Annual report 2025
CVR No. 43281925
The Annual General Meeting adopted the
annual report on 16.04.2026
Chairman of the General Meeting
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 7
Statement of comprehensive income 10
Statement of financial position as at 31.12.2025 11
Statement of changes in net assets attributable to the Limited Partners 13
Statement of cash flows 14
Table of notes 15
Notes to the financial statements 16
Supplementary report on disclosures in accordance with the SFDR
(unaudited)
28
CoreCapital I K/S | Fund details 2
Fund details
Fund
CoreCapital I K/S
Helga Pedersens Gade 107
8000 Aarhus C
Denmark
Business Registration No.: 43281925
Date of foundation: 24.05.2022
Registered office: Aarhus
Financial period: - 01.01.2025 31.12.2025
General Partner
CoreCapital GP ApS
Fund Manager
CoreCapital ApS
Registered Manager of Alternative Investment Funds (Danish FSA number: 23283)
Auditors
Denmark
CoreCapital I K/S | Statement by the General Partner on the annual report 3
Statement by the General Partner on
the annual report
General Partner
CoreCapital GP ApS
CoreCapital I K/S | Management commentary 4
Management commentary
Financial highlights
2025
DKK'000
2024
DKK'000
2023
DKK'000
2022
DKK'000
Key figures
Results from investments 22,777 0 0 0
Operating profit/(loss) (EBIT) 12,570 (16,715) (6,387) (922)
Financial results, net 120 (640) 2 0
Increase / (decrease) in net assets attributable
to Limited Partners
12,690 (17,355) (6,385) (922)
Net Assets attributable to Limited Partners 102,823 34,931 (1,064) (922)
Total Assets 106,714 39,162 553 0
Ratios
Liquidity ratio (%) 199.75 13.45 31.73 0.00
Solvency ratio (%) 96.35 89.20 (192.41) (Infinity)
Return on equity (%) 18.42 (102.49) N/A N/A
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 (%) Net assets x 100
Total assets
The Fund’s financial strength
Return on equity (%) Profit for the period x 100
Average net assets
The Fund’s profitability
Primary activity
CoreCapital I K/S is a private equity fund that primarily invests in small and medium-sized companies within the
green transition sector, with the purpose of developing these commercially. CoreCapital I K/S is managed by
CoreCapital ApS.
Investments
CoreCapital I K/S has investments in the following four companies:
Ventherm (Broby, Denmark)
Ventherm is a leader in providing advanced turnkey spray booth solutions for industries such as wind energy,
offshore, defense, transportation, and heavy machinery. The company specializes in designing, engineering,
installing, and maintaining high-quality solutions that enhance operational efficiency and sustainability.
CoreCapital I K/S | Management commentary 5
DMTonline (Sæby, Denmark)
DMT is a communication and cable confectionary producer, distributor, and supplier to industries including
offshore wind energy, defense, satellite communication, drones, and robotics, mainly serving clients across
Denmark, Norway, and Sweden. With a strong focus on high-quality solutions, DMT ensures seamless and
effective communication across complex environments.
Ventum (Gdansk, Poland)
Ventum is a leading independent service provider for the wind industry, specializing in blade inspection,
maintenance, repair, installation support, and HSE management. The company has expanded rapidly, leveraging
a flexible model for hiring and training skilled technicians, positioning itself as a preferred service provider in the
sector.
DK Maritime (Esbjerg, Denmark)
DK Maritime specializes in turnkey nearshore trenching for offshore cables, inspections, and surveys. Using a self-
developed ROV trencher, the company delivers flexible, low-mobilization solutions, including cable burial,
inspection, and related expertise.
Development in activities and finances
CoreCapital I K/S held its final closing on December 20, 2024, with total capital commitments of DKK 515 million
from selected investors.
In the financial year 2025, the fund made one additional investment and has now completed a total of four
investments, as well as one add-on investment to DMTonline.
