40115412 2022-07-01 2023-06-30 40115412 2023-06-30 40115412 2022-06-30 40115412 2025-06-30 40115412 2024-06-30 40115412 2024-07-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 40115412 2024-07-01 2025-06-30 c:RetainedEarningsMember 40115412 2025-06-30 c:ReserveForNetRevaluationAccordingToEquityMethodMember 40115412 2024-07-01 c:InvestmentsInAssociatesMember 40115412 2025-06-30 c:InvestmentsInAssociatesMember 40115412 2024-07-01 2025-06-30 40115412 2024-07-01 2025-06-30 1 40115412 2024-07-01 2025-06-30 1 40115412 2024-07-01 2025-06-30 2 40115412 2024-07-01 2025-06-30 3 40115412 2024-07-01 2025-06-30 4 40115412 2024-07-01 2025-06-30 1 40115412 2021-07-01 2022-06-30 40115412 2020-07-01 2021-06-30 40115412 2021-06-30 40115412 2023-07-01 2024-06-30 40115412 2024-07-01 c:ContributedCapitalMember 40115412 2024-07-01 c:RetainedEarningsMember 40115412 2024-07-01 c:ProposedDividendRecognisedInEquityMember 40115412 2024-07-01 2025-06-30 c:ReserveForNetRevaluationAccordingToEquityMethodMember 40115412 2024-07-01 2025-06-30 c:ProposedDividendRecognisedInEquityMember 40115412 2025-06-30 c:ContributedCapitalMember 40115412 2025-06-30 c:RetainedEarningsMember 40115412 2025-06-30 c:ProposedDividendRecognisedInEquityMember 40115412 2024-07-01 40115412 2023-07-01 40115412 2024-07-01 2025-06-30 c:InvestmentsInAssociatesMember iso4217:DKK xbrli:pure 1030015000 1030018000 2124109000 1109127000 2124075000 1109117000 2199687000 2128091000 2199687000 2128091000 2199687000 2128091000 2208433000 2132381000 1525025000 1454819000 2208408000 2131439000 2208433000 2132381000 1454818000 0 0 1525025000 1454818000 1525025000 2199687000 true BDO Statsautoriseret Revisionspartnerselskab Jeppe Aakjærs Vej 10 DK-9500 Hobro 45719375 Årsrapport 2025-09-09 Lars Villumsen EWE Holding ApS Mariagervej 58B 9500 Hobro Revisionspåtegning 40115412 2018-12-21 Mariagerfjord 2024-07-01 2025-06-30 2023-07-01 2024-06-30 BDO Statsautoriseret Revisionspartnerselskab Jeppe Aakjærs Vej 10 9500 Hobro Danske Bank Jægergårdsgade 101B 8000 Aarhus C Today the Board of Directors and Executive Board have discussed and approved the Annual Report of EWE Holding ApS for the fi­nan­ci­al year 1 July 2024  - 30 June 2025. 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 Company's assets, liabilities and 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. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. Hobro 2025-07-12 Uffe Bak-Aagaard Jens Rasmussen Chairman Søren Rasmussen Jakob Kirkegaard Kortbæk Pia Fisker Olesen To the Shareholder of EWE Holding ApS Konklusion We ha­ve au­di­ted the Fi­nan­ci­al Sta­te­ments of EWE Holding ApS for the fi­nan­ci­al year 1 July 2024 - 30 June 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty, cash flows, no­tes and a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared in accordance with the Da­nish Fi­nan­ci­al State­ments Act.   In our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments give a true and fair view of the assets, liabilities and financial position of the Com­pa­ny 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 State­ments Act.   Basis for OpinionGrundlag for konklusion 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Ma­na­ge­ment's Re­spon­si­bi­li­ti­es for 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 judgment and maintain professional skepticism 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.   Plan and perform the audit of the Fi­nan­ci­al Sta­te­ments to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Fi­nan­ci­al Sta­te­ments. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.   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 Commentary Management is responsible for Ma­na­ge­ment Com­men­ta­ry.   Our opinion on the Fi­nan­ci­al Sta­te­ments does not cover Ma­na­ge­ment Com­men­ta­ry, 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 Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether Ma­na­ge­ment Com­men­ta­ry 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 Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Ma­na­ge­ment Com­men­ta­ry 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 Com­men­ta­ry.   Hobro 2025-07-12 BDO Statsautoriseret Revisionspartnerselskab 45719375 Michael Graversen Revisionspåtegning State Authorised Public Accountant mne34099 334789 53492 3000 1000 1000 334790 53493 794891 794881 4.6 1.4 63.7 35.2 6.8 The ratios stated in the list of key figures and ratios have been calculated as follows:   Return on equity: Profit after tax x 100        Average equity Principal activities The company's main activities are to own a stake in an associated company Eurowind Energy A/S. This activity is unchanged from last year.   