CVR No. 43583514
The Annual General Meeting adopted the
annual report on 30.04.2025
Chairman of the General Meeting
Capidea Kapital IV K/S | Contents 1
Contents
Fund details 2
Statement by Management on the annual report 3
Management commentary 4
Independent auditor's report 8
Statement of comprehensive income 11
Statement of financial position as at 31.12.2024 12
Statement of changes in net assets attributable to the Limited Partners 14
Statement of cash flows 15
Table of notes 16
Notes to the financial statements 17
Capidea Kapital IV K/S | Fund details 2
Fund details
Fund
Capidea Kapital IV K/S
Grønningen 25, st.
1270 København K
Business Registration No.: 43583514
Registered office: København
Financial period: - 01.01.2024 31.12.2024
General Partner
Capidea Komplementar IV ApS
Fund Manager
Capidea Management ApS
Registered Manager of Alternative Investment Funds (Danish FTID number: 23135)
Auditors
Denmark
Capidea Kapital IV K/S | Statement by Management on the annual report 3
Statement by Management on the
annual report
On behalf of Capidea Komplementar IV ApS
Capidea Kapital IV K/S | Management commentary 4
Management commentary
Financial highlights
2024
DKK'000
2022/23
DKK'000
Key figures
Results from investments 31,600 0
Operating profit/(loss) (EBIT) 9,200 (19,898)
Financial results, net 20 7
Increase / (decrease) in net assets attributable to Limited Partners 9,220 (19,891)
Net Assets attributable to Limited Partners 445,595 (197)
Total Assets 446,150 885
Ratios
Solvency ratio (%) 99.88 (22.26)
Distributed to Paid in 0.00 0.00
Financial highlights are defined and calculated as below.
Ratios Calculation formula Ratios reflect
Solvency ratio (%) Equity x 100
Total assets
The Fund’s financial strength
Distributed To Paid In (DPI) The value of distributions
to investors
Contributed capital from investors
The Fund’s realisation
Investments
From the establishment and until 31.12.2024, the Fund has acquired six enterprises of which all are active
investments.
The Fund has acquired the majority of voting rights in all of its portfolio enterprises.
Capidea Kapital IV K/S | Management commentary 5
Presentation of portfolio companies:
HVACON Marine Systems
HVACON Marine Systems is a market leader within energy optimization solutions and software to the maritime
industry. HVACON Marine Systems’ services range from parts to software solutions and projects, including survey,
design, procurement, programming, installation, testing and commissioning. The Company is highly experienced
within engineering and software development, which enables the Company to both advise customers on the
right solutions as well as develop and execute projects. In general, the benefit of the Company’s systems is lower
fuel consumption, which ultimately results in lower CO2 emissions thus supporting the green transition of the
maritime industry. The company is headquartered in Frederikssund, Denmark, and has app. 25 employees.
Right People Group
Right People Group is an IT Freelance Provider providing quality-assured local or remote external IT and business
consultants. The company connects organizations that require a more agile workforce with the right talent for
project-based IT work without the overhead of traditional employment. Right People Group is headquartered in
Copenhagen, Denmark, but is present in six European markets with ~30 employees across sales, sourcing, back-
office and digital development and more than 500 highly skilled consultants on active projects
Digital Group
Digital Group was founded in 2001 and is today the biggest independent Print-as-a-Service company in the
Danish market. Digital Group provides its customers with a complete printing solution, including printing
machines, consumables (toner, etc.), service, and software (security, GDPR, etc.). Digital Group primarily handles
sales, administration, software installation, and refurbishment of used printers in-house while other parts of the
value chain are outsourced. Digital Group is one of the few multi-brand distributors in the Danish market. Digital
Group is headquartered in Odense with additional locations in Køge, Herning and Aarhus. Digital Group includes
XDC Gruppen and in total the group has app. 65 employees.
Intermail
InterMail is an end-to-end marketing and communication consulting company focusing on both digital marketing
and customer communication management. Intermail acts as an end-to-end and platform agnostic provider
capable of both offering physical delivery of letters, digital communication and selected complementary
marketing services1). InterMail mainly operates in Denmark and Sweden and has around 500 customers, with
revenue stemming primarily from customers in the medium to enterprise segment. The company is
headquartered in Hvidovre and has additional offices in Aarhus, Malmö and Gothenburg with a total of 69
employees (FY23/24)
GaveFabrikken
GaveFabrikken is a leading provider of corporate gifts in the Nordic region, specializing in innovative and
customizable solutions. The company offers a wide array of unique gift concepts designed to help businesses
meaningfully recognize and reward their employees. Headquartered in Copenhagen, GaveFabrikken also
operates showrooms and offices in Aarhus and Oslo. With a core team of approximately 90 FTEs throughout the
year, the workforce expands significantly during the Christmas season, which is the company’s peak period.
