The Board of Directors and Executive board have today discussed and approved the annual report of Nature Energy Biogas A/S for the financial 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 company's financial position at 31 December 2024 and of the results of the company's operations for the financial year 1 January - 31 December 2024.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.Thomas de BoerCEOJanneke AbelschairmanJesper Bundgaarddeputy chairmanThomas de BoerMartin Dan Jeppesenemployee representativeStine Lykke Sønderby Raskemployee representativeTo the shareholder of Nature Energy Biogas A/SOpinionWe have audited the financial statements of Nature Energy Biogas A/S for the financial year 1 January - 31 December 2024, 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 2024 and of the results of the company's operations for the financial year 1 January - 31 December 2024 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. Independence 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. • Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion. 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.Odense2025-05-07EY Godkendt RevisionspartnerselskabBrian Skovhus JakobsenState Authorised Accountantmne27701Emil OverlundState Authorised Accountantmne47833Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights: For definitions, see the summary of significant accounting policies. 0-360000000-177000000-126000000-72000000-444000000-452000000-105000000294000000-2000000-251000000181000000-64000000150900000016140000001190000000600000013000000100000002600000060000007780000001030000000856000000916656-6.8-7.6-11.3-9-6.488.687.551.663.871.9-19.5-31.1-27.819.2-7.2Business review Nature Energy Biogas A/S fulfils the interests of the Nature Energy Group within the circular economy business, including project development and construction in order to produce and upgrade green gas to inject to the grid and for use in transport. Nature Energy Biogas A/S is 100 % owned by NGF Denmark Holding ApS. The company is the parent company to several biogas subsidiaries, project companies, Nature Energy Green Gas Sales A/S, Nature Energy Green Transport A/S and Nature Energy Construction A/S. Nature Energy Biogas A/S is moreover responsible for the service functions of the other group companies. In 2024, an average of 203 employees were employed by Nature Energy Biogas A/S.Recognition and measurement uncertainties The recognition and measurement of items in the annual report is not associated with any uncertainty.Unusual matters The company's financial position at 31 December 2024 and the results of its operations for the financial year ended 31 December 2024 are not affected by any unusual matters.Financial review The company's income statement for the year ended 31 December 2024 shows a loss of TDKK 695,030, and the balance sheet at 31 December 2024 shows equity of TDKK 3,865,617. Financing The result reflects the allocation of resources necessary to select and mature the biogas pipeline projects. Fourteen biogas plants are fully commissioned with a combined production of upgraded biogas of 197 million m3 per year. During 2024 further shared competences for analysis, monitoring, and optimization of the biogas production has been added to the Nature Energy Group. Efforts with research and development have been increased to enable the Group to develop and improve the biogas business further. Progress is still made to secure the long-term foundation of the biogas business, focusing on developing biogas projects in all of Denmark and abroad. During 2024, significant progress has been made in the maturation of several possible projects in Denmark, France, the Netherlands, Germany and Poland. The construction of the plant on Lolland and the expansion of the plant in Baanlev was commenced during 2024. With green gas to grid a continuously stabile heat is secured to thousands of customers, directly from the natural gas grid and indirectly from the gas heated district heating plants to an efficient production of process energy, e.g. to Danish companies depending on the highly efficient heat that can almost only be supplied through gas.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position.Strategy, objectives and expectations for the coming year The Nature Energy companies continuously expect to offer green gas and green certificates to a much larger extent and to be able to offer new products derived hereof. The company expects a loss concerning the business for 2025 in the range of TDKK -200,000 to TDKK -500,000.Knowledge resources The company has research and development activities concerning the group’s biogas activities.Group relations Nature Energy Construction A/S is a leading supplier of advanced turnkey biogas plants. Construction designs and builds award winning biogas plants. Based upon more than 30 years' experience, the company has developed plant concepts, which are flexible, robust in their construction, reliable in operations, and easy to operate.The past year and follow up on last year's expected development Last year's expectation of the result for 2024 was in the range of TDKK -200,000 – TDKK 500,000, which has been realized at an unsatisfactory level among other things due to low gas price and continued high biomass prices.External environment The company's work follows the authorities' instructions. Nature Energy is market leader in turning millions of tons of biomass into green gas as effectively as possible. Nature Energy collects and delivers biomass from businesses, agriculture and households and return the degassed biomass to the agriculture that recycles nutrients. This is circular economy at its best. At the same time, we always make sure that the surrounding community remains as undisturbed as possible by transport and odors.Supplementary reports Operating risk: In 2024, the risk assessment will continue to reflect the challenges related to securing a safe, stable and optimal operation and production of the biogas plants. Securing the right sourcing of biomasses and hereby achieving the best production and cost-competitive volumes will have great impact of the profitability of the plants. In 2024, the establishment in foreign markets continues. This entails risk regarding new market entries, maturing projects, building