410556262023-01-012023-12-31410556262023-01-012023-12-311410556262023-01-012023-12-312410556262023-01-012023-12-313410556262023-01-012023-12-314410556262023-01-012023-12-31RevPers5410556262023-01-012023-12-31fsa:ContributedCapitalMember410556262023-01-012023-12-31fsa:RetainedEarningsMember410556262022-01-012022-12-31410556262023-12-31410556262023-01-01fsa:ContributedCapitalMember410556262023-01-01fsa:RetainedEarningsMember410556262022-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the shareholders of Solcellepark Vedde P/S Basis of opinion 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. Opinion We have audited the financial statements of Solcellepark Vedde P/S for the financial year 1 January 2023 - 31 December 2023, 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 at 31 December 2023 and of the results of its operations for the financial year 1 January 2023 - 31 December 2023 in accordance with the Danish Financial Statements Act. 2024-05-23KoldingAuditor's responsibilities for the audit of the financial statements 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.Statement on Management's review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the Management's Review 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's review provides the information required by the relevant law and regulations. Based on the work we have performed, we conclude that the Management's review 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's Review.Grundlag for konklusionKonklusion33963556mne26771Lars Ørum NielsenMartin Wincents Brobæk MadsenNikolaj Kristian Qvade RasmusenSigne Storgaard SørensenMartin Wincents Brobæk MadsenDeloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningtrue4663137025969252002364962Regnskabsklasse B40000040000099536745462Recognition and measurement Assets 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 company, and the value of the assets can be measured reliably. Liabilities are recognised in the balance sheet when the company 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 company, and the value of the liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is affected 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 translation On 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 one 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. Proposed dividends Proposed dividends for the year are recognised as a separate item under equity. Proposed dividends are recognised as a liability when approved by the Annual General Meeting.Balance sheet Property, plant and equipment Land and buildings, solar parks, tools and equipment and leasehold improvements 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 group-manufactured assets, cost comprises direct and indirect costs of materials, components, sub-suppliers and labor costs. 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: Buildings: 50 years Solar parks: 30 years Tools and equipment: 3-8 years Leasehold improvements 5 years For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated 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. Receivables Receivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Proposed dividends Proposed dividends for the year are recognised as a separate item under equity. Proposed dividends are recognised as a liability when approved by the Annual General Meeting. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities, comprising deposits, trade payables and other accounts payable, are measured at amortised cost, which usually corresponds to the nominal value. Off-balance sheet items Contingent liabilities comprise obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not fully within the control of the company; or present obligations that arise from past events but are not recognised because the outflow of resources embodying economic benefits will probably not be required to settle the obligation or because the amount of the obligation cannot be measured with sufficient reliability. Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. , Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Proposed dividends Proposed dividends for the year are recognised as a separate item under equity. Proposed dividends are recognised as a liability when approved by the Annual General Meeting.Other external expenses Other external expenses include expenses for operation and administration. , Other external expenses include expenses for operation and administration. Income statement Gross profit/loss The company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit or loss comprises other external expenses. Other external expenses Other external expenses include expenses for operation and administration. Financial income Financial income comprises interest income, including interest income on receivables from group enterprises, amortisation of financial assets, payables and transactions in foreign currencies as well as fair value adjustments of financial interests. Financial expenses Financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, amortisation of financial liabilities, payables and transactions in foreign currencies as well as fair value adjustments of financial interests.Off-balance sheet items Contingent liabilities comprise obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not fully within the control of the company; or present obligations that arise from past events but are not recognised because the outflow of resources embodying economic benefits will probably not be required to settle the obligation or because the amount of the obligation cannot be measured with sufficient reliability. , Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities, comprising deposits, trade payables and other accounts payable, are measured at amortised cost, which usually corresponds to the nominal value. , Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities, comprising deposits, trade payables and other accounts payable, are measured at amortised cost, which usually corresponds to the nominal value. Property, plant and equipment Land and buildings, solar parks, tools and equipment and leasehold improvements 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 group-manufactured assets, cost comprises direct and indirect costs of materials, components, sub-suppliers and labor costs. 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: Buildings: 50 years Solar parks: 30 years Tools and equipment: 3-8 years Leasehold improvements 5 years For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated 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. Impairment of accounts receivables past due is established on individual assessment of receivables. , Receivables Receivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Reporting class The annual report of Solcellepark Vedde P/S for 2023 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with addition of certain provisions for reporting class C. The accounting policies applied remain unchanged from last year, except reclassification of Property to Property, plant and equipment in progress Reporting currency The annual report is presented in Danish kroner (DKK). Recognition and measurement Assets 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 company, and the value of the assets can be measured reliably. Liabilities are recognised in the balance sheet when the company 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 company, and the value of the liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is affected 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 translation On 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 one 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. Income statement Gross profit/loss The company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit or loss comprises other external expenses. Other external expenses Other external expenses include expenses for operation and administration. Financial income Financial income comprises interest income, including interest income on receivables from group enterprises, amortisation of financial assets, payables and transactions in foreign currencies as well as fair value adjustments of financial interests. Financial expenses Financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, amortisation of financial liabilities, payables and transactions in foreign currencies as well as fair value adjustments of financial interests. Balance sheet Property, plant and equipment Land and buildings, solar parks, tools and equipment and leasehold improvements 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 group-manufactured assets, cost comprises direct and indirect costs of materials, components, sub-suppliers and labor costs. 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: Buildings: 50 years Solar parks: 30 years Tools and equipment: 3-8 years Leasehold improvements 5 years For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated 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. Receivables Receivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and doubtful debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Proposed dividends Proposed dividends for the year are recognised as a separate item under equity. Proposed dividends are recognised as a liability when approved by the Annual General Meeting. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities, comprising deposits, trade payables and other accounts payable, are measured at amortised cost, which usually corresponds to the nominal value. Off-balance sheet items Contingent liabilities comprise obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not fully within the control of the company; or present obligations that arise from past events but are not recognised because the outflow of resources embodying economic benefits will probably not be required to settle the obligation or because the amount of the obligation cannot be measured with sufficient reliability. 7. Contingent liabilities The company has engaged in conditional agreeements regarding neighbour compensations for a total of DKK 9.5 million. In addition, the company is exposed to pay compensation or buy properties located within 200 meters of a Better Energy solar park (Danish renewable energy legislation). Contributed Retained capital earnings Total Equity 1 January 2023 400,000 -85,218 314,782 Profit (loss) 0 -110,196 -110,196 Equity 31 December 2023 400,000 -195,414 204,586 The company was established 31 December 2019 with a contributed capital of DKK 40,000. 4 November 2021 the contributed capital was increased by DKK 360,000 to a total of DKK 400,000. 5. Long-term liabilities other than provisions Due Due Due after 1 year within 1-5 years after 5 years DKK DKK DKK Payables to group enterprises 40,379,693 0 40,379,693 40,379,693 0 40,379,693 2023 2022 DKK DKK 2. Financial expenses Financial expenses from group enterprises 112,812 69,338 Other financial expenses 0 258 112,812 69,596 2023 2022 DKK DKK 1. Financial income Other financial income 4,166 2 4,166 2 8. Group relations No parent company submits consolidated financial statements. 2023 2022 DKK DKK 3. Land and buildings Cost at the beginning of the year 1,800,000 1,800,000 Disposals for the year -1,800,000 0 Cost at the end of the year 0 1,800,000 Carrying amount at the end of the year 0 1,800,000 , 2023 2022 DKK DKK 4. Property, plant and equipment in progress Cost at the beginning of the year 791,463 66,855 Additions for the year 35,886,233 724,608 Cost at the end of the year 36,677,696 791,463 Carrying amount at the end of the year 36,677,696 791,463 Interests included in cost of assets 349,476 0 6. Significant events occurring after end of reporting period No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 204586314782-40000085218-1550-17000The annual report of Solcellepark Vedde P/S for 2023 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with addition of certain provisions for reporting class C. 01800000466313702596925464267842282143403796930403796930366776962591463112812695964166279513104500-110196-865940-110196-110196-86594-1550-1700036677696259146336677696791463-195414-85218false60470912282143022152887951310450060470916685511019686594Frederiksberg C, 1850Gammel Kongevej 60, 14th floor2019-12-312024-05-234105562636950676ÅrsrapportHo Kei AuSolcellepark Vedde P/SBetter Energy A/S2022-01-012022-12-312023-12-312023-01-01Development in activities and financial matters Solcellepark Vedde P/S's income statement of the financial year 1 January 2023 - 31 December 2023 shows a result of DKK -110,196 and the balance sheet at 31 December 2023 a balance sheet total of DKK 46,631,370 and an equity of DKK 204,586. During 2023 progress was made in developing the future solar park. Capitalised expenses up until 31 December 2023 amount to DKK 36,677,696. The company's main activities The main activities of Solcellepark Vedde P/S are directly or indirectly to acquire, own and operate solar parks as well as related activities. The company's main activities The main activities of Solcellepark Vedde P/S are directly or indirectly to acquire, own and operate solar parks as well as related activities. Development in activities and financial matters Solcellepark Vedde P/S's income statement of the financial year 1 January 2023 - 31 December 2023 shows a result of DKK -110,196 and the balance sheet at 31 December 2023 a balance sheet total of DKK 46,631,370 and an equity of DKK 204,586. During 2023 progress was made in developing the future solar park. Capitalised expenses up until 31 December 2023 amount to DKK 36,677,696. 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 assets, liabilities and financial position of Solcellepark Vedde P/S at 31 December 2023 and of the results of the company's operations for the financial year 1 January 2023 - 31 December 2023. 2024-05-23Today, the Executive Board and the Board of Directors have considered and adopted the annual report of Solcellepark Vedde P/S for the financial year 1 January 2023 - 31 December 2023. In our opinion, the management's review includes a true and fair account of the matters addressed in the review. FrederiksbergWe recommend that the annual report be adopted at the Annual General Meeting. Today, the Executive Board and the Board of Directors have considered and adopted the annual report of Solcellepark Vedde P/S for the financial year 1 January 2023 - 31 December 2023. 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 assets, liabilities and financial position of Solcellepark Vedde P/S at 31 December 2023 and of the results of the company's operations for the financial year 1 January 2023 - 31 December 2023. In our opinion, the management's review includes a true and fair account of the matters addressed in the review. We recommend that the annual report be adopted at the Annual General Meeting. Frederiksberg, 23 May 2024 Executive Board Martin Wincents Brobæk Madsen Director Board of Directors Nikolaj Kristian Qvade Rasmusen Signe Storgaard Sørensen Martin Wincents Brobæk Madsen Chairman Board member Board member