Capidea Kapital IV K/S | Management commentary 6
Fire Eater
Fire Eater provides fire protection solutions based on the gas, inergen. The solutions ensure that no harm is done
to buildings and equipment when extinguishing fires and it does no harm to humans. Fire Eater’s solutions are
sold in more than 50 countries with Denmark, Norway and UK/Ireland as the largest markets. The company is
headquartered in Hillerød, Denmark, and have sales offices in Norway and Ireland. A sales office in the US is
currently being established. Fire Eater employs approximately 65 people.
Development in activities and finances
Profit/loss for the year showed a profit of DKK 92,220 thousand, primarily reflecting the development in the
portfolio companies and the market for unlisted companies in general. During the year there has been an
increased activity in the Fund’s market with stable acquisition multiples and a supply of attractive investment
opportunities.
Uncertainty relating to recognition and measurement
The objective of the Fund is to contribute capital to competitive enterprises. The most significant risk factor is
thus changes to the values of the investments made.
As described under accounting polcies, investments in portfolio companies are measured at fair value.
As the portfolio companies are medium-sized unlisted companies, determining fair value is naturally associated
with uncertainty. It is Management’s assessment that the fair value measurement at 31.12.2024 is well founded
and based on reasonable and realistic assumptions.
Unusual circumstances affecting recognition and measurement
Except for the fair value changes on investments, the annual report is not influenced by unusual circumstances.
Capidea Kapital IV K/S | Management commentary 7
Events after the balance sheet date
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Periodic disclosure for Article 6 financial product
The investment underlying this financial product do not take into account the EU criteria for environmentally
sustainable economic activities.
Capidea Kapital IV K/S | Independent auditor's report 8
Independent auditor's report
Capidea Kapital IV K/S | Independent auditor's report 9
Capidea Kapital IV K/S | Independent auditor's report 10
CVR No. 33963556
Identification No (MNE) mne32127
Identification No (MNE) mne44143
Capidea Kapital IV K/S | Statement of comprehensive income 11
Statement of comprehensive income
Notes
2024
DKK'000
2022/23
DKK'000
Net increase/(decrease) in unrealised gains/(losses) from
financial assets at fair value
3 31,600 0
Operating income/(loss) 31,600 0
Administrative expenses 4 (22,400 ) (19,898 )
Operating expenses (22,400 ) (19,898 )
Operating profit/(loss) (EBIT) 9,200 (19,898 )
Financial income 5 24 7
Financial expenses 6 (4 ) 0
Increase / (decrease) in net assets attributable to Limited
Partners
Comprehensive income 9,220 (19,891 )
Capidea Kapital IV K/S | Statement of financial position as at 31.12.2024 12
Statement of financial position as at
31.12.2024
Assets
Notes
2024
DKK'000
2022/23
DKK'000
Equity investments 7 96 231
Investments in portfolio companies 7 442,000 0
Investments 442,096 231
Non-current assets 442,096 231
Other receivables 8 243 0
Cash and cash equivalents 3,811 654
Current assets 4,054 654
Total assets 446,150 885
Capidea Kapital IV K/S | Statement of financial position as at 31.12.2024 13
Net assets and liabilities
Notes
2024
DKK'000
2022/23
DKK'000
Limited partnership capital 9 456,266 19,694
Retained earnings (10,671 ) (19,891 )
Net assets attributable to Limited Partners 445,595 (197 )
Trade payables 221 204
Other payables 10 334 878
Current liabilities 555 1,082
Total liabilities 555 1,082
Total liabilities and net assets attributable to Limited
Partners
Capidea Kapital IV K/S | Statement of changes in net assets attributable to the Limited Partners 14
Statement of changes in net assets
attributable to the Limited Partners
Limited
partnership
capital
DKK'000
Retained
earnings
DKK'000
Total
DKK'000
Net assets 01.01.2024 19,694 (19,891 ) (197 )
Contributions from Limited Partners and General partner 436,572 0 436,572
Profit/(loss) for the period 0 9,220 9,220
Net assets 31.12.2024 456,266 (10,671 ) 445,595
Limited
partnership
capital
DKK'000
Retained
earnings
DKK'000
Total
DKK'000
Contributions from Limited Partners and General Partner 19,694 0 19,694
Profit/(loss) for the period 0 (19,891 ) (19,891 )
Net assets 31.12.2023 19,694 (19,891 ) (197 )
The Partners have committed themselves to contributing up to DKK 1,251,500 thousand into the Fund, as and
when new capital is required for making investments, paying fund costs etc. Of the total committed capital, the
Partners have paid-in net DKK 456,266 thousand at , and the remaining contribution balance is DKK
795,234 thousand.