The statement of comprehensive income of the Limited Partnership for 2025 shows a profit of DKK 12,690
thousand and the balance sheet of the Limited Partnership shows a net asset value of DKK 102,823 thousand as
of 31 December 2025.
The portfolio companies combined have shown an increased market value in the financial year ending 31
December 2025. The unrealized increased market value has affected the income statement positively with an
income from financial assets amounting to DKK 22,777 thousand.
Overall, the financial development is in line with expectations.
Uncertainty relating to recognition and measurement
When preparing the company’s annual report, the General Partner, in accordance with legislative provisions,
makes judgements and estimates that have a material effect on the annual report. The accounting judgements
and estimates made by the General Partner are described in the paragraph "Investments in portfolio companies"
and other paragraphs to which we refer. Such estimates and judgements primarily relate 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 6
Supplementary report on disclosures in accordance with SFDR
The financial product is classi
fied 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 provided for in this annual
report’s supplementary report on disclosures in accordance with the SFDR.
Information according to the Alternative Investment Fund Managers Directive
According to Article 22 of the Alternative Investment Fund Managers Directive, Alternative Investment Funds (AIF)
must make certain disclosures to investors in connection with the presentation of
financial statements. During
the financial period covered by the
financial statements, there have been no significant changes in the matters
below:
• The Fund’s Investment strategy;
• Valuation principles of the Fund’s investments;
• The percentage of the AIF’s (the Fund's) assets which are subject to special arrangements arising from their
illiquid nature;
• The Fund’
s liquidity management;
• The Fund's risk profile and the risk management systems implemented by the Fund Manager used to manage
the Fund's risks;
• The maximum level of leverage which the Fund Manager can use on behalf of the Fund, and the right to use
collateral or any guarantee accordance with the agreement allowing for the leverage.
CoreCapital I K/S | Independent auditor's report 7
Independent auditor's report
CoreCapital I K/S | Independent auditor's report 8
CoreCapital I K/S | Independent auditor's report 9
CVR No. 33963556
Identification No (MNE) mne35823
Identification No (MNE) mne51489
CoreCapital I K/S | Statement of comprehensive income 10
Statement of comprehensive income
Notes
2025
DKK
2024
DKK
Fair value adjustments from investments in portfolio
companies
3 22,776,920 0
Operating income/(loss) 22,776,920 0
Administrative expenses 4 (10,207,015 ) (16,714,981 )
Operating expenses (10,207,015 ) (16,714,981 )
Operating profit/(loss) (EBIT) 12,569,905 (16,714,981 )
Financial income 5 674,937 15,308
Financial expenses 6 (554,580 ) (655,181 )
Increase / (decrease) in net assets attributable to Limited
Partners
Comprehensive income 12,690,262 (17,354,854 )
CoreCapital I K/S | Statement of financial position as at 31.12.2025 11
Statement of financial position as at
31.12.2025
Assets
Notes
2025
DKK
2024
DKK
Investments in portfolio companies 7 98,941,458 38,593,115
Investments 98,941,458 38,593,115
Non-current assets 98,941,458 38,593,115
Other receivables 5,281,527 383,242
Cash and cash equivalents 2,490,748 185,976
Current assets 7,772,275 569,218
Total assets 106,713,733 39,162,333
CoreCapital I K/S | Statement of financial position as at 31.12.2025 12
Equity and liabilities
Notes
2025
DKK
2024
DKK
Limited partnership capital 8
Retained earnings
Net assets attributable to Limited Partners
Credit facility 9 2,408,583 0
Other payables 10 1,482,448 4,230,901
Current liabilities
Total liabilities 3,891,031 4,230,901
Total liabilities and net assets attributable to Limited
Partners
(11,971,295 ) (24,661,557 )
CoreCapital I K/S | Statement of changes in net assets attributable to the Limited Partners 13
Statement of changes in net assets
