CoreCapital I K/S
Helga Pedersens Gade 107
8000 Aarhus C
CVR No. 43281925
Annual report 2023
CoreCapital I K/S | Contents 1
Contents
Fund details 2
Statement by the General Partner 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
Appendix 1 - Supplementary report on disclosures in accordance with
the SFDR
24
2
Fund Manager
CoreCapital ApS
Auditors
Denmark
CoreCapital I K/S | Fund details
Fund details
Fund
Business Registration No.: 4328 1925
Date of foundation: 24.05.2022
Registered office: Aarhus
Financial period: 01.01.2023 - 31.12.2023
General Partner
CoreCapital GP ApS
Board of Directors in CoreCapital GP ApS
CoreCapital GP ApS
CoreCapital I K/S | Statement by the General Partner on the annual report 3
Statement by the General Partner on
the annual report
General Parner
CoreCapital GP ApS
CoreCapital I K/S | Management commentary 4
Management commentary
Financial highlights
2023
DKK'000
2022
DKK'000
Key figures
Operating profit/(loss) (EBIT) (6,387) (922)
Financial results, net 2 0
Increase / (decrease) in net assets attributable to Limited Partners (6,385) (922)
Net Assets attributable to Limited Partners (1,064) (922)
Total Assets 553 0
Ratios
Liquidity ratio (%) 31.73 0.00
Solvency ratio (%) (192.41) (Infinity)
Return on equity (%) 643.00 200.00
Primary activity
CoreCapital I K/S is a private equity Company that primarily invests in small and medium-sized primarily
Danish based companies with the purpose of developing these commercially. CoreCapital I K/S is managed by
CoreCapital ApS.
Investments
CoreCapital I K/S has not made any investments yet.
Development in activities and finances
The statement of comprehensive income of the Limited Partnership for 2023 shows a comprehensive loss of
tDKK 6,385 and the balance sheet of the Limited Partnership shows a negative equity of tDKK 1,064 at 31
December 2023.
Uncertainty relating to recognition and measurement
When preparing the Company’s annual report, the General Partner, in accordance with legislative provisions,
makes accounting judgements and estimates which form the basis of the annual report. The accounting
judgement and estimates made by the General Partner are described in the paragraph “Investments in portfolio
companies” under accounting policies to which we refer. Such estimates are primarily relating to the
measurement of investments in portfolio companies made on the basis of assumptions which the General
Partner considers reasonable and realistic, but which are uncertain by nature.
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.
CoreCapital I K/S | Management commentary 5
Outlook
The outlook for the Limited Partnership depends on the results of the investments. The Fund has still to make its
first investment.
Supplementary report on disclosures in accordance with SFDR
The financial product is classified as being a financial product referred to in Article 8, paragraphs 1, 2, and 2a of
Regulation (EU) 2019/2088 and Article 6, first paragraph of Regulation (EU) 2020/852.
The product level periodic disclosure – Annex V of the Regulation (EU) 2022/1288, is found in Appendix 1.
CoreCapital I K/S | Independent auditor's report 6
Independent auditor's report
CoreCapital I K/S | Independent auditor's report 7
CoreCapital I K/S | Independent auditor's report 8
CVR No. 3396 355 6
Identification No (MNE) mne358 23
CoreCapital I K/S | Statement of comprehensive income 9
Statement of comprehensive income
Notes
2023
DKK
2022
DKK
Administrative expenses 3 (6,386,815 ) (922,017 )
Operating expenses (6,386,815 ) (922,017 )
Operating profit/(loss) (EBIT) (6,386,815 ) (922,017 )
Financial income 2,194 0
Financial expenses (65 ) 0
Increase / (decrease) in net assets attributable to Limited
Partners
(6,384,686 ) (922,017 )
Comprehensive income (6,384,686 ) (922,017 )
CoreCapital I K/S | Statement of financial position as at 31.12.2023 10
Statement of financial position as at
31.12.2023
Assets
Notes
2023
DKK
2022
DKK
Equity investments 4 40,000 0
Investments 40,000 0
Non-current assets 40,000 0
Cash and cash equivalents 512,937 0
Current assets 512,937 0
Total assets 552,937 0
CoreCapital I K/S | Statement of financial position as at 31.12.2023 11
Equity and liabilities
Notes
2023
DKK
2022
DKK
Limited partnership capital 5 6,242,859 0
Retained earnings (7,306,703 ) (922,017 )
Net assets attributable to Limited Partners (1,063,844 ) (922,017 )
Other payables 6 1,616,781 922,017
Current liabilities 1,616,781 922,017
Total liabilities 1,616,781 922,017
Total liabilities and net assets attributable to Limited
Partners
CoreCapital I 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
Retained
earnings
DKK
Total
DKK
Net assets 01.01.2023 0 (922,017 ) (922,017 )
Contributions from Limited Partners 6,242,859 0 6,242,859
Profit/(loss) for the period 0 (6,384,686 ) (6,384,686 )
Net assets 31.12.2023 6,242,859 (7,306,703 ) (1,063,844 )
Retained
earnings
DKK
Total
DKK
Net assets 01.01.2022 (922,017 ) (922,017 )
Net assets 31.12.2022 (922,017 ) (922,017 )
The total commited capital to the fund is DKK 260m divided into 260,000,000 limited partnership shares, of which
246,666,667 are class A shares and 13,333,333 are class B shares. Class B shares have certain preference rights in
case of distribution of proceeds and liquidation as set out in the limited partnership agreement.