31.12.2024
Capidea Kapital IV K/S | Statement of cash flows 15
Statement of cash flows
Notes
2024
DKK'000
2022/23
DKK'000
Operating profit/(loss) (EBIT) 9,200 (19,898 )
Net increase/(decrease) in unrealised gains/(losses) from
financial assets at fair value through profit or loss
(31,600 ) 0
Change in payables (770 ) 1,082
(23,170 ) (18,816 )
Received financial income 5 24 7
Paid financial expenses 6 (4 ) 0
Cash flows from operating activities (23,150 ) (18,809 )
Investments in portfolio companies 7 (410,169 ) 0
Acquisition of equity investments (96 ) (231 )
Cash flows from investing activities (410,265 ) (231 )
Cash flows from operating and investing activities (433,415 ) (19,040 )
Contributions from Limited Partners 436,572 19,694
Cash flows from financing activities 436,572 19,694
Increase/decrease in cash and cash equivalents 3,157 654
Cash beginning of year 654 0
Cash end of year 3,811 654
Cash flow from investments in portfolio companies comprise of the acquisitions made in the year amounting to
DKK -410,400 thousand, less equity investments made in 2023 amounting to DKK -231 thousand.
Capidea Kapital IV K/S | Table of notes 16
Table of notes
1 Accounting policies 17
2 Significant accounting estimates, assumptions and
uncertainties
22
3 Fair value adjustments 22
4 Administrative expenses 22
5 Financial income 23
6 Financial expenses 24
7 Investments 24
8 Other receivables (Current) 26
9 Limited Partnership capital 26
10 Other payables 26
11 Financial instruments 27
12 Financial risk management 27
13 Financial instruments measured at fair value 28
14 Related parties 31
15 Contingent liabilities 32
16 Investors 32
17 Events after the balance sheet date 32
18 Authorisation of the annual report for issue 32
Capidea Kapital IV K/S | Notes to the financial statements 17
Notes to the financial statements
Accounting policies1
Reporting class
The financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU
and additional disclosure requirements of the Danish Financial Statements Act governing reporting class B
enterprises with addition of a few provisions for reporting class C.
The expected lifetime of the Limited Partnership is 10 years from the date of commence as set out in the Limited
Partnership Agreement. The Limited Partnership qualifies as an alternative investment fund in compliance with
the AIFMD.
The financial period runs from 1 January to 31 December each year. The accounting policies applied to these
financial statements are consistent with those applied last year.
The financial statements are presented in , which is the functional currency of the Fund.
The Fund is determined to be an investment entity in accordance with IFRS 10, Consolidated Financial
Statements, and has therefore accounted for subsidiaries as investments designated at fair value through profit
or loss where all criteria acording to IFRS 10 are met.
DKK
The financial statements are presented on the basis of going concern.
The Fund's has not entered into any leasing agreements subject to IFRS 16, Leases.
The financial statements are presented on the basis of historical cost, except for the investments and receivables
from investments, which are measured at fair value. Historical cost is based on the fair value of the consideration
given in exchange for assets.
All amounts in the financial statements are presented in whole thousands. Every figure is rounded off
separately and, for that reason, minor differences between the stated totals and the sum of underlying figures
may occur.
Judgements made by Management in the application of the IFRS Accounting Standards that have had significant
effects on the financial statements are disclosed, where applicable, in the relevant notes to the financial
statements
DKK
Capidea Kapital IV K/S | Notes to the financial statements 18
Defining materiality
If a line item is not individually material, it is aggregated with other items and notes of a similar nature in the
financial statements or in the notes. There are substantial disclosure requirements throughout the IFRS
Accounting Standards. Disclosures required by the IFRS Accounting Standards are provided unless the
information is considered immaterial to the eco-nomic decision-making of the users of these financial statements
or not applicable.
The most significant accounting policies are set out below.
Report on the exemption of preparation of consolidated financial statements
has omitted to prepare consolidated financial statements under the provisions of IFRS 10,
Consolidated Financial Statements, as the Limited Partnership qualifies as an investment entity. The definition of
an investment entity is an entity that:
Capidea Kapital IV K/S
Obtains funds from one or more investors for the purpose of providing those investor(s) with investment
management services;
Commits to its investor(s) that its business purpose is to invest funds solely for returns from capital
appreciation, investment income or both; and
Measures and evaluates the performance of substantially all its investments on a fair value basis.
In view of the circumstances described below, the General Partner believes that the Fund satisfies the typical
criteria of an investment entity that:
The Fund has more than one investment.
The Fund has more than one investor and its investors are not related parties. Please refer to the description
in note to the financial statements.14
The Fund’s investments take the form of equity instrument or similar investments (portfolio companies).
As a result, the General Partner has applied the exemption rule in IFRS 10 not to prepare consolidated
financial statements where the controlled subsidiaries are consolidated, and instead the controlled subsidiaries
are accounted for at fair value through profit or loss.
Standards and Interpretations not yet in force
All of the new and amended Standards and Interpretations which are relevant to the Fund, and which came into
force with effect for financial years beginning have been applied when preparing the financial
statements.
These Standards have not had an impact on the Fund’s Annual Accounts.
