43746383 2024-12-31 43746383 2023-12-31 43746383 2024-01-01 fsa:ContributedCapitalMember 43746383 2024-01-01 fsa:RetainedEarningsMember 43746383 2024-12-31 fsa:ContributedCapitalMember 43746383 2024-12-31 fsa:RetainedEarningsMember 43746383 2024-01-01 fsa:ParticipatingInterestsMember 43746383 2023-01-01 fsa:ParticipatingInterestsMember 43746383 2024-12-31 fsa:ParticipatingInterestsMember 43746383 2023-12-31 fsa:ParticipatingInterestsMember 43746383 2024-12-31 1 fsa:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember 43746383 2024-01-01 2024-12-31 43746383 2024-01-01 2024-12-31 1 43746383 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 43746383 2024-01-01 2024-12-31 2 43746383 2023-01-01 2023-12-31 43746383 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 43746383 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 43746383 2024-01-01 2024-12-31 fsa:ParticipatingInterestsMember 43746383 2023-01-01 2023-12-31 fsa:ParticipatingInterestsMember 43746383 2024-01-01 2024-12-31 1 fsa:PartnershipOrLimitedPartnershipEntitiesInWhichReportingEntityIsPartnerOrGeneralPartnerMember iso4217:EUR pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 43746383 MFT-E-A ApS Margrethepladsen, 4, 3. 8000 Aarhus C 2022-12-28 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Herredsvej 32 7100 Vejle Denmark 79 21 27 00 Underskriv. revisors e-mail anvendes 2025-05-09 Tore Høffner Andersen Regnskabsklasse B Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of MFT-E-A ApS for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and of the results of the Company operations for 2024. I recommend that the Annual Report be adopted at the Annual General Meeting. 2025-05-09 Aarhus C Simon Fisker Rathjen CEO To the shareholders of MFT-E-A ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of MFT-E-A ApS for the financial year 1 January - 31 December 2024, 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. 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. Trekantområdet 2025-05-09 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Lasse Berg State Authorised Public Accountant mne35811 Jesper Simmelkjær Berg State Authorised Public Accountant mne51511 -5000 -3000 3992000 0 3987000 -3000 -1000 -1000 3988000 -2000 3992000 14407000 -4000 -14409000 15129000 15129000 15129000 15129000 15129000 15129000 3000 1000 1000 1000 4000 2000 4000 2000 15133000 15131000 6000 6000 15117000 15121000 15123000 15127000 1000 0 9000 4000 10000 4000 10000 4000 15133000 15131000 6000 15121000 0 -3992000 0 3988000 6000 15117000 The principal activities of MFT-E-A ApS is to act as a holding company as well as carrying out investments, asset management and other related activities. 15129000 29536000 0 14407000 15129000 15129000 15129000 15129000 MFT Energy Holding ApS Aarhus 10 Investments in participating interests are specified as follows: 0 0 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. Rathjen Invest ApS is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. The Annual Report of MFT-E-A ApS for 2024 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 are presented in TEUR. true 1 Revenues 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. EUR is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated 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 of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Other external expenses comprise expenses for administration etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of other external expenses. Dividends from participating interests are recognised as income in the income statement when adopted at the General Meeting of the participating interest. However, dividends relating to earnings in the participating interest before it was acquired by the Parent Company are set off against the cost of the participating interest. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax 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. The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Investments in participating interests are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. 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. Current 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.