Development in activities and financial and economic position The company's profit for the year, mainly consisting of profit share from the associated company, is considered satisfying even it is below expectations.   The profit of the associated company has been affected by stabilised lower energy prices, continued high interest rates and a slowdown in energy trading activities and result during the fiscal year. Despite the lower result Eurowind Energy A/S has generated an increasing pipeline of development projects and new permits which is expected to materialize in the future.   Profit for the year compared to the expected development EWE Holding expected a result in the range of DKK 265-445 million for the year 2024/25 based on assumptions for stabilised power prices and windfarm downs. The result for 2024/25 was an operating profit of DKK 100,6 million, which is lower than expected, as electricity prices stabilised faster than expected at a lower, albeit still high, level during the fiscal year. During the fiscal year we have also experienced lower than expected wind resulting in lower-than-expected production. During the fiscal year we have also experienced continued high interest rates. The level of activity within energy trading continued at rather low level during 2024/25 with an impact of the result realising lower than expected. Windfarm downs realised at the expected level, however as the company report according to Årsregnskabsloven rather than IFRS as Eurowind Energy A/S use for reporting this had a negative impact on the realised result after tax.   At the Annual General Meeting of the associated company Eurowind Energy A/S respectively November 2024 and May 2025, dividend payments resulting in a dividend of two times DKK 9.95 million to the company has been received.   Significant events after the end of the financial year No events of major importance to the financial position of the company has occured.   Future expectations Based on a continued high level of activity in the associated company Eurowind Energy A/S and associated companies and an expectation of energy prices stabilised at same level as in 2024/25 and a finalization of ongoing divestments and farm downs, a result in the range of DKK 150-200 million is expected for 2025/26.   Corporate social responsibility (CSR) report The company has no policy for: - Enviromental aspects - Social and staff conditions  - Respects for human rights - Anti-corruption and bribery It is not assessed that the company, due to its business model, which is solely to own a shareholding, has identified risks within these areas. Consequently, no need to apply policies within the areas in question have been assessed.    Report of data ethics The company has no policy for data ethics, as the company neither processes nor has algorithms for data analysis with ethical matters, and it is not an integral part of the company's business strategy or activity.    Management will continuously evaluate the need for the preparation of a policy for data ethics should there be a change in the company's business strategy and activity.    100572 27761 0 1502 29000 52000 100543 29211 63000 129000 7000 46000 100599 29294 0 0 100599 29294 8570 13178 100572 27762 -8543 -11646 100599 29294 51000 64000 187000 282000 238000 346000 8508 3944 8746 4290 918000 918000 673895 662524 8570 13178 0 904000 25000 38000 25000 942000 25000 942000 DKK '000Share capital  Re­ser­ve for net re­va­lua­ti­on un­der the      equi­ty met­hodRetained earningsProposed dividendTotal Equity at 1 July 20249181.454.818662.52513.1782.131.439 Proposed profit allocation 100.572-8.5438.570100.599 Transactions with ownersDividend paid -13.178-13.178 Other legal bindingsForeign exchange adjustments 9.864 9.864Other adjustments to equity value -20.316 -20.316 TransfersReceiv./decl. dividend -19.91319.913 0 Equity at 30 June 20259181.525.025673.8958.5702.208.408 918000 662525 13178 100572 -8543 8570 -13178 9864 -20316 -19913 19913 918000 673895 8570 100599 29294 -100572 -27761 108000 -285000 -13000 4000 19913 9967 20035 11219 -1389 0 0 9772 -1389 9772 -904000 0 -13178 -18017 -14082 -18017 4564 2974 3944 66000 8508 3040 1 | Financial non-current assets DKK '000Investments in associates Cost at 1 July 2024 673.273Additions 1.389Cost at 30 June 2025 674.662  Revaluation at 1 July 2024 1.454.818Exchange adjustment 9.864Dividend -19.913Profit/loss for the year 100.572Other adjustments -20.316Revaluation at 30 June 2025 1.525.025 Carrying amount at 30 June 20252.199.687 Investments in associates  Name and domicilOwnership Eurowind Energy A/S, Mariagerfjord 49,79 % 673273 1389 674662 9864 -19913 100572 -20316 2 | Related parties The Company's related parties include: Controlling interest Jens Rasmussen, Chairman of the Board of Directors, Højdevej 2, 9500 Hobro Søren Rasmussen, Boardmember, Hobrovej 4A, 9550 Mariager Transactions with related parties The company did not carry out any material transactions that were not concluded on market conditions. According to section 98c, subsection 7 of the Danish Financial Statements Act information is given only on transactions that were not performed on common market conditions. 2024/252023/24 3 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees11 1 1 The Annual Report of EWE Holding ApS for 2024/25 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B  and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe format of the income statement has been adjusted to the Company's activities as a holding Company.  The Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Other operating income Other operating income includes items of a secondary nature in relation to the Group’s and the Company’s activities. In addition, profit from sale of investments in associates are included.    Income from investments in associates The income statement of the parent company recognises the proportional share of the results of each subsidiary after full elimination of intercompany profits/losses.    Other external expenses Other external expenses include administration etc.    Financial income and expenses Financial income and expenses include interest income and expenses. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity.   Financial non-current assets Investments in associates are measured in the company's balan­ce sheet under the equity method.   Investments in associates are measured in the balance sheet at the proportional share of the enterprises’ carrying equity value, calculated in accordance with the parent company’s accounting policies with deduction or addition of unrealised intercompany profits or losses and with addition.   The combination method is applied when acquiring enterprises within the Group, where the combination is regarded as completed from the earliest financial period included in the Financial Statements, and by using the carrying amounts of the assets and liabilities acquired.   The difference between the acquisition cost and carrying amounts is recognised directly in equity.   Investments in as­so­cia­tes are determined as the difference between the net selling price and the carrying amount of the disposed investment at the time of sale, including non-depreciated excess values and goodwill. Profit and loss are recognised in the Income Statement under income from investments.   Impairment of financial non-current assets The carrying amount of financial non-current assets are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation.   In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the carrying amount.   The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the associates is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the ex­pected realisable value of the asset, either by set-off against 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 under the legislation in force on the balance sheet date will be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the Income Statement over the term of loan.   Amortised cost for short-term liabilities usually corresponds to the nominal value.   Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the income statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the balance sheet date are translated at the exchange rate on the balance sheet date. The difference between the exchange rate on the balance sheet date and the exchange rate at the time of occurrence of the receivables or payables is recognised in the income statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.   Cash Flow Statement   The cash flow statement shows the company’s cash flows for the year for operating activities, investing activities and financing activities in the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.   Cash flows from operating activities:Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital and corporation tax paid.   Cash flows from investing activities:Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and fixed asset investments.   Cash flows from financing activities:Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.   Cash and cash equivalents:Cash and cash equivalents include bank overdraft and cash in hand.