44320193 2023-09-22 2024-04-30 44320193 2023-09-22 2024-04-30 1 44320193 2023-09-22 2024-04-30 1 44320193 2023-09-22 2024-04-30 2 44320193 2023-09-22 2024-04-30 1 44320193 2023-09-22 2024-04-30 2 44320193 2023-09-22 2024-04-30 1 44320193 2024-04-30 44320193 2023-09-22 2024-04-30 101 44320193 2023-09-21 fsa:ContributedCapitalMember 44320193 2023-09-22 2024-04-30 fsa:ContributedCapitalMember 44320193 2024-04-30 fsa:ContributedCapitalMember 44320193 2023-09-21 fsa:RetainedEarningsMember 44320193 2023-09-22 2024-04-30 fsa:RetainedEarningsMember 44320193 2024-04-30 fsa:RetainedEarningsMember 44320193 2023-09-21 fsa:OtherReservesMember 44320193 2023-09-22 2024-04-30 fsa:OtherReservesMember 44320193 2024-04-30 fsa:OtherReservesMember 44320193 2023-09-21 44320193 2023-09-22 2024-04-30 2 44320193 2023-09-22 2024-04-30 3 iso4217:EUR xbrli:pure GRM Commodities A/S Strandvejen 7 DK 5500 Middelfart +45 8838 0000 hedging@global-riskmanagement.com Middelfart PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Herredsvej 32 DK 7100 Vejle Financial highlights of the Company Key figures and financial ratios for the companys first financial year.For definitions, please refer to the accounting policies. Net gain on trading and derivatives activities 28000 -1152000 -5000 -903000 1992000 24000 1651000 Profit margin -41.085 -0.547 0.0569 0.829 Review Activities GRM Commodities A/S was founded on 22 September 2023.The Company’s activities is to conduct trade in power and gas.The Company is represented by its own office in Aarhus.Developments in the year For the financial year 2023/24 shows a net result of -0.9 M EUR. The result was expected in the companys’s first year. Equity amounts to 1.7 M EUR at the end of the year. Events after balance sheet date There have been no events that materialy affect the assesment of this annual report 2023/24 after the balance sheet date and up to today´s date.Expectations for the year ahead The net result for the financial year 2024/25 is expected to be around 3.2 M EUR.Research and development activities There are not initiated any significant and indepent R&D projects or IT developments over the financial year. 846000 818000 578000 -550000 0 602000 45000 50000 -1157000 -254000 24000 24000 35000 35000 59000 24000 1527000 255000 27000 1833000 100000 1932000 54000 -903000 2500000 1000 1000 107000 29000 204000 340000 340000 1992000 54000 0 0 54000 0 -903000 0 0 0 2500000 2500000 54000 -903000 2500000 1Segment information The Company’s activities are regarded as one segment and are not disclosed with reference to section 96 (1) of the Danish Financial Statements Act. 2Staff expensesEUR ‘0002023/24 Wages and salaries571Pensions30Other social security expenses2Total staff expenses 602 6 3Financial income EUR ‘0002023/24 Receivables from credit institutes3Intercompany interest income33Other interest income9Total financial income 45 4Financial expenses EUR ‘0002023/24 Intercompany interest expenses-45Other interest expenses-5Total financial expenses -50 5Corporation tax EUR ‘0002023/24 Current tax for the year255Change of deferred tax -1Total corporation tax 254 -903000 7Furniture, IT, leasehold improvements and fixed asset investmentsFurniture, IT and leasehold Deposits improvements EUR ‘000 2023/24 2023/24 Cost at 22 September00Additions2435Disposals00Cost at 30 April 24 35 Depreciation at 22 September 00Depreciation for the year00Reversed depreciation on sold assets 00Depreciation at 30 April 0 0 Carrying amount at 30 April 24 35 8Prepayments Prepayments consist of prepaid expenses relating to rent, insurance premiums and subscriptions. 9Equity The share capital consists of 4,000 shares of DKK 100. Conversion at historical average price EUR/DKK of 7.4584 equal to EUR 53,631. 10 Deferred tax EUR ‘0002023/24 Deferred tax at 22 September0Change of the year -1Deferred tax at 30 April -1 Deferred tax relates to software and property, plant and equipment, and tax loss carry forward. 11 Security and contingent liabilities EUR ´0002023/24 Lease obligations No later than one year56Later than one year but no later than 5 years28Later than 5 years0Total lease obligations 84 Hereof Group enterprises0GRM Commodities A/S is an obligor in respect of the bank loans of the Bunker Holding Group. As of 30 April 2024, these obligations were limited to USD 63.5 million, which is equal to A/S Global Risk Management Ltd. Holding’s equity and intra-group liability to Bunker Holding A/Sas of 30 April 2024. In the event that these obligations materialize, Bunker Holding A/S will cancel any claim it may have against A/S Global Risk Management Ltd.Holding in an amount equaling the part of the obligations that relate to A/S Global Risk Management Ltd. Holding’sintra-group liability to Bunker Holding A/S.The Danish Group enterprises are jointly and severally liable for tax on the consolidated jointly taxed income etc. The total corporation tax payable is shown in the Annual Report of SelfGenerations T ApS, which is the management company of the joint taxation. The Danish group enterprises are moreover jointly and severally liable for Danish withholding taxes. Any subsequent tax adjustments and withholding taxes may imply that the Company is liable for a higher amount. 