Total outstanding commitment is DKK 253.8m
CoreCapital I K/S | Statement of cash flows 13
Statement of cash flows
Notes
2023
DKK
2022
DKK
Operating profit/(loss) (EBIT) (6,386,815 ) (922,017 )
Change in payables 694,764 922,017
(5,692,051 ) 0
Received financial income 2,194 0
Paid financial expenses (65 ) 0
Cash flows from operating activities (5,689,922 ) 0
Acquisition of equity investments 4 (40,000 ) 0
Cash flows from investing activities (40,000 ) 0
Cash flows from operating and investing activities (5,729,922 ) 0
Contributions from Limited Partners 6,242,859 0
Cash flows from financing activities 6,242,859 0
Increase/decrease in cash and cash equivalents 512,937 0
Cash end of year 512,937 0
CoreCapital I K/S | Table of notes 14
Table of notes
1 Accounting policies 15
2 Significant accounting estimates, assumptions and
uncertainties
19
3 Administrative expenses 19
4 Investments 19
5 Limited Partnership capital 20
6 Other payables 20
7 Financial instruments 21
8 Financial risk management 21
9 Related parties 22
10 Contingent liabilities 23
11 Investors 23
12 Events after the balance sheet date 23
13 Authorisation of the annual report for issue 23
CoreCapital I 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.
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 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 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 amounts. 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 the General Partner 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
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:
CoreCapital I 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:
CoreCapital I K/S | Notes to the financial statements 16
The Fund has intent to make 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.9
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.
01.01.2023
Significant accounting judgment and estimates
As part of the preparation of the financial statements, the Fund Manager and 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.
Acquisition and sale of financial assets and liabilities are recognised in the balance sheet at the commitment date.
Liabilities are recognised in the balance sheet when the Company has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Company, and the
value of the liability can be measured reliably. Liabilities are eliminated from the balance sheet when it is no
longer probable that future economic benefits will flow out of the Company.
On initial recognition, assets and liabilities are measured at cost; however, on initial recognition, investment
assets are measured at fair value, ordinarily corresponding to cost less direct expenses incurred. Measurement
subsequent to initial recognition is effected as described below for each financial statement item.
Consideration is made for events occurring during the period from the balance sheet date until the presentation
of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date.
Income is recognised in the statement of comprehensive income when earned, whereas costs are recognised by
the amounts attributable to this financial year.
CoreCapital I K/S | Notes to the financial statements 17
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
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.
CoreCapital I K/S | Notes to the financial statements 18
Financial income and expenses
Financial income and expenses comprise interest income and various expenses.
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.
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.
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.
For further information about the measurement of fair values, please refer to note .4
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.
CoreCapital I K/S | Notes to the financial statements 19
Financial highlights
Financial highlights are defined and calculated as below.
Ratios Calculation formula Ratios reflect
Liquidity ratio (%) Current assets x 100
Current liabilities
The Fund’s financial strength
Solvency ratio (%) Equity x 100
Total assets
The Fund’s financial strength
Return on equity (%) Profit for the year x 100
Average net assets
The Fund’s profitability
Significant accounting estimates, assumptions, and uncertainties2
When preparing the financial statements, the General Partner makes several accounting estimates forming the
basis for the presentation, recognition and measurement of the Company’s assets and liabilities.
Administrative expenses3
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.
CoreCapital ApS
9
Investments4
Equity
Investments
DKK
Acquisitions and development costs 40,000
Fair value at 31.12.2023 40,000
Investments Corporate form Registered in
Equity
interest
%
Profit/(loss)
DKK
Equity
DKK
CC NewCo I ApS Denmark 100.00 N/A N/A
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.
CoreCapital I K/S | Notes to the financial statements 20
Limited partnership capital5
2023
DKK
2022
DKK
Contributions from Limited partners 6,242,859 0
Limited Partners’ contribution at end of year 6,242,859 0
The Limited Partnership is owned by the Limited Partners in proportion to their respective capital commitments.
