42820148 2024-01-01 2024-12-31 42820148 2024-01-01 2024-12-31 1 42820148 2024-01-01 2024-12-31 2 42820148 2023-01-01 2023-12-31 42820148 2024-12-31 42820148 2023-12-31 42820148 2022-12-31 fsa:ContributedCapitalMember 42820148 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 42820148 2023-12-31 fsa:ContributedCapitalMember 42820148 2022-12-31 fsa:RetainedEarningsMember 42820148 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 42820148 2023-12-31 fsa:RetainedEarningsMember 42820148 2022-12-31 42820148 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 42820148 2024-12-31 fsa:ContributedCapitalMember 42820148 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 42820148 2024-12-31 fsa:RetainedEarningsMember 42820148 2024-01-01 2024-12-31 1 42820148 2024-01-01 2024-12-31 1 42820148 2024-01-01 2024-12-31 2 42820148 2024-01-01 2024-12-31 3 iso4217:DKK Anne Nord Innargi Project I P/S Amerika Plads 29 2100 København Ø www.innargi.com PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab PROFIT/LOSS FOR THE YEAR Net loss for the year after tax amounted to DKK 108,620 thousand (DKK 16,550 thousand). The result for the year is proposed distributed to retained earnings. No dividend is proposed for 2024. As of 31 December 2024, the equity amounted to DKK 264,167 thou-sand (DKK 122,788 thousand). In Aarhus, Denmark, the Group’s long-term project with the district heating company Kredsløb advanced significantly in 2024. The first appraisal well, drilled in early 2024, confirmed satisfactory tempera-ture parameters but revealed suboptimal water flow. Following further analysis and testing, it was concluded that no commercially viable development plan currently supports continued development at that location, and the related well costs have accordingly been impaired in the 2024 financial statements. However, subsequent drilling of two additional appraisal wells in Skejby, Aarhus, in spring 2024 demonstrated both favourable temperature and flow characteristics. As a result, construction of the first geothermal plant in Aarhus commenced in the second half of 2024, with commissioning scheduled for mid-2025. The facility is expected to operate for a minimum of 30 years. The Skejby develop-ment marks a first-of-its-kind project in Aarhus, with further phases anticipated to begin in 2025–2026. Management review The objective of the company is to conduct trade, provide service and operate within the geothermal energy industry, to own shares in other companies, and other business related hereto. 0 103000 14892000 16583000 93978000 123000 -108870000 -16603000 1740000 2001000 1491000 1948000 -108620000 -16550000 -108620000 -16550000 3611000 3734000 242731000 85277000 23699000 49492000 270041000 138503000 224000 0 13348000 11543000 13572000 11543000 24230000 45902000 37803000 57445000 307843000 195948000 400000 400000 263767000 122388000 264167000 122788000 26634000 4110000 26634000 4110000 1858000 17644000 10457000 51406000 4727000 0 17042000 69050000 43676000 69050000 307843000 195948000 400000 20466000 20866000 0 118472000 118472000 0 -16550000 400000 122388000 0 250000000 250000000 0 -108620000 400000 263768000 Note 1: Other external expenses Apart from the Executive Board, Innargi Project I P/S has not had any employees in 2024. Note 2: Other financial expenses Amounts in TDKK 2024 2023 Other financial expenses - 1,491 - 1,948Total - 1,491 - 1,948 Note 3: Property, plant and equipment In January 2022, Innargi entered into a 30-year agreement with the district heating company Kredsløb (formerly AffaldVarme Aarhus) to develop and operate geothermal heating plants in Aarhus, Denmark. The first appraisal well, drilled in early 2024, confirmed satisfactory temperature parameters but re-vealed suboptimal water flow. Following further analysis and testing, it was concluded that no commer-cially viable development plan currently supports continued development at that location, and the re-lated well costs have accordingly been impaired in the 2024 financial statements. However, subsequent drilling of two additional appraisal wells in Skejby, Aarhus, in spring 2024 demonstrated both favourable temperature and flow characteristics. As a result, construction of the first geothermal plant in Aarhus commenced in the second half of 2024, with commissioning scheduled for mid-2025. The Skejby development marks a first-of-its-kind project in Aarhus, with further phases anticipated to begin in 2025–2026. After the construction of the plants, the Group is obliged to make a certain capacity of geothermal heat available and must produce the requested capacity on request. As the counterpart has the contractual right to decide when and how much the geothermal heating plants shall produce and the counterpart is the sole buyer of the heating, the counterpart is considered to control the use of the geothermal heating plants. Consequently, the contract is classified as a lease. The Group is responsible for operating and maintaining the geothermal plants and the Group carries material risk in this respect. The Group will receive a monthly payment for making capacity available and producing of geothermal heat. The payment is subject to adjustments based on the actual delivered geothermal heat. The payments will be adjusted based on a predetermined sliding scale. As the payments are dependent on how the group operates the geothermal heating plants, manage-ment has determined that the payments are variable. The group have substantive risk associated with the operation, and, consequently, the contract is classified as an operational lease. Note 4: Provisions A provision has been recognised for decommissioning costs associated with the geothermal heating plants being constructed by the company. The company is obligated to decommissioning the sites on which the plants are constructed. The contract duration is 30 years from the time of the completion of the geothermal heating plants which is expected to be completed from 2025 to 2030. All three wells were thoroughly tested during 2024 and early 2025. One of the wells has been impaired due to a low flow rate. Decommissioning costs for the impaired well are not expected to be incurred until 2026 and are therefore part of provisions. Note 5: Related parties The company has not entered into any transactions with related parties that were not on an arm’s length basis. The company is included in the consolidated financial statements of Innargi Holding A/S, Business Reg-istration No 40 56 96 42, Amerika Plads 29, DK-2100 