Oplysning om usædvanlige forhold:The valuations are prepared by the relevant team and are reviewed on a quarterly basis as well as per year end by the team who report and make recommendations to the general partner. The recommendations are reported on a quarterly basis, in line with the quarterly valuations that are provided to investors. The team 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 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 the IDCV team uses if possible the latest transaction. To support this valuation a rigorous approach relies on comparable trading multiples. To arrive at a reliable valuation, the investment team carefully selects public or private companies that are similar to the target company in terms of industry, size, development stage, revenue generation, and strategy. Once a peer group has been established, the team calculates the mean multiple of these comparable companies, which is then multiplied by the relevant multiple for each individual company. This multiple is calculated by dividing the enterprise value (EV) of each comparable company by its sales. By using this method, the IDCV team can arrive at a valuation grounded in industry benchmarks and supported by a thorough analysis of peer group multiples recommended to the General Partner for Partnership’s investments.
In determining the continued appropriateness of the chosen valuation techniques, the General Partner may perform back testing to consider the various models’ actual results and how they have historically aligned with the market transactions.
The valuation of Curve is anchored on a recent equity priced round (Q3’23). The lead investor in this round was an external entity, newly affiliated with Curve, which brought an impartial perspective to the valuation process. This external validation is crucial, as it offers an objective assessment of Curve's market value, enhancing the credibility of our valuation of $767,011,677 for Curve, with a per-share price of $8. 3 (fx=1. 22 GBP/USD). We do not find significant uncertainty in the valuation of Curve.
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 CPH II CU III K/S for the financial period 1 January - 31 December 2023.
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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