31.12.2023
CVR No. 4 3 5 8 3 5 14
The Annual General Meeting adopted the annual
report on 25.04.2024
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 6
Statement of comprehensive income 9
Statement of financial position as at 31.12.2023 10
Statement of changes in net assets attributable to the Limited Partners 12
Statement of cash flows 13
Table of notes 14
Notes to the financial statements 15
Capidea Kapital IV K/S | Fund details 2
Fund details
Fund
Capidea Kapital IV K/S
Store Kongensgade 118, 1. th
1264 København K
Business Registration No.: 43583514
Registered office: København
Financial period: - 29.09.2022 31.12.2023
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
2022/23
DKK'000
Key figures
Operating profit/(loss) (EBIT) (19,898)
Financial results, net 7
Increase / (decrease) in net assets attributable to Limited Partners (19,891)
Net Assets attributable to Limited Partners (197)
Total Assets 885
Ratios
Solvency ratio (%) (22.26)
Distributed to Paid in 0.00
Uncertainty relating to recognition and measurement
As of 31.12.2023, no investments in portfolios have been made in Capidea Kapital IV K/S. Therefore, there is no
uncertainty associated with measurement and recognition.
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 5
Events after the balance sheet date
After the balance date, the Fund has made investments in three companies: HVACON Marine Systems A/S, Glud
Gludsen Group ApS (Right People Group) and Digital Group A/S. All investments fall within the primary
investment strategy of the Fund.
Outlook
The Fund expects to make between 1 and 4 more investments in 2024.
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 6
Independent auditor's report
Capidea Kapital IV K/S | Independent auditor's report 7
Capidea Kapital IV K/S | Independent auditor's report 8
CVR No. 33 96 355 6
Identification No (MNE) mn e 321 27
Identification No (MNE) mn e 466 16
Capidea Kapital IV K/S | Statement of comprehensive income 9
Statement of comprehensive income
Notes
2022/23
DKK'000
Administrative expenses 2 (19,898 )
Operating expenses (19,898 )
Operating profit/(loss) (EBIT) (19,898 )
Financial income 7
Increase / (decrease) in net assets attributable to Limited Partners (19,891 )
Comprehensive income (19,891 )
Capidea Kapital IV K/S | Statement of financial position as at 31.12.2023 10
Statement of financial position as at
31.12.2023
Assets
Notes
2022/23
DKK'000
Equity investments 3 231
Investments 231
Non-current assets 231
Cash and cash equivalents 654
Current assets 654
Total assets 885
Capidea Kapital IV K/S | Statement of financial position as at 31.12.2023 11
Net assets and liabilities
Notes
2022/23
DKK'000
Limited partnership capital 4 19,694
Retained earnings (19,891 )
Net assets attributable to Limited Partners (197 )
Trade payables 204
Other payables 5 878
Current liabilities 1,082
Total liabilities 1,082
Total liabilities and net assets attributable to Limited Partners 885
Capidea Kapital IV K/S | Statement of changes in net assets attributable to the Limited Partners 12
Statement of changes in net assets
attributable to the Limited Partners
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 1.250.500 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 19.694 thousand at , and the remaining contribution balance is DKK
1.230.806 thousand.
31.12.2023
Capidea Kapital IV K/S | Statement of cash flows 13
Statement of cash flows
Notes
2022/23
DKK'000
Operating profit/(loss) (EBIT) (19,898 )
Change in payables 1,082
(18,816 )
Received financial income 7
Cash flows from operating activities (18,809 )
Acquisition of equity investments 3 (231 )
Cash flows from investing activities (231 )
Cash flows from operating and investing activities (19,040 )
Contributions from Limited Partners 19,694
Cash flows from financing activities 19,694
Increase/decrease in cash and cash equivalents 654
Cash end of year 654
Capidea Kapital IV K/S | Table of notes 14
Table of notes
1 Accounting policies 15
2 Administrative expenses 20
3 Investments 22
4 Limited Partnership capital 23
5 Other payables 23
6 Financial instruments 24
7 Financial risk management 24
8 Related parties 25
9 Assets charged 25
10 Contingent liabilities 25
11 Investors 25
12 Events after the balance sheet date 26
13 Authorisation of the annual report for issue 26
Capidea Kapital IV K/S | Notes to the financial statements 15
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.
This is the Fund’s first financial statements which comprise the periode from 29 September 2022 to 31
December 2023, and hence no comparative figures have been presented.
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 well as investments in associates and joint ventures
as investments designated at fair value through profit or loss where the relevant criteria under IFRS 10 are met.
