40312099 2025-01-01 2025-12-31 40312099 2025-01-01 2025-12-31 1 40312099 2025-01-01 2025-12-31 1 40312099 2024-01-01 2024-12-31 40312099 2025-12-31 40312099 2024-12-31 40312099 2025-01-01 2025-12-31 c:RetainedEarningsMember 40312099 2025-12-31 c:ContributedCapitalMember 40312099 2025-12-31 c:RetainedEarningsMember 40312099 2025-01-01 c:InvestmentsInGroupEnterprisesMember 40312099 2025-12-31 c:InvestmentsInGroupEnterprisesMember 40312099 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 40312099 2025-01-01 2025-12-31 c:SubsidiaryMember 1 40312099 2025-12-31 c:SubsidiaryMember 1 40312099 2025-01-01 c:ReceivablesFromGroupEnterprisesMember 40312099 2025-12-31 c:ReceivablesFromGroupEnterprisesMember 40312099 2025-01-01 2025-12-31 c:ReceivablesFromGroupEnterprisesMember iso4217:DKK xbrli:pure Poul Søndermark Svendsen Regnskabsklasse B Revisionspåtegning Årsrapport 6600 Langagervej 1 2024-12-31 Beierholm 9220 Aalborg Ø 2026-04-24 Opinion Vinkelvej Basis for Opinion 2026-04-24 2024-01-01 2025-01-01 2025-12-31 Beierholm 40312099 ENI Construction ApS 12 Vejen Vejen 32895468 Gåskærgade 32 6100 Haderslev Danmark true I have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for ENI Construction ApS. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In my opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. The annual report is submitted for adoption by the general meeting. Poul Søndermark Svendsen To the capital owners of ENI Construction ApS In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.12.25 and of the results of the company's ope­ra­tions for the finan­cial year 01.01.25 - 31.12.25 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. 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 judgment 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.• Plan and perform the audit of the financial statements to obtain sufficient appropriateaudit evidence regarding the consolidated financial information of the entities or business units as a basis for expressing 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. Haderslev Rasmus Ørskov State Authorised Public Accountant mne42777 -25999 -28500 -883347 -18522578 17800 28298 423045 176625 -1314591 -18699405 -94874 -38902 -1219717 -18660503 0 -6632655 -1219717 -12027848 2214550 3104575 2214550 3104575 2214550 3104575 14010587 0 76841 34757 52203 4145 14139631 38902 2 1037 14139633 39939 16354183 3144514 51000 51000 1994043 -12061762 2045043 -12010762 93230 64087 25000 25000 14190910 15066189 14309140 15155276 14309140 15155276 16354183 3144514 Figures in DKKShare capitalRetained earningsTotal equityStatement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.2551,000-12,061,762-12,010,762Foreign currency translation adjustment of foreign enterprises0-24,478-24,478Group contribution015,300,00015,300,000Net profit/loss for the year0-1,219,717-1,219,717Balance as at 31.12.2551,0001,994,0432,045,043 -24478 15300000 -1219717 51000 1994043 1.Primary activitiesThe company's activities comprise activities comprise of holding shares in other companies. 1 0 17799 28298 382956 174483 4179 2142 35910 0 5.Equity invest­ments in group enter­pri­sesFigures in DKKEquity invest­ments in group enter­pri­sesCost as at 01.01.2574,499Cost as at 31.12.2574,499Depreciation and impairment losses as at 01.01.25-74,499Foreign currency translation adjustment of foreign enterprises-24,478Net profit/loss from equity investments-883,347Negative equity value impaired in receivables907,825Depreciation and impairment losses as at 31.12.25-74,499Carrying amount as at 31.12.250Name and registered office:Ownership interestSubsidiaries:ENIPT CONSTRUCTION, UNIPESSOAL LDA, Portugal100% 74499 74499 -74499 -24478 -883347 907825 -74499 0 ENIPT CONSTRUCTION, UNIPESSOAL LDA Portugal 100 14920000 14920000 -11815425 17800 -907825 -12705450 2214550 7.Contingent liabilitiesRecourse guarantee commitmentsThe company has provided a guarantee for group enterprises' debt to credit institutions. The guarantee is maximised at DKK 22,400k. Guarantee commitmentsThe company has entered into a framework guarantee. The total guarantee frame amounts to DKK 20,000k. The guarantee has not been used. The company is jointly liable for group companies' utilisation of the guarantee..Other contingent liabilitiesThe company is taxed jointly with the other Danish companies in the group and is liable for income taxes on a pro rata basis and must comply with any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The maximum liability totals an amount corresponding to the share of the capital in the company which is owned directly or indirectly by the ultimate parent. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 8.Related partiesThe company is included in the consolidated finan­cial statements of the parent Energi Innovation Holding A/S, Vejen kommune. 0 0 The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. In accordance with section 112 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. The company is a subsidiary of Energi Innovation Holding A/S, Vejen kommune, CVR no. 41 15 35 20, which prepares consolidated financial statements. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payablearose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. Gross lossGross loss comprises other external ex­penses. Other external expensesOther external expenses comprise administrative expenses Income from equity investments in group en­tre­prisesFor equity investments in equity invest­ments in sub­si­di­ar­ies, measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Other net financialsInterest income, interest expenses, bank fees, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method. For equity investments in subsidiaries, the equity method is considered a measurement method.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Under subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the remaining negative equity value are recognised to the extent that the companyhas a legal or constructive obligation to cover the liabilities of the enterprise in question.For equity investments measured according to the equity method, the proportionate share of the equity investments' equity value is determined according to the accounting policies of the parent, stated in the other sections. Equity value is also based on the following accounting policies:RevenueIncome from construction contracts involving the delivery of highly customised assets are recognised in the income statement as revenue according to the stage of completion. Accordingly, revenue corresponds to the selling price of work performed during the year (percentage of completion method).Costs of raw materials and consumablesCosts of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage. Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs.Staff costsStaff costs comprise wages and salaries as well as other staff-related costs.InventoryInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price.Work in progress for third partiesWork in progress for third parties is measured at the selling price of the work performed less on-account invoicing made for each piece of work in progress.The selling price is measured according to the stage of completion at the balance sheet date and total expected income from each piece of work in progress. The degree of completion for each piece of work in progress is normally calculated as the ratio between the resourcesspent and the total budgeted resource consumption. For some work in progress where the resource consumption cannot be used as a basis, the ratio between completed subactivities and the combined subactivities for the individual piece of work in progress is used instead.When the selling price of a piece of work in progress cannot be determined reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual piece of work in progress is recognised under receivables or payables in the balance sheet depending on whether the net value of the selling price less prepayments received is positive or negative.When it is likely that the total costs of the individual piece of work in progress will exceed total sales income, the total expected loss is recognised as a provision.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. CashCash includes deposits in bank account. EquityThe net revaluation of equity investments measured according to the equity method is recognized in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. Dividends from subsidiaries which are adopted before adoption of the annual report for ENI Construction ApS are not tied up in the revaluation reserve (simultaneous principle).Grants received from the parent are recognised directly in equity under retained earnings, as the grants are treated as capital contributions. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value.