xbrli:pureiso4217:DKK308071702020-01-012020-12-31308071702020-01-012020-12-311308071702020-01-012020-12-311308071702020-01-012020-12-312308071702020-01-012020-12-311308071702020-01-012020-12-312308071702020-01-012020-12-312308071702020-01-012020-12-31308071702019-01-012019-12-31308071702020-01-012020-12-31fsa:RetainedEarningsMember308071702019-01-012019-12-31fsa:RetainedEarningsMember308071702020-01-012020-12-31fsa:RetainedEarningsMember308071702020-12-31308071702019-12-31308071702020-01-01fsa:ContributedCapitalMember308071702020-01-01fsa:RetainedEarningsMember308071702020-01-01308071702020-12-31fsa:ContributedCapitalMember308071702020-12-31fsa:RetainedEarningsMember308071702020-01-012020-12-31fsa:OtherShorttermPayablesMember2021-06-232021-06-23true339635562019-01-012019-12-31Aarhus C80002City Tower, VærkmestergadeDeloitte Statsautoriseret RevisionspartnerselskabAarhusAarhus C8000Regnskabsklasse BAndre erklæringer uden sikkerhed2020-12-312020-01-01<br /><br />66FiskergadeForest Intertec ApS30807170339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Forest Intertec ApS for the financial year 01.01.2020 - 31.12.2020.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020. The lost working capital is expected to be restored by positive operation in the future as a result of positive results in the underlaying companies.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We consider the preconditions for not auditing the financial statements for the financial year 01.01.2020 - 31.12.2020 as complied with.We recommend the annual report for adoption at the Annual General Meeting.AarhusErik MartinussenRanieri FontanaErik MartinussenRanieri FontanaTo Management of Forest Intertec ApSWe have compiled the financial statements of Forest Intertec ApS for the financial year 01.01.2020 - 31.12.2020 based on the Entity’s bookkeeping records and other information Management has provided. ​ ​These financial statements comprise the income statement, balance sheet, statement of changes in equity, notes and accounting policies. ​ ​We performed this compilation engagement in accordance with ISRS 4410, Compilation Engagements. ​ ​We have applied our expertise in accounting and financial reporting to assist Management in the preparation ​and presentation of these financial statements in accordance with the Danish Financial Statements Act. We ​have complied with relevant provisions of the Danish Public Accountants Act and FSR – Danish Auditors’ Code ​of Conduct for professional accountants, including principles of integrity, objectivity, professional competence ​and due care. These financial statements and the accuracy and completeness of the information used to compile the financial ​statements are Management’s responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy ​or completeness of the disclosures Management provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion about whether the financial statements ​have been prepared in accordance with the Danish Financial Statements Act. AarhusMichael BachSøren Lassenmne19691mne18520State Authorised Public AccountantState Authorised Public AccountantPrimary activitiesThe Company’s primary activity consists of conducting business within development of and supplies to wind turbine projects. The activity is primarily conducted through group enterprises.Development in activities and financesThe financial statements showed a loss of DKK 361k after which equity at 31 December 2020 is negative by DKK 13,889k, and the Company has thus lost the entire contributed capital. The performance of this year is as expected. Over the year, the wind turbine project in the municipality of Genzano in the region of Basilicata has seen a positive development, and the project is expected to be ready for sale during 2020. In Management’s opinion, the Company’s equity will be re-established in connection with the sale of the above project. The Company’s continuation as a going concern is based on the condition that the intercompany financing can be maintained and extended as the need for financing arises, which Management considers realistic. The Company’s investments in group enterprises (SPCs) established for development and sale of wind turbine projects are recognised in the annual report without value, see note 4. Recognition and measurement of the Company’s investment in development projects within wind energy, the related receivables from group enterprises, which are recognised at DKK 15,662k, are subject to uncertainty. The repayment of the Company’s investments in the SPCs is dependent on one or more of the underlying wind projects being realised at a profit, which Management considers realistic based on the environmental approval and the general progress of the project. Management is obviously aware of the long-term time perspectives in projects of this kind. The value of the Company’s receivables from these companies is subject to uncertainty as the overall value is based on the assumption that one or more wind turbine projects are realised at a profit, which Management – based on signed Memorandum of Understanding – considers realistic. The outbreak and spread of COVID-19 in 2020 has not had and is not expected to have a ​significant impact on the company's financial position and development. Events after the balance sheet dateThe sale was stopped by the region in Basilicata in January 2021 in spite of the fact that we have won a court case (TAR) against the region. We are of course now disputing the region's behaviour and expect that the region accepts to give us the Authorisation Unica (AU), or we have to take the region to Supreme Court, which is highly recommended by our lawyers. Apart from this no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 20805500055000-54792-55000-357087-35854651578010074996-361308-418542-361308-418542-3613080000000000156621291576924580656815156701941577606015670194157760601567019415776060125000125000-14014158-13652850-13889158-13527850125000-13652850-13527850125000-140141582236710223671022367102236710750868141827247556269857822732264227067200295593522930391015670194157760601 Uncertainty relating to recognition and measurement Recognition and measurement of the Company’s investment in development projects within wind energy, the related receivables from group enterprises, which are recognised at DKK 15,662k, are subject to uncertainty. The repayment of the Company’s investments in the SPCs is dependent on one or more of the underlying wind projects being realised at a profit, which Management considers realistic based on the environmental approval and the general progress of the project. Management is obviously aware of the long-term time perspectives in projects of this kind. 2 Staff costs2020 DKK2019 DKKAverage number of full-time employees00The company does not employ any employees other than the Executive Board, who do not receive remuneration.003 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year27,000Cost end of year27,000Depreciation and impairment losses beginning of year(27,000)Depreciation and impairment losses end of year(27,000)Carrying amount end of year04 Financial assetsInvestments in group enterprises DKKCost beginning of year6,744,689Additions357,087Cost end of year7,101,776Impairment losses beginning of year(6,744,689)Share of profit/loss for the year(357,087)Impairment losses end of year(7,101,776)Carrying amount end of year0Investments in subsidiariesRegistered inEquity interest %Olpeta S.r.l.Italy100Flagus S.r.l.Italy100Picea S.r.l.Italy100Frasca S.r.l.Italy100Eramené S.r.l.Italy90Larus S.r.l.Italy100Solen S.r.l.Italy100Alvania S.r.l.Italy100Pica S.r.l.Italy505 Share capitalNumberPar value DKKNominal value DKKShares125100125,000125125,0006 Non-current liabilities other than provisionsThe Company has received venture capital to co-finance specific wind turbine projects in the subsidiaries (SPCs). The Capital shall only be repaid if the wind turbine projects in the subsidairies are realised at a profit.7 Other payablesOther payables includes debt to a former group company of DKK 27,231k.8 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which Wind Holding I ApS serves as the admini-stration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is there-fore liable for the jointly taxed entities. The total known net liability of the jointly taxed entities under the joint taxation arrangement is evident from the administration company’s financial statements.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseConsolidated financial statementsReferring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.Gross profit or lossGross profit or loss comprises revenue and production costs.RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Production costsProduction costs comprise cost of sales for the financial year, including ordinary write-down of invento-ries and other costs incurred to earn revenue for the financial year, including wages and salaries as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment.Administrative expensesAdministrative costs comprise expenses incurred for the Entity’s administrative functions.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enter-prises’ profit/loss after full elimination of intra-group profits or losses.Other financial incomeOther financial income comprises exchange gains on payables and transactions in foreign currencies.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies.Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: Other fixtures and fittings, tools and equipment3-5 yearsEstimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2021-06-23Erik Martinussen