PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, CVR-nr. 33 77 12 31
Nobelparken, Jens Chr. Skous Vej 1, 8000 Aarhus C
T: 8932 0000, F: 8932 0010, www.pwc.dk
CVR No 40 48 27 76
The Annual Report was
Presented and adopted at
The Annual General
Meeting of the Company on
20 March 2025
Klaus Bülow Davidsen
Chairman of the General
Meeting
VPK Fond II K/S
Klostervej 28, st., DK-8680 Ry
Annual Report for 1 January 31
December 2024
1
Contents
Page
Management’s statement 2
Indepenent auditor’s report on the financial statement 3
Company information 6
Management’s review 7
Financial Highlights 16
Statement of comprehensive income 17
Balance sheet as at 31 December 2024 18
Statement of changes in equity for the year 2023 and 2024 19
Cash flow statement 20
Notes to the financial statement - overview 21
2
Management’s Statement
The General Partner have today considered and adopted the Annual Report of VPK Fond II K/S for
the financial year 1 January 31 December 2024.
The Annual Report has been prepared in accordance with IFRS Accounting Standards as adopted
by the EU and further requirements in the Danish Financial Statements Act.
In our opinion the Company Financial Statements give a true and fair view of the financial position
at 31 December 2024 the Company and of the results of the Company operations and cash flows for
2024.
In our opinion, Management’s Review includes a true and fair account of the development in the
operations and financial circumstances of the Company, of the results for the year and of the
financial position of the Company as well as a description of the most significant risks and elements
of uncertainty facing the Company.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Ry, 20 March 2025
On behalf of the General Partner: VPK Komplementar II ApS
Brian Vahlun Jørgensen Jon Erik Risvig Klaus Bülow Davidsen
3
Independent Auditor’s Report
To the General Partner of VPK Fond II K/S
Opinion
In our opinion, the Financial Statements give a true and fair view of the financial position of the
Company at 31 December 2024, and of the results of the Company’s operations and cash flows for
the financial year 1 January - 31 December 2024 in accordance with IFRS Accounting Standards as
adopted by the EU and further requirements in the Danish Financial Statements Act.
We have audited the Financial Statements of VPK Fond II K/S for the financial year 1 January - 31
December 2024, which comprise the income statement, the balance sheet, the statement of changes
in equity, the cash flow statement and the notes, including summary of significant accounting poli-
cies material accounting policy information (“financial statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the
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 are independent of the Company 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. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s
Review and, in doing so, consider whether Management’s Review is materially inconsistent with the
financial statements or our knowledge obtained during the audit, or otherwise appears to be
materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the infor-
mation required under the Danish Financial Statements Act.
Based on the work we have performed, in our view, 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 in Management’s Review.
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 IFRS Accounting Standards as adopted by the EU and further require-
ments in 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.
4
In preparing the financial statements, Management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting in preparing the financial statements unless
Management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about 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 the 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
these financial statements.
As part of an audit conducted in accordance with ISAs and the 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 Company’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 Company’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 Company to cease to continue as a going
concern.
Evaluate the overall presentation, structure and contents of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that gives a true and fair view.
5
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.
Aarhus, 20 March 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR-nr. 33 77 12 31
Christian Roding Christian Reumert Bilde
State Authorised Public Accountant State Authorised Public Accountant
mne33714 mne50596
6
Company Information
Company name
VPK Fond II K/S
Klostervej 28, st.
DK-8680 Ry
CVR No: 40 48 27 76
Financial period: 1 January 31 December
Municipality of reg. office: Skanderborg
On behalf of the General
Partner:
VPK Komplementar II ApS
Brian Vahlun Jørgensen
Jon Erik Risvig
Klaus Bülow Davidsen
Auditors
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Nobelparken
Jens Chr. Skous Vej 1
DK-8000 Aarhus C
7
Management Review
Business activities
VækstPartner Kapital (“VPK”) established its first fund 2016 and VPK Fond II K/S was established
in 2019.
VækstPartner Kapital aims to be a strong and active co-owner of small and medium sized Danish
B2B businesses, and through contributions to strategic development initiatives, help the companies
expand and realize their market potential and become attractive investment objects of future own-
ers. The VPK funds aim to generate profits by conducting, monitoring, developing and realizing
investments in companies, either directly or through wholly or partly owned holding companies for
the investors of the funds. See more about VækstPartner Kapital on www.vpkapital.dk.
Investment Strategy
VPK Fond II K/S invests in Danish B2B companies with revenues between 10 100 mdkk at the
time of entering the partnership. The fund seeks to enter partnerships with companies that have
reached commercial maturity and a proven track record of product-market fit and a solid business
foundation. The partnerships aim to further develop the companies and typically over a 3-7 year
period double or triple the revenues of the companies while also strengthening the strategic profile
and foundation of the companies. This is expected to enable value realization to happen at higher
multiples driven by larger scale and solid operations. The fund can be either significant minority or
a majority investor in the companies, and VækstPartner Kapital contributes through both active
board work as well as weekly interactions and project deliverables.