DKK
The financial statements are presented on the basis of going concern.
The Fund's investments are portfolio companies which are not subject to IFRS 9, Financial Instruments. The Fund
has no material assets or liabilities subject to IFRS 9, Financial Instruments.
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
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.
Capidea Kapital IV K/S | Notes to the financial statements 16
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.8
The Fund’s investments take the form of equity instrument or similar investments (portfolio companies).
As a result, the General Partner has decided to apply 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.
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.
29.09.2022
Significant accounting judgment and estimates
As part of the preparation of the financial statements, the Fund Manager and 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. None of these are considered significant.
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.
Capidea Kapital IV K/S | Notes to the financial statements 17
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.
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.
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 .
On initial recognition, assets and liabilities are measured at cost, however, investment assets are measured at fair
value on initial recognition, typically equalling cost exclusive of directly incurred expenses (direct transaction
costs). Subsequent to initial recognition, all financial assets, and financial liabilities at fair value through profit or
loss are measured at fair value. Gains and losses arising from changes in the fair value of the ‘financial assets or
financial liabilities at fair value through profit or loss’ category are presented in the statement of comprehensive
income within net increase/(decrease) in unrealised gains/(losses) from financial assets and liabilities at fair value
at fair value in the period in which they arise.
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
Capidea Kapital IV K/S | Notes to the financial statements 18
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.
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.
Capidea Kapital IV K/S | Notes to the financial statements 19
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.
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.
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 .3
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 flow 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 attributable to the operating activities.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
investment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital and
payment of distributions to the Limited Partners as well as the raising of loans and instalments on interest-
bearing debt, if any.
Cash comprises cash in bank deposits.
Financial highlights
Financial highlights are defined and calculated as below.
Capidea Kapital IV K/S | Notes to the financial statements 20
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
Administrative expenses2
The Fund has no employees.
Administrative expenses include management fee for the period to , in accordance
with the Limited Partnership Agreement and management agreement. For further information about
management fee, please refer to note . Also, administrative expenses include fee to administration, audit,
advisors, organisation expenses and other professional fees.
Capidea Management ApS
8
2022/23
DKK'000
Management fee 16,426
Other administrative expenses 3,472
Administrative expenses 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. 2022/23 Capidea Management ApS
No carried interest was paid out by the Fund during the financial period.
Capidea Kapital IV K/S | Notes to the financial statements 21
Investments3
Equity
Investments
DKK'000
Contributions 231
Fair value at 31.12.2023 231
Capidea Kapital IV K/S | Notes to the financial statements 22
Investments Corporate form Registered in
Equity
interest
% Initial date of Investment
TopCap Inv 1: Denmark Denmark 96.47 21.09.2023
TopCap Inv 2: Denmark Denmark 96.47 20.11.2023
TopCap Inv 3: Denmark Denmark 96.47 30.11.2023
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.
Capidea Kapital IV K/S | Notes to the financial statements 23
Limited partnership capital4
2022/23
DKK'000
Contributions from Limited partners and General partner 19,694
Limited Partners’ contribution at end of year 19,694
The limited partners’ contributions are not divided into classes. Special rights (carried interest rights) are at-
tached to the distribution of dividends from the enterprise 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 payables5
2022/23
DKK'000
Limited Partner creditor accounts 544
Payable to Fund Manager 334
Other payables 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 24
Financial instruments6
Categories of financial instruments:
2022/23
DKK'000
Equity investments 231
Financial assets measured at fair value through profit or loss 231
Other payables 878
Financial liabilities measured at amortised cost 878
All financial liabilities are due for payment within 12 months.
Financial risk management7
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:
2022/23
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
31.12.2023 878 0 0 878
Capidea Kapital IV K/S | Notes to the financial statements 25
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 2023, 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.
Related parties8
Related parties with a controlling interest
The Limited Partnership has no investors or related parties with a controlling interest.
Related party transactions
2022/23
DKK
'000
Management fee for administration and management 16,425
Assets charged9
The Fund has no assets charged.
Contingent liabilities10
There are no other guarantees or contingent liabilities of the Fund.
No provisions for expected credit loss have been recognised. Please refer to note for further.7
Investors11
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:
Capidea Kapital IV K/S | Notes to the financial statements 26
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 date12
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 issue13
At the meeting held on 06 February 2024 the General Partner authorised this annual report for issue on
06 February 2024 .
The annual report will be presented to the limited partners of the Fund for approval at the Annual General
Meeting on 25 April 2024.