plants in new environment etc. These risks are sought to be mitigated through our risk management policy and in cooperation with external partners and advisers. Political objectives can cahnge the possibilities and focus of the biogas business. The company seeks to eliminate or reduce these risks in cooperation with external partners, advice from external specialists and, not least, through gaining the core competences within the Nature Energy companies. Nature Energy in general is exposed to risk of fluctuations in gas prices, exchange rates etc. The company handles these risks within the procedures of an established risk policy. Risks are sought eliminated through a high degree of correlation between the conditions of purchase and sale of natural gas, biomasses etc. Currency risk: International activities, construction and sales of gas and certificates entail that the exchange rates affect the result, cash flow and equity of the Group. Credit risk: There are no considerable credit risks for the biogas business, the companies continuously assess new customers, which may result in demands of prepayments or other form of deposits and ultimately a termination of the contracts. Before signing of contracts, the construction business performs credit assessments of larger business partners.-75791000-9927000180150000173869000137700001380000032160002345000-272927000-199941000-568162000-5373220001477040001314900002328900046014000-716674000-651787000-21644000-25182000-695030000-62660500033460006538000380070001046600041353000170040003509200037083000232080002562700024260002419000607260006512900018980490001829459000555092000617780000190000019000002455041000244913900025571200002531272000733220007559000073322000755900007467000100900014253870008889650001507000017567000460070003342000003449000149393100094441000023967100017062600018069240001190626000436404400037218980001291800012918000-50720002215000385777100032403010003865617000325543400019449900011514900019449900011514900060402000444560002160050002740350002752100032824000303928000351315000303928000351315000436404400037218980001291800002215000324030100000-728700000-33070000033070000-6983370001315807000129180000-507200038577710001369790001507970003210300013454000560100033180005467000630000018015000017386900030510003488000203184319400038210001057600099790001377000013800000119499000900440002820500041310000013600014770400013149000053400002050000177200004396400022900002328900046014000-30204000-25182000-9057000-221900001761700022190000330700023550000-698337000-65015500033163000104660000275410003316300038007000-266230000-31940000-29817000033460003800700052964000463680002418000980000000307700030970006710002418000-3089000546150005186300024260001686100020741000026620007914000019523000-28655000035092000232080002426000274032100010235570000-490000060133000017216590000500033416510002740321000-910862000-202641000-75000000-154497000-7287000328900003075000-514944000-488281000-3307000-23550000-7911000-13315000-45308000-3572800041668000079349000786000-1443602000-91086200018980490001829459000Name Registered office Ownership interest Nature Energy Korskro A/S Odense 100 Nature Energy Vaarst A/S Odense 100 Nature Energy Holsted A/S Odense 71 Nature Energy Midtfyn A/S Odense 100 Nature Energy Nordfyn A/S Odense 88 Nature Energy Glansager A/S Odense 100 Nature Energy Lolland ApS Odense 100 Nature Energy Køng A/S Odense 100 Nature Energy Månsson A/S Odense 51 Nature Energy Videbæk A/S Odense 100 Nature Energy Green Gas Sales A/S Odense 100 Nature Energy Green Transport A/S Odense 100 Nature Energy Hemmet ApS Odense 100 Nature Energy Sdr. Vium ApS Odense 100 Nature Energy Construction A/S Odense 100 Nature Energy Kværs A/S Odense 100 Nature Energy Green Hydrogen A/S Odense 100 Nature Energy International A/S Odense 100 Nature Energy Falster ApS Odense 100 Nature Energy Bånlev Transport A/S Odense 90 Nature Energy Bånlev A/S Odense 90 Nature Energy Løgumkloster ApS Odense 100 Nature Energy Agerskov ApS Odense 100 Nature Energy Skive ApS Odense 100 Nature Energy Frederikshavn ApS Odense 100 Receivables from subsidiaries companies consist of the subordinated loan. The loan is remunerated, repayable and can be converted in the event of default. Receivables within 1 year consists of TDKK 62,688.Nature Energy Korskro A/SOdense100Nature Energy Vaarst A/SOdense100Nature Energy Holsted A/SOdense71Nature Energy Midtfyn A/SOdense100Nature Energy Nordfyn A/SOdense88Nature Energy Glansager A/SOdense100Nature Energy Lolland ApSOdense100Nature Energy Køng A/SOdense100Nature Energy Månsson A/SOdense51Nature Energy Videbæk A/SOdense100Nature Energy Green Gas Sales A/SOdense100Nature Energy Green Transport A/SOdense100Nature Energy Hemmet ApSOdense100Nature Energy Sdr. Vium ApSOdense100Nature Energy Construction A/SOdense100Nature Energy Kværs A/SOdense100Nature Energy Green Hydrogen A/SOdense100Nature Energy International A/SOdense100Nature Energy Falster ApSOdense100Nature Energy Bånlev Transport A/SOdense90Nature Energy Bånlev A/SOdense90Nature Energy Løgumkloster ApSOdense100Nature Energy Agerskov ApSOdense100Nature Energy Skive ApSOdense100Nature Energy Frederikshavn ApSOdense1006177800001900000-62688000055509200019000005550920001900000Provision for deferred tax at 1 January 2024 -33,420 -30,335 Deferred tax recognised in income statement -12,587 -2,992 Provisions for deferred tax through mergers and business combinations 0 -93 Provision for deferred tax at 31 December 2024 -46,007 -33,420 The recognized tax asset consists primarily of tax loss carryforwards, which are expected to be utilized within the next 3-5 years. Operating lease liabilities. Total future lease payments: Within 1 year 2,630 3,300 Between 1 and 5 years 1,983 2,786 After 5 years 0 0 4,613 6,086The Group's Danish companies are jointly and severally liable for tax on the Group's jointly taxed income, etc. The administration company is NGF Denmark Holding ApS. Furthermore, the Group's Danish companies are jointly and severally liable for Danish taxes in the form of dividend tax and interest tax. Any subsequent corrections to corporate taxes may increase the the Company's commitment. The Company has signed a sponsorship agreement for TDKK 3,850 for a 3.5 year period, a sponsorship agreement for TDKK 15 and a sponsorship agreement for TDKK 30. The Company is jointly and severally liable to third parties for the subsidiaries' leasing agreements with residual value of TDKK 55,521. The Company has provided a guarantee of TDKK 18,980 for subsidiaries' to third-parties. The Company has provided a guarantee of TDKK 20 for third-parties. Cash pool The Nature Energy Group has a cash pool agreement, under which Nature Energy Biogas A/S, is the holder of the agreement, while other group companies are sub-account holders. For Nature Energy Biogas A/S's intercompany balances (Receivable), DKK 1.105.802 thousand are included in the joint cash pool agreement.No events have occured after the balance sheet date, which could significantly affect the Group's financial position.