Social Impact
The funds managed by VækstPartner Kapital overall aim to catalyze positive developments to the
economy and business activities, and thereby represent a significant positive social impact by de-
veloping and realizing the potential of a segment of Danish businesses that historically has enjoyed
fewer investment opportunities.
Other social, environmental and governance responsibility policies
VækstPartner Kapital assesses investment opportunities for their long term sustainable potential
and generally seeks to make a positive contribution to society, the environment and conduct activi-
ties properly. The investment mandate stated in the Limited Partnership Agreements of the funds
include a negative list of activities blocking the funds from investments in certain unsustainable
activities. VækstPartner Kapital on a continuous basis seeks inspiration from a broad set of recom-
mendations, guidelines and principles, and works actively with portfolio companies to adopt
methods and processes that develop the companies soundly.
8
Organization and Governance of VPK Fond II K/S
Vækstpartner Kapital ApS is the management company for VPK Fond II K/S.
Vækstpartner Kapital ApS is led by the three partners Klaus Bülow Davidsen, Jon Risvig and Brian
Jørgensen who also form the management, as well as serving as Investment Manager, which
recommends investments to the General Partner of the fund.
For a presentation of the management team, please go to www.vpkapital.dk.
The General Partner and its management are responsible for the decisions on any investment in the
fund, based on the recommendations from the Investment Manager.
An Investor Advisory Board oversees the investment strategy including investments and exits.
VPK Fond II K/S is owned by several professional investors holding a total stake of 95,2%. The re-
maining stake is owned by the partners of the management company, VækstPartner Kapital ApS,
and the investment professionals employed at VækstPartner Kapital ApS.
Reporting
The reporting is governed by the Limited Partnership Agreement. The Fund ensures quarterly and
annual reports providing transparency on the main development in the portfolio companies and on
the overall fund economics.
The past year and follow-up on development expectation from last year
For VPK Fond II K/S 2024 proved to generate solid progress for the fund’s performance. The fund
sold its shares in Capturi A/S to Puzzel AS and as part of the payment received shares in Puzzel AS.
In addition, the performance of previously sold companies, Blue Idea and Sax Lift, proved strong
and created the basis for solid earn-out payments. The earn-out payment from the sale of Blue Idea
was received during Q4 2024.
Expectations to the next year
The main focus for 2025 will be on further developing the portfolio companies and growing their
value. In addition, the fund is expected to receive an income from an earn-out payment related to
the sale of Sax Lift.
Valuations principles
The Fund’s valuation principles are in accordance with the Europe Investor Valuation Guidelines.
9
Recognition and measurement uncertainties
The recognition and measurement of items in the financial statements are not subject to any uncer-
tainty.
Unusual matters
The Fund’s financial position on 31 December 2024 and the results of its operations for the
financial year ended 31 December 2024 are not affected by any unusual matters.
Significant events occurring after end of reporting period
No events have occurred after the balance sheet date which could significantly affect the Fund’s
financial position.
Financial risks
Financial and other risks material to the financial statements is presented in section “Notes to the
financial statements”. Please refer to note 3. For information about the methods and assumptions
used in determining fair value please refer to note 4.
Consolidated financial statements
The Company meets the conditions for being an investment entity and is exempt from preparing
consolidated financial statements for 2024. For further explanation, please refer to the disclosures.
10
Management Review
Portfolio company status: Active investment
ROEQ ApS
Sector:
Robotics and automation
Number of employees:
30 (27 FTEs and 3 PTEs)
Location:
Vissenbjerg, Denmark
Fund’s ownership:
46%
Investment year:
2020
Website:
www.roeq.dk
Responsible partner(s)
Jon Erik Risvig (board representative)
About the company
ROEQ makes safe, easy and reliable top-module solutions for autonomous mobile robots (AMRs).
ROEQ is the leading provider of standard top modules for robots from AMR brands such as MiR,
Omron, Capra, Robotize and Continental enabling automation of internal transport processes.
ROEQ top-module solutions add functionalities to AMRs with focus on lift solutions for pallets,
transportation of cart systems and roll-on/roll-off of goods to enable AMRs to be used for a broad
set of applications.
Developments in 2024
The measured market conditions of the second half of 2023 carried into the beginning of 2024, but
with strong focus on the US market in the second half of 2024, ROEQ managed to ensure satisfac-
tory revenue growth. During the year, ROEQ continued to invest heavily into product development
for various AMR partnerships.
ROEQ experienced a broader demand for its products which included working with customers on
more customized solutions based on the ROEQ top modules.
