37402729 2022-01-01 2022-12-31 37402729 2022-01-01 2022-12-31 auditor_1 37402729 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 37402729 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 37402729 2022-01-01 2022-12-31 memberOfBoardIdentifier_2 37402729 2022-01-01 2022-12-31 memberOfBoardIdentifier_3 37402729 2021-01-01 2021-12-31 37402729 2022-01-01 2022-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 37402729 2021-01-01 2021-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 37402729 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 37402729 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 37402729 2022-12-31 37402729 2021-12-31 37402729 2021-12-31 fsa:ContributedCapitalMember 37402729 2021-12-31 fsa:ReserveForDevelopmentExpenditureMember 37402729 2021-12-31 fsa:RetainedEarningsMember 37402729 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 37402729 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 37402729 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 37402729 2022-12-31 fsa:ContributedCapitalMember 37402729 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 37402729 2022-12-31 fsa:RetainedEarningsMember 37402729 2021-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 37402729 2022-01-01 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 37402729 2022-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 37402729 2021-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37402729 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37402729 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 37402729 2021-12-31 fsa:InvestmentsInGroupEnterprisesMember 37402729 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 37402729 2022-12-31 fsa:LongtermDebtToBanksMember 37402729 2021-12-31 fsa:LongtermDebtToBanksMember iso4217:DKK pure Årsrapport 2022-01-01 2021-01-01 2022-12-31 2021-12-31 2023-06-29 37402729 2023-06-29 2016-01-15 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2023-06-29 KPMG 25578198 Sune Westrup The Board of Directors and the Executive Board have today discussed and approved the annual report for Hymeth ApS for the financial year 1 January - 31 December 2022. The annual report has been 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 assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Mats Ivar Blacker Torkel Carl Göran Elgh Chairman Sten Persson Veronica Diesen Independent auditor's report To the Shareholder of Hymeth ApS Opinion We have audited the financial statements of Hymeth ApS for the financial year 1 January - 31 December 2022, comprising income statement, balance sheet, statement of changes in equity and notes, including 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 Company's assets, liabilities and financial position 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. 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. Material Uncertainty Related to Going Concern We note that there is an uncertainty concerning the Company's ability to continue as a going concern, due to financing of operations for the coming year, not yet being in place at the time of signing the annual report. Management expects that the Company will be able to raise capital to continue its operations. We draw attention to Note 2, which describes the current financing situation of the Company, in which additional investment is needed to fund its planned operations until the end of 2023. Our opinion is not qualified in respect of this matter. Management's responsibility 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 that 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 as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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. Statement on the Management's reviewManagement 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 during 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 under the Danish Financial Statements Act. 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 of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Morten Høgh-Petersen mne34283 Hymeth ApS Maskinvej 5 DK-2860 Søborg Gladsaxe Principal activities The company's main activity is to operate and develop energy efficient products that reduce environmental emissions of harmful substances. This is to provide energy savings to Danish and foreign households and companies. Material uncertainties regarding going concernThe Company is in need of additional financing to fund its activities during 2023. The Company has historically shown ability to raise capital, as the underlying technological development shows big potential, and development is progressing.Management is currently in dialogue with potential and current investors, that have indicated that they are willing to ensure funding, that will last until the end of the year, based on the current business plan. It is Management's assessment that the Company, also in the future, will be able to ensure funding to enable the company’s development and growth plans. The accounts are on this basis prepared with continued operation in mind. If the Company does not attract additional investments during 2023, then there is a material uncertainty related to going concern of continued operations. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2022. Development in activities and financial positionThe Company's income statement for 2022 shows a loss of DKK 2,032,409 as against a loss of DKK 2,717,812 in 2021. Equity in the Company's balance sheet at 31 December 2022 stood at DKK 11,362,476 as against DKK 13,394,885 at 31 December 2021. The Company expects to raise additional funding during 2023, mainly through new and current investors. Management expects that relevant milestones in activities will be met as planned. 849470 -15206 3268504 3965756 25152 25152 -2444186 -4006114 2002 6192 389120 8116 -2831304 -4008038 -798895 -1290226 -2032409 -2717812 4954133 4827224 -6986542 -7545036 21713949 15362497 30344 55496 18150 18150 21762443 15436143 36267 80426 1156333 1361525 523476 424522 5281 37683 1721357 1904156 2153798 7636458 3875155 9540614 25637598 24976757 112290 112290 16936881 11982748 -5686695 1299847 11362476 13394885 1306665 949227 5223301 9693787 6566586 0 1122726 318620 55844 620238 7745156 938858 25637598 24976757 112290 11982748 1299847 0 4954133 -6986542 112290 16936881 -5686695 The annual report of Hymeth ApS for 2022 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. However, reclassifications in comparative figures for 2021 have been done to comply with the current year presentation. Other external costs Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Dividends from equity investments in subsidiaries and associates measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. In case of indication of impairment, an impairment test is conducted. Indication of impairment exists if distributed dividend exceeds profit for the year or if the carrying amount of equity investments exceeds the consolidated carrying amounts of the net assets in the subsidiary. Tax on loss for the year Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Intangible assets Development projects Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities. Capitalized development costs are in progress, and are not depreciated, before the technology becomes commercial. Property, plant and equipmentFixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures, fittings, tools and equipment5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Investments Equity investments in group entities are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. The cost is reduced by dividends received exceeding accumulated earnings after the acquisition date. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as investments in group entities is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityReserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the developments costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. The Company is in need of additional financing to fund its activities during 2023. The Company has historically shown ability to raise capital, as the underlying technological development shows big potential, and development is progressing. Management is currently in dialogue with potential and current investors, that have indicated that they are willing to ensure funding, that will last until the end of the year, based on the current business plan. It is Management's assessment that the Company, also in the future, will be able to ensure funding to enable the company’s development and growth plans. The accounts are on this basis prepared with continued operation in mind. If the Company does not attract additional investments during 2023, then there is a material uncertainty related to going concern of continued operations. 3268504 3951050 0 14706 2 6 Out of total wages the majority has been capitalized as development costs Current tax for the year-1,156,333-1,361,525Deferred tax adjustment for the year357,43871,299-798,895 -1,290,226 15362497 6351452 21713949 21713949 125760 125760 -70264 -25152 -95416 30344 18150 18150 18150 6566586 0 5223301 0 0 9693787 Operating lease obligations The Company has entered into operating leases with a termination period of 3 months and an average quarterly lease payments of DKK 35.362,5 (2021: DKK 30.750).