Oplysning om usædvanlige forhold:Other fixed asset investments
Methods and assumptions in determining fair value
The valuations process:
The valuations are prepared by the relevant valuation team and are reviewed on a quarterly basis aswell as per year end by the valuation committee who report and make recommendations to thegeneral partner. The recommendations are reported to the General Partner on a quarterly basis, in line with the quarterly valuations that are provided to investors. The valuation team considers the appropriateness of the valuation model itself, the significant and key inputs as well as the valuation results using round based valuation method. The fair value estimates 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.
In determining the valuation recommended to the General Partner for Partnership’s investments, the valuation team utilizes comparable market multiples in arriving at the valuation. In accordance with the Partnership ’s policy the valuation team determines appropriate companies based on industry, size, development stage, revenue generation and strategy. The valuation team then calculate a market multiple for each comparable company identified. The multiple is calculated by using either P/E or multiples based on EBITDA or revenues. For holdings without significant profits or positive cash flow, the general partner has either used multiples based on revenues, the price ofa recent investment, other indicators of change in fair value or – for recent additions to the portfolio – maintained the investment at cost. In determining the continued appropriateness of the chosen valuation techniques, the valuation committee may perform back testing to consider the various models’ actual results and how they have historically aligned with the market transactions.
Significant unobservable inputs:
All investments apart from listed investments have been valued based on significant unobservable inputs, as they trade infrequently. As quoted market prices are not available for these investments, the general partner has used valuation techniques to determine fair value. In order to assess the valuation made for the investments, the valuation team reviews the performance of the portfolio companies. Furthermore the valuation team is regularly in contact with the management of the portfolio companies in order to make assessments of business and operational matter which are considered in the valuation process. Where appropriate the valuation team also track peer groupcompany multiples, recent transaction results and credit ratings for similar companies.
Sensitivity analysis:
The fair value of the Company’s portfolio Companies is affected by the financial performance in the individual Company’s alongside recent transaction results. 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.
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:The management has today discussed and approved the annual report of IDCV Fuel Merqueo K/S for the financial period 17 September 2021 - 31 December 2022.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:Business review
The object of the limited partnership is to generate income and capital appreciation by making investments in unlisted shares.
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