11
Management Review
Portfolio company status: Active investment
Playable ApS
Sector:
Software marketing gamification platform
Number of employees:
70
Location:
HQ in Aarhus, Denmark
Fund’s ownership:
20%
Investment year:
2020
Website:
www.playable.com
Responsible partner(s)
Klaus Bülow Davidsen (board member)
About the company
Playable is the gamification platform for marketers. The platform allows marketers to create, tailor
and deploy marketing gamification campaigns. Playable is used by 700+ brands globally and +15
games are played every second delivered by the platform.
Developments in 2024
In 2024, Playable continued to strengthen its position as the leading gamification platform for
marketers. The company continued to strengthen operations and build out its market position in
Northern Europe. The financial performance of the company remains very sound with a solid oper-
ating margin and the financial position is solid.
12
Management Review
Portfolio company status: Active investment
Bizbrains A/S
Sector:
Software - platform for integration management
Number of employees:
60
Location:
HQ at Havneparken 1, 7100 Vejle
Fund’s ownership:
34% of Bizbrains holding ApS, which owns 100% of Bizbrains A/S
Investment year:
December 2020
Website:
www.bizbrains.com
Responsible partner(s)
Jon Erik Risvig (board member)
About the company
Bizbrains offers IT-integration solutions to B2B companies. Bizbrains is a specialist in helping its
clients achieve complete data and system integration.
Bizbrains’ core product, Link, is an integration management application with unique governance
and B2B/EDI features, that can unify and optimize a company’s information flow and enable
speedy and cost-efficient onboarding of new partners and systems. Bizbrains also provides
consultancy services for IT-integration software in relation to Link, such as SAP PI/PO-CPI,
Microsoft BizTalk, Microsoft Azure and Dell Boomi.
Developments in 2024
Bizbrains has continued its strong growth in recurring revenue with improved profitability metrics.
The unification of the product platform, Link, is well underway with significant contributions from
the product development team. Customer net retention continues at very satisfactory levels.
13
Management Review
Portfolio company status: Active investment
Puzzel AS
Sector:
Software customer experience platform
Number of employees:
250
Location:
HQ in Oslo, Norway
Fund’s ownership:
2,6 %
Investment year:
November 2024
Website:
www.puzzel.com
Responsible partner(s)
Klaus Bülow Davidsen
About the company
Puzzel is a larger Norwegian-originated software company that offers a customer experience plat-
form serving larger enterprises in Norther Europe.
Developments in 2024
VPK Fond II sold its shares in Capturi A/S to Puzzel in November 2024, and as part of the payment
received shares in Puzzel.
14
Management Review
Portfolio company status: Active investment
ADDvision ApS (former Microdata ApS)
Sector:
IT services ERP and outsourced IT operations
Number of employees:
59 FTEs
Location:
HQ in Herlev, Denmark
Fund’s ownership:
61% of ADDvision Holding ApS, which owns 100% of ADDvision ApS
Investment year:
2022
Website:
www.addvision.dk
Responsible partner(s)
Brian Vahlun Jørgensen (Chairman of the board)
About the company
ADDvision serves as a trusted partner for Danish small to medium sized companies’ IT outsourc-
ing. As a managed IT service provider Microdata offers reliable hosting solutions, IT and security
software and hardware, ad hoc IT support, advisory on IT operations and ERP migration projects.
Developments in 2024
After a hectic 2023 with high internal activity from integration and also externally from a heated
market, 2024 was somewhat different. The market has cooled from a demand perspective and some
hesitance on ERP project was experienced in H1, 2024. However, when demand dampens, compe-
tition increases, so still lots of work to do. The integration work done in 2023 is starting to pay off
in improved daily operations and increased margin.
During 2024 the company experienced growth in revenues in line with the general market driven
by both existing and new customers, and increased relative EBITDA compared to 2023.
15
Management Review
Portfolio company status: Active investment
AccuRanker ApS
Sector:
Software platform for search engine optimization
Number of employees:
21
Location:
Aarhus, Denmark
Fund’s ownership:
55% of AccuRanker Holding ApS, which owns 100% of AccuRanker ApS
Investment year:
2023
Website:
www.accuranker.com
Responsible partner(s)
Brian Vahlun Jørgensen (Chairman of the board)
About the company
AccuRanker is a specialised platform used for Search Engine Results Page (SERP) rank tracking -
for both desktop and mobile on Google, Bing, Baidu, and YouTube. AccuRanker provides accurate
SERP data faster and more accurate than any competitor. The global customer portfolio consists of
both brand owners, marketing agencies and e-commerce businesses with focus on advanced SEO.
Developments in 2024
AccuRanker experienced solid growth in revenue and operating profit during 2024. A number of
employees has been added to the commercial team in order to build for future growth.