attributable to the Limited Partners
Limited
partnership
capital
DKK
Retained
earnings
DKK
Total
DKK
Net assets 01.01.2025 59,592,989 (24,661,557 ) 34,931,432
Contributions from Limited Partners 55,201,008 0 55,201,008
Profit/(loss) for the period 0 12,690,262 12,690,262
Net assets 31.12.2025 114,793,997 (11,971,295 ) 102,822,702
Limited
partnership
capital
DKK
Retained
earnings
DKK
Total
DKK
Net assets 01.01.2024 6,242,859 (7,306,703 ) (1,063,844 )
Contributions from Limited Partners 53,350,130 0 53,350,130
Profit/(loss) for the period 0 (17,354,854 ) (17,354,854 )
Net assets 31.12.2024 59,592,989 (24,661,557 ) 34,931,432
The total commited capital to the fund is DKK 515m divided into 515,000,000 limited partnership shares, of which
501,666,667 are class A shares and 13,333,333 are class B shares. Class B shares are associated with certain
carried interest rights regarding the distribution of capital from the fund to the limited partners, when the total
realised return from the fund exceeds an agreed minimum return of 8% p.a. on the limited partners'
contributions. The limited partnership shares with carried interest rights constitute 2.6% of the total limited
partnership capital, and the return is distributed 80/20, provided the minimum return is achieved in connection
with the closure of the fund.
At the balance sheet date the investors have contributed DKK 114.8m, and hence, the total outstanding
commitment is DKK 400.2m.
CoreCapital I K/S | Statement of cash flows 14
Statement of cash flows
Notes
2025
DKK
2024
DKK
Operating profit/(loss) (EBIT) 12,569,905 (16,714,981 )
Net increase/(decrease) in unrealised gains/(losses) from
financial assets at fair value through profit or loss
(22,776,920 ) 0
Change in net working capital (7,646,738 ) 2,230,879
(17,853,753 ) (14,484,102 )
Received financial income 5 674,937 15,308
Paid financial expenses (554,580 ) (655,182 )
Cash flows from operating activities (17,733,396 ) (15,123,976 )
Investments in portfolio companies 7 (37,571,423 ) (38,553,115 )
Cash flows from investing activities (37,571,423 ) (38,553,115 )
Cash flows from operating and investing activities (55,304,819 ) (53,677,091 )
Increase of credit facility 9 2,408,583 0
Contributions from Limited Partners 55,201,008 53,350,130
Cash flows from financing activities 57,609,591 53,350,130
Increase/decrease in cash and cash equivalents 2,304,772 (326,961 )
Cash beginning of year 185,976 512,937
Cash end of year 2,490,748 185,976
CoreCapital I K/S | Table of notes 15
Table of notes
1 Material accounting principles
2 Material accounting estimates, assumptions and
uncertainties
3 Fair value adjustments
4 Administrative expenses
5 Financial income
6 Financial expenses
7 Investments
8 Limited Partnership capital
9 Credit facility
10 Other payables
11 Financial instruments
12 Financial risk management
13 Financial instruments measured at fair value
14 Related parties
15 Contingent liabilities
16 Investors
17 Events after the balance sheet date
18 Authorisation of the annual report for issue
CoreCapital I K/S | Notes to the financial statements 16
Notes to the financial statements
Material accounting principles1
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. DKK
The financial statements are presented on the basis of going concern.
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.
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 economic decision-making of the users of these financial statements
or not applicable.
The material accounting policies are set out below.
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 a significant impact on the Fund’s financial statements.
01.01.2025
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements to:
present specified categories and defined subtotals in the statement of profit and loss
provide disclosures on management-defined performance measures (MPMs) in the notes to the financial
statements
improve aggregation and disaggregation
CoreCapital I K/S | Notes to the financial statements 17
IFRS 18 amendments are effective for reporting periods beginning on or after 1 January 2027, with earlier
application permitted. IFRS 18 will apply retrospectively.
