43274783 2023-01-01 2023-12-31 43274783 2023-01-01 2023-12-31 1 43274783 2023-01-01 2023-12-31 0 43274783 2023-01-01 2023-12-31 0 43274783 2023-01-01 2023-12-31 1 43274783 2023-01-01 2023-12-31 2 43274783 2023-01-01 2023-12-31 2 43274783 2023-01-01 2023-12-31 3 43274783 2022-05-19 2022-12-31 43274783 2023-12-31 43274783 2022-12-31 43274783 2023-01-01 fsa:ContributedCapitalMember 43274783 2023-01-01 fsa:RetainedEarningsMember 43274783 2023-01-01 43274783 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 43274783 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 43274783 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 43274783 2023-12-31 fsa:ContributedCapitalMember 43274783 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 43274783 2023-12-31 fsa:RetainedEarningsMember iso4217:EUR Annual report 2024-05-29 Jasmin Bejdic CE Germany ApS Bag Elefanterne 1 st th 1799 København V 43274783 2023-01-01 2023-12-31 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB Strandvejen 44 2900 Hellerup DK Denmark 33771231 1016959517 <p xmlns="http://www.w3.org/1999/xhtml">Management has today considered and approved the annual report for the financial year 1 January - 31 December 2023 for CE Germany ApS. <br/> <br/> The annual report is presented in accordance with the Danish Financial Statements Act. <br/> <br/> Management believes that the financial statements give a true and fair view of the company's assets, liabilities and financial position and of the result. <br/> <br/> The annual report is submitted for approval by the General Assembly.</p> Copenhagen 2024-05-29 Andreas Niels von Rosen Jasmin Bejdic Chairman Andreas Niels von Rosen Michael Halborg-Bendtsen Independent auditor’s report To the shareholders of CE Germany ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023, and of the results of the Company’s operations for the financial year 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of CE Germany ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for Opinion We 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’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements 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 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 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 judgment and maintain professional skepticism 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. 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, in our view, 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 in Management’s Review. Hellerup 2024-05-29 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB 33771231 Jacob Brinch mne35447 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB 33771231 Christian Møller Gyrsting mne44111 <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Key activities</strong> <br/> The company’s purpose is direct or through subsidiaries to development, build and/or sell all <br/> types of renewable energy.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Development in the year</strong> <br/> The income statement of the Company for 2023 shows a loss of EUR 356,234 and</p> <p xmlns="http://www.w3.org/1999/xhtml">at 31 December 2023 the balance sheet of the Company shows equity of EUR 1,629,520.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Unusual events</strong> <br/> The financial position at 31 December 2023 of the Company and the results of the activities of <br/> the Company for the financial year for 2023 have not been affected by any unusual events.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Subsequent events</strong> <br/> After the end of the financial year, no events have occurred that could materially affect the <br/> company's financial position.</p> The annual report has been prepared in accordance with the regulation applying to Reporting class B.<br xmlns="http://www.w3.org/1999/xhtml"/>There have been options of certain rules in reporting class C.<br xmlns="http://www.w3.org/1999/xhtml"/> Reporting class B <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Recognition and measurement</strong> <br/> Revenues are recognized in the income statement as earned. Furthermore, value adjustments of <br/> financial assets and liabilities measured at fair value or amortized cost are recognized. Moreover, <br/> all expenses incurred to achieve the earnings for the year are recognized in the income <br/> statement, including depreciation, amortization, impairment losses and provisions as well as <br/> reversals due to changed accounting estimates of amounts that have previously been recognized <br/> in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Assets are recognized in the balance sheet when it is probable that future economic benefits <br/> attributable to the asset will flow to the Company, and the value of the asset can be measured <br/> reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Liabilities are recognized in the balance sheet when it is probable that future economic benefits <br/> will flow out of the Company, and the value of the liability can be measured reliably. <br/> Recognition and measurement take into account predictable losses and risks occurring before <br/> the presentation of the Annual Report which confirm or invalidate affairs and conditions existing <br/> at the balance sheet date.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Translation policies</strong> <br/> Transactions in foreign currencies are translated at the exchange rates at the dates of <br/> transaction. Exchange differences arising due to differences between the transaction date rates <br/> and the rates at the dates of payment are recognized in financial income and expenses in the <br/> income statement. Where foreign exchange transactions are considered hedging of future cash <br/> flows, the value adjustments are recognized directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Receivables, payables and other monetary items in foreign currencies that have not been settled <br/> at the balance sheet date are translated at the exchange rates at the balance sheet date. Any <br/> differences between the exchange rates at the balance sheet date and the rates at the time</p> <p xmlns="http://www.w3.org/1999/xhtml">when the receivable or the debt arose are recognized in financial income and expenses</p> <p xmlns="http://www.w3.org/1999/xhtml">in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Income Statement</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Revenue</strong> <br/> Revenue is measured at the consideration received and is recognized exclusive of VAT.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Other external expenses</strong> <br/> Other external expenses comprise legal, audit and bank fees, etc.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Financial income and expenses</strong> <br/> Financial income and expenses are recognized in the income statement at the amounts relating <br/> to the financial year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Tax on profit/loss for the year</strong> <br/> Tax for the year consists of current tax for the year and changes in deferred tax for the year. The <br/> tax attributable to the profit for the year is recognized in the income statement, whereas the tax <br/> attributable to equity transactions is recognized directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Company is part of a joint taxation with all Danish Group Companies. The tax effect of the <br/> joint taxation is allocated to enterprises in proportion to their taxable incomes.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Balance Sheet</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Fixed asset investments</strong> <br/> Investment in subsidiaries are recognized under the equity accounting method. On acquisition</p> <p xmlns="http://www.w3.org/1999/xhtml">of an investment in an associate or jointly controlled entity, any difference (whether positive or <br/> negative) between the cost of acquisition and the investor’s share of the fair values of the net <br/> identifiable assets of the associate results in notional fair value adjustments, including <br/> intangibles, and notional goodwill.</p> <p xmlns="http://www.w3.org/1999/xhtml">Investment in subsidiaries with a negative net asset value are recognized at EUR 0. If the parent</p> <p xmlns="http://www.w3.org/1999/xhtml">company has a legal or actual obligation to cover the company's balance, a provision for this</p> <p xmlns="http://www.w3.org/1999/xhtml">obligation is recognized.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Receivables</strong> <br/> Receivables are measured in the balance sheet at the lower of amortized cost and net realizable <br/> value, which corresponds to nominal value less provisions for bad debts.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Deferred tax assets and liabilities</strong> <br/> Deferred income tax is measured using the balance sheet liability method in respect of <br/> temporary differences arising between the tax bases of assets and liabilities and their carrying <br/> amounts for financial reporting purposes on the basis of the intended use of the asset and <br/> settlement of the liability, respectively.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Deferred tax assets are measured at the value at which the asset is expected to be realized, <br/> either by elimination in tax on future earnings or by set-off against deferred tax liabilities within <br/> the same legal tax entity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under <br/> the legislation at the balance sheet date when the deferred tax is expected to crystallize as <br/> current tax. Any changes in deferred tax due to changes to tax rates are recognized in the</p> <p xmlns="http://www.w3.org/1999/xhtml">income statement or in equity if the deferred tax relates to items recognized in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Financial debts</strong> <br/> Other debts are measured at amortized cost, substantially corresponding to nominal value.</p> 0 0 9686 13983 -9686 -13983 -9686 -13983 -350908 -54574 17639 0 14057 20335 -357012 -88892 -778 -7488 -356234 -81404 -221655 -134579 -81404 -356234 -81404 519354 635312 519354 635312 519354 635312 20000 0 20000 0 522503 0 716 7488 5000 2263 528219 9751 829996 1458750 1378215 1468501 1897569 2103813 100000 100000 -221655 1751175 1885754 1629520 1985754 184417 184417 80815 115214 2817 2845 83632 118059 83632 118059 1897569 2103813 100000 1885754 1985754 0 -221655 -134579 -356234 100000 -221655 1751175 1629520 <table xmlns="http://www.w3.org/1999/xhtml" style="border-bottom: 0.0pt;border-collapse: collapse;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;width: 650.0px;"> <tbody> <tr> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;width: 70.0%;"> </th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">Investments in group enterprises</th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">EUR</th> </tr> <tr> <td>Cost, beginning of year</td> <td style="text-align: right;">690,009</td> </tr> <tr> <td>Increase</td> <td style="text-align: right;">51,000</td> </tr> <tr> <td>Decrease</td> <td style="text-align: right;">0</td> </tr> <tr> <td style="font-weight: bold;">Cost, end of year</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">741,009</td> </tr> <tr> <td> </td> </tr> <tr> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> </tr> <tr> <td>Net