16
Financial Highlights
The financial highligts for the Fund per December 31, 2024, were as follows (2021 and 2020 are
presented according to the Danish Financial Statement Act):
Financial highlights
In TDKK
2024
2023
2022
2021
2020
Value adjustments of investments
38,601
149,485
20,685
0
0
Financial income/expense
1,779
-7
-19
32,361
-21
Net profit/loss for the year
43,419
141,593
11,999
24,372
-10,141
Total non-current assets
289,400
262,200
303,000
3,907
30,899
Total assets
303,020
300,017
303,089
136,814
137,346
Equity
300,037
296,515
286,713
132,367
129,904
For definitions of financial key figures and ratios, please refer to note 1.
17
Statement of comprehensive income
In TDKK
Notes
2024
2023
Value adjustment of investments
4
38,601
149,485
Other external expenses
-5,801
-7,885
Other Income
5
8,840
-
Operating profit (loss) before financial income and expenses
41,640
141,600
Financial income
1,780
-
Financial expenses
-1
-7
Profit (loss) before tax
43,419
141,593
Tax on profit/loss for the year
-
-
Net profit (loss) for the year
43,419
141,593
Other comprehensive income
-
-
Comprehensive income
43,419
141,593
18
Balance sheet 31 December as at 31 December 2024
Assets
In TDKK
Notes
2024
2023
Assets
Non-current assets
Investments in subsidiaries
4, 5, 6
78,500
66,100
Investments in associates
4, 5, 6
151,400
196,100
Other investments
4, 5, 6
59,500
-
Total non-current assets
289,400
262,200
Current assets
Other receivables
7
13,410
37,600
Cash and cash equivalents
210
217
Total current assets
13,620
37,817
Total assets
303,020
300,017
Equity and Liabilities
In TDKK
Notes
2024
2023
Equity
Contributed capital
14,449
54,346
Retained earnings
285,588
242,169
Total equity
8
300,037
296,515
Liabilities
Current liabilities
Trade payables
2,983
402
Other liabilities
-
3,100
Total current liabilities
2,983
3,502
Total liabilities
2,983
3,502
Total liabilities and equity
303,020
300,017
19
Statement of changes in equity for the years 2023 and 2024
For the year ended at 31 December 2024
In TDKK
Contributed capital
Retained earnings
Total equity
As at 1 January 2024
54,346
242,169
296,515
Profit for the period
43,419
43,419
Capital increase
13,524
-
13,524
Capital reduction
-53,421
-
-53,421
Limited partners equity total
31 December 2024
14,449
285,588
300,037
As at 1 January 2023
186,137
100,576
286,713
Profit for the period
141,593
141,593
Capital increase
44,560
-
44,560
Capital reduction
-176,351
-
-176,351
Limited partners equity total
31 December 2023
54,346
242,169
296,515
20
Cash flow statement
Statement of cash flows for the year ended at 31 December 2024
In TDKK
Notes
2024
2023
Cash flows from operating activities
Operating profit/(loss) (EBIT)
41,640
141,600
Purchase of financial investments (portfolio Companies)
-6,756
-24,909
Sale of financial investments (portfolio Companies)
13,677
215,194
Proceeds from financial investments
-
-
Value adjustment of investments (unrealized)
-428
-21,253
Realized gain/loss from financial investments
-38,173
-128,232
Change in working capital
28,170
-50,474
Financial income received
1,761
-
Financial expense paid
-1
- 7
Net cash inflow (outflow) from operating activities
39,890
131,920
Cash flows from financing activities
Paid in contributed capital
13,524
44,560
Distributions paid to limited partners
-53,421
-176,351
Proceeds from borrowings
-
-
Net cash inflow (outflow) from financing activities
-39,897
-131,791
Net increase (decrease) in cash and cash equivalents
7
128
Cash and cash equivalents at the beginning of the financial year
217
89
Cash and cash equivalents at end of year
210
217
21
Notes to the financial statement overview
Number
Content
Note 1
Summary of significant accounting policies
Note 2
Significant estimates and judegments
Note 3
Financial risk and financial instruments
Note 4
Fair Value adjustments
Note 5
Financial assets at fair value through profit or loss
Note 6
Investments in subsidiaries and associates
Note 7
Other receivables
Note 8
Limited partners equity
Note 9
Personnel expenses
Note 10
Related party transactions
Note 11
Contingent liabilities
Note 12
Subsequent events
22
Note 1 Summary of significant accounting policies
The financial statements of VPK Fond II K/S for the year ended 31 December 2024 were authorised
for issue in accordance with a resolution of the directors on 20 March 2025.
This note provides a list of the significant accounting policies adopted in the preparation of the fi-
nancial statement. These policies have been consistently applied to all the years presented, unless
otherwise stated.
Basis of preparation
The financial statements of the group have been prepared in accordance with International Finan-
cial Reporting Standards (IFRS) as adopted by the EU as well as additional the Danish disclosure
requirements applying to entities of reporting class B as well as selected rules applying to reporting
class C.
The financial statements are presented in Danish Kroner (DKK) and all values are rounded to the
nearest thousand, except when otherwise indicated.
