36201770 2024-07-01 2025-06-30 36201770 2023-07-01 2024-06-30 36201770 2025-06-30 36201770 2024-06-30 36201770 2024-06-30 fsa:ContributedCapitalMember 36201770 2024-06-30 fsa:RetainedEarningsMember 36201770 2024-07-01 2025-06-30 fsa:ContributedCapitalMember 36201770 2024-07-01 2025-06-30 fsa:RetainedEarningsMember 36201770 2025-06-30 fsa:ContributedCapitalMember 36201770 2025-06-30 fsa:RetainedEarningsMember 36201770 2023-07-01 2024-06-30 1 36201770 2024-07-01 2025-06-30 1 36201770 2023-06-30 36201770 2024-06-30 cmn:OtherRenderingOfReportedValueMember 36201770 2024-07-01 2025-06-30 1 36201770 2024-07-01 2025-06-30 1 36201770 2024-07-01 2025-06-30 1 36201770 2024-07-01 2025-06-30 2 36201770 2024-07-01 2025-06-30 3 iso4217:EUR xbrli:pure Key activitiesThe principal activity is trading with commodities on the European wholesale energy markets as well as carrying out related activities as determined by the management. Unusual eventsThe company is party to a legal dispute. Please refer to note 12 for further description.Development in the yearThe income statement of the company for the year ended 30 June 2025 shows a loss of EUR 4,690 thousand, and at 30 June 2025 the balance sheet shows a positive equity of EUR 103,059 thousand.The past year and follow-up on development expectations from last yearDuring the financial year, the focus was on strengthening the organisation, both through developing its trading desks and support functions, and on diversifying the product portfolio and market presence. At the same time, the past 12 months were marked by relatively low volatility and challenging conditions in the energy markets. Combined with activity levels falling short of expectations, this led to a loss instead of the anticipated break-even result, which was the lowest expected level according to last years expectations.Key Risk CategoriesThe Company is exposed to a range of risk factors, which are assessed on the probability of occurrence and potential damage, followed by appropriate risk mitigation measures based on the risk appetite. While many risks cannot be fully mitigated, several risks can still both be anticipated and managed effectively.Below are the identified risk factors along with their respec-tive assessments: Market riskThe Company is actively engaged in trading in the power and gas markets. PowerMart defines market risk as the risk that the value of a position changes due to fluctuations in market prices.As the Company predominantly trades intraday and day-ahead on a continuous basis, our trading activities are constantly adapted to changing prices. The Company therefore assesses the market risk to be limited.Liquidity riskThe Company has a solid capital structure and a strong liquidity position. Strategic and operational thresholds, as well as liquidity buffers, are embedded in the cash management process. There is no indication of insufficient funds to meet future commitments. Furthermore, there is sufficient capacity to support the continued growth and development of the business.Currency riskCurrency risk is the risk of financial loss due to fluctuations in exchange rates between two currencies. It arises when holding assets or liabilities, as well as from future cash flows, in a currency other than the functional currency.As the Company has activities in both Singapore and Denmark, there are cash flows in currencies other than the functional currency. However, the exposure is considered limited, as the primary cash flow originates from trading activities within Europe, which are typically settled in EUR. Should any trades be settled in a currency other than EUR, the risk is still deemed limited, as such transactions relate to intraday and day-ahead activities. Given that we trade the markets on a continuous basis, our business model naturally adapts to currency risk.Credit riskCredit risk refers to the risk that the counterparty to a trade or contract will not fulfil its obligations. This can occur for a variety of reasons, such as financial distress, bankruptcy or changes in the regulatory environment.Credit risk is primarily mitigated through collateral agree-ments and the use of bank guarantees, which reduce exposure to potential counterparty defaults. The risk is considered relatively low, as the Company’s counterparties consist mainly of Transmission System Operators (TSOs), exchanges, clearing banks, and large energy and utility companies.Organisational riskOrganisational risk encompasses the potential loss of critical expertise due to key employee turnover or difficulties in attracting talent with essential skills.The Company maintains a continuous focus on recruiting skilled employees, ensuring effective knowledge transfer within the organization, and strengthening competencies by encouraging knowledge sharing and promoting further education. With offices in Aarhus, Copenhagen, and Singapore, the Company benefits from a naturally larger talent pool, increaseing the likelihood of identifying the right candi-dates. PowerMart strives to be a workplace with a culture that appeals to talented professionals, offering flexible and attractive working conditions, including remote work options, to remain a competitive and appealing employer.Compliance riskCompliance risk