01.01.2024
present specified categories and defined subtotals in the statement of profit and loss
provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements
improve aggregation and disaggregation
Capidea Kapital IV K/S | Notes to the financial statements 19
IFRS 18 amendments are effective for reporting periods beginning on or after 1 January 2027, with earlier
application permitted. IFRS 18 will apply retrospectively.
It is expected that the application of these amendments may have an impact on the Fund's financial statements
in future periods.
There are no other Standards, Interpretations or amendments to existing Standards that are not yet effective that
would be expected to have an impact on the Fund.
Significant accounting judgment and estimates
As part of the preparation of the financial statements, the General Partner made judgements and estimates
which affect the application of the Fund’s accounting policies and the reported amounts of assets, liabilities,
income and expenses. The most significant accounting judgements and estimates are evident from note to the
financial statements.
2
Recognition and measurement
Assets 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 Fund, and the value of the asset can be measured reliably. Assets are derecognised in the
balance sheet when it is no longer probable that future economic benefits will flow to the Fund.
Liabilities are recognised in the balance sheet when the Fund has a legal or constructive obligation as a result of
an event prior to or on the balance sheet date, and it is probable that future economic benefits will flow out of
the Fund, and the value of the liability can be measured reliably. Liabilities are derecognised in the balance sheet
when it is no longer probable that economic benefits will have to be given up to settle the liability.
Income is recognised in the statement of comprehensive income when earned, whereas costs are recognised by
the amounts attributable to this financial period.
Foreign currency translation
The functional currency reflects the currency in which the Limited Partners have committed themselves to the
Fund as well as the currency in which the Fund pays the Fund Manager for carrying out investment related
services. Investments and loans are carried out in different currencies and hence considered less relevant in
terms of influencing the choice of functional currency. The financial statements of the Fund are presented in the
currency unit , which is the Fund’s functional and presentation currency.
On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that have not been
settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect at the payment date or the
rate at the balance sheet date are recognised in the statement of comprehensive income as financial income or
financial expenses.
DKK
Statement of comprehensive income
Revenue recognition
Income from investments in portfolio enterprises comprises gains/losses from divestments, fair value changes
and received dividends and other similar types of returns from the investments.
Capidea Kapital IV K/S | Notes to the financial statements 20
Operating income
Income from investments in portfolio enterprises comprises gains/losses from divestments, fair value changes
and received dividends and other similar types of returns from the investments.
Gains/losses from divestment of investments in portfolio enterprises are stated as the difference between the
selling price or disposal consideration and the carrying amount of the portfolio enterprises at the time of sale or
disposal, respectively.
Dividends from investments in portfolio enterprises are recognised as income when final entitlement to the
dividends is obtained, which is usually at the time of the approval of the declaring dividends by the portfolio
enterprise.
Administrative expenses and other operating expenses
All expenses are recognised in the statement of comprehensive income on an accrual basis.
Administrative expenses and other operating expenses comprise expenses incurred during the reporting period
not directly related to the Fund’s investment activities. The Fund pays the Fund Manager an annual fee for
carrying out investment related activities and administration. The fee is calculated in accordance with the criteria
set out in the Limited Partnership Agreement.
Administrative expenses and other operating expenses which can be directly allocated to specific investments are
recognised in the underlying project companies when the investment structure is formally in place.
Administrative expenses and other operating expenses that do not relate to the Fund’s investment activities or is
investment specific are recognised as expense by the Fund. Such costs comprise among others financial, legal
and tax advisory, audit, bookkeeping and management fee.
Financial income and expenses
Financial income and expenses comprise interest income and various expenses, and net exchange rate
adjustments on transactions in foreign currencies.
Interest income and interest expenses are recognised on an accrual basis.
Taxation
Under current Danish law governing the Fund, it is not independently taxable because the Fund’s profit/loss for
the year is included in the Limited Partners’ taxable income.
The annual report does not include current or deferred tax due to th e corporate form of the Fund.
Balance sheet
Investments
Financial assets and liabilities are recognised at fair value through profit or loss when the Fund becomes party to
the contractual provisions of the instrument. Recognition takes place on the trade date when the Fund
purchases or sells an investment under a contract whose terms require delivery of the investment within the time
frame established by the market.
On initial recognition, investments and receivables from investments are measured at fair value and
subsequently measured at fair value with recognition of fair value adjustments through profit or loss.
Capidea Kapital IV K/S | Notes to the financial statements 21
Financial assets and liabilities are derecognised when the contractual rights to the cash flows from the
investments have expired or the Fund has transferred substantially all risks and rewards of ownership.
Investments consist of equity investments and receivables from investments consist of loans. Furthermore,
investments consist of capitalised development costs, which increase the fair value of the investments.
Capitalised development costs consist of expenses related to early-stage design and development of
infrastructure investments and primarily relates to advisory services provided to fund projects such as project
structuring, contracting and de-risking etc. On initial recognition the investments are measured at fair value, and
subsequently measured at fair value with recognition of fair value adjustments through profit or loss. Receivables
from investments are measured at fair value through profit or loss under IFRS 9, Financial Instruments.
