.