The executive board has today discussed and approved the annual report of PowerMart ApS for the financial year 1 July 2021 - 30 June 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 company's financial position at 30 June 2022 and of the results of the company's operations and cash flows for the financial year 1 July 2021 - 30 June 2022.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.Anders Borchsenius RasmussenEmil Bjørn MeinckeDragan RajceticTo the shareholders of PowerMart ApSWe have audited the financial statements of PowerMart ApS for the financial year 1 July 2021 - 30 June 2022, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement, notes and summary of significant accounting policies. 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 30 June 2022 and of the results of the company's operations and cash flows for the financial year 1 July 2021 - 30 June 2022 in accordance with the Danish Financial Statements Act.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' 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.Horsens2022-12-21RoesgaardSøren Roesgaardstatsautoriseret revisormne33225Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights: The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines. For definitions, see the summary of significant accounting policies.. 650300044450003119000-843000-202000-96000-80000-6400034000002656000178200011395000748400055390000-9000-9000-17000-33000875300059810003728000125.551.246.646.551.161.173.176.879.967.3155.751.746.254.756.4Business review The Company is engaged in trading of energy on the European markets as well as related activities as estimated by Management.Financial review In 2021 the company expanded its activities with gas trading. The expanded activities together with very volatile energy markets, have had a positive effect on the company’s net sales and earnings. The company's income statement for the year ended 30 June 2022 shows a profit of t.EUR 61.468, and the balance sheet at 30 June 2022 shows equity of t.EUR 64.980. Profit of the year is considered satisfactory. The result for 2021/22 exceeds the expected development for the financial year, which primarily can be attributed to a significantly higher level of activity as well as prices than expected.Expected development of the company, including specific prerequisites and uncertainties We plan to expand further in new markets. We expect a profit before tax on the same level as in 2021/22.Special risks Powermart ApS is affected by multiple risks in connection with day-to-day energy trading activities. Due to significant price fluctuations in the volatile energy market, price risks pose a particular risk to the company. The special risks are handled i.a. by means of policies approved by management and ongoing follow-up regarding conclusions of trading positions, choice of products and markets. Ongoing reassessment of the impending and future cash need, including hedge of cash resources.Knowledge resources Development and updating of analysis and forecast tools is an important parameter for the company’s development. It is therefore essential that we have access to competent employees and knowledge. To ensure this development, we have increased focus on recruiting employees, hand over our know-how in the organization and strengthening our competence, particularly in energy trading, software and systems and business development.The annual report of PowerMart ApS for 2021/22 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 2021/22 is presented in t.EUR.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, direct expenses and other external expenses.Income from the sale of energy is recognised in the income statement when the income can be measured reliably and is expected to be received.Direct expenses invlude purchase of energy and expenses used in generating the year's revenue.Other external expenses include expenses related to administration, premises etc.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, ect. made to the entity's employees.Amortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment of plant and equipment.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses and surcharges and allowances under the advance-payment-of-tax scheme, etc.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.Leasehold improvements 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. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: Useful life Residual value Leasehold improvements 5 years 0 % The useful life and residual value of the company's property, plant and equipment is reassessed annually.Other securities are measured at amortised cost.The cost of goods for resale are measured at cost using the FIFO method. Inventories comprise a gas inventory. If the net realizable value is lower, the Inventories are measured at net realizable value. The net realizable 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.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.Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash and cash equivalents comprise cash.Dividends Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.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. 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 is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Liabilities are measured at amortised cost, which is usually equivalent to nominal value.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date.On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Positive and negative fair values of derivative financial instruments are included in 'Other receivables' or 'Other payables', respectively. Fair value adjustments of derivative financial instruments designated as and qualifying for recognition as a fair value hedge of recognised assets or liabilities are recognised in the income statement together with fair value adjustments of the hedged asset or liability. Fair value adjustments of derivative financial instruments designated as and qualifying for hedging of future cash flows are recognised in other receivables or other payables and in the fair value reserve under ‘Equity’. If the future transaction results in recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or the liability, respectively. If the future transaction results in income or expenses, amounts previously recognised in equity are transferred to the income statement in the period in which the hedged item affects the income statement.9397800010900000147690003061000140001700041500007878000078220006720002300015150002250007793700076200001646900017450006146800058750002000120000500020001700024000230002400023000260004000031900003190000200470003080000800010001200032400020002000300010002007200034080008594900015687000106340000190950001063660001913500067000670006491300011845000020800006498000013992000132230002300000524300068200070007000148350001286000807800086800041386000514300041386000514300010636600019135000670001184400020800000-208000000-839900053069000083990006700064913000006146800058750001732600019620001158000162100079952000945800067200024000-1517000-2210007910700092610001634000-10840008074100081770000-90000-9000-10479000-636000-10479000-6360007026200075320001568700081550008594900015687000859490001568700014692000300400018000140005900043000147690003061000159173215910007320002116100006710002300067200023000189000350003840001070009420008300015150002250001646900017460000-100002080000839900005306900037950004800010000480001000037000500090005000-4600010000200002300010002400024000Provision for deferred tax at 1 July 2021 2 3 Deferred tax recognised in income statement 0 (1) Provision for deferred tax at 30 June 2022 2 2 Prepayments comprise prepaid expenses regarding rent and deposits. The share capital consists of 500.000 shares of a nominal value of t.EUR 0,134. No shares carry any special rights.5000000Futures Fair value adjustments recognised in the income statement (9) 0 Fair value of an asset or a liability that is measured at fair value, closing (9) 0 Futures-90-90The Company has entered into lease contracts for administration premises. The total rent amounts to t.EUR 117.As security for trade with customers and suppliers, the bank has issued a bank guarantee. A bank account of t.EUR 18.442 and t.GBP 250 has been provided as collateral for the bank guarantee.14 Financial instruments Agreements about derivative financial instruments in the form of electricity futures and nature gas forwards.-672000-2300015150002250001400017000164690001743000-3190000-16662000-47500018139000209600011580001621000Årsrapport37543128Roesgaard Godkendt RevisionspartnerselskabSønderbrogade 168700 Horsens2021-07-012022-06-302020-07-012021-06-3036201770PowerMart ApSÅboulevarden17 A, 3.8000Aarhus CDKAarhusRoesgaard37543128Søren Roesgaardstatsautoriseret revisorSønderbrogade168700HorsensDK75629999revisor@roesgaard.dk2022-12-21Anders Borchsenius RasmussenRegnskabsklasse C, mellemstor virksomhedtrueRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseReturn on assets Profit/loss before financials x 100Total assets Solvency ratio Equity at year end x 100Total assets Return on equity Net profit for the year x 100Average equity362017702021-07-012022-06-30362017702021-07-012022-06-301362017702020-07-012021-06-30362017702021-07-012022-06-30d:TwoYearsAgoMember362017702022-06-30d:TwoYearsAgoMember362017702021-07-012022-06-30d:ThreeYearsAgoMember362017702022-06-30d:ThreeYearsAgoMember362017702021-07-012022-06-30d:FourYearsAgoMember362017702022-06-30d:FourYearsAgoMember362017702021-07-012022-06-30g:ProposedDividendRecognisedInEquityMember362017702020-07-012021-06-30g:ProposedDividendRecognisedInEquityMember362017702021-07-012022-06-30g:ProposedExtraordinaryDividendRecognisedInEquityMember362017702020-07-012021-06-30g:ProposedExtraordinaryDividendRecognisedInEquityMember362017702021-07-012022-06-30g:RetainedEarningsMember362017702020-07-012021-06-30g:RetainedEarningsMember362017702021-06-30362017702022-06-30362017702021-07-012022-06-301362017702021-07-012022-06-302362017702021-07-012022-06-303362017702021-07-01g:ContributedCapitalMember362017702022-06-30g:ContributedCapitalMember362017702021-07-01g:RetainedEarningsMember362017702021-07-012022-06-30g:RetainedEarningsMember362017702022-06-30g:RetainedEarningsMember362017702021-07-01g:ProposedDividendRecognisedInEquityMember362017702021-07-012022-06-30g:ProposedDividendRecognisedInEquityMember362017702022-06-30g:ProposedDividendRecognisedInEquityMember362017702021-07-012022-06-30g:ManagementMember362017702020-07-012021-06-30g:ManagementMember362017702021-07-01g:FixturesFittingsToolsAndEquipmentMember362017702021-07-012022-06-30g:FixturesFittingsToolsAndEquipmentMember362017702022-06-30g:FixturesFittingsToolsAndEquipmentMember362017702021-07-01g:LeaseholdImprovementsMember362017702021-07-012022-06-30g:LeaseholdImprovementsMember362017702022-06-30g:LeaseholdImprovementsMember362017702022-06-301362017702021-07-01362017702020-07-01362017702021-07-01g:ProposedExtraordinaryDividendRecognisedInEquityMember362017702021-07-012022-06-30g:ProposedExtraordinaryDividendRecognisedInEquityMember362017702022-06-30g:ProposedExtraordinaryDividendRecognisedInEquityMember362017702021-07-01g:DepositsLongtermInvestmentsAndReceivablesMember362017702021-07-012022-06-30g:DepositsLongtermInvestmentsAndReceivablesMember362017702022-06-30g:DepositsLongtermInvestmentsAndReceivablesMember362017702021-07-012022-06-301362017702022-06-301362017702021-06-301xbrli:sharesiso4217:EURxbrli:pure