36550929 2024-10-01 2025-09-30 36550929 2023-10-01 2024-09-30 36550929 2022-10-01 2023-09-30 36550929 2021-10-01 2022-09-30 36550929 2020-10-01 2021-09-30 36550929 2024-09-30 36550929 2023-10-01 2024-09-30 1 36550929 2023-10-01 2024-09-30 6 36550929 2023-10-01 2024-09-30 11 36550929 2022-09-30 36550929 2021-10-01 2022-09-30 3 36550929 2021-10-01 2022-09-30 8 36550929 2021-10-01 2022-09-30 13 36550929 2021-09-30 36550929 2020-10-01 2021-09-30 4 36550929 2020-10-01 2021-09-30 9 36550929 2020-10-01 2021-09-30 14 36550929 2025-09-30 36550929 2024-10-01 2025-09-30 0 36550929 2024-10-01 2025-09-30 5 36550929 2024-10-01 2025-09-30 10 36550929 2023-09-30 36550929 2022-10-01 2023-09-30 2 36550929 2022-10-01 2023-09-30 7 36550929 2022-10-01 2023-09-30 12 36550929 2024-10-01 2025-09-30 0 36550929 2024-10-01 2025-09-30 1 36550929 2024-10-01 2025-09-30 0 36550929 2024-09-30 fsa:ContributedCapitalMember 36550929 2024-09-30 fsa:DistributionsMember 36550929 2024-10-01 2025-09-30 fsa:DistributionsMember 36550929 2024-09-30 fsa:RetainedEarningsMember 36550929 2024-10-01 2025-09-30 fsa:RetainedEarningsMember 36550929 2024-09-30 36550929 2024-10-01 2025-09-30 fsa:ContributedCapitalMember 36550929 2025-09-30 fsa:RetainedEarningsMember 36550929 2025-09-30 fsa:ContributedCapitalMember 36550929 2025-09-30 fsa:DistributionsMember 36550929 2023-09-30 xbrli:pure iso4217:EUR Regnskabsklasse C, mellemstor virksomhed true Årsrapport 30700228 EY Godkendt revisionspartneselskab Cortex park vest 3 5230 Odense m xWizard version 1.1.1467.0, 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 VI EUR K/S c/o Accura Advokatpartnerselskab Alexandriagade 8 2150 Nordhavn 36550929 2015-02-24 Copenhagen Main and key figures   EUR 1,000   2024/25   2023/24   2022/23   2021/22   2020/21   5868000 37047000 8618000 19457000 95298000 4922000 39000 33202000 -481000 7404000 -257000 17196000 -104000 85870000 -86000 4961000 32721000 242120000 221241000 240544000 1620 7147000 17092000 295698000 265531000 295347000 1550 85785000 284645000 265846000 284285000 1530 213193000 191805000 212047000 1630 289338000 260455000 285774000 1540 Total limited partners' capital Total limited partners' capital Total limited partners' capital Total limited partners' capital Total limited partners' capital Investments in portfolio funds Investments in portfolio funds Investments in portfolio funds Investments in portfolio funds Investments in portfolio funds Performance ratio* Performance ratio* Performance ratio* Performance ratio* Performance ratio* * Management’s statement on the annual report   The Management have today discussed and approved the annual report of Saga VI EUR 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 VI GP ApS Karsten Sivebæk Knudsen Independent auditor’s report   Independent auditor's report   To the limited partners of Saga VI EUR K/S   Opinion   We have audited the financial statements of Saga VI EUR K/S for the financial year 1 October 2024 -   30 September 2025, which comprise accounting policies, income statement, balance sheet, statement   of changes in limited partners’ capital, cash flow statement 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.   • 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 Management’s review   Main activity of the partnership   Saga VI EUR K/S (Saga VI EUR) is a fund-of-funds with a geographical focus on investments in Western   Europe. Investments are mainly made in small and mid market buy-out funds.   Performance in the financial year   The financial year resulted in a profit of EUR 5.0 million, corresponding to an IRR of 2.5%. Gains on   investments in portfolio funds amounted to EUR 5.9 million. Administrative expenses in the form of   management fee and fund operating expenses amounted to EUR 0.4 million and carried interest amounted   to EUR 0.6 million.   This year's result is influenced by positive value adjustments. The result is below the management's   expectations.   An aggregate amount of EUR 1.4 million was contributed to the portfolio funds during the financial year,   bringing total contributions to the portfolio funds and co-investment to EUR 313.5 million, corresponding to   98.6% of the commitments to the portfolio funds and co-investment.   In the financial year an amount of EUR 34.4 million was distributed to the limited partners, bringing   accumulated distributions to EUR 338.8 million, corresponding to 104.3% of the limited partners’ paid-in  capital. An aggregate amount of EUR 35.8 million was distributed from portfolio funds and co-investment   during the financial year, bringing total distributions from portfolio funds and co-investment to EUR 339.5   million, corresponding to 108.3% of the capital contributed to portfolio funds and co-investment.   Investment activity   In the period from inception to 30 September 2025 Saga VI EUR has invested in seven portfolio funds and   one co-investment.   Since inception the portfolio funds and co-investment have in general performed above expectations.   Cash resources   Saga VI EUR’s cash resources as of 30 September 2025, include cash and cash equivalents, undrawn credit   facilities and outstanding commitments from the limited partners and are estimated as satisfactory to cover   Saga VI EUR’s liabilities.   Following a challenging period, the private equity market entered 2025 full of optimism with inflation under   control, lower interest rates, and a solid pipeline of planned exits. However, “Liberation Day”, tariff   uncertainty, and geopolitical turmoil caused 2025 to end below expectations, especially with regards to   distributions. 