refers to non-compliance with the diverse regulation of the energy markets. Non-compliance with these rules and regulations could lead to significant finan-cial, operational and reputational consequences. For that reason, compliance is at the forefront of everything we do. We are committed to ensuring that we meet the legal and regulatory obligations relevant to our activities and ensure that we have effective systems, controls, and training in place to maintain compliance.The company operates in a market characterised by uncer-tainty. Geopolitical tensions and the ongoing transition towards sustainable energy sources present both challenges and opportunities. Despite these uncertainties, we remain focused and ready to seize potential market openings.In the latter part of the financial year, the company welcomed new employees who will support the company’s future growth. We expect that the combination of low volatility levels in the coming financial year, the contributions of our new team members and the uncertain markets will result in an EBIT in the range of EUR (1.5) million to EUR 4.5 million.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.2024/25 2023/24 2022/23 2021/22 2020/21t.EUR t.EUR t.EUR t.EUR t.EURKey figuresProfit/lossNet trading income 6,978 1,558 163,512 95,071 11,749Gross profit 1,472 (3,710) 155,768 93,978 10,900Profit/loss of primary activities (4,135) (5,196) 108,664 79,195 7,820Net financials (1,121) 1,987 503 (843) (202)Profit/loss for the year (4,690) (1,501) 82,576 61,468 5,875Balance sheetBalance sheet total 106,039 109,679 139,366 106,366 19,135Investment in property, plant and equipment (5) (12) (179) 0 (9)Equity 103,059 107,749 109,250 64,980 13,992Cash flows from:– operating activities 4,304 (34,971) 50,398 80,741 8,177– investing activities (5) (12) (179) 0 (9)– financing activities 0 0 (38,306) (10,479) (636)The year's changes in cash and cash equivalents 4,299 (34,983) 11,913 70,262 7,532Financial ratiosReturn on assets (3.9) % (4.2) % 88.4 % 125.5 % 51.2 %Solvency ratio 97.2 % 98.2 % 78.4 % 61.1 % 73.1 %Return on equity (4.4) % (1.4) % 94.8 % 155.7 % 51.7 %5- year development at PowerMart ApSSeen over a 5-year period, the development of the Company may be described by means of the following financial highlights:For definitions of financial ratios, see the summary of significant accounting policies. 6978000 1558000 106000 382000 5400000 4886000 1472000 -3710000 5607000 1486000 40000 20000 -4175000 -5216000 762000 2363000 1883000 376000 -5296000 -3229000 -606000 -1728000 -4690000 -1501000 4000 8000 115000 146000 119000 154000 32571000 41202000 50000 50000 32621000 41252000 32740000 41406000 3032000 3048000 572000 471000 145000 212000 2271000 1664000 103000 1000 6123000 5396000 67176000 62877000 73299000 68273000 106039000 109679000 67000 67000 102992000 107682000 103059000 107749000 1945000 1480000 139000 114000 162000 172000 734000 164000 2980000 1930000 2980000 1930000 106039000 109679000 67000 107682000 107749000 0 -4690000 -4690000 67000 102992000 103059000 Net profit for the year Net profit for the year -4690000 -1501000 555000 -3695000 9560000 -5305000 5425000 -10501000 762000 2363000 1883000 376000 4304000 -8514000 0 26457000 4304000 -34971000 5000 12000 -5000 -12000 4299000 -34983000 62877000 97862000 67176000 62879000 Staff costsWages and salaries 5,457 3,897Adjustment of prior year 0 (2,486)Other social security costs 19 18Other staff costs 131 575,607 1,486 20 14 Including remuneration to the Executive and Supervisory Boards:Executive Board 1,077Board of Directors 43637 1,120According to section 98 B(3) of the Danish Financial Statements Act, renumeration to theexecutive board and supervisory board has not been specified. Financial incomeInterest received from subsidiaries 0 2Other financial income 751 2,353Exchange gains 11 8762 2,363 Financial costsOther financial costs 1,792 329Exchange adjustments costs 91 471,883 376 Tax on profitCurrent tax for the year 0 (66)Deferred tax for the year (606) (1,662)(606) (1,728) -4690000 -1501000 Tangible assetsOther fixtures and fittings, Leasehold tools and improve-equipmentmentsCost at 1 July 2024 60 163Additions for the year 0 5Cost at 30 June 2025 60 168Impairment losses and depreciation at 1 July 2024 52 17Depreciation for the year 4 36Impairment losses and depreciation at 30 June 2025 56 53Carrying amount at 30 June 2025 4 115 Fixed asset investmentsOther receivablesDepositsCost at 1 July 2024 41,202 50Disposals for the year (8,631) 0Cost at 30 June 2025 32,571 50Carrying amount at 30 June 2025 32,571 50 PrepaymentsPrepayments comprise prepaid expenses regarding rent and deposits. Cash at bank and in handOf cash at bank and in hand, EUR 39,905 thousand constitute amounts deposited as security withcounterparties and financial institutes for bank guarantees. EquityThe share capital consists of 500,000 shares of a nominal value of EUR 0.134 thousand. Noshares carry any special rights.There have been no changes in the share capital during the last 5 years. Provision for deferred taxProvision for deferred tax at 1 July 2024 (1,664) 2Deferred tax recognised in income statement (607) 1,662Deferred tax asset 2,271 (1,664)Provision for deferred tax at 30 June 2025 0 0 Contingent liabilitiesThe company remains party in a legal dispute, which means that an amount equivalent to EUR32.6 million is for the time being indisposable to the company, which for accounting purposes arepresented as other receivables under fixed assets. The dispute is still at a stage in which, it cannotbe established whether the dispute will lead to an outflow on the company's resources.The company is jointly taxed with its parent company, PowerMart Holding ApS (managementcompany), and jointly and severally liable with other jointly taxed entities for payment of incometaxes as well as for payment of withholding taxes on dividends, interest and royalties.Other liabilitiesThe company has entered into lease contracts for administration premises. The total rentamounts to EUR 82 thousand.In addition to the other liabilities listed above, the group has entered into agreements fordeliveries with suppliers within the group's ordinary course of business. Mortgages and collateralAs security for trade with counterparties, the company's financial institutes, including its primarybank connect, have issued bank guarantees. Bank accounts totaling EUR 18,950 thousand havebeen provided as collateral for the guarantee facilities. Related parties and ownership structureTransactionsThe company has chosen only to disclose transactions which have not been conducted on anarm's length basis in accordance with section 98c(7) of the Danish Financial Act.Consolidated Financial StatementsThe company is reflected in the group report of PowerMart Holding ApS, Aarhus Denmark, CVRno. 43 72 19 76, which is the smallest and the largest group in which the company is included asa subsidiary. Cash flow statement – adjustmentsFinancial income (762) (2,363)Financial costs 1,883 376Depreciation, amortisation and impairment losses 40 20Tax on profit (606) (1,728)555 (3,695)Cash flow statement – change in working capitalChange in receivables 8,510 (4,207)Change in trade payables, etc. 1,050 (1,098)9,560 (5,305) The annual report of PowerMart ApS for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The annual report for 2024/25 is presented in t.EUR.Changes in accounting policiesChange in classificationWith reference to presenting a more accurate true and fair view, the recognition criteria regarding revenue have been changed from a gross recognition of the sold electricity and natural gas on electricity exchanges in Europe to a net recognition of the difference between the value of sales and purchases of electricity, natural gas and capacity rights. The change is justified by the fact that transactions with counterparties on energy platforms and exchanges are settled on a net basis, and that PowerMart ApS does not trade bilaterally with other parties. Effectively, PowerMart ApS trades the price difference between delivery areas or over time, which supports net rather than gross revenue recognition.The change means that the net gain from the purchase and sale of energy is included in the financial statement line Net Trading income. The change in applied accounting practice results in a significant reduction of the recognised net trading income, amounting to EUR 5,560 thou-sand in 2024/25 (2023/24: EUR 9,452 thousand). The change has no effect on the financial result for 2023/24 or the equity as of 30 June 2024.Classification of other liabilities has been changed so that the item now only includes liabilities to public authorities and employee obligations. This means that other accrued expenses are now instead included under suppliers of goods and services. The change has resulted in other liabilities being reduced by EUR 107 thousand in 2024/25 and EUR 8 thousand in 2023/24, and suppliers of goods and services have increased by the corresponding amounts.Besides the above the accounting policies applied are consistent with those of last year.Basis of recognition and measurementIncome is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impair-ment 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 inter-est 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.Income statementNet Trading incomeNet Trading income result from commodity trading. Net trading income is recognised in the income statement on the day the net transactions are realised. Net trading income is the difference between gross purchases and sales transactions, and is thus shown as a net profit. No open positions exist on the balance sheet date.Net trading income is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Net trading income is net of all types of discounts granted.Other external expensesOther external expenses include expenses related to administration, premises etc.Staff costsStaff costs include wages and salaries, including pensions, as well as other social security contributions, ect. to the entity's employees.Depreciation, amortisation and impairment of fixtures, fittings, tools, equipment and leasehold improvementsAmortisation, depreciation and impairment losses comprise the year's amortisation, depre-ciation and impairment of fixtures, fittings, tools, equipment and leasehold improvements.Financial income and expensesFinancial 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 on profitThe company is subject to the Danish rules on compulsory joint taxation of the group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they were included in the consolidated financial statements and until the time when they withdraw from the consolidation.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.Balance sheetTangible assetsFixtures, fittings, tools, equipment and 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 lifeOther fixtures and fittings, tools and equipment 5 yearsLeasehold improvements 5 yearsThe useful life and residual value of the company's tangible assets is reassessed annually.Other receivables and depositsOther receivables and deposits are measured at amortised cost.Impairment of fixed assetsThe carrying amount of fixtures, fittings, tools, equipment and leasehold improvements is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.ReceivablesReceivables 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.PrepaymentsPrepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash and cash equivalentsCash and cash equivalents comprise cash.EquityDividendsProposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.Income tax and deferred taxCurrent 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.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Deferred tax is measured according to the liability method in respect of temporary differ-ences 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 crys-tallise 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.LiabilitiesLiabilities are measured at amortised cost, which is usually equivalent to nominal value.Foreign currency translationOn 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.Derivative financial instrumentsOn 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 finan-cial instruments are included in 'Other receivables' or 'Other payables', respectively.Cash flow statementThe cash flow statement shows the company's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the company's cash and cash equivalents at the beginning and at the end of the year.The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale.Cash flows from operating activitiesCash flows from operating activities are stated as the company's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes. Dividend income from investments is recognised under ‘Interest income and dividend received’.Cash flows from investing activitiesCash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments.Cash flows from financing activitiesCash flows from financing activities comprise changes in the size or composition of the Company's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.Cash and cash equivalentsCash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value.Financial highlightsDefinitions of financial ratios.Return on assets Earnings before interest and taxes (EBIT) x 100 Average assetsSolvency ratio Equity at year end x 100 Total assetsReturn on equity Net profit for the year x 100 Average equity RoesgaardGodkendt Revisionspartnerselskab Sønderbrogade 16 8700 Horsens PowerMart ApS Åboulevarden 17A, 3. 8000 Aarhus C 36201770 The executive board has today discussed and approved the annual report of PowerMart ApS for the financial year 1 July 2024 – 30 June 2025.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 2025 and of the results of the company's operations and cash flows for the financial year 1 July 2024 – 30 June 2025.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. Aarhus, Peder Kongsted Chief Executive Officer Morten Vinther Jensen Anders Schnettler Kristensen Bjarne Lyngsø Chairman Vice Chairman To the shareholders of PowerMart ApS OpinionWe have audited the financial statements of PowerMart ApS for the financial year 1 July 2024 - 30 June 2025, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including 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 2025 and of the results of the company's operations and cash flows for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial State-ments 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 appro-priate to provide a basis for our opinion. Emphasis of matterWe refer to information in note 12 in the financial statements in which it is explained that the company is a party in a dispute. Our opinion is not modified regarding this matter. Management's responsibilities for the Financial StatementsManagement 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 con-cern 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. Auditor's responsibilities for the audit of the Financial StatementsOur 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 assur-ance, 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 appli-cable 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 express-ing 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 reviewManagement 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 ma-nagement'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. Horsens, 37543128 Søren Roesgaard State Authorised Public Accountant mne33225 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-07-01 2025-06-30 2023-07-01 2024-06-30 2025-12-03 Jacob Østervang Regnskabsklasse C, stor virksomhed 2025-12-03 37543128 Roesgaard Godkendt Revisionspartnerselskab Sønderbrogade 16 8700 Horsens Opinion Basis for Opinion 2025-12-03