København Ø. Note 6: Significant accounting policies The financial statements are presented in DKK. Due to the growth in activity levels, the financial state-ments for 2024 are presented in DKK thousands. Comparative figures have been adjusted accordingly. INCOME STATEMENT Other income Other income comprises rent income. Other external expenses Other external expenses comprise expenses for administration, office supplies, advisor fees, fee to the general partner, etc. Other financial income and expenses Other financial items comprise interest, bank fees, currency adjustments etc. Tax The company is not liable to tax. BALANCE SHEET Property, plant and equipment Properties are measured at cost less accumulated depreciation and impairment losses. Depreciation is charged to the income statement on a straight-line basis over the useful lives at an estimated residual value. The useful lives of buildings are 20 years. Land is not depreciated. Estimated useful lives and residual values are reassessed on a regular basis. Cost comprises the acquisition price as well as costs directly associated with the asset until such time as the asset is ready for its intended use. Property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Plant and equipment under construction includes directly attributable expenses related to materials and components that concerns the construction of the assets as well as the net present value of estimated costs of removal and restoration. Other equipment comprise materials and components intended for the project but not yet deployed in the construction of the plant. Receivables Receivables are generally recognised at nominal value, substantially corresponding to amortised cost and impaired for expected losses. Impairment of receivables are based on the expected loss model as described in IFRS 9. Cash and bank balances Cash and bank balances comprise cash in bank deposits. Provisions Provisions related to decommission of geothermal heating plants are initially measured at the net pre-sent value of the estimated cost of removal and restoration of site on which the geothermal heating plant is constructed. The provision is recognised over time based on the construction of the geothermal heating paint, as the decommissioning is dependent on the construction. Liabilities Other financial liabilities are measured at amortised cost, substantially corresponding to nominal value. true true Copenhagen Lars Bjørn Heineke Samir Abboud Chairperson Lars Bjørn Heineke Lars Petersen Management’s statement The Executive Board and Board of Directors has today considered and adopted the Annual Report of Innargi Project I P/S for the f inancial year 1 January – 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position at 31 December 2024 of the company and of the results of the company’s operations for 2024. In our opinion, management review includes a true and fair account of the development in the operations and financial circumstances of the company, of the results for the year and of the financial position of the company as well as a description of the most significant risks and elements of uncertainty facing the company. We recommend that the Annual Report is adopted at the Annual General Meeting. STATEMENT ON MANAGEMENT REVIEW Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Manage-ment’s Review, and we do not express any form of assurance con-clusion thereon.In connection with our audit of the financial statements, our responsi-bility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the fi-nancial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has beenprepared in accordance with the requirements of the Danish Finan-cial Statements Act. We did not identify any material misstatement in Management’s Review. MANAGEMENT’S RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS Management is responsible for the preparation of Financial State-ments that give a true and fair view in accordance with the Danish Fi-nancial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial state-ments that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, dis-closing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial state-ments unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Independent Auditor’s Report To the shareholder of Innargi Project I P/S OPINION In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations for the financial year 1 Janu-ary - 31 December 2024 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Innargi Project I P/S for the financial year 1 January - 31 December 2024, which comprise in-come statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“finan-cial statements”). BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den-mark. 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 Stand-ards Board for Accountants’ International Code of Ethics for Profes-sional Accountants (IESBA Code) and the additional ethicalrequirements 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 ob-tained is sufficient and appropriate to provide a basis for our opinion. AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTSOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that in-cludes our opinion. Reasonable assurance is a high level of assur-ance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individu-ally or in the aggregate, they could reasonably be expected to influ-ence the economic decisions of users taken on the basis of these fi-nancial statements. As part of an audit conducted in accordance with ISAs and the addi-tional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the au-dit. We also: Identify and assess the risks of material misstatement of the fi-nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a ba-sis for our opinion. The risk of not detecting a material misstate-ment resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclo-sures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continueas a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu-sions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in in-ternal control that we identify during our audit. Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Thomas Wraae Holm State Authorised Public Accountant mne30141 Henrik Kyhnauv State Authorised Public Accountant mne40028 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-04-29 Reporting class B 42820148 2021-11-09 2025-04-29 Strandvejen 44 Hellerup 2900 Opinion Basis for Opinion 2025-04-29 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab