42820148 2022-01-01 2022-12-31 42820148 2022-01-01 2022-12-31 1 42820148 2022-01-01 2022-12-31 2 42820148 2021-01-01 2021-12-31 42820148 2022-12-31 42820148 2021-12-31 42820148 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 42820148 2021-12-31 fsa:ContributedCapitalMember 42820148 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 42820148 2021-12-31 fsa:RetainedEarningsMember 42820148 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 42820148 2022-12-31 fsa:ContributedCapitalMember 42820148 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 42820148 2022-12-31 fsa:RetainedEarningsMember 42820148 2022-01-01 2022-12-31 1 42820148 2022-01-01 2022-12-31 1 42820148 2022-01-01 2022-12-31 2 42820148 2022-01-01 2022-12-31 3 xbrli:pure iso4217:DKK Innargi Project I P/S Lyngby Hovedgade 85 2800 Kongens Lyngby PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 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. PROFIT/LOSS FOR THE YEAR Net loss for the year after tax amounted to DKK 1,517,339 (DKK 65,410). The result for the year is proposed distributed to retained earnings. No dividend is proposed for 2022. As of 31 December 2022, the equity amounted to DKK 20,866,167 (DKK 334,590). 83850 0 1400437 58093 118401 0 -1434988 -58093 11932 0 94283 7317 -1517339 -65410 -1517339 -65410 3857049 0 8142139 0 11999188 0 1997 0 118140 0 1633984 3950015 0 25450 1754121 3975465 13707981 373245 15462102 4348710 27461290 4348710 400000 400000 20466167 -65410 20866167 334590 5974727 3957708 466996 13079 153400 43333 6595123 4014120 6595123 4014120 27461290 4348710 400000 0 400000 0 -65410 400000 -65410 0 -1517339 0 22048916 22048916 400000 20466167 Note 1: Other external expenses Apart from the Executive Board, Innargi Project I P/S has not had any employees in 2022. The Executive Board and Board of Directors has not received any remuneration from the company. Members of the Executive Board and Board of Directors are remunerated from a group entity. Note 2: Other financial expenses Amounts in DKK 2022 2021 Interest expenses, affiliates - 91,783 - 7,132 Other financial expenses - 2,500 - 185 Total - 94,283 - 7,317 Note 3: Other receivables In 2021, other receivables include DKK 3.9m relating to bank deposit restricted to purchase of property. Note 4: Related parties The company has not entered into any transactions with related parties that were not on an arm’s length basis. Note 5: Significant accounting policies The Financial Statements for 2022 for Innargi Project I P/S have been prepared on a going concern ba-sis and in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B,The financial statements are presented in DKK. 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 Property is 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 5 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. Construction of plant in progress includes directly attributable expenses related to materials and compo-nents that concerns the construction of the assets as well as the net present value of estimated costs of removal and restoration. 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. Liabilities Other financial liabilities are measured at amortised cost, substantially corresponding to nominal value. true true Kongens Lyngby, Søren Christian Børsmose Samir Abboud Chairperson Søren Christian Børsmose Michael Harboe-Jørgensen 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 financial year 1 January - 31 December 2022. 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 2022 of the company and of the results of the company’s operations for 2022. 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. OPINION In our opinion, the financial statements give a true and fair view of the financial position of the company at 31 December 2022, and of the results of the company’s operations for the financial year 1 Janu-ary - 31 December 2022 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 2022, 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 StandardsBoard 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 respon-sibilities 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. Moreover, it is our responsibility to consider whether management re-view provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, management re-view is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Finan-cial Statements Act. We did not identify any material misstatement in management review. STATEMENT ON MANAGEMENT REVIEW Management is responsible for management review. Our opinion on the financial statements does not cover management review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsi-bility is to read management review and, in doing so, consider whether management review is materially inconsistent with the finan-cial statements or our knowledge obtained during the audit, or other-wise appears to be materially misstated. 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 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether thefinancial 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 judgment and maintain professional skepticism throughout the audit. 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 opinionon 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 continue as 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 Thomas Wraae Holm State Authorised Public Accountant Henrik Kyhnauv State Authorised Public Accountant Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-05-08 Anne Nord Reporting class B 42820148 2021-11-09 0.0 0.0 2023-04-13 33771231 Strandvejen 44 Hellerup 2900 Opinion Basis for Opinion 2023-04-13 mne30141 33771231 mne40028