revaluations, beginning of year</td> <td style="text-align: right;">-54,697</td> </tr> <tr> <td>Share of profit (loss)</td> <td style="text-align: right;">-350,908</td> </tr> <tr> <td>Other value adjustments</td> <td style="text-align: right;">-467</td> </tr> <tr> <td>Provision for negative equity in subs</td> <td style="text-align: right;">184,417</td> </tr> <tr> <td style="font-weight: bold;">Net revaluations, end of year</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">-221,655</td> </tr> <tr> <td> </td> </tr> <tr> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> </tr> <tr> <td style="font-weight: bold;">Carrying value, end of year</td> <td style="border-bottom: 1.0px solid;font-weight: bold;text-align: right;">519,354</td> </tr> <tr> <td/> </tr> <tr> <td> </td> </tr> <tr> <td/> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Investments in group enterprises include:</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-bottom: 0.0pt;border-collapse: collapse;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;width: 100.0%;"> <tbody> <tr> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;text-align: left;width: 55.0%;">Name, legal form and homeplace</th> <th style="border-bottom: 1.0px solid;font-weight: bold;text-align: right;width: 15.0%;">Ownership</th> <th style="border-bottom: 1.0px solid;font-weight: bold;text-align: right;width: 15.0%;">Equity</th> <th style="border-bottom: 1.0px solid;font-weight: bold;text-align: right;width: 15.0%;">Profit (loss)</th> </tr> <tr> <td>Peckelsheim Wind GbR, Germany</td> <td style="border-bottom: 1.0px solid;text-align: right;">54,5%</td> <td style="border-bottom: 1.0px solid;text-align: right;">107,934</td> <td style="border-bottom: 1.0px solid;text-align: right;">-6,172</td> </tr> <tr> <td>CEG Verwaltungs GmbH, Germany</td> <td style="border-bottom: 1.0px solid;text-align: right;">100%</td> <td style="border-bottom: 1.0px solid;text-align: right;">8,216</td> <td style="border-bottom: 1.0px solid;text-align: right;">-15,183</td> </tr> <tr> <td>Tiefenbach H&amp;L Wind K/S, Denmark</td> <td style="border-bottom: 1.0px solid;text-align: right;">100%</td> <td style="border-bottom: 1.0px solid;text-align: right;">238,435</td> <td style="border-bottom: 1.0px solid;text-align: right;">-60,247</td> </tr> <tr> <td>Komplementar Tiefenbach ApS, Denmark</td> <td style="border-bottom: 1.0px solid;text-align: right;">100%</td> <td style="border-bottom: 1.0px solid;text-align: right;">1,535</td> <td style="border-bottom: 1.0px solid;text-align: right;">-3,563</td> </tr> <tr> <td>Herbergen Vind I/S, Denmark</td> <td style="border-bottom: 1.0px solid;text-align: right;">100%</td> <td style="border-bottom: 1.0px solid;text-align: right;">152,364</td> <td style="border-bottom: 1.0px solid;text-align: right;">-41,713</td> </tr> <tr> <td>Copenhagen Energy Germany GmbH, Germany</td> <td style="border-bottom: 1.0px solid;text-align: right;">100%</td> <td style="border-bottom: 1.0px solid;text-align: right;">-182,530</td> <td style="border-bottom: 1.0px solid;text-align: right;">-207,530</td> </tr> <tr> <td>Treller Wind Solar GmbH, Germany</td> <td style="border-bottom: 1.0px solid;text-align: right;">100%</td> <td style="border-bottom: 1.0px solid;text-align: right;">10,870</td> <td style="border-bottom: 1.0px solid;text-align: right;">-13,613</td> </tr> <tr> <td>Veersser Heide Wind GmbH &amp; Co. KG, Germany</td> <td style="border-bottom: 1.0px solid;text-align: right;">100%</td> <td style="border-bottom: 1.0px solid;text-align: right;">-1,887</td> <td style="border-bottom: 1.0px solid;text-align: right;">-2,887</td> </tr> <tr> <td>TOTAL</td> <td style="border-bottom: 1.0px solid;text-align: right;"> </td> <td style="border-bottom: 1.0px solid;text-align: right;">334,937</td> <td style="border-bottom: 1.0px solid;text-align: right;">-350,908</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Other contingent liabilities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml">The group companies are jointly and severally liable for tax on the jointly taxed <br/> incomes, etc of the Group. The total amount of corporation tax payable is <br/> disclosed in the Annual Report of Copenhagen Energy A/S, which is the <br/> management company of the joint taxation purposes. Moreover, the group <br/> companies are jointly and severally liable for Danish withholding taxes by way <br/> of dividend tax, tax on royalty payments and tax on unearned income. Any <br/> subsequent adjustments of corporation taxes and withholding taxes may <br/> increase the Company’s liability.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <h3 xmlns="http://www.w3.org/1999/xhtml">Ownership</h3> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The company has registered the following shareholders holding more than 5% of the voting rights or nominal value: <br/> <br/> Copenhagen Energy A/S, Bag Elefanterne 1, st. th., 1799 Copenhagen V.</p> <h3 xmlns="http://www.w3.org/1999/xhtml">Group relations - Consolidated Financial Statements</h3> <p xmlns="http://www.w3.org/1999/xhtml">The Company is included in the consolidated financial statements of: <br/> Copenhagen Energy A/S <br/> Bag Elefanterne 1, st. th. <br/> 1799 Copenhagen V. <br/> CVR-no. 41529733</p> <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2023</th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Average number of employees </span> </td> <td class="col2"> </td> <td class="col3"> 0 </td> <td class="col4 lastyear"> </td> </tr> </tbody> </table> 0 false false true true Erhvervsstyrelsen Regnskab Basis 2022-12-31 2022-05-19 Auditor's report on audited financial statements false false false false Jasmin Bejdic Bag Elefanterne 1st. th 1799 Copenhagen