20215380 2024-01-01 2024-12-31 20215380 2024-01-01 2024-12-31 auditor_1 20215380 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 20215380 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 20215380 2024-01-01 2024-12-31 memberOfBoardIdentifier_2 20215380 2024-01-01 2024-12-31 memberOfBoardIdentifier_3 20215380 2023-01-01 2023-12-31 20215380 2022-01-01 2022-12-31 20215380 2021-01-01 2021-12-31 20215380 2020-01-01 2020-12-31 20215380 2024-12-31 20215380 2023-12-31 20215380 2022-12-31 20215380 2021-12-31 20215380 2020-12-31 20215380 2023-12-31 fsa:ContributedCapitalMember 20215380 2023-12-31 fsa:RetainedEarningsMember 20215380 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 20215380 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 20215380 2024-12-31 fsa:ContributedCapitalMember 20215380 2024-12-31 fsa:RetainedEarningsMember 20215380 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 20215380 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember iso4217:DKK pure Årsrapport 2024-01-01 2023-01-01 2024-12-31 2023-12-31 2025-08-20 20215380 2025-08-20 1997-07-01 Reporting class C, medium-size enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2025-08-20 1 KPMG 25578198 Dampfærgevej 28 2100 true Joachim Kurt Hans Krüger The Board of Directors and the Executive Board have today discussed and approved the annual report for ExecuJet Europe A/S for the financial year 1 January - 31 December 2024. The annual reporthas been 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 assets, liabilities, cash flow statement and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company'sfinancial position. We recommend that the annual report be approved at the annual general meeting. Joachim Kurt Hans Krüger David van den Langenbergh Chairman Joachim Kurt Hans Krüger Michael James Berry Independent auditor's report To the shareholder of ExecuJet Europe A/S Qualified Opinion We have audited the financial statements of ExecuJet Europe A/S for the financial year 1 January - 31 December 2024, comprising income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, except for the possible effects of the matters described in the Basis for qualified opinion section of our report, the financial statements give a true and fair view of the financial position of the Company 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 Qualified Opinion We have been unable to obtain sufficient and appropriate audit evidence over the Company's:• Completeness of cash at bank and financial liabilities towards the Company’s bank. Cash at bank is recognized with DKK 1.9 million and debt with DKK 0 (debt) and DKK 0.4 million (warranties). The inability to obtain sufficient appropriate audit evidence results from confirmations not provided by the banks.• Valuation of other receivables, recognized with DKK 7.9 million. The inability to obtain sufficient appropriate audit evidence results from management not providing sufficient information regarding the intention and ability of the counter parties to pay the respective receivables.• Existence of trade payables, recognized with DKK 15.7 million. The inability to obtain sufficient appropriate audit evidence results from potentially incomplete and inaccurate recognition of payments to vendors in the past and management not providing sufficient information to substantiate the remaining payables as of year-end.Accordingly, we have been unable to determine whether any adjustments to these amounts could have been necessary.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 qualified opinion. Emphasis of matter regarding matters in the financial statements We draw attention to note 2 in which Management explains that the Company is depending on continued financial support from the parent Company. The parent Company has issued a letter of financial support which also includes subordination of internal debt. The letter of financial support will enable the entity to continue as going concern. Our opinion is not modified in respect of this matter. Management's responsibility 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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 the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Report on other legal and regulatory requirementsOther matters The Management has failed to file the Company's annual report for 2024 with the Danish Business Authority within the filing deadline laid down by the Danish Financial Statements Act. The Company's Management may incur liability for this respect. Martin Eiler mne32271 ExecuJet Europe A/S Ørestads Boulevard 73 DK-2300 København S 46 14 15 16 www.execujet.com København -3836000 3873000 1294000 1138000 323000 -7333000 -3185000 -6627000 -6436000 -10272000 2178000 793000 -5190000 -1514000 17000 -5155000 -2392000 -11817000 -7950000 -10255000 74211000 72365000 81606000 77739000 59713000 0 0 21000 7000 30000 -45360000 -40205000 -37813000 -25996000 -18046000 -1930000 1005000 0 0 0 0 0 0 0 0 0 0 0 0 0 -1930000 1005000 0 0 0 -6110 -5560 -4630 -3340 -3020 3000 4000 5000 4000 5000 The financial ratios have been calculated as follows:Solvency ratioEquity at year end x 100 / Total equity and liabilities at year end Principal activities ExecuJet Europe A/S is active primarily within business aviation, including aircraft management. The managed aircrafts are also used for charter. Revenue is also generated from providing aircraft completion, delivery, acceptance and registration services, generally on behalf of aircraft management clients. The Company's activities within aviation services were ceased mid-2025. Remaining activity comprise group internal services only. Uncertainty regarding recognition and measurement The value of the Company's other receivables, DKK 8 million, and trade payables, DKK 16 million, is associated with uncertainty in regards to valuation (receivables) and data reliability (both accounts). The net uncertainty is expected limited, but the actual outcome could differ from the expected and thus represent a material adjustment. The Company continues in FY 2025 to investigate and clear outstanding amounts. Development in activities and financial position Loss for the year (including comparison with forecasts previously announced) The Company's income statement for 2024 shows a loss of DKK 5,155 thousand as against a loss of DKK 2,392 thousand in 2023. Equity in the Company's balance sheet at 31 December 2024 stood at DKK -45,360 thousand as against DKK -40,205 thousand at 31 December 2023. Management expected last year a positive operating result for FY 2024. The deviation is primarily caused by further loss from the aircraft management and closing of activities. Capital resources The Company's equity is negative by DKK 45 million at 31 December 2024. The company's primary financing comes from the parent company, Luxaviation Holding Company S.A. The Management's reviews and reports on a regular basis both the business performance and cash flow position. Weekly cash flow projections are prepared and acted upon where appropriate. The company's cash flow forecast for the next 12 months supports that the Company can continue to meet its external debts as they fall due over that period. The parent company has issued a letter of support which confirms providing cash if needed, that repayment of intercompany debt will not be requested and support on repayment of intercompany receivables if necessary. As confirmed by the Group CFO and supported by the formal letter of support, the Group is in a position to provide the necessary financial backing for ExecuJet Europe A/S to meet all liabilities and obligations as they fall due for at least 12 months from the date of the annual shareholder meeting. This support is not contingent upon the completion of any asset sales. The Group's current cash position EUR 26.0 million at closing, increasing to EUR 27.9 million as of June 2025 demonstrates that it already has the capacity to sustain ExecuJet Europe A/S independently. In parallel, the Group is pursuing strategic divestments of certain FBO entities, one of which is progressing toward closure and is expected to be finalised within the next two months. These transactions, while beneficial, serve to further strengthen the Group's financial capacity and are not prerequisites for the going concern assumption. The back-office costs apportioned to the entity are also supported by Luxaviation Northern Europe, and they would also be able to assist with cash flow should the need arise. Furthermore, Execujet Europe A/S is part of the Luxaviation Northern Europe Unit (together with Luxaviation Germany and Luxaviation S.A.). These entities could also assist with cashflow if needed. On the above basis the management assess the capital resources as sufficient in support of the Company's going concern basis. A plan to restore the Company's capital including possible capital injection will be discussed with the shareholder in the annual shareholder meeting in compliance with §119 in the Danish Company act. Outlook Following the changes in the Company's activities as described above a small profit is expected in FY 2025. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2024. -3836000 3873000 3497000 7048000 0 10000 -7333000 -3185000 5259000 2746000 3081000 1953000 -5155000 -2392000 0 0 -5155000 -2392000 14000 14000 1000 1636000 15000 1650000 1692000 18756000 62699000 33138000 7902000 14988000 72293000 66882000 1903000 3833000 74196000 70715000 74211000 72365000 1000000 1000000 -46360000 -41205000 -45360000 -40205000 0 13171000 15904000 21352000 101561000 75970000 2106000 2077000 119571000 112570000 119571000 112570000 74211000 72365000 1000000 -41205000 0 -5155000 1000000 -46360000 -5155000 -2392000 0 10000 -4108000 212000 5259000 2746000 -3081000 -1953000 -1930000 1005000 -1930000 1005000 The annual report of ExecuJet Europe A/S for 2024 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, 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. Revenue Revenue from the sale of services is recognised in the income statement when the services have been delivered, and revenue can be reliably measured. Revenue is recognised exclusive of VAT, duties and less discounts related to the sale. Cost of sales Cost of sales comprise costs incurred to generate revenue for the year which includes air craft costs, crew salaries, fuel, repairs and maintenance and etc. Other operating income Other operating income comprises items secondary to the activities of the Company. Other external costs Other external costs comprise costs of distribution, sales and advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Refunds from public authorities are deducted from staff costs. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on loss for the year Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Property, plant and equipmentFixtures, fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures and fittings, tools and equipment3 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Leases All leases are accounted for as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. Financial assets Deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities Liabilities are measured at amortised cost. The Company's equity is negative by DKK 45 million at 31 December 2024. The company's primary financing comes from the parent company, Luxaviation Holding Company S.A. The Management's reviews and reports on a regular basis both the business performance and cash flow position. Weekly cash flow projections are prepared and acted upon where appropriate. The company's cash flow forecast for the next 12 months supports that the Company can continue to meet its external debts as they fall due over that period. The parent company has issued a letter of support which confirms providing cash if needed, that repayment of intercompany debt will not be requested and support on repayment of intercompany receivables if necessary. As confirmed by the Group CFO and supported by the formal letter of support, the Group is in a position to provide the necessary financial backing for ExecuJet Europe A/S to meet all liabilities and obligations as they fall due for at least 12 months from the date of the annual shareholder meeting. This support is not contingent upon the completion of any asset sales. The Group's current cash position EUR 26.0 million at closing, increasing to EUR 27.9 million as of June 2025 demonstrates that it already has the capacity to sustain ExecuJet Europe A/S independently. In parallel, the Group is pursuing strategic divestments of certain FBO entities, one of which is progressing toward closure and is expected to be finalised within the next two months. These transactions, while beneficial, serve to further strengthen the Group's financial capacity and are not prerequisites for the going concern assumption. The back-office costs apportioned to the entity are also supported by Luxaviation Northern Europe, and they would also be able to assist with cash flow should the need arise. Furthermore, Execujet Europe A/S is part of the Luxaviation Northern Europe Unit (together with Luxaviation Germany and Luxaviation S.A.). These entities could also assist with cashflow if needed. On the above basis the management assess the capital resources as sufficient in support of the Company's going concern basis. A plan to restore the Company's capital including possible capital injection will be discussed with the shareholder in the annual shareholder meeting in compliance with §119 in the Danish Company act. 3300000 6787000 112000 215000 85000 46000 3 4 -1522000 -94000 -3737000 -2652000 1147000 0 84000 1000 1850000 1952000 -5155000 -2392000 164000 164000 -150000 -150000 14000 No terms of repayments have been agreed with the Group entities, but the parent company will repay these balances if needed by the Company. The contributed capital consists of 10,000 shares of nom. DKK 100 each. All shares rank equally. Contingent liabilitiesSupplier guarantees have been provided for an amount of DKK 0.4 million.The Company has a deferred tax asset of DKK 22 million, which has not been recognised due to uncertainty regarding its utilisation. ExecuJet Europe A/S' related parties comprise the following:Control The Company is 100% owned by ExecuJet Finance Limited, an entity domiciled in Ireland. Execujet Europe A/S is part of the consolidated financial statements of Luxaviation Holding Company S.A, 35a, avenue John F. Kennedy, L-1855, Luxembourg, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of Luxaviation Holding Company S.A can be obtained by contacting the Company at the above address.DKK'00020242023 Purchase of goods and services10,20623,297 Revenue1,2731,322 Management fee1,6222,515 Interest income on intercompany loan1,52294 Interest expenses to group entities1,1470 Allocated salaries1,0892,876