The board of directors and executive board have today discussed and approved the annual report of Inbicon A/S for the financial year 1 January - 31 December 2022.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 company's financial position at 31 December 2022 and of the results of the company's operations for the financial year 1 January - 31 December 2022.Management recommends that the annual report should be approved by the company in general meeting.Hanne Risbjerg SørensenDirectorMikael BrandtchairmanOle Thomsendeputy chairmanHanne Risbjerg SørensenTo the shareholder of Inbicon A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 december 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Inbicon A/S for the financial year 1 January - 31 December 2022, which comprise a summary of income statement, balance sheet, statement of changes in equity and notes ("financial statements").We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Copenhagen2023-06-22PriceWaterhouseCoopersAnders Stig LauritsenState Authorised Public Accountantmne32800Morten JacobsenState Authorised Public Accountantmne4414000498000518000-498000-518000118000020003000-382000-521000-630001090000-319000-1611000-319000-1611000316190003189400001000840001150003170300032010000317030003201000031703000320100001490000014900000167820001710100031682000320010005000900016000021000900021000900031703000320100001490000017101000-3190001490000016782000Accounting principles regarding micro B enterprises The company has adopted the rules applying for micro enterprises according to the Danish Financial Statements Act. The company are using the exception to provide information cf. § 22 b. The company has chosen to present the Statement of Equity.The Company's object is to develop and sell technology for the utilization of biomass and to establish and operate plants based on this technology and its production as well as other related activities.Liability in joint taxation The group's danish companies are jointly and severally liable for tax on group jointly taxes income, etc. Reference is made to the annual report for Orsted A/S, the administration company in relation to joint taxation. The group's danish companies are also jointly and severally liable for danish withholding taxes on dividends, royalties and interests within the group of jointly taxed entities. Any subsequent corrections to income and withholding taxes may result in an increase in the entities' liability. The group’s danish entities have joint and several liability for joint VAT registration.Årsrapport36213728Ørsted A/SKraftværksvej 537000 Fredericia2022-01-012022-12-312021-01-012021-12-3127036635Inbicon A/SKraftværksvej537000FredericiaDKDanmark2003-02-10Fredericia+45 99 55 11 11+45 99 55 00 02www.orsted.comPriceWaterhouseCoopers33771231Anders Stig LauritsenState Authorised Public AccountantStrandvejen442900HellerupDKDanmark2023-06-29Jeppe Skov Andersen Regnskabsklasse B, mikrovirksomhedRevisionspåtegningCaseWare-FSRfalsefalsefalsefalse270366352022-01-012022-12-31270366352022-01-012022-12-311270366352022-01-012022-12-312270366352021-01-012021-12-31270366352022-01-012022-12-31f:RetainedEarningsMember270366352021-01-012021-12-31f:RetainedEarningsMember270366352021-12-31270366352022-12-31270366352022-01-012022-12-311270366352022-01-012022-12-312270366352022-01-012022-12-313270366352022-01-012022-12-311270366352022-01-01f:ContributedCapitalMember270366352022-12-31f:ContributedCapitalMember270366352022-01-01f:RetainedEarningsMember270366352022-01-012022-12-31f:RetainedEarningsMember270366352022-12-31f:RetainedEarningsMemberiso4217:DKK