42515191 2025-01-01 2025-12-31 2 42515191 2025-01-01 2025-12-31 3 42515191 2025-01-01 2025-12-31 5 42515191 2025-01-01 2025-12-31 6 42515191 2025-01-01 2025-12-31 42515191 2025-01-01 2025-12-31 1 42515191 2024-01-01 2024-12-31 42515191 2025-12-31 42515191 2024-12-31 42515191 2025-12-31 d:LongtermLeaseCommitmentsMember 42515191 2025-12-31 d:LongtermPayablesToShareholdersAndManagementMember 42515191 2025-01-01 d:ContributedCapitalMember 42515191 2024-01-01 d:ContributedCapitalMember 42515191 2025-01-01 2025-12-31 d:ContributedCapitalMember 42515191 2024-01-01 2024-12-31 d:ContributedCapitalMember 42515191 2025-12-31 d:ContributedCapitalMember 42515191 2024-12-31 d:ContributedCapitalMember 42515191 2025-01-01 d:SharePremiumMember 42515191 2024-01-01 d:SharePremiumMember 42515191 2025-01-01 2025-12-31 d:SharePremiumMember 42515191 2024-01-01 2024-12-31 d:SharePremiumMember 42515191 2025-01-01 d:RetainedEarningsMember 42515191 2024-01-01 d:RetainedEarningsMember 42515191 2025-01-01 2025-12-31 d:RetainedEarningsMember 42515191 2024-01-01 2024-12-31 d:RetainedEarningsMember 42515191 2025-12-31 d:RetainedEarningsMember 42515191 2024-12-31 d:RetainedEarningsMember 42515191 2025-01-01 2025-12-31 1 42515191 2025-01-01 2025-12-31 1 42515191 2025-01-01 2025-12-31 2 42515191 2025-01-01 2025-12-31 3 42515191 2025-01-01 2025-12-31 4 iso4217:DKK xbrli:pure Årsrapport 25492145 RSM Danmark, Statsautoriseret Revisionspartnerselskab Frugtparken, 3 7800, Skive 2024-01-01 2024-12-31 2025-01-01 2025-12-31 42515191 Resource Denmark ApS Veldbæk Industrivej 18 6705 Esbjerg Ø 2021-07-01 Esbjerg RSM Danmark, Statsautoriseret Revisionspartnerselskab 25492145 Kenny Dam Handberg statsautoriseret revisor mne43515 Frugtparken 3 7800 Skive Danmark +45 96 83 33 33 skive@rsm.dk 2026-06-17 Martin Sichelkow Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark anpartshaverne Skive 2026-06-17 Esbjerg 2026-06-17 Grundlag for konklusion Konklusion 16209271 -65526 34385416 17567503 29773367 19817764 -47949512 -37450793 462604 825816 38265290 40266118 -85752198 -76891095 -85752198 -76891095 -85752198 -76891095 565427812 597176554 163392356 170669697 3251007 5210148 1889434 0 733960609 773056399 14650378 500 14650378 500 748610987 773056899 1783894 179802 1783894 179802 53605090 13897470 0 32708 1500000 8178172 1291980 925925 56397070 23034275 4571407 4647041 62752371 27861118 811363358 800918017 141000 100004 100002 172801155 8553355 172901159 8653357 109254 135776 592888734 778457008 592997988 778592784 26523 24405 629763 519530 38124916 8339922 0 255780 6683009 4532239 45464211 13671876 638462199 792264660 811363358 800918017 30988025 15433408 2879740 1944468 517651 189627 34385416 17567503 51 28 26523 0 0 592888734 100002 100002 2 0 100004 100002 0 132937408 249999998 0 249999998 132937408 8553355 -47492958 -85752198 -76891095 249999998 132937408 172801155 8553355 Today, the Board of Directors and the Managing Director have approved the annual report of Resource Denmark ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in 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. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Flemming Horn Nielsen Martin Sichelkow Lee James Hodder Amie Louise Stringer Teresa Rebuelta Merino We have audited the financial statements of Resource Denmark ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In 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. 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. 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 judgment and maintain professional skepticism 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. 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, we conclude that 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 Management’s Review. Description of key activities of the companyLike previous years, the activities are to collect, sort and process plastic material for recycling, as well as other related activities at the board's discretion. Major activities and financial results2025 was a year where the business overall was well consolidated. Over the year, inbound volumes increased and we went from two-shift operations to three-shift operations mid-year. Many operational fine tunings were made, and several management and process support systems were introduced, including our ISO 14001 certification obtained in October. The year ended with record high production and high availability with approx. 2.000 tons of waste being sorted each week. In 2024 everything was made ready for the start or the EPR regime by January 1st, 2025, but this was politically decided to be delayed until October 1st, 2025. As a result, ReSource Denmark had to - with a relatively short notice - secure short and temporary contracts for the first nine months directly with municipalities and industrial customers, to have enough material to keep the plant running. The lower-than-expected volumes in these contracts were not ideal for ReSource Denmark, resulting in a loss-making business for the first nine months.   The focus in the first half of 2025 has been to secure volumes related to tenders within the EPR regime commencing October 1st.  The company won a large tender with VANA in February and subsequently also winning a big proportion of the tender material from Emballageretur and European Recycling Platform late summer of 2025. All contracts have a duration not under 3 years, and they represent a total of approx. 