2025 will consequently end up being the third consecutive year with distributions significantly   below normal levels. Despite these challenges, portfolio companies and returns have generally held up well,   and it seems that market conditions have lately stabilized and started to improve. Once again, the outlook is   becoming more optimistic, and 2026 is expected to see higher investment activity, and even more   importantly, a better exit environment.   The above-mentioned will affect the result for 2025/26. The management expects to realise a result for   2025/26 in the range of EUR -10 to +10 million.   Recognition and measurement uncertainties   Investments in portfolio funds are measured at fair value. The measurement includes accounting estimates   and is, therefore, subject to uncertainty. Reference is made to note 1 for further information on measurement   of portfolio funds.   Special risk   Financial risk   The objective of Saga VI EUR is to supply risk capital to the portfolio funds, and also to their investments in   competitive companies in the European small and mid market. The highest factor of risk is therefore the   changes in the value of the companies in which Saga VI EUR’s portfolio funds invest in, which to a significant  extent depend on the valuations of comparable listed companies on the quoted market. The valuation of   investments in portfolio funds is based on estimates and could therefore be connected with some degree of   uncertainty.   Interest rate risk   Saga VI EUR is less sensitive to the changes in interest rate levels.   Foreign exchange currency risk   Saga VI EUR’s investments in portfolio funds etc. have been made in EUR, NOK and SEK. As the capital in   Saga VI EUR is in EUR, Saga VI EUR is influenced by currency fluctuations. The currency risk is therefore   considered as material. In accordance with Saga VI EUR’s investment policy Saga VI EUR does not hedge  its exposure toward currency rate fluctuations.   Disclosure requirements in respect of § 61 section 3 stated in the law of managers of alternative   investment funds   We can inform, that during the financial year have there been no changes in §§ 62, 64 and 65 regarding the   disclosures.   In respect of the requested disclosures of total remunerations paid to the employees and the management of   Saga Private Equity ApS, this can be found on www.saga-pe.com. The disclosures are given on manager   level and are neither allocated nor shown per individually managed fund.   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   Accounting policies   The annual report of Saga VI EUR K/S has been prepared in accordance with the Danish Financial   Statements Act for a reporting class C (medium) 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.   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.   Management fees and carried interest   The management fees and carried interest include management fee and carried interest for the period   according to the Limited Partnership Agreement.   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   Investments assets   Investments in portfolio funds and co-investments are measured in accordance with the IPEV Valuation   Guidelines or similar guidelines depending on the country of domicile of the portfolio funds, according   to which investments are measured at fair value. Revaluations are included in the profit and loss   account.   Investments in unlisted private equity funds are valued on the basis of the latest reporting received from   the respective sub-funds. The reports from the funds contain a valuation of the private equity fund,   including a valuation of each individual portfolio company. The value of a private equity fund consists   of the sum of the values of the portfolio companies in which the fund has invested in, and the value of   other net assets.   Outstanding investment commitments at the balance sheet date are disclosed as contingent liabilities   in the notes.   Other receivables   Other receivables are measured at amortised cost after deduction of write-down for anticipated losses.   Prepayments   Prepayments include paid costs relating to subsequent financial years. Prepayments primarily relates   to prepaid management fee to the manager. Prepayments are measured at cost.   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.   Cash flow statement   The cash flow statement shows the partnerships’ cash flow of investment activity, operating and   financing activity for the period, the period’s changes in cash and cash equivalents as well as the   partnership’s cash and cash equivalents at the beginning and end of the period.   Cash flow from investment activity   Cash flow from investment activities comprise the cash flow between the partnership and the portfolio   funds for the period.   Cash flow from operations   Cash flow from operating activities are entered as the result adjusted for non-cash operating items in   the partnership and received and paid non-operating income.   Cash flow from financing   Cash flow from financing include payments to and from the limited partners and the partnership.   Cash and cash equivalents   Cash and cash equivalents include cash funds in open accounts and fixed short term loans.   5868000 37047000 833000 113000 3719000 126000 4922000 33202000 47000 8000 4961000 15000 496000 32721000 4961000 4961000 32721000 32721000 212047000 212047000 212047000 240544000 240544000 240544000 253000 65000 252000 78000 318000 828000 1146000 213193000 330000 1246000 1576000 242120000 324855000 -338767000 205717000 191805000 324855000 -304370000 200756000 221241000 21388000 21388000 21388000 213193000 20879000 20879000 20879000 242120000 324855000 -304370000 0 200756000 0 221241000 0 0 0 0 34397000 0 0 34397000 4961000 191805000 4961000 205717000 324855000 -338767000 1447000 35812000 0 223000 85719000 0 34365000 85496000 -425000 39000 -410000 -481000 -891000 -386000 0 34397000 -34397000 13327000 85262000 -71935000 -418000 1246000 828000 12670000 -11424000 1246000 Notes   1 Investments in portfolio funds   EUR 1,000   30/9 2025   30/9 2024   Cost at 1 October   224,273   253,575   Additions in the year   1,447   223   Disposals in the year   -14,779   -29,525   Cost at 30 September   210,941   224,273   Revaluations at 1 October   16,271   32,199   Revaluations on disposals in the year   -21,033   -52,975   Revaluation in the year   5,868   37,047   Revaluations at 30 September   1,106   16,271   Carrying amount at 30 September   212,047   240,544   Specification of revaluations in the year   Realised gains/losses on investments   20,489   59,631   Unrealised gains/loss on investments   -15,008   -20,628   5,481   39,003   Exchange gains/losses on investments   387   -1,956   Gains/losses on investments   5,868   37,047   Investments in portfolio funds   The partnership has through investments in portfolio funds ownership of mainly unquoted   investments. The partnership has no controlling or significant influence on the portfolio funds in   which the partnership has invested.   The portfolio funds in which the partnership has invested all use common accepted guidelines for   measuring the fair value. The measuring of the fair value of the investments in underlying portfolio   companies are made by the managers of the portfolio funds.   Usually the partnership has no or very little information about specific methods and assumptions   used by the managers of the portfolio funds when measuring the fair value of the underlying   portfolio companies.   The manager’s valuation committee will assess and if considered necessary adjust the valuation of   the underlying portfolio companies. At the assessment of the fair value of the underlying portfolio   companies reported by the managers, information about the market conditions, company specific   information as well as information received through dialog with the managers of the portfolio funds   are used.   The value of a private equity fund is measured as the fair value of each investment in portfolio   companies owned by the fund with addition of other net assets in the fund. The valuation of a   portfolio company in a private equity fund is based on the industry, market position and earnings   capacity, and the (i) the peer group multiple, i.e. the market value of comparable listed companies,   (ii) transaction multiple in recent M&A transactions involving comparable companies, (iii) value   indications from potential buyers of the portfolio company, (iv) market value if the portfolio company   is publicly traded or (v) future expected proceeds, if there is a concluded agreement on the sale of   the portfolio company.   2 Management fees and carried interest   1/10 2024 -   1/10 2023 -   EUR 1,000   30/9 2025   30/9 2024   Management fee   280   335   Adjustment of carried interest   553   3,384   Management fees etc. in total   833   3,719   1 Investments in portfolio funds (continued)   The partnership invests in buy-out funds. The investments made by the portfolio funds are   classified within the fair value hierarchy based on the lowest level of input that is significant to   the fair value measurement. The three levels of the fair value hierarchy are described below:   Level 1 – Inputs based upon priced for identical assets and liabilities in active markets  Level 2 – Inputs other than quoted prices that are observable for the asset or liability either  directly or indirectly, including inputs in markets that are not considered to be active   Level 3 – Unobservable input  Fair market value measurements as of 30 September 2025   Quoted   Observable Unobservable   prices   input   input   EUR 1,000   Level 1   Level 2   Level 3   Total   Investments in portfolio funds   1,317   0 210,730   212,047   Total   1,317   0 210,730   212,047   Fair market value measurements as of 30 September 2024   Quoted   Observable Unobservable   prices   input   input   EUR 1,000   Level 1   Level 2   Level 3   Total   Investments in portfolio funds   1,238   0 239,306   240,544   Total   1,238   0 239,306   240,544   The investments divided by Industry and Geography, based on fair market value as   of 30 September 2025:   Notes   Note   3 Fund operating expenses   The partnership has no employees.   4 Limited partners   Outstanding   EUR 1,000   Commitment   Paid-in   commitment   Limited partners   333,185   324,855   8,330   None   5 Related parties   Manager   Manager: Saga Private Equity ApS, Amaliegade 24, 1., 1256 Copenhagen K   Transactions: Management fee.   General Partner   General Partner: Saga VI GP ApS, c/o Accura Advokatpartnerselskab, Alexandriagade 8,   2150 Nordhavn   Transactions: Administration fee.   Notes   Note   6 Contingent liabilities   Investment obligations   Commitment   Outstanding commitment   EUR 1,000   Currency   EUR   Currency EUR   Commitment, EUR   234,840   234,840   4,502   4,502   Commitment, NOK   525,000   53,393   0 0 Commitment, SEK   300,000   29,768   0 0 Total commitment, EUR   318,001   4,502   Commitment in EUR is calculated as residual commitment in local currency multiplied by exchange rate,   end period plus contributed to portfolio funds in EUR (transaction date’s currency rate).   The portfolio funds have made recallable distributions to the partnership, which as of 30 September   2025 amounts to EUR 55.8 million.   The partnership has no other contingent liabilities as of 30 September 2025.