Specific Limited Partnership interest classes have an associated right to receive carried interest. In total there is
ultimately 5 participants holding interests with such rights through jointly owned companies.
Other payables6
2023
DKK
2022
DKK
Other liabilities 1,616,781 922,017
Other payables 1,616,781 922,017
The carrying amount of payables relates to legal fees, auditor’s fees, travel costs etc. The amount recognised is
equal to the fair value of the liabilities.
Other payables fall due for payment within 12 months.
CoreCapital I K/S | Notes to the financial statements 21
Financial instruments7
Categories of financial instruments:
2023
DKK
2022
DKK
Equity investments 40,000 0
Financial assets measured at fair value through profit or loss 40,000 0
Other payables 1,616,781 922,017
Financial liabilities measured at amortised cost 1,616,781 922,017
All financial liabilities are due for payment within 12 months.
Financial risk management8
The General Partner is ultimately responsible for the overall risk management within the Company, but has
delegated the responsibility to the Company Manager.
The Company pursues an investment strategy approved by the Limited partners and invests in small and
mediumsized primarily Danish based companies with the purpose of developing these commercially.
The Company’s risk management processes includes identification, measurement, monitoring, reporting and
mitigation of the identified risks to minimize the potential negative effects at Company level.
There are none key financial risk factors and exposures in financial statements besides investments in portfolio
companies.
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.
Financial risk factors
Liquidity risks
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
The Company does not have any material receivables and, consequently, credit risks are at a minimum.
Market risks
The Company's investment advisor, CoreCapital ApS, assists the general partner and the company with
investment recommendations. The advisor's recommendations are reviewed and approved by the general
CoreCapital I K/S | Notes to the financial statements 22
partner prior to the implementation of investment decisions. In order to manage the market risk, the investment
advisor, in agreement with the general partner, regularly reviews the results of the portfolio companies and is
also regularly in contact with the management of the portfolio companies on strategic, legal and operational
matters. All relevant results from these reviews are communicated to the general partner.
The portfolio of investments will be initially focused on the many strong, smaller Danish companies that play a
crucial role in the global green transition to renewable energy. Investments are made primarily in Danish
companies, a number of which companies in the investment portfolio operate across national borders. Due to
the focus on Danish companies in the renewable industry, a negative event in the Danish capital market, and in
the renewable market, is likely to affect the fair value of the investment and opportunities to divest.
Interest rate risk
The Company itself does not have access to a credit facility.
Currency risk
Given that the company operates primarily within its functional currency, the company is not exposed to any
currency risks.
Related parties9
Related parties with a controlling interest
The Limited Partnership is managed by the company CoreCapital ApS (”Fund Manager”). Under the management
agreement dated 9 February 2023, the Company appointed the company CoreCapital ApS to act as Fund
Manager and provide management services to the Limited Partnership.
CoreCapital ApS receives a Management fee which is paid semi-annually based on investment commitments
made by the Limited Partners. The agreement is valid undtil the date og completion of the Partnership's last
disposal.
Related party transactions
2023
DKK
2022
DKK
CoreCapital GP ApS receives a fee for its obligation towards as
per limited partnership agreement
CoreCapital I K/S
Payment to the General Partner 51,544 0
Fund Manager (the Fund Manager) is considered a related party of the Fund
due to its role as being Fund Manager
Management fee 3,974,109 0
Management fee is calculated as a percentage of the total committed capital to the Fund.
In addition to this, no transactions with related parties have been conducted during the year.
CoreCapital I K/S | Notes to the financial statements 23
Contingent liabilities10
There are no other guarantees or contingent liabilities of the Fund.
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:
Limited Partner Residence Ownership percentage
CIP CC Invest ApS Amerika Plads 29, 2., 2100
Copenhagen K, Denmark
48.33
Nordea-Fonden Overgaden Neden Vandet 11, 1414
Copenhagen K , Denmark
20.00
Systematic Holding ApS Lindevangsvej 17, 8240 Risskov 12.50
E. Bank Lauridsen Holding A/S Willemoesgade 2, 3., 6700 Esbjerg 12.50
CoreCapital Sponsor Invest K/S Helga Pedersens Gade 107 , 8000
Aarhus C, Denmark
6.66
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 27.03.2024 the General Partner authorized this annual report for issue on 27.03.2024.
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 24
Appendix 1 - Supplementary report on
disclosures in accordance with the
SFDR
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 25
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 26
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 27
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 28
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 29
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 30
CoreCapital I K/S | Appendix 1 - Supplementary report on disclosures in accordance with the SFDR 31