6The supervisory board and executive board have today discussed and approved the annual report of Hybrid Greentech ApS for the financial year 1 January - 31 December 2023.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 company's financial position at 31 December 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved by the company in general meeting.Rasmus Rode MosbækTorben Glar NielsenchairmanLars ChristensenMichael AndersenLars Nagstrup ConradsenRasmus Rode MosbækTo the shareholders of Hybrid Greentech ApSOpinionWe have audited the financial statements of Hybrid Greentech ApS for the financial year 1 January - 31 December 2023, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.Basis for OpinionWe 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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements, that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as management determines is necessary to enable the preparation of the financial statements 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, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.Our 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 includes our opinion. Reasonable assurance is a high level of assurance, 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, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial 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 basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, 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 disclosures 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 conclusions 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 internal control that we identify during our audit.Statement on management's review Management is responsible for management's review. Our opinion on the financial statements does not cover 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 management's review and, in doing so, consider whether 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 management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of management's review.Taastrup2024-04-04RSM DanmarkMartin Santino Lo Turcostatsautoriseret revisormne35467Business review The company's main activity is to run consulting engineering in the field of energy with activities naturally connected to this and related business.Financial review The company's income statement for the year ended 31 December 2023 shows a loss of DKK 4.437.011, and the balance sheet at 31 December 2023 shows equity of DKK 8.837.620. Hybrid Greentech ApS oversees the activities of both its subsidiaries and from this perceives its financial successes and possible shortcomings because of the activities of the subsidiaries. Management therefore assesses the financial review of Hybrid Greentech ApS to be best represented by a totaling of the financial outcomes of the subsidiaries. This financial year has witnessed significant growth in our business, evident in the increase in active assets, the size of activated assets, and the income generated from these areas. We have observed a continuous cycle that validates our thoughts and calculations regarding the business model and future prospects. Our system capacity has been thoroughly tested, and we have utilized our capabilities to identify and rectify any potential mistakes or skewed aspects that have come to our attention. Our trading system and platform are continuously evolving and improving. We maintain a positive outlook on the future aspects and prospects of our system and platform.Hybrid Greentech Energy Intelligence realizes a loss in the current financial year which was according to the budget for the year. Hybrid Greentech Energy Intelligence continues to improve and develop “Hera” – the trading platform constituting a virtual power plant based on own developed ai-technology. This investment is expected to greatly benefit the future growth and development of all Hybrid Greentech group companies.Significant events occurring after the end of the financial year The company has in February 2024 received 3.3 mDKK in (cash) proceed from issueing share capital.The annual report of Hybrid Greentech ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied are consistent with those of last year.Pursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted. Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified.Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees.Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment.Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses gains and losses relating to transactions in foreign currency.The proportionate share of the profit/loss for the year of subsidiaries is recognised in the company's income statement after full elimination of intra-group profits/losses.The company is subject to the Danish rules on compulsory joint taxation. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Development projects are measured at costs and depreciated when finished and assessment of the expected useful life can be established. Development projects are depreciated over a period of 5-10 years.Other fixtures and fittings, tools and equipment are measured at cost less accrued depreciation and writedown for impairment. The depreciable amount is cost less the expected residual value at the end of the useful life. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: Useful life Residual value Other fixtures and fittings, tools and equipment 5 years 0 % Investments in subsidiaries, associates and participating interests are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist. Investments in subsidiaries, associates and participating interests with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions. Net revaluations of investments in subsidiaries, associates and participating interests are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected to be declared before the annual report of Hybrid Greentech ApS is adopted are not taken to the net revaluation reserve.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The stage of completion is determined as the share of the expenses incurred relative to the expected total expenses for the individual work in progress. Where the selling price of work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value.Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash and cash equivalents comprise cash and deposits at banks.Reserve for development costs An amount corresponding to capitalised development costs is recognised in the reserve. The reserve is reduced as development costs are amortised. Fair value reserve The year's changes in exchange rates from translating foreign subsidiaries, participating interests and associates based on closing rates as well as the year's changes in value adjustments of hedging instruments are recognised in the fair value reserve in the consolidated financial statements.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.-3357542896628759021576827363820156251060000-8814761304176-3689201-50000870331413516359343552-46472371224759-21022662544-4437011116221531076252580888-7544636-1418673108291726845037108291726845037029856029856116136650567116136650567119905386925460798892548898162052875538573991901321434711966032985109696433555108090425427481177868589825813168406128237186896462498844675453391293219022458003883762078596302044782712332044782712330376875040517190047000405171938157507500485036376897785118801188051441282404745898771054126308469285513168406128237186249805339129245800464653743535011664999003107625-7544636-540853454085346896408446754321902640691304702021136011833607657590215768271587020140891300468703314135159896-56736814285816126116359343552-143471-1966-667556451068450374318099111631360-333964-3339641082917278123781234826729856-781230100000048000001000004900000100000-494330-3689201-49433-3738634-49433116136650567Name Registered office Ownership interest Hybrid Greentech Energy Intelligence ApS Høje Taastrup 100 Hybrid Greentech Energy Trading ApS Høje Taastrup 100Hybrid Greentech Energy Intelligence ApSHøje Taastrup100Hybrid Greentech Energy Trading ApSHøje Taastrup1003768750000040517190047000000Joint taxation With Electrons Holding ApS, company reg. no 39537869 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. Contingent liabilities related to group enterprises General floating charge General floating charge (virksomhedspant) comprising goodwill, domain names and rights according to the patent act, the trademark act, the design Act, the utility model act, the design act, the copyright act and the act on the protection of the design of semiconductor products (topography). Stocks of raw materials, semi finished products and finished goods. Receivables arising from the sale of goods and services.Årsrapport25492145RSM TaastrupKingosvej 32630 Taastrup2023-01-012023-12-312022-01-012022-12-3139545950Hybrid Greentech ApSHøje Taastrup Boulevard23, 2. tv.2630TaastrupDKDanmark2018-05-07Høje TaastrupRSM Danmark25492145Martin Santino Lo Turcostatsautoriseret revisorKingosvej32630TaastrupDK43999292taastrup@rsm.dk2024-04-04Torben Glar NilesenRegnskabsklasse BRevisionspåtegningCaseWare-FSRfalsefalsefalsefalse395459502023-01-012023-12-31395459502023-01-012023-12-311395459502022-01-012022-12-31395459502022-12-31395459502023-12-31395459502023-01-01h:InvestmentsInGroupEnterprisesMember395459502022-01-01h:InvestmentsInGroupEnterprisesMember395459502023-01-012023-12-31h:InvestmentsInGroupEnterprisesMember395459502022-01-012022-12-31h:InvestmentsInGroupEnterprisesMember395459502023-12-31h:InvestmentsInGroupEnterprisesMember395459502022-12-31h:InvestmentsInGroupEnterprisesMember395459502023-01-012023-12-311395459502023-01-012023-12-312395459502023-01-012023-12-313395459502023-01-012023-12-314395459502023-01-012023-12-315395459502023-01-012023-12-311395459502023-01-01h:ContributedCapitalMember395459502023-01-012023-12-31h:ContributedCapitalMember395459502023-12-31h:ContributedCapitalMember395459502023-01-01h:SharePremiumMember395459502023-01-012023-12-31h:SharePremiumMember395459502023-12-31h:SharePremiumMember395459502023-01-01h:RetainedEarningsMember395459502023-01-012023-12-31h:RetainedEarningsMember395459502023-12-31h:RetainedEarningsMember395459502023-01-01h:DevelopmentProjectsInProgressMember395459502023-01-012023-12-31h:DevelopmentProjectsInProgressMember395459502023-12-31h:DevelopmentProjectsInProgressMember395459502023-01-01h:FixturesFittingsToolsAndEquipmentMember395459502023-01-012023-12-31h:FixturesFittingsToolsAndEquipmentMember395459502023-12-31h:FixturesFittingsToolsAndEquipmentMember395459502023-12-31h:ConvertibleProfitYieldingOrDividendYieldingLongtermDebtInstrumentsMember395459502023-01-01h:ConvertibleProfitYieldingOrDividendYieldingLongtermDebtInstrumentsMember395459502023-12-31h:LongtermPayablesToGroupEnterprisesMember395459502023-01-01h:LongtermPayablesToGroupEnterprisesMember395459502023-12-31h:OtherLongtermPayablesMember395459502023-01-01h:OtherLongtermPayablesMember395459502023-01-012023-12-31h:SubsidiaryMember1395459502023-12-31h:SubsidiaryMember1395459502023-01-012023-12-31h:SubsidiaryMember2395459502023-12-31h:SubsidiaryMember2395459502023-01-01h:ReserveForDevelopmentExpenditureMember395459502023-01-012023-12-31h:ReserveForDevelopmentExpenditureMember395459502023-12-31h:ReserveForDevelopmentExpenditureMemberiso4217:DKKxbrli:pure