The fair value is calculated equivalent to an estimated fair value that is determined based on market information,
IPEV Valuation Guidelines and generally accepted valuation techniques, including benchmarking, multiple, DCF or
other relevant methods, which are considered to provide the best estimate of the fair value.
For further information about the measurement of fair values, please refer to note 13.
Carried interest
Holders of carried interest (Partner Investment Company) receive a return on their investment that is dependent
on the yield of the underlying investments throughout the lifecycle of the Fund. The amount allocated to carried
interest is based on the principle that the investments are realized at the balance date at a price corresponding to
the estimated fair value of the assets.
Carried interest is calculated based on the overall performance net of cost and expenses of the portfolio of all
investments as maximum 20% of net cash flows exceeding the agreed 8% minimum return (the Hurdle Rate).
Carried interest is paid out with ordinary distributions based on adjusted economic rights which reflect an annual
allocation of carried interest as if such carried interest had been re-invested into the Fund.
Distributions of carried interest to the holders are subject to provision as defined in the Limited Partnership
Agreement. Carried interest will be allocated to specific commitment classes based on the carrying value of the
investments at year end. However, distributions of carried interest are not paid to the specific commitment
classes until the sale of investments are realized.
Carried interest is accounted for under income from investments in the profit and loss. If the conditions for
carried interest are fulfilled the fair value of investments are reduced by carried interest.
Equity investments
Equity investments include investments in holding companies established solely for the purpose of acquiring
portfolio companies. At initial recognition, equity investments are measured at fair value and subsequently
measured at fair value with recognition of fair value adjustments through profit or loss.
Upon acquisition of portfolio companies in the holding company, the equity investment is transfered to
investments in portfolio companies.
Other receivables (Current)
Other receivables relate to the Fund’s ordinary business activities.
Other receivables are measured at amortised cost, usually equaling nominal value.
Capidea Kapital IV K/S | Notes to the financial statements 22
Cash and cash equivalents
Cash comprises cash in bank deposits.
Other financial liabilities
Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.
Cash flow statement
The cash flows statement of the Fund is presented using the indirect method and shows cash flows from
operating, investing, and financing activities as well as the Fund’s cash at the beginning and the end of the
financial period.
Cash flows from operating activities are calculated as the operating profit/loss adjusted for non-cash operating
items and working capital changes.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
investment.
Cash flows from financing activities comprise cash changes in the size or composition of the contributed capital
and cash payment of distributions to the Limited Partners.
Cash comprises cash in bank deposits.
Significant accounting estimates, assumptions, and uncertainties2
Capidea Kapital IV K/S invests in portfolio enterprises, which primarily includes equity investments and to a
smaller extent contribution of loans to development-oriented enterprises, and which may require continuous
contribution of capital. The investments are accounted for at fair value through profit or loss. When measuring
the fair value of the unlisted investments, the General Partner assesses the development stage of the portfolio
enterprises compared to the initial plans at the time of making the initial investments, future financing
requirements, commercialisation possibilities, timing of exit and possible exit values.
The fair value of each unlisted portfolio enterprise is determined in accordance with commonly used valuation
principles based on IPEV’s Valuation Guidelines, taking into accountthe assessment of the development stage of
the enterprise as well as its market potential and expected cash flows in order to reflect the fair value of the
portfolio enterprise in the best way possible. Methods and assumptions for determining the fair value of
investments in unlisted portfolio enterprises are described in note 13.
Fair value adjustments3
2024
DKK'000
2022/23
DKK'000
Net increase/(decrease) in unrealised gains/(losses) 31,600 0
Fair value adjustment 31,600 0
Administrative expenses4
The Fund has no employees.
Administrative expenses include management fee for the period to , in accordance
with the Limited Partnership Agreement and management agreement.
Capidea Management ApS
Capidea Kapital IV K/S | Notes to the financial statements 23
For further information about management fee, please refer to note .
Also, administrative expenses include fees to audit, advisors and other professional fees.
14
2024
DKK'000
2022/23
DKK'000
Management fee 21,901 16,426
Other administrative expenses 499 3,472
Administrative expenses 22,400 19,898
According to Article 107 of the AIFMD Level 2 Regulation and paragraph 61 section 3 (5 and 6) of the Alternative
Investment Fund Managers etc. Act, alternative investment funds must disclose information about the total
remuneration of the entire staff of the Fund Manager and the number of beneficiaries. Furthermore,
remuneration to material risk-takers must be disclosed.
The Fund Manager must also disclose the information necessary to provide an understanding of the risk profile
of the Fund and the measures that the Fund Manager takes to avoid or manage conflicts of interest between the
Fund Manager and the Limited Partners. The Board of Directors has adopted a remuneration policy in order to
ensure that the employees and Management are remunerated according to the Danish Executive Order on
remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds,
etc.
The remuneration policy ensures, among other matters, that the following is applied in relation to remuneration
at the Fund Manager:
Promoting of sound and effective risk management, which does not encourage excessive risk-taking.
Consistency with the principles regarding the protection of the Limited Partners and measures in order to
avoid conflicts of interest.
In accordance with paragraph 61 section 3 (5 and 6) of the Alternative Investment Fund Managers etc. Act,
information regarding salaries paid to employees of the fund manager is disclosed in the Annual Report for
for and 39144735.
2024
Capidea Management ApS
No carried interest was paid out by the Fund during the financial period.
Financial income5
2024
DKK'000
2022/23
DKK'000
Interest income 24 7
Financial income 24 7
Capidea Kapital IV K/S | Notes to the financial statements 24
Financial expenses6
2024
DKK'000
2022/23
DKK'000
Other interest expenses and fees 4 0
Interest expenses for financial liabilities 4 0
Investments7
Equity
investments
2024
DKK'000
Equity
investments
2022/23
DKK'000
Investments
in portfolio
companies
2024
DKK'000
Cost at beginning of period 231 0 0
Additions 96 231 410,400
Divestments (231) 0 0
Cost at end of period 96 231 410,400
Fair value adjustments 0 0 31,600
Fair value at end of period 0 0 31,600
Carrying amount at end of period 96 231 442,000
Equity investments' additions in the year amounting to DKK 96 thousand comprise of unlisted shares in TopCap
Inv 7 ApS. Divestments in the year amounting to DKK -231 thousand have been transfered to Investments in
portfolio companies and is therefore included in additions of DKK 410,400 thousand.
Capidea Kapital IV K/S | Notes to the financial statements 25
Investments Corporate form Registered in
Equity
interest
%
* TopCap IM ApS (Intermail) ApS Denmark 96.47
* TopCap GF ApS (GaveFabrikken) ApS Denmark 96.47
* TopCap RPG ApS (Right People Group) ApS Denmark 96.47
* TopCap HMS ApS (HVACON Marine Systems) ApS Denmark 96.47
* TopCap FE ApS (Fire Eater) ApS Denmark 96.47
* TopCap DG ApS (Digital Group) ApS Denmark 96.47
* TopCap Inv 7 ApS ApS Denmark 96.47
* The Company has not yet presented its first annual repport.
Consistently with the accounting policies, the Fund regularly adjusts the value of the investments to the best estimate of fair value. This means that the proportionate share
of operating profit or loss for the Companies is not recognised in profit or loss of the Fund, but rather a fair value adjustment of the investment.
The methods applied by the Fund to measure investments are evident from note to the financial statements. 13
Capidea Kapital IV K/S | Notes to the financial statements 26
Other receivables (Current)8
2024
DKK'000
2022/23
DKK'000
Receivables from Limited Partners 243 0
243 0
The carrying amount of receivables relates to unpaid Capital Calls from Limited Partners.
Limited partnership capital9
2024
DKK'000
2022/23
DKK'000
Limited Partners’ contribution at beginning of year 19,694 0
Contributions from Limited partners and General partner 436,572 19,694
Limited Partners’ contribution at end of year 456,266 19,694
The limited partners’ contributions are not divided into classes. Special rights (carried interest rights) are attached
to the distribution of dividends from the fund when the total realised gains of the enterprise exceed an agreed
minimum interest rate of 8% p.a. of the cash injections of the Limited Partners. The calculation is made
according to the so-called ”European Waterfall” method.
Other payables10
2024
DKK'000
2022/23
DKK'000
Limited Partner creditor accounts 0 544
Payable to Fund Manager 334 334
Other payables 334 878
The carrying amount of payables relates to payables to Capidea Management. The amount recognised is equal to
the fair value of the liabilities.
Other payables fall due for payment within 12 months.
Capidea Kapital IV K/S | Notes to the financial statements 27
Financial instruments11
Categories of financial instruments:
2024
DKK'000
2022/23
DKK'000
Equity investments 442,096 231
Financial assets measured at fair value through profit or loss 442,096 231
Other receivables 243 0
Receivables measured at amortised cost 243 0
Other payables 334 878
Financial liabilities measured at amortised cost 334 878
All financial liabilities are due for payment within 12 months.
Financial risk management12
The General Partner is ultimately responsible for the overall risk management within the Fund but has delegated
the responsibility to the Fund Manager.
The Fund pursues an investment strategy approved by the Limited Partners and invests in areas of
manufacturing, trade, distribution, service, software and industry.
The Fund’s risk management processes include identification, measurement, monitoring, reporting and
mitigation of the identified risks to minimise the potential negative effects at fund level.
The Fund continuously manages and reduces risks by:
in-depth business, technical, financial and legal due diligence before an investment is made;
the conclusion of shareholder agreements in order to ensure the best possible protection and freedom of
action of the Fund;
continuous close monitoring of portfolio companies and active ownership.
Key financial risk factors and exposure regarding the financial statements for can be categorised as follows:2024
Capidea Kapital IV K/S | Notes to the financial statements 28
Financial risk factors
Liquidity risks
Less than 1
year
DKK'000
Between 1
year and 5
years
DKK'000
After 5 years
DKK'000
Total
DKK'000
Other payables 878 0 0 878
Trade payables 196 0 0 196
31.12.2024 1,074 0 0 1,074
Less than 1
year
DKK'000
Between 1
year and 5
years
DKK'000
After 5 years
DKK'000
Total
DKK'000
Other payables 878 0 0 878
Trade payables 204 0 0 204
31.12.2023 1,082 0 0 1,082
The Fund manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of
financial assets and liabilities. In addition, the Fund is able to draw on uncalled commitments from its investors to
meet its obligations if needed. In addition, no indication of the Limited Partners' inability to contribute the
remaining fund commitment exists as well as future income from in-vestments is expected to settle the
outstanding amount.
Credit risks
In some cases, the Fund can provide loans to its portfolio enterprises, but has not. These loans are considered
part of the investments and are, therefore, not considered to represent a separate credit risk, but are rather con-
sidered being part of the total investment risk and risk relating to determining a fair value of the investments.
In some cases, the Fund has receivables from the sale of investments. Typically, the payment is secured by the
buyer depositing the receivable on escrow accounts in accepted credit institutions, and, therefore, the credit risk
is considered limited. At 31 December 2024, the Fund has not been exposed to any credit risks.
Interest rate risk
The risk related to the interest rate implies that the portfolio enterprises work with loan capital and are thus af-
fected by the interest rate level. An increase in interest rate level constitutes a potential risk for the fair value of
the investments.
Financial instruments measured at fair value13
The fair values of the individual investments are calculated on the basis of methods that best reflect
individual investment risks, life cycle, and industry conditions. Generally applicable, the fair value is calculated
in accordance with IPEV valuation guidelines and accepted valuation methods, including multiple
analysis/benchmarking or other relevant methods
Capidea Kapital IV K/S | Notes to the financial statements 29
The fair value of the investments is measured on a quarterly basis, or more frequently if significant changes
occur. The Fund Manager has implemented procedures and methodology to ensure that the valuation is carried
out consistently over time and across investments.
Methods applied in and assumptions underlying the determination of fair values of investments
The fair value of each investment and receivables from investments has been estimated by applying methods
that best reflect the risks and the stage of each investment, e.g., assumptions related to power prices, inflation
rates, technical availability and discount rate.
In general, the fair value is determined in accordance with IPEV Valuation Guidelines and generally accepted
valuation techniques, including DCF models, benchmarking or other relevant methods. The valuation approach
incorporates all of the factors that market participants would take into account in pricing a transaction, such as
cash flows, discount rates and yield curves assumptions.
The valuation of equity investments and receivables from investments is based on the same methods, as equity
investments and receivables from investments are exposed to the same risks, regardless of the funding method.
Peer group multiple
The peer-group multiple method uses comparable companies where market value and earnings are known. On
this basis, a market level for primarily e.g. EV/EBITDA is calculated for the comparable companies.
The calculated EV /EBITDA is then capitalised on the basis of a normalised EBITDA for the individual portfolio
companies which, by adjustment for net interest-bearing debt, yield the value of the investments.
In using the method, the Fund assesses which multiples can be used and assesses the determination of normal
earnings in the portfolio companies, including assessing the sensitivity of the values when changing the model's
variables.
Transaction multiple
At the transaction date, a transaction multiple is calculated based on the transaction value and the earnings at
the transaction date (EBITDA). The multiple is only changed when there are significant changes in the sur-
roundings of the companies, for example, industry conditions and micro- and macro-economic conditions, which
are expected to be of a long-term nature. The portfolio company's expected earnings are adjusted periodically on
the basis of underlying budgets, and an expected increase in future earnings may increase the valuation of the
portfolio companies.
In certain cases, when applying a transaction multiple analysis, comparable business transactions are al-so
assessed to identify which multiples would be relevant at a hypothetical sale of the Fund's portfolio companies at
the end of the accounting period.
Description of the valuation process
The valuation process is carried out in connection with the preparation of internal reporting to investors and in
connection with the preparation of the Fund's annual report. The valuation assesses the portfolio investments at
the end of the accounting period and must reflect the fair value of each portfolio company, based on reasonable
valuation methods and assumptions.
Capidea Kapital IV K/S | Notes to the financial statements 30
Individual investments are assessed separately at the end of the accounting period and are in most cases
assessed on the basis of the market situation as follows: (i) determination of the Enterprise Value (EV) estimated
on the basis of a hypothetical sale of the investment at the time of the balancesheet date, based on one or more
of the valuation methods mentioned above, and (ii) calculation of the value of the equity investment by adjusting
EV for net debt and NWC adjustments as well as any equity related waterfall structures.
