Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2023-01-01 2023-12-31 2022-10-10 2022-12-31 43568108 Greenvolt Power Danmark ApS Inge Lehmanns Gade 10, 5. 8000 Aarhus 2022-10-10 Aarhus 2024-06-27 Radoslaw Nowak Regnskabsklasse B Ingen bistand true true 2024-06-27 CaseWare Working Papers Aarhus Damian Oscar Rodriguez Prado Director Henri Schumann Director Pedro Manuel Almeida Barreto Mc Carthy da Cunha Director Spyridon Martinis Director 3161664 1336872 -3161664 -1336872 936196 0 -4097860 -1336872 133311 786 157698 8087 -4122247 -1344173 -906894 -295718 -3215353 -1048455 -3215353 -1048455 20500 0 20500 0 20500 0 129800 0 1202612 295718 150716 223993 9257 0 1492385 519711 1006930 633728 2499315 1153439 2519815 1153439 40000 40000 -4263808 -1048455 -4223808 -1008455 773298 0 773298 0 36518 256270 5536363 1669256 397444 236368 5970325 2161894 6743623 2161894 2519815 1153439 40000 0 -1048455 40000 -1048455 -3215353 40000 -4263808 838313 0 96001 0 1882 0 936196 0 1 0 133656 3320 20051 2506 3991 2261 -906894 -295718 0 20500 20500 20500 ECN Greenvolt Power Komplementar ApS Thisted 50 ECN Greenvolt Power K/S Thisted 50 773298 0 773298 0 Today, the Executive Board has discussed and approved the annual report of Greenvolt Power Danmark ApS for the financial year 1 January - 31 December 2023. The annual report is prepared in accordance with the Danish Financial Statements Act. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Executive Board has considered the criteria for omission of audit to be met. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. The company's purpose is the development of wind and solar cell energy and other related matters related business. The income statement for 2023 shows a loss of DKK 3,215,353 against a loss of DKK 1,048,455 last year, and the balance sheet at 31 December 2023 shows a negative equity of DKK 4,223,808. As a result of the loss for the year, the company has lost its entire share capital. It is the expectations of the company, that the capital will be reetablished by future earnings within 3-4 years. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The annual report of Greenvolt Power Danmark ApS for 2023 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. Investments in group entities and associates are measured at cost. Dividends received that exceed the accumulated earnings in the group entity or the associate during the period of ownership are treated as a reduction in the cost of acquisition. The carrying amount of investments in associates is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected 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. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to 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. Deferred tax assets are recognised at the expected value of their utilisation; 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. As a result of the loss for the year, the company has lost its entire share capital. It is the expectations of the company, that the capital will be reetablished by future earnings within the next 3-4 years. The deferred tax asset, which is due to tax losses, is expected to be utilized by future earnings within a period of 3-4 years. The company has no contractual obligations, contingencies etc. The Company has not provided any security or other collateral in assets at 31 December 2023. Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements GREENVOLT - ENERGIAS RENOVÁVEIS, S.A Rua Manuel Pinto de Azevedo 818, 4100-320 Porto, Portugal https://greenvolt.com/investors/events-publications/#financialreports 43568108 2023-01-01 2023-12-31 43568108 2022-10-10 2022-12-31 43568108 2022-12-31 43568108 2023-12-31 43568108 2023-01-01 2023-12-31 1 43568108 2023-01-01 2023-12-31 2 43568108 2023-01-01 2023-12-31 3 43568108 2023-01-01 2023-12-31 4 43568108 2022-10-10 2022-12-31 d:ContributedCapitalMember 43568108 2023-01-01 d:ContributedCapitalMember 43568108 2023-12-31 d:ContributedCapitalMember 43568108 2023-01-01 d:RetainedEarningsMember 43568108 2023-01-01 2023-12-31 d:RetainedEarningsMember 43568108 2023-12-31 d:RetainedEarningsMember 43568108 2022-10-10 2022-12-31 d:RetainedEarningsMember 43568108 2023-01-01 d:InvestmentsInAssociatesMember 43568108 2023-01-01 2023-12-31 d:InvestmentsInAssociatesMember 43568108 2023-12-31 d:InvestmentsInAssociatesMember 43568108 2023-12-31 d:OtherLongtermPayablesMember 43568108 2023-01-01 2023-12-31 d:AssociateMember 1 43568108 2023-12-31 d:AssociateMember 1 43568108 2023-01-01 2023-12-31 d:AssociateMember 2 43568108 2023-12-31 d:AssociateMember 2 iso4217:DKK xbrli:pure