35382313 2025-01-01 2025-12-31 35382313 2025-01-01 2025-12-31 1 35382313 2025-01-01 2025-12-31 2 35382313 2025-01-01 2025-12-31 1 35382313 2024-01-01 2024-12-31 35382313 2025-12-31 35382313 2024-12-31 35382313 2025-01-01 d:ContributedCapitalMember 35382313 2025-01-01 d:RetainedEarningsMember 35382313 2025-01-01 2025-12-31 d:RetainedEarningsMember 35382313 2025-12-31 d:ContributedCapitalMember 35382313 2025-12-31 d:RetainedEarningsMember iso4217:DKK xbrli:pure 2024-01-01 2025-01-01 2024-12-31 35382313 Regnskabsklasse B Årsrapport SPF III GP ApS c/o Patrizia Global Partners A/S, Langebrogade 6B, 4. 1411 København K 2025-12-31 Mads Peter Grønkjær true false 2026-02-16 Erklæring om udvidet gennemgang CaseWare-FSR false false false false Direktionen har dags da­to be­hand­let og god­kendt års­rap­por­ten for regn­skabs­året 1. januar - 31. december 2025 for SPF III GP ApS. The executive board has today discussed and approved the annual report of SPF III GP ApS for the financial year 1 January - 31 December 2025. Års­rap­por­ten af­læg­ges i ov­er­ens­stem­mel­se med års­regn­skabs­lov­en. The annual report is prepared in accordance with the Danish Financial Statements Act. Det er vo­res op­fat­tel­se, at års­regn­ska­bet gi­ver et ret­vi­sen­de bil­lede af sel­ska­bets ak­ti­ver, pas­si­ver og fi­nan­si­el­le stil­ling pr. 31. december 2025 og re­sul­ta­tet af sel­ska­bets ak­ti­vi­te­ter for regn­skabs­året 1. januar - 31. december 2025. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. Le­del­ses­be­ret­ning­en in­de­hol­der ef­ter vo­res op­fat­tel­se en ret­vi­sen­de re­de­gø­rel­se for de for­hold, be­ret­ning­en om­hand­ler. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Års­rap­por­ten ind­stil­les til ge­ne­ral­for­sam­ling­ens god­ken­del­se. Management recommends that the annual report should be approved by the company in general meeting. Mads Rude adm. direktør Marko Juha Antero Multas direktør Til kapitalejerne i SPF III GP ApS To the shareholders of SPF III GP ApS Konklusion Vi har ud­ført ud­vid­et gen­nem­gang af års­regn­ska­bet for SPF III GP ApS for regn­skabs­å­ret 1. januar - 31. december 2025, der om­fat­ter an­vendt regn­skabs­prak­sis, re­sul­tat­op­gø­rel­se, ba­lan­ce, eg­en­ka­pi­tal­op­gø­rel­se og no­ter. Årsregnskabet ud­ar­bej­des ef­ter års­regn­skabs­lov­en.Baseret på det udførte arbejde er det vores opfattelse, at års­regn­ska­bet giver et retvisende billede af sel­ska­bets aktiver, passiver og finansielle stilling pr. 31. december 2025 samt af resultatet af sel­ska­bets aktiviteter for regnskabsåret 1. januar - 31. december 2025 i overens­stemmelse med års­regn­skabs­lov­en. We have performed extended review of the financial statements of SPF III GP ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes. The financial statements are prepared under the Danish Financial Statements Act.Based on the performed work it is our opinion, that the financial statements give a true and fair view of the com­pany's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Grundlag for konklusion Vi har udf­ørt vores ud­vid­ede gen­nem­gang i over­ens­stem­mel­se med Er­hvervs­styrel­sens er­klæ­rings­stand­ard for små virk­som­hed­er og FSR - dans­ke re­visor­ers stand­ard om ud­vid­et gen­nem­gang af års­regn­skab­er, der ud­ar­bej­des ef­ter års­regn­skabs­lov­en. Vores an­svar i­føl­ge dis­se stand­ard­er og krav er nær­me­re be­skrev­et i af­snit­tet “Re­vi­sors an­svar for den ud­vid­ede gen­nem­gang af års­regn­ska­bet“. Vi er u­af­hæng­ige af selskabet i ov­er­ens­stem­mel­se med International Ethics Standards Board for Accountants’ internationale retningslinjer for revisorers etiske adfærd (IESBA Code) og de yd­er­lig­ere etiske krav, der er gæld­en­de i Dan­mark, li­ge­som vi har op­fyldt vores ø­vri­ge e­tis­ke for­plig­tel­ser i hen­hold til dis­se krav og IESBA Code. Det er vores op­fat­tel­se, at det op­nå­ede be­vis er til­stræk­ke­ligt og eg­net som grund­lag for vores konklusion. We conducted our extended review in accordance with the Danish Business Authority's standard on au­di­tor's re­port for small enterprises and FSR - danish auditors' standard on extended review of financial statements in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the extended review of the financial statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Led­el­sen har an­svar­et for ud­ar­bej­del­sen af et års­regn­skab, der gi­ver et ret­vi­sen­de bil­lede i over­ens­stem­mel­se med års­regn­skabs­lov­en. Led­el­sen har end­vi­de­re an­svar­et for den in­ter­ne kon­trol, som led­el­sen an­ser for nød­ven­dig for at ud­ar­bej­de et års­regn­skab ud­en væ­sent­lig fejl­in­for­ma­ti­on, u­an­set om den­ne skyl­des be­svig­el­ser el­ler fejl.Ved ud­ar­bej­del­sen af års­regn­skab­et er led­el­sen an­svar­lig for at vur­de­re sel­ska­bets ev­ne til at fort­sæt­te drif­ten, at op­ly­se om for­hold ved­rør­en­de fort­sat drift, hvor det­te er re­le­vant, samt at ud­ar­bej­de års­regn­skab­et på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift, med­mind­re led­el­sen ent­en har til hen­sigt at li­kvi­de­re selskabet, ind­stil­le drif­ten el­ler ik­ke har and­et rea­li­stisk al­ter­na­tiv end at gø­re det­te. 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 company'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 company or to cease operations, or has no realistic alternative but to do so. Vores an­svar er at ud­tryk­ke en kon­klu­sion om års­regn­skab­et. Det­te kræv­er, at vi plan­læg­ger og ud­før­er hand­ling­er med hen­blik på at op­nå be­græn­set sik­ker­hed for vores kon­klu­sion om års­regn­skab­et og der­ud­over ud­fører spe­ci­fikt kræv­ede sup­ple­rende hand­linger med hen­blik på at op­nå yder­ligere sik­ker­hed for vores kon­klu­sion.En ud­vid­et gen­nem­gang om­fat­ter hand­ling­er, der prim­ært be­står af fore­spørgs­ler til led­el­sen og, hvor det er hen­sigts­mæs­sigt, and­re i virk­som­hed­en, ana­ly­tis­ke hand­ling­er og de spe­ci­fikt kræv­ede sup­ple­ren­de hand­ling­er samt vur­der­ing af det op­nåe­de be­vis.Om­fang­et af hand­ling­er, der ud­før­es ved en ud­vid­et gen­nem­gang, er mind­re end ved en re­vi­sion, og vi ud­tryk­ker der­for ing­en re­vi­sions­kon­klusion om års­regn­skab­et. Our responsibility is to express a conclusion on the accompanying financial statements. This requires us to perform procedures in order to obtain limited assurance for our conclusion on these financial statements, and in addition perform specifically required supplementary procedures in order to obtain additional assurance for our conclusion.An extended review of financial statements includes procedures primarily consisting of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating the evidence obtained.The procedures performed in an extended review are less than those performed in an audit and accordingly we do not express an audit opinion on these financial statements. Udtalelse om ledelsesberetningenLed­el­sen er an­svar­lig for led­el­ses­be­ret­ning­en.Vores kon­klu­si­on om års­regn­skab­et om­fat­ter ik­ke led­el­ses­be­ret­ning­en, og vi ud­tryk­ker ing­en form for kon­klu­si­on med sik­ker­hed om led­el­ses­be­ret­ning­en.I til­knyt­ning til vores ud­vid­ede gen­nem­gang af års­regn­skab­et er det vores an­svar at læse led­el­ses­be­ret­ning­en og i den for­bind­el­se ov­er­ve­je, om led­el­ses­be­ret­ning­en er væ­sent­ligt in­kon­si­stent med års­regn­skab­et el­ler vores vi­den op­nå­et ved den ud­vid­ede gen­nem­gang el­ler på and­en må­de sy­nes at in­de­hol­de væ­sent­lig fejl­in­for­ma­ti­on.Vores an­svar er der­ud­ov­er at ov­er­ve­je, om led­el­ses­be­ret­ning­en in­de­hold­er kræ­ve­de op­lys­ning­er i hen­hold til års­regn­skabs­lov­en.Ba­se­ret på det ud­før­te ar­bej­de er det vores op­fat­tel­se, at led­el­ses­be­ret­ning­en er i over­ens­stem­mel­se med års­regn­skab­et og er ud­ar­bej­det i over­ens­stem­mel­se med års­regn­skabs­lov­ens krav. Vi har ik­ke fund­et væ­sent­lig fejl­in­for­ma­ti­on i led­el­ses­be­ret­ning­en. Statement on management's reviewManagement is responsible for management's review.Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon.In connection with our extended review of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the extended review, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that 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 management's review. København 2026-02-16 BDO Martin Dahl Jensen statsautoriseret revisor mne34294 SPF III GP ApS Langebrogade  6B, 4 1411  København K 35382313 2013-06-21 København 45719375 Havneholmen 2 2450 København SV Selskabets væ­sent­lig­ste ak­ti­vi­te­terSelskabets formål er at være komplementar i PMM Global III K/S samt anden handel og service i tilknytning dertil. Business reviewThe company´s purpose is to be the general partner in PMM Global III K/S as well as other related trade and services. Årsrapporten for SPF III GP ApS for 2025 er aflagt i overensstemmelse med årsregnskabslovens bestemmelser for virk­som­he­der i regn­skabs­klas­se B med tilvalg af regler fra regnskabsklasse C.Den an­vend­te regn­skabs­prak­sis er u­æn­dret i for­hold til sid­ste år.Årsrapporten for 2025 er aflagt i kr. The annual report of SPF III GP ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in kr. I re­sul­tat­op­gø­rel­sen ind­reg­nes ind­tæg­ter i takt med, at de ind­tje­nes. Her­ud­over ind­reg­nes vær­di­re­gu­le­ring­er af fi­nan­si­el­le ak­ti­ver og for­plig­tel­ser. I re­sul­tat­op­gø­rel­sen ind­reg­nes li­ge­le­des al­le om­kost­nin­ger, her­under af­skriv­nin­ger og ned­skriv­nin­ger. Ak­ti­ver ind­reg­nes i ba­lan­cen, når det er sand­syn­ligt, at frem­ti­di­ge ø­ko­no­mis­ke for­de­le vil til­fly­de sel­ska­bet, og ak­ti­vets vær­di kan må­les på­li­de­ligt.For­plig­tel­ser ind­reg­nes i ba­lan­cen, når det er sand­syn­ligt, at frem­ti­di­ge ø­ko­no­mis­ke for­de­le vil fra­gå sel­ska­bet, og for­plig­tel­sens vær­di kan må­les på­li­de­ligt.Ved før­ste ind­reg­ning må­les ak­ti­ver og for­plig­tel­ser til kost­pris. Ef­ter­­føl­gen­de må­les ak­ti­ver og for­­plig­tel­ser som be­skre­vet for hver en­kelt regn­skabs­post ne­den­for.Vis­se fi­nan­si­el­le ak­ti­ver og for­plig­tel­ser må­les til a­mor­ti­se­ret kost­pris, hvor­ved der ind­reg­nes en kon­stant ef­fek­tiv ren­te over lø­be­ti­den. A­mor­ti­se­ret kost­pris op­gø­res som op­rin­de­lig kost­pris med fra­drag af e­ven­tu­el­le af­drag samt til­læg/fra­drag af den ak­ku­mu­le­re­de a­mor­ti­se­ring af for­skel­len mel­lem kost­pris og no­mi­nelt be­løb. Ved ind­reg­ning og må­ling ta­ges hen­syn til for­ud­si­ge­li­ge tab og ri­si­ci, der frem­kom­mer, in­den årsrapporten af­læg­ges, og som be- el­ler af­kræf­ter for­hold, der ek­si­ste­re­de på ba­lan­ce­da­gen. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. Sel­ska­bet an­ven­der be­stem­mel­sen i års­regn­skabs­lo­vens § 32, hvor­efter sel­ska­bets om­sæt­ning ik­ke er op­lyst.Bruttotab er et sam­men­drag af an­dre drifts­ind­tæg­ter med fra­drag af an­dre eks­ter­ne om­kost­nin­ger. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of other operating income less costs of other external expenses. Andre driftsindtægter indeholder regnskabsposter af sekundær karakter i forhold til virksomhedens aktiviteter. The item Other operating income includes items of a secondary nature relative to the company’s activities. Andre eksterne omkostninger om­fat­ter om­kost­ning­er til ad­mi­ni­stra­tion mv. Other external expenses include expenses related to administration etc. Finansielle ind­tæg­ter og om­kost­nin­ger ind­reg­nes i re­sul­tat­op­gø­rel­sen med de be­løb, der ved­rø­rer regn­skabs­året. Fi­nan­siel­le pos­ter om­fat­ter komplementarvederlag, ren­te­ind­tæg­ter og -om­kost­nin­ger mv. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include limited partner fee, interest income and expenses etc. Virk­som­he­den er om­fat­tet af de dan­ske reg­ler om tvun­gen sam­be­skat­ning.Den ak­tu­el­le dan­ske sel­skabs­skat for­del­es ved af­reg­ning af sam­be­skat­nings­bi­drag mel­lem de sam­be­skat­te­de virk­som­hed­er i for­hold til dis­ses skat­te­plig­ti­ge ind­komst­er. I til­knyt­ning her­til mod­tag­er virk­som­hed­er med skat­te­mæs­sigt un­der­skud sam­be­skat­nings­bi­drag fra virk­som­hed­er, der har kun­net an­ven­de det­te und­er­skud til ned­sæt­tel­se af eg­et skat­te­mæs­sigt over­skud.Årets skat, som be­står af årets ak­tuel­le sel­skabs­skat og æn­dring i ud­skudt skat, ind­reg­nes i re­sul­tat­op­gø­rel­sen med den del, der kan hen­fø­res til årets re­sul­tat, og di­rek­te i egen­ka­pi­ta­len med den del, der kan hen­føres til po­ste­rin­ger di­rek­te i egen­ka­pi­ta­len. The company is subject to the Danish rules on compulsory joint taxation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Lik­vi­der om­fat­ter li­kvi­de be­hold­ning­er. Cash and cash equi­va­lents com­prise cash. Ak­tu­el­le skat­te­for­plig­tel­ser og til­go­de­ha­ven­de ak­tuel skat ind­reg­nes i ba­lan­cen som be­reg­net skat af årets skat­te­plig­ti­ge ind­komst, re­gu­le­ret for skat af tid­li­ge­re års skat­te­plig­ti­ge ind­komster samt for be­tal­te a­con­to­skat­ter.Skyl­di­ge og til­go­de­ha­ven­de sam­be­skat­nings­bi­drag ind­reg­nes i ba­lan­cen som 'Tilgodehavende sambeskatningsbidrag' eller 'Skyldige sambeskatningsbidrag'.Ud­skudt skat må­les ef­ter den ba­lan­ce­o­ri­en­te­re­de gælds­me­to­de af mid­ler­ti­di­ge for­skel­le mel­lem regn­skabs­mæs­sig og skat­te­mæs­sig vær­di af ak­ti­ver og for­plig­tel­ser op­gjort på grund­lag af den plan­lag­te an­ven­del­se af ak­ti­vet hen­holds­vis af­vik­ling af for­plig­tel­sen. Ud­skudt skat må­les til net­to­rea­li­sa­tions­vær­di.Ud­skudt skat må­les på grund­lag af de skat­te­reg­ler og skat­te­sat­ser, der med ba­lan­ce­da­gens lov­giv­ning vil være gæld­en­de, når den ud­skud­te skat for­ven­tes ud­løst som ak­tu­el skat. Æn­dring i ud­skudt skat som føl­ge af æn­drin­ger i skat­te­sat­ser ind­reg­nes i re­sul­tat­op­gø­rel­sen bort­set fra pos­ter, der føres di­rek­te på eg­en­ka­pi­ta­len.Ud­skud­te skat­te­ak­ti­ver, her­un­der skat­te­vær­di­en af frem­før­sels­be­ret­ti­get skat­te­mæs­sigt un­der­skud, må­les til den vær­di, hvor­til ak­ti­vet for­ven­tes at kun­ne re­a­li­se­res, en­ten ved ud­lig­ning i skat af frem­ti­dig ind­tje­ning el­ler ved mod­reg­ning i ud­skud­te skat­te­for­plig­tel­ser in­den for sam­me ju­ri­dis­ke skat­te­en­hed. Even­tu­el­le ud­skudte net­to­skat­te­ak­ti­ver måles til nettorealisationsværdi. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. Gælds­for­plig­tel­ser, som om­fat­ter gæld til le­ve­ran­dø­rer, til­knyt­tede virk­som­he­der samt an­den gæld, må­les til amor­ti­se­ret kost­pris, hvil­ket sæd­van­lig­vis sva­rer til no­mi­nel vær­di. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. -21730 -19686 30000 20273 3601 3601 4669 -3014 1027 -663 3642 -2351 3642 -2351 0 663 0 663 87775 82005 87775 82668 87775 82668 80000 80000 -14314 -17956 65686 62044 21062 20624 1027 0 22089 20624 22089 20624 87775 82668 80000 -17956 3642 80000 -14314 0 0 30000 20273 30000 20273 3601 3601 3601 3601 1027 -663 Selskabet er sambeskattet med PATRIZIA Denmark A/S (Administrationsselskab) og hæfter solidarisk med øvrige sambeskattede selskaber for betaling af selskabsskat for indkomståret 2018 og frem samt for kildeskat på udbytter, renter og royalties, som forfalder til betaling.Selskabet er komplementar i PMM Global III K/S der har hjemsted i København. Selskabet hæfter således ubegrænset for samtlige forpligtigelser i PMM Global III K/S. The company is jointly taxed with PATRIZIA Denmark A/S (management company), and jointly and severally liable with other jointly taxed entities for payment of income taxes for income year 2018 onwards as well as for payment of withholding taxes on dividends, interest and royalties which fall due for payment.The company is general partner in PMM Global III K/S, with registered office in Copenhagen. The company is liable for al obligations in PMM Global III K/S.