It is expected that the application of these amendments will have an impact on the Fund's financial statements in
future periods.
There are no other Standards, Interpretations or amendments to existing Standards that are not yet effective that
would be expected to have a significant impact on the Fund.
Material 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 2 to the financial statements.
Recognition and measurement
Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Fund, and the value of the asset can be measured reliably. Assets are derecognised in the
balance sheet when it is no longer probable that future economic benefits will flow to the Fund.
Liabilities are recognised in the balance sheet when the Fund has a legal or constructive obligation as a result of
an event prior to or on the balance sheet date, and it is probable that future economic benefits will flow out of
the Fund, and the value of the liability can be measured reliably. Liabilities are derecognised in the balance sheet
when it is no longer probable that economic benefits will have to be given up to settle the liability.
Financial assets 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 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, ordinarily corresponding to cost less direct expenses incurred. Subsequent to
initial recognition, all financial assets are measured at fair value through profit or loss. Gains and losses arising
from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in
the statement of comprehensive income within fair value adjustments from investments in portfolio companies
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.
All financial liabilities are subsequently measured at amortised cost.
CoreCapital I K/S | Notes to the financial statements 18
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
Fair value adjustments from investments in portfolio companies
Income from investments in portfolio companies comprises gains/losses from divestments, unrealised fair value
changes received dividends and other similar types of returns from the investments.
Realised gains/losses from divestment of investments in portfolio companies are stated as the difference
between the selling price or disposal consideration and the carrying amount of the portfolio companies at the
time of sale or disposal, respectively.
Unrealised fair value adjustments of the Fund's portfolio companies are recognised on a regular basis in the
statement of comprehensive income.
Dividends from investments in portfolio companies are recognised as income when final entitlement to the
dividends is obtained, which is usually at the time of the approval of the dividends on the general meeting.
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.
Financial income and expenses
Financial expenses include interest income and financial expenses include bank fees and interest 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.
CoreCapital I K/S | Notes to the financial statements 19
Statement of Financial Position
Investments in portfolio companies
Investments in portfolio companies comprise equity investments in portfolio companies measured at fair value
through profit or loss. 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.
Investments in portfolio companies 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.
The fair value of the unlisted investments is determined in accordance with IPEV’s Valuation Guidelines, according
to which the fair value – depending on the type and maturity of the investment – is determined to be equal to
cost (typically applied for new investments) or multiple-based valuation.
For further information about the measurement of fair values, please refer to note . 8
Other receivables
Other receivables include a loan extended by the fund in connection with its investment activities. Additionally,
the receivables pertain to the fund’s regular business operations.
Other receivables are measured at amortised cost, usually equaling nominal value.
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.
Net assets attributable to Limited Partners
Net assets attributable to Limited Partners are classified as a financial liability under IFRS Accounting Standards,
due to the finite life and contractual payment provisions to each of the Limited Partners within the LPA.
Cash flow statement
The cash flows statement of the Fund is presented using the indirect method and shows cash flows from
operating, investing, and financing activities as well as the Fund’s cash at the beginning and the end of the
financial period.
Cash flows from operating activities are calculated as the operating profit/loss adjusted for non-cash operating
items and working capital changes.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
investment.
Cash flows from financing activities comprise cash changes in the size or composition of the contributed capital
and cash payment of distributions to the Limited Partners.
Cash comprises cash in bank deposits.
CoreCapital I K/S | Notes to the financial statements 20
Material accounting estimates, assumptions, and uncertainties2
The Fund invests in portfolio companies, consisting of equity investments. The investments are accounted for at
a fair value through profit or loss. When measuring the fair value of the unlisted investments, the Fund Manager
assesses the stage of the portfolio companies compared to the initial plans at the time of making the initial
investments, future financing requirements, commercialisation possibilities, timing of exit and possible exit
values, including changes in earnings and multiples.
The fair value of each portfolio companies is determined in accordance with commonly used valuation
principles based on the IPEV Valuation Guidelines, taking into account the assessment of the stage of the
enterprise as well as its market potential and expected cash flows in order to reflect the fair value of the portfolio
companies in the best way possible.
Methods and assumptions for determining the fair value of investments in unlisted portfolio companies are
described in note 12.
Unrealised income from investments in portfolio companies3
2025
DKK
2024
DKK
Net increase/(decrease) in unrealised gains/(losses) 22,776,920 0
Fair value adjustment 22,776,920 0
Administrative expenses4
The Fund has no employees.
Administrative expenses include management fee for the period to CoreCapital ApS, 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.
14
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.
CoreCapital I K/S | Notes to the financial statements 21
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 CoreCapital ApS and CVR no. 43116649.
2025
Financial income5
2025
DKK
2024
DKK
Interest income 674,937 15,308
Financial income
674,937 15,308
Financial expenses6
2025
DKK
2024
DKK
Net foreign exchange loss 32,867 0
Other interest expenses and fees 521,713 655,181
Interest expenses for
financial liabilities 554,580 655,181
Investments7
Investments
in portfolio
companies
2025
DKK
Investments
in portfolio
companies
2024
DKK
38,593,115 40,000
37,571,423 38,553,115
76,164,538 38,593,115
22,776,920 0
22,776,920 0
Cost at beginning of period
Additions
Cost at end of period
Fair value adjustments
Fair value adjustments at end of period
Carrying amount at end of period
98,941,458 38,593,115
Investments
Corporate
form
Registered in
Equity
interest
%
Profit/(loss)
DKK
Equity
DKK
Number of
companies in
the structure
CC MidCo 1
(Ventum sp. z o.o.)
ApS Denmark 80.00 357,709 7,825,038 3
CC NewCo 2
(DMTONLINE ApS)
ApS Denmark 100.00 4,043,234 12,336,865 2
CC MidCo 3
(Ventherm A/S)
ApS Denmark 55.00 9,537,583 16,270,413 3
CC MidCo 4
(DK Maritime ApS)
ApS Denmark 80.00 (1,333,007) 4,980,216 7
The overview of investments above is based on
financial information for each portfolio company from the most
recent published annual report at the time of the presentation of these
financial statements.
CoreCapital I K/S | Notes to the financial statements 22
Since the Fund’s activity is investing in portefolio companies, listing all the underlying investment entities related
to the portfolio companies would result in a comprehensive list as the total number of entities owned by the
Fund is 15. In order to maintain the clarity and readability of the annual report, the list of entities to which the
Fund has an equity interest has been limited to the entities to which the Fund has a direct ownership.
Furthermore, it is considered that listing all entities would not add material additional information to the annual
report. The total number of companies in the structure of each portfolio companies has been listed.
Consistently with the accounting policies, the Fund regularly adjusts the value of the investments to the best
estimate of fair value. This means that the proportionate share of operating profit or loss for the Companies is
not recognised in profit or loss of the Fund, but rather a fair value adjustment of the investment.
The methods applied by the Fund to measure investments are evident from note to the financial statements. 13
Limited partnership capital8
2025
DKK
2024
DKK
Limited Partners’ contribution at beginning of year 59,592,989 6,242,859
Contributions from Limited partners 55,201,008 53,350,130
Limited Partners’ contribution at end of year 114,793,997 59,592,989
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.
Credit facility9
2025
DKK
2024
DKK
Increase of credit facility 2,408,583 0
Credit facility at the end for the year 2,408,583 0
Other payables10
2025
DKK
2024
DKK
Other liabilities 1,482,448 4,230,901
Other payables 1,482,448 4,230,901
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 23
Financial instruments11
Categories of financial instruments:
2025
DKK
2024
DKK
Equity investments 98,941,458 38,593,115
Financial assets measured at fair value through profit or loss 98,941,458 38,593,115
Other receivables 5,281,527 383,242
Receivables measured at amortised cost 5,281,527 383,242
Credit facility 2,408,583 0
Other payables 1,482,448 4,230,901
Financial liabilities measured at amortised cost 3,891,031 4,230,901
All financial liabilities are due for payment within 12 months.
Financial risk management12
The General Partner is ultimately responsible for the overall risk management within the Company, but has
delegated the responsibility to the Fund Manager.
The Fund 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 Fund's risk management processes includes identification, measurement, monitoring, reporting and
mitigation of the identified risks to minimize the potential negative effects at Company level.
Key financial risk factors and exposure regarding the financial statements for 2025 can be categorised as follows:
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 investments is expected to settle the
outstanding amount.
CoreCapital I K/S | Notes to the financial statements 24
Credit risks
Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has
entered into with the Fund. The credit risks of the Fund are considered limited.
The management manages its credit risk exposure by transacting the Fund’s contractual commitment activities
with well-established banks, regulated exchanges and business partners which the Management consider to be
reputable.
Currency risk
The currency risk of the Fund is related to the investments made in foreign portfolio companies. The Fund does
not hedge this risk, but considers it to be an integrated and less important part of the aggregate risk of a portfolio
company.
Financial instruments measured at fair value13
The fair values of the individual investments are calculated on the basis of methods that best reflect
individual investment risks, life cycle, and industry conditions. Generally applicable, the fair value is calculated
in accordance with IPEV valuation guidelines and accepted valuation methods, including multiple
analysis/benchmarking or other relevant methods
The fair value of the investments is measured on a quarterly basis, or more frequently if significant changes
occur.
The Fund Manager has implemented procedures and methodology to ensure that the valuation is carried out
consistently over time and across investments.
Methods applied in and assumptions underlying the determination of fair values of investments
Transaction multiple
At the transaction date, a transaction multiple is calculated based on the transaction value and the earnings at
the transaction date (EBITDA). The multiple is only changed when there are significant changes in the sur-
roundings of the companies, for example, industry conditions and micro- and macro-economic conditions, which
are expected to be of a long-term nature. The portfolio company's expected earnings are adjusted periodically on
the basis of underlying budgets, and an expected increase in future earnings may increase the valuation of the
portfolio companies.
In certain cases, when applying a transaction multiple analysis, comparable business transactions are also
assessed to identify which multiples would be relevant at a hypothetical sale of the Fund's portfolio companies at
the end of the accounting period.
Description of the valuation process
The valuation process is carried out in connection with the preparation of internal reporting to investors and in
connection with the preparation of the Fund's annual report. The valuation assesses the portfolio investments at
the end of the accounting period and must reflect the fair value of each portfolio company, based on reasonable
valuation methods and assumptions.
CoreCapital I K/S | Notes to the financial statements 25
Individual investments are assessed separately at the end of the accounting period and are in most cases
assessed on the basis of the market situation as follows: (i) determination of the Enterprise Value (EV) estimated
on the basis of a hypothetical sale of the investment at the time of the balance sheet date, based on one or more
of the valuation methods mentioned above, and (ii) calculation of the value of the equity investment by adjusting
EV for net debt and NWC adjustments as well as any equity related waterfall structures.
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
Below, financial instruments measured at fair value are classified using the fair value hierarchy:
Quoted prices in active markets for identical instruments (Level 1)
Quoted prices in active markets for similar assets or liabilities or other valuation methods under which all
material inputs are based on observable market data (Level 2)
Valuation techniques under which any material inputs are not based on observable market data (Level 3)
All investments are classified as Level 3 investments and there have not been any transfers between the levels
during the financial year.
Material unobservable inputs for Level 3
Financial instruments measured at fair value in the balance sheet are based on valuation techniques that include
material unobservable input. Material unobservable inputs mean in this context that the valuation is dependent
on a return requirement that contains a number of components that cannot be observed on trading markets, for
example project-specific risks and illiquidity prices.