12 Related parties and ownership The Company is included in the Consolidated Financial Statements of Bunker Holding A/S.The following shareholders are recorded in GRM’s register of shareholders as holding at least 5% of the votes or at least 5% of the sharecapital:- A/S Global Risk Management Ltd. Holding A/S, Strandvejen 7, DK-5500 Middelfart 13 Subsequent events No significant events affecting the assessment of the Annual Report have occurred after the balance sheet date. 14 Accounting policies Basis of preparation The Annual Report of GRM Commodities A/S for 2023/24 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B.The first financial for GRM Commodities A/S covers the period 22 September 23 to 30 April 24.The Annual Report for 2023/24 is presented in EUR thousands.Recognition and measurement The Financial Statements have been prepared based on the historic cost principle.Value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised in the income statement. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions, and reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.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.Financial assets and liabilities are initially measured at fair value. Other assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of aconstant effective interest rate over the maturity period.Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report, which confirms or invalidates affairs and conditions existing at the balance sheet date.EUR is used as the measurement currency. All other currencies are regarded as foreign currencies.Presentation currency The Financial Statements for 2023/24 have been presented and measured in EUR. On 30 April 2024, the year-end ex- change rate for EUR/DKK was 7,4583.Foreign currency translation Transactions in foreign currencies are translated during the year at the exchange rates at the dates of transaction.Gains and losses arising due to differences between the transaction date rates and the rates at the dates ofpayment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and thetransaction date rates are recognised in financial income and expenses in the income statement; however, see the paragraph on hedge accounting.Fixed assets acquired in foreign currencies are measured at the transaction date rates.Income statement NET TURNOVER The net turnover comprises sale of power and is recognised as delivery takes place.COST OF GOODS SOLDCost of goods sold includes purchase of power and is recognised at the time of delivery.OTHER EXTERNAL EXPENSES Other external expenses include expenses for sales, administration, the running of office facilities, loss on debtors, etc.STAFF EXPENSESStaff expenses comprise wages and salaries as well as payroll expenses.FINANCIAL INCOME AND EXPENSES Financial income and expenses comprise interest, financial expenses regarding finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans and extra payment and repayment under the account taxation scheme.TAX ON PROFIT/LOSS FOR THE YEAR Tax for the year consists of current tax for the year and adjustment of deferred tax for the year. The taxattributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). The jointly taxed enterprises have adopted the on- account taxation scheme.Balance sheet PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition until 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:Fixtures and fittings, tools and equipment3-5 yearsDepreciation period and residual value are reassessed annually.IMPAIRMENT OF FIXED ASSETS The carrying amounts of intangible assets and property, plant and equipment are reviewed annually to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount, and the asset is written down to its lower recoverableThe recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for theindividual asset, the assets are assessed in the smallest group of assets for which a reliable, recoverable amount can be determined based on a total assessment.RECEIVABLESReceivables 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. Provisions for bad debts are determined on the basis of an individual assessment of each receivable.PREPAYMENTSPrepayments comprise prepaid expenses paid in respect of expenses in subsequent years.DEFERRED TAX ASSETS AND LIABILITIESDeferred tax is recognised regarding all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes.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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured 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 eliminating tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity.CURRENT TAX RECEIVABLES AND LIABILITIESCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year and adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Definition of financial ratiosProfit before financials x 100 Current assets Management’s Statement The Executive Board and the Board of Directors have today presented and adopted the Annual Report of GRM Commodities A/S for the financial year 22 September 2023 - 30 April 2024.The Annual Report was prepared in accordance with the Danish Financial Statements Acts.In our opinion, the Financial Statements give a true and fair view of the financial position of theCompany at 30 April 2024 and of the results ofthe Company’s operations for 2023/24.In our opinion, Management´s Review includes a true and fair account of the matters addressed in the Review.We recommend that the Annual Report be adopted at the Annual General Meeting. Middelfart Chief Executive Officer Martin Vorgod Chief Commercial Officer Chief Financial Officer Chairman Peder D. Møller Independent auditor’s report To the Shareholders of GRM Commodities A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 April 2024, and of the results of the Company’s operations for the financial year 22 September 2023 - 30 April 2024 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of GRM Commodities A/S for the financial year 22 September 2023 - 30 April 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“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. Weare 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 requirements applicable in Denmark, and we have fulfilled our otherethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on management’s review Our opinion on the Financial Statements does not cover Management’s Review, and we do notexpress 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, in our view, 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 in Management’s Review. 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 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. Lars Agersted Auditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the Financial Statements asa 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 conductedin 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 materialmisstatement of the Financial Statements,whether due to fraud or error, design andperform audit procedures responsive tothose risks, and obtain audit evidence that issufficient and appropriate to provide a basis forour opinion. The risk of not detecting a materialmisstatement resulting from fraud is higherthan for one resulting from error as fraud mayinvolve collusion, forgery, intentional omissions,misrepresentations, or the override of internalcontrol.•Obtain an understanding of internal controlrelevant to the audit in order to design auditprocedures that are appropriate in thecircumstances, but not for the purpose ofexpressing an opinion on the effectiveness ofthe Company’s internal control.•Evaluate the appropriateness of accountingpolicies used and the reasonableness ofaccounting estimates and related disclosuresmade by Management.•Conclude on the appropriateness ofManagement’s use of the going concernbasis of accounting in preparing the FinancialStatements and, based on the audit evidenceobtained, whether a material uncertainty existsrelated to events or conditions that may castsignificant doubt on the Company’s ability tocontinue as a going concern. If we conclude thata material uncertainty exists, we are requiredto draw attention in our auditor’s report to therelated disclosures in the Financial Statementsor, if such disclosures are inadequate, to modifyour opinion. Our conclusions are based on theaudit evidence obtained up to the date of ourauditor’s report. However, future events orconditions may cause the Company to cease tocontinue as a going aconcern.•Evaluate the overall presentation, structureand contents of the Financial Statements,including the disclosures, and whether theFinancial Statements represent the underlyingtransactions and events in a manner that givesa true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identify during our audit. Trekantomraadet PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab State Authorised Public Accountant mne24822 State Authorised Public Accountant mne46258 Per Rolf Larssen Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-09-22 2024-04-30 2024-07-12 MICHAEL KRABBE Reporting class B 44320193 2024-06-25 Peder D. Møller Jacob Nørgaard Michael Krabbe 529900VSWLQF0O3GA946 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2024-06-25 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Herredsvej 32 7100 Vejle DK