31083176 2025-01-01 2025-12-31 31083176 2025-01-01 2025-12-31 1 31083176 2025-01-01 2025-12-31 1 31083176 2025-01-01 2025-12-31 2 31083176 2025-01-01 2025-12-31 3 31083176 2025-01-01 2025-12-31 1 31083176 2024-01-01 2024-12-31 31083176 2025-12-31 31083176 2024-12-31 31083176 2024-12-31 fsa:ContributedCapitalMember 31083176 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 31083176 2024-12-31 fsa:RetainedEarningsMember 31083176 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 31083176 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 31083176 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 31083176 2025-12-31 fsa:ContributedCapitalMember 31083176 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 31083176 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Thomas Kastrup Management's StatementThe Executive Board and Board of Directors have today considered and adopted the Annual Report of Atlas Incinerators ApS for the financial year 1 January – 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and of the results of the Company operations for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in theReview.We recommend that the Annual Report be adopted at the Annual General Meeting. Vordingborg Anders Egehus CEO Jesper Teddy Lok Anders Egehus Thomas Kastrup Chairman Independent Auditor's report To the shareholder of Atlas Incinerators ApS OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company’s operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Atlas Incinerators ApS for the financial year 1 January - 31 December 2025, 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 OpinionWe 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. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, 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 in Management’s Review. Management’s responsibilities for the Financial StatementsManagement 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. Auditor’s responsibilities for the audit of the Financial StatementsOur 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. Hellerup Mathias Skovdahl Hansen State Authorised Public Accountant mne50609 Atlas Incinerators ApS Masnedøvej 73 DK 4760 Vordingborg 31083176 Vordingborg PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 DK 2900 Hellerup Management's reviewDevelopment in the yearThe income statement of the Company for 2025 shows a profit of TDKK 4,983, and at 31 December 2025 the balance sheet of the Company shows a positive equity of TDKK 117,530. Key activitiesThe Company’s main activity is production, development and sale of incinerators for the maritime sector. 22258000 24706000 15408000 15123000 0 1413000 2680000 3830000 7061000 3421000 3391000 1837000 6350000 5414000 1367000 2650000 4983000 2764000 4983000 2764000 4983000 2764000 4340000 4170000 3024000 5635000 0 6000 7333000 8032000 392000 93000 10749000 13766000 10536000 11283000 22000 39000 44000 83000 10602000 11405000 139000 0 139000 0 21490000 25171000 5631000 5051000 898000 933000 345000 1392000 6874000 7376000 9567000 11516000 148631000 126396000 410000 461000 461000 178000 159069000 138551000 8536000 10121000 174479000 156048000 195969000 181219000 19797000 19797000 2664000 4469000 95069000 88281000 117530000 112547000 454000 792000 190000 399000 644000 1191000 9385000 0 807000 814000 10192000 814000 1035000 39000 1019000 1361000 6707000 5986000 56001000 56575000 0 300000 1738000 1091000 1103000 1315000 67603000 66667000 77795000 67481000 195969000 181219000 19797000 4469000 88281000 112547000 0 254000 -254000 0 0 -2058000 2058000 0 0 0 4983000 4983000 19797000 2664000 95069000 117530000 1. Staff expensesWages and salaries13,358 13,622Pensions1,798 1,261Other social security expenses252 240Other staff expenses0 015,408 15,123 22 22 2. Other operating expensesOther expenses0 1,4130 1,413 3. Financial incomeInterest received from group enterprises7,052 3,403Other financial income9 187,061 3,421 4. Financial expensesInterest paid to group enterprises2,632 1,407Other financial expenses288 366Exchange loss471 643,391 1,837 5. Income tax expenseCurrent tax for the year1,738 1,391Deferred tax for the year-338 362Adjustment of tax concerning previous years-33 715Adjustment of deferred tax concerning previous years0 1821,367 2,650 6.Intangible fixed assetsThe capitalised development cost relates to continuing the expansion of our newest product family in Atlas Incinerator. The size, efficiency and technology will ensure to keep Atlas Incinerators will be the leading brand in the market. 7. Long-term debtPayments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:2025 2024TDKK TDKKCredit institutionsAfter 5 years5,017 0Between 1 and 5 years4,368 0Long-term part9,385 0Within 1 year1,035 39Other short-term debt to credit institutions0 010,420 39Other payablesAfter 5 years0 0Between 1 and 5 years807 814Long-term part807 814Within 1 year1,103 1,3151,910 2,129 8.Contingent assets, liabilities and other financial obligationsCharges and security The following assets have been placed as security with Bond issuers.Business mortgage deeds registered to the mortgagor totalling TDKK 5,000, providing security on goodwil, other fixtures and fittings, tools and equipment, accounts receivables and inventory at a total carrying amount of:23,796 26,963Guarantee obligationsThe Company has provided guarantees totaling TDKK 190The Company has also provided security for Group companies debt to credit institutions.Other contingent liabilitiesThe group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of P-G&O 2021 A/S, which 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. 9. Related parties and disclosure of consolidated financial statementsConsolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Name Place of registered officeP-G&O 2021 A/SCopenhagenG&O Maritime Group A/SKongens Lyngby 10. Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 11. Accounting PoliciesThe Financial Statements for 2025 are presented in TDKKRecognition and measurementRevenues 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.Income statementRevenue Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Cost of goods soldCost of goods sold comprise the purchase price etc. for goods sold in the year. Other external expenses Other external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc. Gross profit With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, other operating income, cost of goods sold and other external expenses. Staff expenses Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities.Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment ofintangible assets and property, plant and equipment.Other operating income and expenses Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial yeTax on profit/loss for the yearTax 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 the parent company and all its Danish subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.Balance sheetIntangible fixed assetsGoodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight line basis over its useful life, which is assessed at 20 year.Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period.Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of acquisition.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Production buildings 10-40 yearsPlant and machinery 3-10 yearsOther fixtures and fittings, tools and equipment 3-5 yearsLeasehold improvements 5-7 yearsThe fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually.Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.If so, the asset is written down to its lower recoverable amount.InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. ReceivablesReceivables 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. Prepayments Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Provisions are measured and recognised based on experience with guarantee work. Deferred tax assets and liabilities Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax receivables and liabilitiesCurrent 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 Financial liabilitiesLoans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. true true Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-04-27 Reporting class B 2007-12-05 2026-04-27 31083176 Atlas Incinerators ApS Masnedøvej 73 4760 Vordingborg Opinion Basis for Opinion 2026-04-27 33771231