38529587 2022-12-31 38529587 2021-12-31 38529587 2022-01-01 fsa:ContributedCapitalMember 38529587 2022-01-01 fsa:SharePremiumMember 38529587 2022-01-01 fsa:ReserveForDevelopmentExpenditureMember 38529587 2022-01-01 fsa:RetainedEarningsMember 38529587 2022-01-01 fsa:ProposedDividendRecognisedInEquityMember 38529587 2022-12-31 fsa:ContributedCapitalMember 38529587 2022-12-31 fsa:SharePremiumMember 38529587 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 38529587 2022-12-31 fsa:RetainedEarningsMember 38529587 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 38529587 2022-01-01 fsa:CompletedDevelopmentProjectsMember 38529587 2022-12-31 fsa:CompletedDevelopmentProjectsMember 38529587 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 38529587 2022-01-01 fsa:LeaseholdImprovementsMember 38529587 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 38529587 2022-12-31 fsa:LeaseholdImprovementsMember 38529587 2022-12-31 fsa:OtherLongtermPayablesMember 38529587 2021-12-31 fsa:OtherLongtermPayablesMember 38529587 2022-01-01 2022-12-31 38529587 2022-01-01 2022-12-31 1 38529587 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 38529587 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_2 38529587 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_3 38529587 2021-01-01 2021-12-31 38529587 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 38529587 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 38529587 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 38529587 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 38529587 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 38529587 2022-01-01 2022-12-31 fsa:SharePremiumMember 38529587 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 38529587 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 38529587 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 38529587 2022-01-01 2022-12-31 fsa:CompletedDevelopmentProjectsMember 38529587 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 38529587 2022-01-01 2022-12-31 fsa:LeaseholdImprovementsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 38529587 PEAK Wind ApS Jens Baggesens Vej 90 8200 Aarhus N Aarhus PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jens Chr. Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2023-06-13 Michael Andersen Regnskabsklasse B Revisionspåtegning The Executive Board has today considered and adopted the Financial Statements of PEAK Wind ApS 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 financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-06-13 Aarhus N Denis Nørnberg Andersen Lars Nagstrup Conradsen Michael Andersen To the shareholder of PEAK Wind ApS Opinion In 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 PEAK Wind ApS for the financial year 1 January - 31 December 2022, 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 Opinion 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. Management 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. Aarhus C 2023-06-13 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Rune Kjeldsen State Authorised Public Accountant mne34160 Key activities The object of the Company is to provide consulting and advisory services within asset management and operations management to the global renewables sector and any other related business hereto as determined by the Management. Development in the year The income statement of the Company for 2022 shows a profit of DKK 10,470,726, and at 31 December 2022 the balance sheet of the Company shows positive equity of DKK 20,938,181. The financial result is considered satisfactory by the Management. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 94839781 67181926 80483994 53659986 424535 306 13931252 13521634 4208 4325 585004 116064 13350456 13409895 2879730 2926206 10470726 10483689 6000000 6000000 4470726 4483689 1497672 0 1497672 0 1295057 0 485467 119740 1780524 119740 15631509 12048920 105044 73154 46937687 33041075 51697260 33967532 1481377 806717 1481377 806717 4759573 926457 10467755 5965781 12880643 8264416 408973 0 1605730 0 1636512 1037684 42736166 27389955 4201521 5651120 54275 54275 10020 10020 1168184 0 6000000 6000000 0 5215 0 5215 2044618 1966262 2044618 1966262 10417211 0 3257064 2907536 54275 54275 13705702 6933950 20938181 12998245 2975572 1677514 12064614 14412760 28714461 18997810 30759079 20964072 51697260 33967532 54275 10020 0 6933950 6000000 0 0 0 0 -6000000 0 0 0 3469210 0 0 0 1168184 -1168184 0 0 0 0 4470726 6000000 54275 10020 1168184 13705702 6000000 73040666 49151507 5539617 3447950 1222827 1059641 680884 888 80483994 53659986 99 45 Warrants to senior employees have been issued in 2022. The warrants include an option to purchase new shares in Peak Wind Group ApS in the period from 2023 to 2026, of shares of up to approximately 10% of the share capital at an option price that is lower than the assessed fair value of the company at grant date. No warrants have been issued to the Executive Board or Supervisory Board. 424535 306 4208 4325 585004 116064 585004 116064 3293918 2920991 -414188 5215 2879730 2926206 0 1497672 1497672 Completed development projects relates to computerized maintenance management system (CMMS) to be used in the global renewables sector. The projected is completed in 2022 and the software used by existing customers . 0 120046 1575370 509950 1575370 629996 0 306 280313 144223 280313 144529 1295057 485467 0 0 2044618 1966262 0 0 2044618 1966262 Payments 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: Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 3,100,112 2,062,182 Between 1 and 5 years 1,224,525 4,324,637 2,062,182 Other contingent liabilities The 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 [Enter Name], 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. The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Peak Wind Group ApS Aarhus N The Annual Report of PEAK Wind ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The Financial Statements for 2022 are presented in DKK. The company has changed accounting policies for recognition of development projects. From 1 January 2022 costs related to development projects are capitalised when the project meets the criteria stated in the accounting policy. The change has no impact on equity and balance sheet as of 31 December 2021 or net profit for 2021. 1 Revenues 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. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement The value of share-based payment, including share option and warrant plans that do not involve an outflow of cash and cash equivalents, offered to a number of senior employees is recognized in the income statement. The most significant conditions of the share option plans are disclosed in the notes. 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. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external 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 losses comprise depreciation and impairment of property, plant and equipment. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with . The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. Property, 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: Other fixtures and fittings, tools and equipment 3 years Leasehold improvements The fixed assets’ residual values are determined at nil. 3 years Depreciation period and residual value are reassessed annually. The 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. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Other fixed asset investments consist of Receivables 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. Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. 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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured 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. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value.