44157969 2024-04-01 2025-03-31 44157969 2024-04-01 2025-03-31 memberOfBoardIdentifier_executive_board_1 44157969 2024-04-01 2025-03-31 memberOfBoardIdentifier_executive_board_2 44157969 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_1 44157969 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_2 44157969 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_3 44157969 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_4 44157969 2024-04-01 2025-03-31 memberOfBoardIdentifier_board_of_director_5 44157969 2024-04-01 2025-03-31 1 44157969 2023-06-28 2024-03-31 44157969 2025-03-31 44157969 2024-03-31 44157969 2024-04-01 fsa:ContributedCapitalMember 44157969 2024-04-01 fsa:SharePremiumMember 44157969 2024-04-01 fsa:ReserveForDevelopmentExpenditureMember 44157969 2024-04-01 fsa:RetainedEarningsMember 44157969 2024-04-01 44157969 2024-04-01 2025-03-31 fsa:ContributedCapitalMember 44157969 2024-04-01 2025-03-31 fsa:SharePremiumMember 44157969 2024-04-01 2025-03-31 fsa:ReserveForDevelopmentExpenditureMember 44157969 2024-04-01 2025-03-31 fsa:RetainedEarningsMember 44157969 2025-03-31 fsa:ContributedCapitalMember 44157969 2025-03-31 fsa:SharePremiumMember 44157969 2025-03-31 fsa:ReserveForDevelopmentExpenditureMember 44157969 2025-03-31 fsa:RetainedEarningsMember 44157969 2024-04-01 fsa:DevelopmentProjectsInProgressMember 44157969 2024-04-01 2025-03-31 fsa:DevelopmentProjectsInProgressMember 44157969 2025-03-31 fsa:DevelopmentProjectsInProgressMember 44157969 2024-04-01 fsa:FixturesFittingsToolsAndEquipmentMember 44157969 2024-04-01 2025-03-31 fsa:FixturesFittingsToolsAndEquipmentMember 44157969 2025-03-31 fsa:FixturesFittingsToolsAndEquipmentMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-04-01 2023-06-28 2025-03-31 2024-03-31 Regnskabsklasse B Revisionspåtegning true 2025-06-23 Søren Munk Hansen The Executive Board and Board of Directors have today considered and adopted the Annual Report of NitroVolt ApS for the financial year 1 April 2024 - 31 March 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 financial position at 31 March 2025 of the Company and of the results of the Company operations for 2024/25. We recommend that the Annual Report be adopted at the Annual General Meeting. Søborg 2025-06-23 Suzanne Zamany Andersen Mattia Saccoccio CEO CTO Marie-Christine Jansby Lasse Truels Köhler Jasenko Hadzic Chairman Suzanne Zamany Andersen Mattia Saccoccio To the shareholders of NitroVolt ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 March 2025 and of the results of the Company´s operations for the financial year 1 April 2024 - 31 March 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of NitroVolt ApS for the financial year 1 April 2024 - 31 March 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion 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 opinion. With effect as from the current financial year, the Company has voluntarily opted for an audit. Please note that the comparative figures stated in the Financial Statements have not been audited, which also appears from the Financial Statements. 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 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. Aalborg 2025-06-23 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Morten Porup State Authorised Public Accountant mne47816 NitroVolt ApS Maskinvej 5 2860 Søborg 44157969 Gladsaxe Skibsbyggerivej 5, 4. sal 9000 Aalborg 1185928 1329285 3124520 0 12412 0 -1951004 1329285 110987 0 97529 2412 -1937546 1326873 737267 0 -2674813 1326873 -2674813 1326873 5100883 1339683 5100883 1339683 123894 0 123894 0 5224777 1339683 302412 57820 302412 57820 20971395 5748865 21273807 5806685 26498584 7146368 53714 40000 0 0 3978689 1044952 21167339 281921 25199742 1366873 737267 0 737267 0 0 5573325 0 189793 320512 0 241063 16377 561575 5779495 561575 5779495 26498584 7146368 40000 0 1044952 281921 1366873 13714 26493968 0 0 26507682 0 0 2933737 -2933737 0 0 0 0 -2674813 -2674813 0 -26493968 0 26493968 0 53714 0 3978689 21167339 25199742 The key activity of the Company is to develop and sell systems for the production of active nitrogen for fertilizer and other purposes, as well as any business related thereto. 3031564 0 72298 0 20658 0 3124520 0 5 0 737267 0 737267 0 1339683 3761200 5100883 5100883 The Company's development projects relate to the development of revolutionizing ammonia production. The projects are progressing as planned and are expected to be completed within the next couple of years. Market research shows that the increased focus on climate and the Companies' environmental profiles leads to an increased demand for this type of product. 0 136306 136306 0 12412 12412 123894 Rental and lease obligationsLease obligations under operating leases. Total future lease payments:Within 1 year112,9500112,9500 The Annual Report of NitroVolt ApS for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.The accounting policies applied remain unchanged from last year.The Financial Statements for 2024/25 are presented in DKK. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Expenses for raw materials and consumablesExpenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of work on own account recognised in assets, other operating income, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Intangible fixed assetsDevelopment projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 10 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.