90.000 tons/year which is approx. 90% of all plastic waste from Danish households. These contracts are marked conform and has secured ReSource Denmark a good stable volume of inbound material, cash flow and positive gross profit. The offtake market for sorted plastic is still under pressure from cheap imported virgin plastic pellets from outside EU, and we have seen even lower prices for our sorted fractions during 2025 compared to 2024. This combined with the inbound commercial conditions during the first 9 months has resulted in a negative EBITDA result of 16,8 mill DKK. In 2025 the shareholders carried out a debt-to-equity conversion of DKK 250,000,000 and thereby strengthening the company’s capital structure and reducing its overall liabilities. Future outlookFor 2026 we plan to increase the processed volumes as a result of increasing the availability and reliability of our production. We will get these volumes securing contracts for plastic waste sorting outside the ERP scheme. Ultimately, we will be in a position where we need to increase the production hours in the plant by introducing day and subsequently night shifts at the weekends. End goal is to reach approx. 145.000 tons/year. We expect to reach this level during 2027. Capital response Despite the negative result for 2025, we consider that the company has adequate financial strength to continue its operation. In 2026 the company has realised positive EBITDA which is expected to continue throughout 2026. Furthermore interest payments on loans from shareholders can be postponed until the company is able to make such payments. On this basis, the management has prepared this annual report under the assumption of going concern.  Events occurring after the end of the financial yearNo events have occured after the end of the financial year, which may change the financial position of the entity as of December 31st, 2025 substantially. The annual report for Resource Denmark ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Gross profitGross profit comprises the revenue, cost of sales, other operating income, and external costs. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including salary reimbursements received. Other external expenses comprise expenses incurred for sales, advertising, administration, premises, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of tangible assets. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to debt and transactions in foreign currency, as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeBuildings10-50yearsPlant and machinery10-20yearsOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Property, plant, and equipment in progressProperty, plant, and equipment in progress are measured and recognised as the total costs incurred. When the work has been completed, the total value is transferred to the relevant item under property, plant, and equipment and is amortised from the date of entry into service. LeasesThe enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and recognition of leases. At their initial recognition in the statement of financial position, leases concerning property, plant, and equipment where the company holds all essential risks and advantages associated with the proprietary right (finance lease) are measured either at fair value of the asset being leased or at the present value of the future lease payments, whichever value is lower. When calculating the present value, the discount rate used is the internal rate of return of the lease or, alternatively, the borrowing rate of the enterprise. Hereafter, assets held under a finance lease are treated in the same way as other similar property, plant, and equipment. The capitalised residual lease commitment is recognised in the statement of financial position as a liability other than provisions, and the interest part of the lease is recognised in the income statement for the term of the contract. All other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. InventoriesCosts of goods for raw materials, and consumables comprise acquisition costs plus delivery costs. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank. Liabilities other than provisionsLiabilities concerning payables to suppliers, shareholders, and other payables are measured at amortised cost which usually corresponds to the nominal value. 1.Financial resourcesManagement has prepared the annual report under the assumption of going concern, given its positive future outlook and the backing of its financially strong shareholders. 5.Charges and securityAs security for suppliers, deposit accounts have been pledged for a total value of DKK 16.150 thousand at 31 December 2025. 6.Contractual obligations and contingencies, etc.Lease liabilities:In addition to finance leases, the company has entered into operational leases with an average annual lease payment of DKK 76.320. The leases have up to 49 months to maturity and total outstanding lease payments total DKK 875.265. Other contractual obligations:The company has entered into other agreements, such as service agreements. On 31 December 2025, the total of other contractual obligations amounts up to DKK 3.422.569 per year with a remaining contract period of up to 20 months.