31934095 2025-01-01 2025-12-31 31934095 2025-01-01 2025-12-31 1 31934095 2025-01-01 2025-12-31 1 31934095 2025-01-01 2025-12-31 2 31934095 2025-01-01 2025-12-31 3 31934095 2025-01-01 2025-12-31 4 31934095 2025-01-01 2025-12-31 5 31934095 2025-01-01 2025-12-31 6 31934095 2025-01-01 2025-12-31 1 31934095 2025-01-01 2025-12-31 2 31934095 2024-01-01 2024-12-31 31934095 2025-12-31 31934095 2024-12-31 31934095 2024-12-31 fsa:ContributedCapitalMember 31934095 2024-12-31 fsa:RetainedEarningsMember 31934095 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 31934095 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 31934095 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 31934095 2025-12-31 fsa:ContributedCapitalMember 31934095 2025-12-31 fsa:RetainedEarningsMember 31934095 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Annual report 2026-05-06 Kasper Holm The Board of Directors and the Executive Board have today considered and approved the annual report of DAKA ECOMOTION A/S for the financial year 01.01.2025 - 31.12.2025. 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 Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Hedensted 2026-04-16 Lars Krause-Kjær Daniel Overgaard Pedersen Tim Alexander Schwencke Sabine Camille Elise Albouy Jens Røjkjær Lyhne Florian Gollin Lars Skovgaard Hansen To the shareholders of DAKA ECOMOTION A/S We have audited the financial statements of DAKA ECOMOTION A/S for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including 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 Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. 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 financial statements" section of this auditor’s report. We are independent of the Entity 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the 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 the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus 2026-04-16 Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Jacob Tækker Nørgaard State Authorised Public Accountant mne40049 Thomas Aamand Lund State Authorised Public Accountant mne47764 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss30,27927,25513,2134,7135,261Operating profit/loss24,42521,6617,5044,7135,261Net financials(3,809)(3,523)(2,456)(92)(104)Profit/loss for the year16,07814,1653,9333,6044,023Total assets133,528126,348119,80228,64122,129Investments in property, ​plant and equipment1,8973,47731,75200Equity28,38022,3048,1374,1044,523RatiosReturn on equity (%)63.4493.0764.2683.5580.10Equity ratio (%)21.2517.656.7914.3320.44Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets Primary activitiesThe Company's main activity is production and sale of 2nd generation biodiesel based on animal fat from fallen stock and other waste material. Customers to the finished products are energy companies using the product to blend into fuel for transport. Development in activities and financesThe income statement for 2025 shows a profit of DKK 16,078 thousand against a profit of DKK 14,165 thousand last year, and the balance sheet at 31 December 2025 shows equity of DKK 28,380 thousand. ​​Profit for the year was derived from a gross profit of DKK 30,279 thousand against a gross profit of DKK 27,255 thousand last year. ​​During the year The Company’s activities were affected by availability of feedstock and a general low price level of​finished goods on the European market. ​​Dividends of DKK 15,000 thousand are proposed to the shareholders. ​​The Company's equity totals DKK 28,380 thousand, corresponding to 21,25% of the balance sheet total. Profit/loss for the year in relation to expected developmentsDevelopment in 2025 affected by availability of feedstock and a general lower margin between feedstock and finished goods while operation has been efficient with stable production parameters. The Profit of the year was at expected level as communicated in the outlook of 2025, but the management does not consider the profit for the year as satisfactory. Uncertainty relating to recognition and measurementThough being exposed to price fluctuations on input cost as well as finished goods prices the Company has not undertaken any particular commercial risks other than those considered usual for the nature and size of the Company. OutlookProblems with sufficient biodiesel feedstock will continue into 2026 and it is the expectation that price on finished​products will remain at the current level. A revenue for 2026 expected at same level as 2025 while net result is expected at a level in the range of DKK 10-15 million. 30279000 27255000 5595000 5594000 259000 0 24425000 21661000 695000 881000 4504000 4404000 20616000 18138000 4538000 3973000 16078000 14165000 1635000 353000 1635000 353000 8766000 12020000 9999000 10773000 289000 57000 1019000 1065000 20073000 23915000 21708000 24268000 14242000 6338000 55807000 41379000 70049000 47717000 17262000 2286000 2071000 0 2428000 2208000 5452000 8733000 55000 53000 27268000 13280000 14503000 41083000 111820000 102080000 133528000 126348000 600000 600000 12780000 11704000 15000000 10000000 28380000 22304000 2359000 4784000 38091000 44387000 40450000 49171000 8655000 8472000 24480000 25828000 26805000 16374000 4758000 4199000 64698000 54873000 105148000 104044000 133528000 126348000 600000 11702000 10000000 22302000 0 10000000 10000000 1078000 15000000 16078000 600000 12780000 15000000 28380000 1 Depreciation, amortisation and impairment losses2025​DKK'0002024​DKK'000Amortisation of intangible assets114115Depreciation of property, plant and equipment5,4815,4795,5955,594 2 Other financial income2025​DKK'0002024​DKK'000Financial income from group enterprises059Other interest income551675Exchange rate adjustments144147695881 3 Other financial expenses2025​DKK'0002024​DKK'000Financial expenses from group enterprises2,5243,438Other interest expenses215419Exchange rate adjustments368544Other financial expenses1,39734,5044,404 4 Tax on profit/loss for the year2025​DKK'0002024​DKK'000Current tax4,7584,199Change in deferred tax(220)(226)4,5383,973 5 Proposed