New standards and interpretations not yet adopted
The Company has assessed the effect of the new standards, amendments and interpretations. The
Company has concluded that all standards, amendments and interpretations effective for financial
years beginning on or after 1 January 2025 are either not relevant to the Company or have no
significant effect on the Financial Statements of the Company.
Explanation on exemption from Consolidated Financial Statements
VPK Fond II K/S has multiple unrelated investors and holds multiple investments in both subsidi-
aries and in associates. The Company has been deemed to meet the definition of an investment en-
tity per IFRS 10 as the following conditions exist:
1. The Company has obtained funds for the purpose of providing investors with professional
investment management services,
2. the Company’s business purpose, which was communicated directly to investors, is
investing for capital appreciation and investment income and
3. the investments are measured and evaluated on a fair value basis.
As the Company meets the conditions above, it is exempt from consolidating its subsidiaries. In-
stead, it records its controlled investments as financial assets at fair value through profit or loss.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary econom-
ic environment in which the entity operates (‘the functional currency’). The financial statements are
presented in Danish Kroner (DKK), which is the company's functional and presentation currency.
23
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign currency assets and liabilities are translated into
the functional currency using the exchange rate prevailing at the statement of financial position
date.
Foreign exchange gains and losses arising from translation are included in the statement of com-
prehensive income.
Foreign exchange gains and losses relating to cash and cash equivalents are presented in the state-
ment of comprehensive income within ‘net foreign currency gains or losses on cash and cash
equivalents’.
Foreign exchange gains and losses relating to the financial assets and liabilities carried at fair value
through profit or loss are presented in the statement of comprehensive income within ‘other net
changes in fair value on financial assets and financial liabilities at fair value through profit or loss’.
Balance sheet
Investments in portfolio companies etc.
Investments in subsidiaries, associates, other securities and investments comprise investments in
portfolio companies and are recognised when the Company obtains control of the portfolio invest-
ment. The control can be partial or full, and is corresponding to the classification of the invest-
ments; investments in subsidiaries, associates or other securities and investments. Investments in
portfolio companies are measured at fair value on the balance sheet date. Value adjustments are
recognised in the income statement.
Investments in portfolio companies are measured according to the guidelines of the “International
Private Equity and Venture Capital” (IPEV) “Valuation Guidelines” which is why investments are
recognised at fair value at the balance sheet date. It is Management's assessment that the valuation
process in accordance with IPEV is compliant with the requirements in IFRS 13.
Investments in portfolio companies traded in an active market are measured on the basis of the last
market price. Unlisted portfolio companies are valued either by way of a capital increase round or
part sale based on the value of comparable companies as well as by applying traditional measure-
ment methods.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an or-
derly transaction between market participants at the measurement date. The fair value of financial
assets traded in active markets (such as publicity traded derivatives and equity securities publicly
traded on a stock exchange) are based on quoted market prices at the close of trading on the report-
ing date.
24
Fair value for unlisted equity securities are determined by the General Partner using valuation
techniques. Such valuation techniques may include earnings multiples and discounted cash flows.
The Partnership adjust the valuation model as deemed necessary for factors such as non-
maintainable earnings, tax risk, growth stage and cash traps.
In determining fair value, the General Partner in many instances relies on the financial data of in-
vestee portfolio companies and on estimates by the management of the investee portfolio compa-
nies as to the effect of future developments. Although the General Partner uses its best judgement,
and cross-references results of primary valuation models against secondary models in estimating
the fair value of investments, there are inherent limitations in any estimation techniques.
The fair value estimates presented herein are not necessarily indicative of an amount the Partner-
ship could realise in a current transaction. Future confirming events will also affect the estimates of
fair value. The effect of such events on the estimates of fair value, including the ultimate liquidation
of investments, could be material to the financial statements.
Receivables
Receivables are recognised initially at fair value and are subsequently measured at amortised cost.
The other receivables balance is held for collection.
Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances.
Equity
An amount corresponding to net positive unrealised value adjustments of investments in
subsidiaries and associated companies is presented as “revaluation reserve” under the equity.
Capital commitments from the Limited Partners are recognised when the capital has been called.
Uncalled capital commitments are not recognised.
Liabilities
Liabilities are measured at amortised cost equal to normal value.
Comprehensive income statement
Value adjustments of investments
The value adjustment of investments in to portfolio companies comprises value adjustment realized
from sale and value adjustments unrealized from any revaluation or impairment of investments in
portfolio companies at fair value. Dividend received from investments are included in value ad-
justments.
25
Other income
Other operating income comprise items of fair value adjustments of contingent consideration re-
ceivables from sales.
Other external expenses
Management fee comprises of management fee for the period calculated according to the Limited
Partnership Agreement. Administrative expenses comprise expenses for establishing the Company
and managing the operations of the company, including audit costs, legal advisors and other
general expenses.
Financial income and expenses
Financial income and expenses (net financial items) include interest income and expenses calculat-
ed in accordance with the effective interest method as well as exchange rate gains and losses on for-
eign currency transactions.
Financial income and expenses are recognised in the income statement at the amounts relating to
the financial year.
Tax on profit/loss for the year
The Company is not independently liable to income tax and consequently tax has not been
recognized.
Statement of cash flows
The cash flow statement shows the group's cash flows for the year broken down by operating,
investing and financing activities, changes for the year in cash and cash equivalents as well as the
group's cash and cash equivalents at the beginning and end of the year.
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for
changes in working capital and non-cash operating items such as share-based payment expenses,
depreciation, amortisation and impairment losses. Working capital comprises current assets less
short-term debt, excluding items included in cash and cash equivalents.
Cash flows from investing activities comprise cash flows from payments/distributions and contri-
butions to and from shareholders/limited partners. Cash and cash equivalents comprise ”Cash at
bank and in hand” as well as balances in “Credit institutions”. The cash flow statement cannot be
immediately derived from the published financial records.
Key figures
The financial ratios have been calculated in accordance with the recommendations of the
Association of Danish Financial Analysts.
26
Note 2 Significant estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by defini-
tion, will seldom equal the actual results. Management also needs to exercise judgement in
applying the group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or com-
plexity. Detailed information about each of these estimates and judgements is included in other
notes together with information about the basis of calculation for each affected line item in the
financial statements.
VPK Fond II K/S makes estimates and assumptions that affect the reported amounts of assets and
liabilities within the next financial year. Estimates and judgements are continually evaluated and
are based on historical experience and other factors, including expectations of future events that
are to be reasonable under the circumstances. The estimates and assumptions that have a signifi-
cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are presented below.
Judgements
When assessing that the entity meets the definition of an investment entity, Management has put
weight on the following characteristics:
An exit strategy for the investments is in place
The entity holds more than one investment
Multiple unrelated investors have at interest in the fund
Fair value of investments
The Company holds solely investments that are not quoted in an active market. Fair value is deter-
mined by using valuation techniques described below. The Company’s general partner seeks to ad-
here Invest Europe’s IPEV Valuation Guidelines.
The general partner has chosen to adopt different valuation techniques depending on the portfolio
company. For holdings with substantial and sustainable cash flow or earnings, the general partner
has adopted a valuation technique using EBITDA multiples. For investments without significant
profits or positive cash flow, the General Partner has adopted a valuation technique using revenue
multiples (e.g. annual recurring revenue or revenue). Please refer to note 4 for further details on the
valuations models and processes.
27
Note 3 Financial risk and financial instruments
The objective of the Partnership is to achieve medium to long-term capital growth through
investing in a selection of unlisted private companies operating mainly in the Nordic market.
The Partnership’s activities expose it to a variety of financial risks: operating risk, market risk,
foreign exchange risk, interest rate risk and credit risk.
Special operating risks, market risks and foreign exchange risks
Risk management
Management has assessed that the most significant financial risk is the market risk that is related to
the portfolio companies. The risk is managed as described in the following section.
The Partnership’s Investment Manager, Vækstpartner Kapital ApS, provides the General Partner
and Partnership with investment recommendations. The Investment Manager’s recommendations
are reviewed and endorsed by the Advisory Board before the investment decisions are implement-
ed. To manage the market price risk, the Investment Manager, as engaged by the General Partner
to do so, reviews the performance of the portfolio companies on a continuous basis and is often in
contact with the management of the portfolio companies for business and operational matters. Any
relevant results of these reviews are communicated to the Limited Partners through the quarterly
reporting.
The portfolio of investments is well diversified among various industries. However, all of the
investments are in Denmark and a negative event in the Danish capital markets would most likely
affect the financing and/or exit possibilities in general.
Credit risk
The Company has no significant receivables, why the credit risk is minimal.
Liquidity risk
Liquidity risk is defined as VPK Fond II K/S’ risk of not being able to meet its payment obligations.
VPK Fond II K/S is equity financed, and therefore has no liquidity risk.
Foreign exchange risks
The Company has no significant risk to changes in the exchange rate since alle portfolio invest-
ments are made in DKK corresponding to the Company's chosen currency.
Foreign exchange sensitivity
The Company has no significant foreign exchange sensitivity as equity investments are not exposed
to foreign exchange sensitivity.
Interest rate risk
The Company has no debt and limited cash at hand, and therefore the interest rate risk is
considered insignificant.
28
Capital risk management
The capital of the Partnership is represented by the net assets attributable to the partners. The
Partnership’s objective when managing the capital is to safeguard the ability to continue as a going
concern in order to provide returns for partners and benefits for other stakeholders and to maintain
a strong capital base to support the development of the investment activities of the Partnership. In
order to maintain or adjust the capital structure, the General Partner may call unfunded commit-
ment from the limited partners or distribute funds to the limited partners.
29
Note 4 Fair Value adjustments
Methods and assumptions in determining fair value
The valuation process
The valuations are prepared by the relevant team of the Investment Manager and are reviewed on a
quarterly basis as well as per year end by the Investment Manager. The quarterly valuations are
reported to the investors. The Investment Manager considers the appropriateness of the valuation
model itself, the significant and key inputs as well as the valuation results using various valuation
methods and techniques generally recognized as standard within the industry. The fair value esti-
mates are measured according to the guidelines of the “International Private Equity and Venture
Capital” (IPEV) “Valuation Guidelines” which is why investments are recognized at fair value at the
balance sheet date. It is Management's assessment that the valuation process in accordance with
IPEV is compliant with the requirements in IFRS 13.
In determining the valuation, the Investment Manager utilizes comparable trading multiples in ar-
riving at the valuation. The Investment Manager determines trading multiples based on their
experience, by enquiries from potential buyers of the portfolio companies and based on indications
from discussions with consultants and investment professionals. The valuation is based on the rele-
vant valuation metric, such as EBITDA, ARR, Revenue and the trading multiple. The calculated
enterprise value is then adjusted for Net Interest Bearing Debt and other relevant adjustments,
which is the basis for the equity value that is considered fair value.
In determining the continued appropriateness of the chosen valuation techniques, the Investment
Manager may perform back testing to consider the various models’ actual results and how they
have historically aligned with the market transactions.
Fair Value hierarchy for financial instruments
International Financial Reporting Standards require VPK Fond II K/S to classify, for disclosure
purposes, fair value measurements using a fair value hierarchy that reflects the significance of
inputs used in making the measurements. The fair value hierarchy has the following levels:
Level 1: inputs are quoted (unadjusted) in active markets for identical assets or liabilities
that VPK Fond II K/S can access at the measurement date;
Level 2: inputs are inputs other than quoted prices included within level 1 that are observa-
ble for the assets or the liability, either direct or indirect;
Level 3: inputs are unobservable inputs that have been applied in valuing the respective as-
set or liability.
The determination of what constitutes “observable” requires significant judgement by VPK Fond II
K/S. The Company considers observable data to be market data that is readily available, regularly
distributed or updated, reliable and verifiable, not proprietary and provided by independent
sources that are involved in the relevant market.
30
The following table shows the classification of the financial instruments, measured at fair value.
The values are classified in respect of the fair value hierarchy.
In TDKK
Level 1
Level 2
Level 3
Total
2024
Quoted investments (portfolio Companies)
-
-
-
-
Unquoted investments (portfolio Companies)
-
-
289,400
289,400
Financial instruments, measurements at fair value
-
-
289,400
289,400
2023
Quoted investments (portfolio Companies)
-
-
-
-
Unquoted investments (portfolio Companies)
-
-
262,200
262,200
Financial instruments, measurements at fair value
-
-
262,200
262,200
Significant unobservable inputs at level 3
Investments classified within level 3, has been valued based on significant unobservable inputs, as
they trade infrequently. As quoted market prices are not available for these investments, the gen-
eral partner has used valuation techniques to determine fair value. In order to assess the valuation
made for investments within level 3, the Investment Manager reviews the performance of the port-
folio companies. Furthermore, the Investment Manager is regularly in contact with the manage-
ment of the portfolio companies in order to make assessments of business and operational matter
which are considered in the valuation process. Where appropriate the Investment Manager also
track peer group company multiples and recent transaction results for similar companies.
EV/EBITDA
EV/EBITDA
EV/ARR
EV/ARR
EV/Revenue
EV/Revenue
Range used
Weighted
average
Range used
Weighted
average
Range used
Weighted
average
Level of applied multiples, 2024
9.0
9.0
3.5-6.0
4.40
1.5-2.45
1.89
Level of applied multiples, 2023
9.0
9.0
3.38-8.0
4.65
2.25-2.45
2.35
Sensitivity analysis
The fair value of the Company’s portfolio companies is affected by the development in applied
multiples. A change in significant unobservable input will have an effect on the valuation of the
portfolio companies, as well as the fair value will be affected of development in general macro-
economic conditions.
A change of applied multiples of 10 % will have the following effect on the fair value.
Change in applied EBITDA multiples of 10%, 2024 TDKK 6,700
Change in applied ARR multiples of 10%, 2024 TDKK 20,900
Change in applied Revenue multiples of 10%, 2024 - TDKK 2,000
Change in applied EBITDA multiples of 10%, 2023 TDKK 6,500
Change in applied ARR multiples of 10%, 2023 TDKK 22,000
Change in applied Revenue multiples of 10%, 2023 - TDKK 3,100
31
Note 5 Financial assets at fair value through profit or loss
2024
2023
Industry of investment
In TDKK
Stage of
initial
investment
Geography
Cost of
investment
Fair value
Cost of
investment
Fair value
Software
Growth
Denmark
154,853
230,700
128,805
195,400
Automation
Growth
Denmark
18,292
17,900
18,554
28,400
Services
Growth
Denmark
24,776
40,800
24,034
38,400
Total portfolio
197,922
289,400
171,393
262,200
Industry of investment
The holdings are monitored closely. All companies are categorized within software, automation and
services.
32
Note 6 Investments in subsidiaries and associates
2024
In TDKK
Investments in
subsidiaries
Investments in
associates
Other invest-
ments
Total
Carrying amount:
At 1 January
66,100
196,100
0
262,200
Exchange differences
0
0
0
0
Additions during the year
5,208
1,548
54,473
61,229
Disposals during the year
0
-72,630
0
-72,630
Fair value adjustments during the year
7,192
26,382
5,027
38,601
Reclassifications, addition
0
0
0
0
Reclassifications, disposals
0
0
0
0
As at 31 December
78,500
151,400
59,500
289,400
Of the total fair value adjustment, TDKK 428 is related to unrealised fair value adjustments.
2023
In TDKK
Investments in
subsidiaries
Investments in
associates
Other invest-
ments
Total
Carrying amount:
At 1 January
179,000
124,000
0
303,000
Exchange differences
0
0
0
0
Additions during the year
22,000
2,909
0
24,909
Disposals during the year
-215,194
0
0
-215,194
Fair value adjustments during the year
111,294
38,191
0
149,485
Reclassifications, addition
0
31,000
0
31,000
Reclassifications, disposals
-31,000
0
0
-31,000
As at 31 December
66,100
196,100
0
262,200
Of the total fair value adjustment, TDKK 21,253 is related to unrealised fair value adjustments.
Stage of investment
The ownership and business strategy of the portfolio companies takes into consideration the stage
of the company and its operations. VPK manages investments in growth stage companies typically
with relatively high growth rates and, sometimes, cash negative operations (operating margins be-
low 10%) while strategic initiatives and investments are implemented. In addition, VPK invests into
- and as growth stage companies mature - manage companies with solid revenues and profitable
operations (operating margins above 10%) building market positions and strategic profiles, ena-
bling next stage of owners to become relevant.
33
Investment in subsidiaries
Investment
Place of
registered
office
Currency
Share
capital
Votes and
ownership
Equity at last
reporting date
In TDKK
Net profit/loss
for the last
reported year
In TDKK
ADDvision
Herlev
DKK
396
61%
42,752
5,229
Accuranker
Aarhus
DKK
160
55%
3,353
5,693
Investment in associates
Investment
Place of
registered
office
Currency
Share
capital
Votes and
ownership
Equity at last
reporting date
In TDKK
Net profit/loss
for the last
reported year
In TDKK
Playable
Aarhus
DKK
131
20%
-13,494
-529
Bizbrains
Vejle
DKK
620
34%
31,398
-3,951
ROEQ
Assens
DKK
1,841
46%
18,670
-2,284
Other investments
Investment
Place of
registered
office
Currency
Share
capital
Votes and
ownership
Equity at last
reporting date
In TDKK
Net profit/loss
for the last
reported year
In TDKK
Puzzel
Brøndby
DKK
1,841
2.6%
8,406
3,676
34
Note 7 Other receivables
Other receivables comprise mainly of fair value of contingent consideration receivables from the
sale of Capturi A/S and Sax Lift A/S.
The contingent consideration receivable from Capturi A/S amounts to 3 MDKK. The maximum
amount receivable is 3 MDKK and is based on reported financial performance of Capturi A/S for
2025. Management has determined the fair value of the receivable based on financial performance
for 2025. It is considered a level 2 fair value measurement.
The contingent consideration receivable from Sax Lift A/S amounts to 8.9 MDKK. The
maximum amount receivable is 18.9 MDKK and is based on reported financial performance of Sax
Lift A/S for 2023 and 2024. Management has determined the fair value of the receivable based on
financial performance for 2023 and estimated 2024. It is considered a level 2 fair value
measurement.
Note 8 Limited party transactions
Limited Partners' and General Partner's total committed capital is TDKK 363,810 of which TDKK
57,451 is not yet called.
Capital reduction comprise of return of capital and distributions from investment companies.
Note 9 Personnel expenses
The company has no expenses to personnel.
2024
2023
Average number of employees
0
0
Note 10 Related party transactions
The following transactions has occurred with other related parties:
In TDKK
2024
2023
Management fee
5,130
5,428
Total expenses
5,130
5,428
35
Note 11 Contingent liabilities
No other events materially affecting the assessment of the Annual Report have occurred after the
balance sheet date.
Note 12 Subsequent events
No significant events have occurred after the balance sheet date, which could have influence on the
evaluation of the Annual Report.
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