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
Below, financial instruments measured at fair value are classified using the fair value hierarchy:
Quoted prices in active markets for identical instruments (Level 1)
Quoted prices in active markets for similar assets or liabilities or other valuation methods under which all
material inputs are based on observable market data (Level 2)
Valuation techniques under which any material inputs are not based on observable market data (Level 3)
All investments are classified as Level 3 investments and there have not been any transfers between the levels
during the financial year.
Material unobservable inputs for Level 3
Financial instruments measured at fair value in the balance sheet are based on valuation techniques that include
material unobservable input. Material unobservable inputs mean in this context that the valuation is dependent
on a return requirement that contains a number of components that cannot be observed on trading markets, for
example project-specific risks and illiquidity prices.
Level 1
DKK'000
Level 2
DKK'000
Level 3
DKK'000
Total
DKK'000
2024
Unlisted shares, equity investments 0 0 442,096 442,096
Financial assets measured at fair value
through profit or loss
0 0 442,096 442,096
Level 1
DKK'000
Level 2
DKK'000
Level 3
DKK'000
Total
DKK'000
2022/23
Unlisted shares, equity investments 0 0 231 231
Financial assets measured at fair value
through profit or loss
0 0 231 231
Capidea Kapital IV K/S | Notes to the financial statements 31
Material unobservable inputs
Fair value of the assets is determined based on both forward-looking information, current market and
geopolitical conditions, actuals e.g., contributions and distributions etc. as well as status on the specific assets.
Valuations are conducted by the Management of the Fund's Manager and approved quarterly at the valuation
meeting as part of the quarterly report.
A number of material unobservable input is applied in the valuation and is ongoingly assessed on a on a Fund
specific level. An elaboration of the assessed material unobservable inputs is outlined below.
Material unobservable assumptions used in the valuation of unlisted investments in portfolio companies consist
of earnings multiple and either LTM or NTM Earnings Before Interest, Taxes, Depreciation, and Amortization
(EBITDA) of the portfolio companies. The EV/EBITDA multiple is derived from the entry multiple adjusted for
development in peer group multiples and idiosyncratic factors. As the multiples are multiplied on the EBITDA of a
given investment, the multiple used has a significant effect on the valuation. Management believes that the
multiples applied are on a par with the market for comparable Danish businesses. In addition, allowance is made
for net interest-bearing debt of the portfolio companies when making the valuation.
Range for multiple implied
2024 2022/23
Interval for EV/EBITDA multiples applied 5.8 - 9.5 -
Sensitivity analysis
The fair value of the Fund’s investments is affected by developments in the applied discount rate and future
earnings expectations for these investments. A decline or increase in the material unobservable inputs stated
above and changes in macroeconomic conditions might have a direct effect on the valuation of the investments.
Due to the nature of the investments the effects are subject to some uncertainty, as other factors can in some
scenarios have a reverse effect. It is the assessment that any reverse effect will be immaterial. The approximately
impact on Fund NAV is calculated by altering one input at a time and rerun the model. No sensitivity analysis has
been made for investments where management has assessed the cost price as the best estimate of fair value.
Portfolio sensitivity Variable change in input
Approximately
impact on Fund
A change in the weighted average
cost of capital
(+ / - 1%) +9.7 / -8.8MDKK
A reduction in the applied EBITDA
valuation multiples
(+ / - 1x) +/- 55 MDKK
The inputs above are considered the most material unobservable input due to the nature of the investments.
Portfolio companies acquired within six months from the balance sheet date are excluded form the sensitivity
analysis, as no material uncertainties exist regarding the fair value measurement.
Related parties14
Related parties with a controlling interest
The Limited Partnership has no investors or related parties with a controlling interest.
Capidea Kapital IV K/S | Notes to the financial statements 32
Related party transactions
2024
DKK'000
2022/23
DKK'000
The General Partner receives a fee for its obligation towards as per limited
partnership agreementCapidea Kapital IV K/S
Payment to the General Partner 10 7
Fund Manager (the Fund Manager) is considered a related party of the Fund
due to its role as being Fund Manager
Management fee 21,881 16,418
During the Investment Period, Management fee is calculated as a percentage of the Committed Capital. From the
expiry of the Investment Period, Management fee is calculated as a percentage of the Invested Capital in the
Fund.
Contingent liabilities15
There are no guarantees or contingent liabilities of the Fund.
Investors16
The Limited Partnership has registered the following Limited Partner as holding more than 5% of the voting rights
or nominal value of the contributed capital:
Limited Partner Residence Ownership percentage
European Investment Fund Luxembourg 17.98
Dansk Vækstkapital III K/S Hellerup 11.99
Velliv, Pension & Livsforsikring A/S Ballerup 9.99
Nordea-fonden Copenhagen 7.99
Nykredit Realkredit A/S Copenhagen 5.99
Events after the balance sheet date17
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Authorisation of the annual report for issue18
On 07 February 2025, the General Partner approved the financial statements. The financial statements will be
presented to the Fund’s Limited Partners for approval at the Annual General Meeting on 30 April 2025.