distribution of profit and loss2025​DKK'0002024​DKK'000Ordinary dividend for the financial year15,00010,000Retained earnings1,0784,16516,07814,165 15000000 10000000 1078000 4165000 16078000 14165000 6 Intangible assetsAcquired intangible assets​DKK'000Cost beginning of year572Additions1,396Cost end of year1,968Amortisation and impairment losses beginning of year(219)Amortisation for the year(114)Amortisation and impairment losses end of year(333)Carrying amount end of year1,635 7 Property, plant and equipmentLand and buildings​DKK'000Plant and machinery​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Property, plant and equipment in progress​DKK'000Cost beginning of year18,04915,857581,065Transfers01,0650(1,065)Additions06272511,019Disposals(329)(371)00Cost end of year17,72017,1783091,019Depreciation and impairment losses beginning of year(6,028)(5,084)(1)0Depreciation for the year(3,071)(2,391)(19)0Reversal regarding disposals14529600Depreciation and impairment losses end of​year(8,954)(7,179)(20)0Carrying amount end of year8,7669,9992891,019 8 Deferred tax2025​DKK'0002024​DKK'000Intangible assets(96)(77)Property, plant and equipment2,5242,285Deferred tax2,4282,208​​Changes during the year2025​DKK'0002024​DKK'000Beginning of year2,2081,982Recognised in the income statement220226End of year2,4282,208​Deferred tax assetsBased on the Company’s budget and forecasts, Management has assessed that the deferred tax asset can be utilized within the next 3-5 years. 9 PrepaymentsPrepayments include accrual of expenses relating to subsequent financial years, including rent and insurance policies. 10 Contributed capitalThe share capital consists of 600,000 shares of DKK 1 nominal value each. 11 Non-current liabilities other than provisionsDue within 12 months​2025​DKK'000Due within 12 ​months​2024​DKK'000Due after more than 12 months​2025​DKK'000Outstanding after 5 years​2025​DKK'000Mortgage debt2,3062,1312,3590Payables to group enterprises6,3496,34138,09112,6978,6558,47240,45012,697 12 EmployeesThe Company has no employees. The Executive Board and the Board of Directors have not received any remuneration as the Company’s Management receives remuneration from the Parent Company, Daka Danmark A/S. The Company has paid compensation to the Parent Company for production staff and administrative services in 2025 totalling tDKK 32,960 (2024: tDKK 33,957). 20252024Average number of full-time employees00 0 0 13 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK'0002024​DKK'000Liabilities under rental or lease agreements until maturity in total587572Besides the above rental or lease commitments, the company has, as of the balance sheet date, not entered into other significant unrecognised commitments. 14 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where SARIA Denmark ApSserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 15 Assets charged and collateralAs collateral for the mortgages with the financial institution, a registered mortgage bond of nom. tDKK 110,340 have been registered in land and buildings. ​​The carrying amount of the mortgages as of the balance sheet date is tDKK 4.665, and the carrying amount of land and buildings is tDKK 8.766. 16 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year. 17 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Rethmann SE & Co. KG, Selm, GermanyName and registered office of the Parent preparing consolidated financial statements for the smallest group:​SARIA Denmark A/S, Hedensted, Denmark This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium). Changes in accounting policiesAccounting policies for the presentation of the income statement have changed from a classification by function to classification by natural. This change affects the classification of external costs, salaries, and depreciation, which under the classification by nature are shown as separate lines in the profit and loss statement, rather than being included within other lines as under the classification by function. ​ ​There are no changes to the total profit or loss for the year, financial ratios, or equity as a result of this change. Comparative figures have been restated to reflect the updated policy. ​ ​The rationale for this change is to align external reporting with the internal information prepared for management reporting and the external reporting for the ultimate parent company. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own ​work capitalised, other operating income, cost of raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of intangible assets and property, plant and equipment. Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities, including loss from the sale of intangible assets and property, plant and equipment. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each asset.​​Interest expenses on loans for the financing of the manufacture of property, plant and equipment are included in​cost if they relate to the manufacturing period. All other finance costs are recognised in the income statement. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings6-30 yearsPlant and machinery1-15 yearsOther fixtures and fittings, tools and equipment1-15 yearsEstimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs and indirect production costs.​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial ​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​proposal for distribution of profit/loss. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the ​balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for ​prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are ​expected to be used under the joint taxation arrangement. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of SARIA Denmark ApS, Business Reg. No. 33 77 42 81. Grundlag for konklusion Konklusion Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Aarhus C 8000 2 City Tower, Værkmestergade Hedensted Hedensted 8722 Revisionspåtegning 2025-12-31 2025-01-01 21 Lundagervej DAKA ECOMOTION A/S 31934095 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab