38780727 2021-07-01 2022-06-30 38780727 2021-07-01 2022-06-30 0 38780727 2021-07-01 2022-06-30 0 38780727 2021-07-01 2022-06-30 1 38780727 2021-07-01 2022-06-30 2 38780727 2021-07-01 2022-06-30 3 38780727 2020-07-01 2021-06-30 38780727 2022-06-30 38780727 2021-06-30 38780727 2021-07-01 38780727 2020-07-01 38780727 2021-07-01 2022-06-30 ifrs-full:SeparateMember 38780727 2020-07-01 2021-06-30 ifrs-full:SeparateMember 38780727 2022-06-30 ifrs-full:SeparateMember 38780727 2021-06-30 ifrs-full:SeparateMember 38780727 2021-07-01 ifrs-full:SeparateMember 38780727 2020-07-01 ifrs-full:SeparateMember 38780727 2021-07-01 2022-06-30 0 38780727 2021-07-01 2022-06-30 1 iso4217:DKK xbrli:pure <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Board of Directors and the Executive Board have discussed and approved the annual report of BeGreen A/S for the financial year 1 July 2021 - 30 June 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for annual reports.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2022 and of the results of the Group’s and Parent Company’s operations as well as the cash flows for the financial year 1 July 2021 - 30 June 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management review gives a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year, cash flows and of the Parent company’s financial position, as well as a description of the key risks and uncertainties facing the Group and the Parent company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the Annual General Meeting.</td></tr></table> Haslev 2022-09-15 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of BeGreen A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of BeGreen A/S for the financial year 1 July – 30 June 2022, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopt- ed by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2022 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 July – 30 June 2022 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent company financial statements” (hereinafter collectively referred to as “the financial statements”) section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Inter- national 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management’s review</td></tr><tr><td colspan="1">Management is responsible for the Management’s review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management’s review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management’s review and, in doing so, consider whether the Management’s review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management’s review pro- vides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures, we conclude that the 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 of the Management’s review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of 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.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going con- cern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to 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.</td></tr><tr><td colspan="1">Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">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 Group’s and the Parent Company’s internal control.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">Evaluate the appropriateness of ac- counting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">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 Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are re- quired 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 Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">•</td></tr><tr><td colspan="1">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2022-09-15 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Social responsibility</td></tr><tr><td colspan="1">We acknowledge our societal role in contributing to a more sustainable future and with this comes considerable responsibility. It is our responsibility to conduct our business with integrity and respect for all.</td></tr><tr><td colspan="1">Our social responsibility commitments are underpinned by BeGreen’s ESG Policy and Codes of Conduct and are enacted through priority programs – Our local communities and Responsible sourcing – with a focus on human and labor rights in our supply chains. Our employees are our greatest asset in ensuring that we can achieve our business aspirations, and we report here on our progress in building an organization which fosters and preserves a culture of diversity, equity and inclusion.</td></tr><tr><td colspan="1">Our local communities</td></tr><tr><td colspan="1">BeGreen is committed to the local communities in which we operate. It is therefore important to us that our solar parks are developed and operated through engagement and in close collaboration with local stakeholders. Our objective is to ensure that BeGreen solar parks create positive local impact and are accepted by all local stakeholders.</td></tr><tr><td colspan="1">Material issues and risks addressed: Local communities, community development (local support).</td></tr><tr><td colspan="1">Key activities undertaken include the refinement and ongoing implementation of Be- Green’s Good Neighborship Concept, which ensures engagement and liaison with park neighbors and key stakeholders. We have furthermore employed a BeGreen site representative to manage stakeholder relations at BeGreen parks.</td></tr><tr><td colspan="1">Going forward, we will continue to implement our engagement concept and ensure that all activities undertaken are monitored, documented and evaluated on an ongoing basis to harness learning and improve performance.</td></tr><tr><td colspan="1">Responsible sourcing: Human and labor rights in our supply chains BeGreen’s business operations and our supply chains have a global footprint, and we are committed to conducting business in line with all fundamental labor and human rights. Sourcing responsibly is a key focus area of our ESG Strategy. Our objective is to recognize and act upon our responsibility to protect human rights and ensure fair and safe labor conditions for workers in our supply chains and of our business partners.</td></tr><tr><td colspan="1">Material issues and risks addressed: Contractor and supply chain (health and safety, labor rights, human rights)</td></tr><tr><td colspan="1">Key activities undertaken have seen the formulation of our responsible sourcing process. We have undertaken supplier risk screenings of all existing suppliers, ensured supplier commitments to our Supplier Code of Conduct and designed our supplier due diligence process. We have actively participated in sectoral level liaison and monitoring with Green Power Denmark/Solar Power Europe.</td></tr><tr><td colspan="1">Going forward, we will ramp up the deployment of the program, including supplier due diligence (surveys, audits and site visits) and partnering with EcoVadis to enhance the overall supply chain management. We will also remain active in our participation in sectoral led European efforts to address supply chain challenges.</td></tr><tr><td colspan="1">BeGreen team</td></tr><tr><td colspan="1">Over the past year, the number of employees at BeGreen has grown substantially. We have a strong focus on the health, safety and well-being of our people. We are a relatively young company and as we grow, we are firmly committed to cultivating and pre- serving a culture of diversity, equity and inclusion in our workplace. This commitment includes a focus on improving diversity and gender distribution across the manage- ment team and Board of Directors.</td></tr><tr><td colspan="1">Material items and risks addressed: Employee health and safety, engagement, diversity and inclusion, labor conditions and working standards, employee well-being and retention.</td></tr><tr><td colspan="1">BeGreen’s ESG Policy and our Code of Conduct outline our commitments to diversity and inclusion. It is our ambition to build an organization that reflects BeGreen’s core values, underpinned by a strong and inclusive culture and a diverse workforce. We therefore look for talented team members who share the same values – regardless of age, gender and ethnicity.</td></tr><tr><td colspan="1">Key activities over the past year have included the refinement of our policy framework for our employees; the establishment of BeGreen’s Health and Safety Committee and the implementation of an employee survey on company culture. Looking forward, we will undertake workplace health and safety assessments and implement an employ- ee satisfaction survey. The learning from these will see the formulation of a BeGreen Team strategy to galvanize organizational culture, improve diversity and inclusion and improve employee health, safety and well-being.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gender distribution</td></tr><tr><td colspan="1">BeGreen’s Board of Directors consists of four persons, all male. Our previous target of having one female board member by 2025 was not met in the past year as no changes have been made to the Board of Directors. We have revised our 2025 target to have at least 40% females on the Board of Directors.</td></tr><tr><td colspan="1">Our staff increased to 27 FTE’s (as at 30 June 2022) over the past year, with 67% of all staff being male and 33% female. Our 2025 target is to have at least 40% female staff members. BeGreen’s workforce consists of six different nationalities and over the past year, English as a working language has become more important to foster inclu- sivity. Our workforce is furthermore diverse and balanced in terms of age distribution.</td></tr><tr><td colspan="1">As a growing company and with a significant growth forecast, we have over the past year focused on ensuring that the management structures required to grow a healthy and sustainable organization are in place. Nine staff have a management function, comprising eight (89%) males and one (11%) female. Our 2025 target is to have 40% females with a management function.</td></tr><tr><td colspan="1">Looking forward, we will retain our strategic focus on building a diverse and inclusive organization. Our target is to improve gender diversity at all levels through the formulation of a BeGreen Team strategy in the forthcoming year, which will include specific actions to continue to grow our organization.</td></tr></table> 445834000 351455000 94379000 33866000 60513000 1026000 61539000 3838000 57701000 174000 57875000 399000 -1026000 -4211000 -1026000 -24648000 41501000 2687000 -2687000 57745000 100000000 -42255000 -3441000 313000 BeGreen A/S Koldinghus Alle 1. 4690 Haslev 38780727 2017-07-07 Faxe 2021-07-01 2022-06-30 2022-09-15 Christian Georg Peter Moltke Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2020-07-01 2021-06-30 Revisionspåtegning Grundlag for konklusion Konklusion 16 Anders Dolmer Christian Georg Peter Moltke Chairman Jacob Simonsen Anders Dolmer Lars Møller Salling 628484000 304355000 324129000 16698000 307431000 -1623000 305808000 12001000 293807000 299000 294106000 66000 1623000 -2006000 1623000 -500222000 -192342000 1405000 -1405000 164149000 28000 164121000 -29626000 2305000 1405000 3710000 621944000 265374000 206946000 2324000 16131000 105612000 3118000 1221449000 1225159000 500000 242810000 243310000 243310000 12650000 1497000 14147000 151861000 102312000 4235000 363723000 14637000 8190000 322329000 415000 967702000 981849000 1225159000 3118000 157000 1405000 1562000 74010000 105196000 404581000 3337000 8937000 10839000 6246000 613146000 614708000 500000 284935000 285435000 285435000 21728000 133000 21861000 41049000 266335000 28000 307412000 329273000 614708000 6246000 6246000 35872000 396722000 357598000 39124000 28818000 10306000 45295000 1557000 57158000 2605000 54553000 171000 54724000 54724000 399000 -45295000 1557000 -67989000 100000000 42716000 -4405000 -1557000 48678000 2687000 3543000 143000 -6087000 57409000 100000000 -42591000 0 370586000 302449000 68137000 13696000 54441000 252753000 -699000 306495000 11826000 294669000 3000 294672000 294672000 0 66000 -252753000 -699000 -390551000 -336044000 -1910000 699000 -334833000 1405000 1145000 -2550000 302839000 28000 302811000 -34572000 2305000 205209000 1405000 208919000 620966000 179173000 206946000 16131000 2273000 100951000 1126440000 1335359000 500000 198965000 43671000 243310000 243310000 12650000 1497000 14147000 149484000 321993000 102312000 4431000 415000 14637000 363723000 113929000 6978000 1077902000 1092049000 1335359000 0 157000 256004000 1405000 257566000 74010000 75000 404580000 36000 9110000 3223000 6827000 497861000 755427000 500000 253673000 34413000 288586000 288586000 21728000 133000 21861000 40040000 266335000 28000 138577000 444980000 466841000 755427000 0 0 34572000 EY Godkendt Revisionspartnerselskab 33946171 Henrik Pedersen State Authorised Public Accountant mne35456 Kennet Hartmann State Authorised Public Accountant mne40036 33946171 EY Godkendt Revisionspartnerselskab