Type af revisorbistand:Auditor's report on audited financial statements
Navn på revisionsvirksomhed:KPMG Statsautoriseret Revisionspartnerselskab
Revisionsvirksomhedens CVR-nr.:25578198
Beskrivelse af revisor:State Authorised Public Accountant
Virksomhedens regnskabsklasse:Reporting class C, large enterprise
Grundlag for konklusion (revision):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.
Konklusion (revision):We have audited the financial statements of 3i Abaco for the financial year 1 April 2023 – 31 March 2024 comprising income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 March 2024 and of the results of the Company's operations and cash flows for the financial year 1 April 2023 – 31 March 2024 in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen (revision):Management is responsible for the Management's review. Our opinion on the financial statements døs not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. In EUR millions 2023/24 2022/23 2021/22 2020/21 2019/20 Key figures Income from participating interests 28 43 16 - 118 Fair value movements on participating interests (24) (1) 119 25 (116) Net financials 5 43 16 - 118 Profit before net financials 5 43 134 25 1 Profit for the year 5 43 134 25 1 Non-current assets 607 630 631 511 486 Total assets 607 631 631 511 486 Equity 607 631 631 511 486 Cash flows from operating activities 28 43 15 (55) 118 Cash flows from financing activities (28) (42) (14) - (118) Cash flows from investing activities (1) 0 (1) - - Total cash flows (1) 1 - (55) - Financial ratios Operating margin 98% 100% 100% 100% 97% Current ratio 334% 1,337% 182% n/a 946% Equity ratio 100% 100% 100% 100% 110% Return on equity 0. 78% 6. 77% 23. 54% 4. 97% 0. 2% Financial ratios are calculated in accordance with the recommendations of the Danish Finance Society. For terms and definitions, please see the accounting policies. Business review The principal activity of the Company is to carry on the business of an investor in Scandlines via the investment entity called Scandlines Infrastructure ApS. Financial review Profit/loss for the year The Company recognised a profit for the year before tax of E4,815k. Investments The Company’s participating interests had a fair value of E607,320k as at 31 March 2024, representing a cumulative fair value gain of E3,063k on opening cost. Scandlines delivered a steady performance in the year. Leisure volumes grew for a second year, following a strong peak over the summer. Freight volumes were softer compared to record levels in 2022, as a result of normalising demand and a weaker macrøconomic environment particularly in Scandinavia and Germany. Scandlines continues to invest in upgrading its fleet and reducing its emissions, and is on track to deploy a new freight ferry on the Puttgarden-Rødby route in the second half of 2024, which will be capable of sailing with direct emissions when operating fully on electricity. Capital resources The Company has sufficient cash to meet its current liabilities. Outlook Management døs not foresee any future changes in the activity of the Company in the short term. Financial Instruments The Company’s goals and policies for management of financial risks The Manager of the majority shareholder (3i Group plc) evaluates the Company’s risk appetite on a regular basis. The principle risks and uncertainties facing the Company are mentioned in further detail below. The Company’s risk exposure Market risk is the potential for changes in value due to the performance of underlying investments. The Company’s investment is susceptible to market price risk arising from uncertainties about future market conditions within which the investment operates. The Company’s market risk is regularly managed by the Manager of 3i Group plc. The Company’s management of price risk, which arises primarily from unquoted equity instruments, is through the careful consideration of the investment, asset management and divestment decisions by the Manager of 3i Group plc. Currency risks A significant exposure to currency risk is due to fluctuations in foreign currency translation. At 31 March 2024, the Company was exposed to currency risk relating to EUR/DKK. Credit risks Credit risk is the potential that an issuer, counterparty or underlying investment third party will be unable to meet commitments that it has entered into with the Company and/or the commitments with underlying investments of the Company. At the balance sheet date, there are no balances which were past due or impaired. Hence, no separate maximum exposure to credit risk disclosure is provided for these instruments.
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