Årsrapport34614091NGF Nature Energy Biogas A/SØrbækvej 2605220 Odense SØ2024-01-012024-12-312023-01-012023-12-3134614091Nature Energy Biogas A/SØrbækvej2605220Odense SØDKDanmark2012-07-06OdenseDanske BankEY Godkendt Revisionspartnerselskab30700228Brian Skovhus JakobsenState Authorised AccountantCortex Park Vest35230Odense MDKDanmark2025-05-07Thomas de BoerRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseThe annual report of Nature Energy Biogas A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied are consistent with those of last year. The annual report for 2024 is presented in TDKK As a result of the merger as of 1 January 2024, when Nature Energy Ørbæk A/S, Nature Energy Denmark ApS, Nature Energy Trekanten A/S, Nature Energy Holbæk ApS og Nature Energy 1 A/S was merged into Nature Energy Biogas A/S (continuing company), comparative figures and key figures for 2024 have been adjusted. The merger has had a net effect of DKK 0 on equity at the beginning of the year. Development projects in progress has been increased by DKK 10 mio. and Other receivables has been decreased with DKK 10 mio. for 2023 due to presentation disclosure.Pursuant to sections §112, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset 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 out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses.Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment.Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc.Staff expenses comprise wages and salaries as well as payroll expenses other than production wages.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 at the amounts relating to the financial year.The items “Income from investments in subsidiaries” in the income statement include the proportionate share of the profit for the year.Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes.Development projects, patents and licences Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining patent period, and licences are amortised over the term of the licence.Items of land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciable amount is cost less the expected residual value at the end of the useful life. Land is not depreciated. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. Interest expenses on loans obtained specifically for the purpose of financing the manufacturing of items of property, plant and equipment are included in cost over the manufacturing period. All indirect, attributable borrowing costs are recognised in the income statement. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: Land and buildings years 20-30 Other fixtures and fittings, tools and equipment years 3-10 The fixed assets’ residual values are determined at nil. The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. Gains and losses on the sale of items of property, plant and equipment are calculated as the difference between the selling price, less costs to sell, and the carrying amount at the time of sale. Gains or losses on the sale of items of property, plant and equipment are recognised in the income statement under other operating income or other operating expenses, respectively.All leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.'.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 are measured at cost.The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount.Inventory are measured at cost using the FIFO method Where the net realisable value is lower than the cost, inventories are recognised at this lower value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketabillty, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour.Receivables are measured in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made.Given the nature of the Group's cash pool arrangement, cash pool balances are not considered cash, but are recognised under "Receivables from group entities".Dividends Dividend distribution proposed by Management for the year is disclosed as a separate equity item.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable income for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Deferred income tax is measured using the balance sheet liability methoed in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax is measured on the basis of the tax rules and at the tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deffered tax relates to items recognised in equity. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax or by set-off against deferred tax liabilities within the same legal tax entity.Mortgage debt is thus measured at amortised cost, which for cash loans corresponds to the outstanding debt. For bond loans, amortised cost corresponds to an outstanding debt calculated as the underlying cash value of the loan at the time of borrowing, adjusted by amortisation of the value adjustment of the loan at the time of borrowing. Other debts are measured at amortised cost, substantially corresponding to nominal value.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Pursuant to sections §86, of the Danish Financial Statements Act, no cash flow statement has been prepared for the company, as the company’s cash flows are included in the consolidated cash flow statement.Pursuant to sections §86, of the Danish Financial Statements Act, no cash flow statement has been prepared for the company, as the company’s cash flows are included in the consolidated cash flow statement.Return on assets Profit/loss before financials x 100Average assets Solvency ratio Equity at year end x 100Total assets Return on equity Net profit for the year x 100Average 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