Level 1
DKK
Level 2
DKK
Level 3
DKK
Total
DKK
2025
Unlisted shares, equity investments 0 0 98,941,458 98,941,458
Financial assets measured at fair value
through profit or loss
0 0 98,941,458 98,941,458
Level 1
DKK
Level 2
DKK
Level 3
DKK
Total
DKK
2024
Unlisted shares, equity investments 0 0 38,593,115 38,593,115
Financial assets measured at fair value
through profit or loss
0 0 38,593,115 38,593,115
Material unobservable inputs
Material unobservable assumptions used in the valuation of unlisted investments in portfolio companies consist
of multiples and future earnings expectations for the portfolio companies. The multiples are derived from looking
at the valuation of comparable business for each investment. As the multiples are multiplied on the expected
earning level of a given investment, the multiple used has a significant effect on the valuation. Management
believes that the multiples applied are on a par with the market for comparable Danish businesses. In addition,
allowance is made for net interest-bearing debt of the portfolio companies when making the valuation.
CoreCapital I K/S | Notes to the financial statements 26
Range for multiple implied
2025 2024
Interval for EV/EBITDA valuation multiples applied 3-5 NA
Sensitivity analysis
The fair value of the Fund’s investments is affected by developments in the applied discount rate and future
earnings expectations for these investments. A decline or increase in the material unobservable inputs stated
above and changes in macroeconomic conditions might have a direct effect on the valuation of the investments.
Due to the nature of the investments the effects are subject to some uncertainty, as other factors can in some
scenarios have a reverse effect. It is the assessment that any reverse effect will be immaterial.
The approximately impact on Fund NAV is calculated by altering one input at a time and rerun the model. No
sensitivity analysis has been made for investments where management has assessed the cost price as the best
estimate of fair value.
Portfolio sensitivity Variable change in input
Approximately
impact on Fund
A change in the applied EV/EBITDA
valuation multiples
(+ / - 10%) DKK 7.3m
The inputs above are considered the most material unobservable input due to the nature of the investments.
Related parties14
Related parties with a controlling interest
The Limited Partnership is managed by the company CoreCapital ApS (”Fund Manager”). Under the management
agreement dated 30 June 2024, the Fund 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 until the date og completion of the Partnership's last
disposal.
Related party transactions
2025
DKK
2024
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 35,365 30,874
Fund Manager (the Fund Manager) is considered a related party of the Fund
due to its role as being Fund Manager
Management fee 8,801,604 12,991,010
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 27
Contingent liabilities15
There are no other guarantees or contingent liabilities of the Fund.
Investors16
The Limited Partnership has registered the following Limited Partner as holding more than 2% 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
18.77
Nordea-Fonden Overgaden Neden Vandet 11, 1414
Copenhagen K, Denmark
19.42
Systematic Holding ApS Lindevangsvej 17, 8240 Risskov,
Denmark
4.85
E. Bank Lauridsen Holding A/S Willemoesgade 2, 3., 6700 Esbjerg,
Denmark
4.85
European Investment Fund 37B, avenue J.F. Kennedy, L-2968
Luxenbourg Grand-Duchy of
Luxembourg
44.66
CoreCapital Sponsor Invest K/S Helga Pedersens Gade 107 , 8000
Aarhus C, Denmark
2.59
Claus Sørensens Fond Holding A/S Torskekaj 1, 2. tv 6700 Esbjerg,
Denmark
4.85
Events after the balance sheet date17
No events have occurred after the balance sheet date to this date which would influence the evaluation of this
annual report.
Authorisation of the annual report for issue18
On 27 March 2026, the General Partner approved the financial statements. The financial statements will be
presented to the Fund’s Limited Partners for approval at the General Meeting on 16 April 2026.
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Supplementary report on disclosures in
accordance with the SFDR (unaudited)
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