437280592024-01-012024-12-31437280592024-12-31437280592023-12-31fsa:ContributedCapitalMember437280592023-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember437280592023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember437280592023-12-31fsa:RetainedEarningsMember437280592023-12-31437280592024-01-012024-12-31fsa:ContributedCapitalMember437280592024-01-012024-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember437280592024-01-012024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember437280592024-01-012024-12-31fsa:RetainedEarningsMember437280592024-12-31fsa:ContributedCapitalMember437280592024-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember437280592024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember437280592024-12-31fsa:RetainedEarningsMember437280592024-01-012024-12-31fsa:OtherShorttermPayablesMember437280592024-01-012024-12-31cmn:ConsolidatedMember437280592024-01-012024-12-31cmn:ConsolidatedMember1437280592024-01-012024-12-31cmn:ConsolidatedMember2437280592024-01-012024-12-31cmn:ConsolidatedMember1437280592024-01-012024-12-31cmn:ConsolidatedMember2437280592024-12-31cmn:ConsolidatedMember437280592023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember437280592023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember437280592023-12-31cmn:ConsolidatedMember437280592024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember437280592024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember437280592024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember437280592024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember437280592024-01-012024-12-31cmn:ConsolidatedMember2437280592023-01-012023-12-31437280592023-01-012023-12-31cmn:ConsolidatedMember437280592023-01-012023-12-31cmn:ConsolidatedMember2437280592022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure43728059ÅrsrapportParent treasury shares NumberNominal
value
DKKShare of
contributed
capital
%Purchase/
(selli
ng) price
DKKOrdinary shares18,82718,8274.606,000,000Investments acquired18,82718,8274.60Ordinary shares18,82718,8274.60Holding of treasury
shares
18,82718,8274.60As part of an agreement with its shareholders, the company has taken over a share of the ownership of its own shares. The Executive Board has today considered and approved the annual report of Trunk Holding ApS for the financial year 01.01.2024 - 31.12.2024. -3750162027534-235549The annual report is presented in accordance with the Danish Financial Statements Act.39000036970720084230281In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.01873099-1609449We believe that the management commentary contains a fair review of the affairs and conditions referred to
therein.-93260504472350We recommend the annual report for adoption at the Annual General Meeting.0039631Copenhagen474602-932604360372025-06-12012856446241Casper Kaae Sønderby5984525611239086Søren Kaae Sønderby393378935111400882615624To the shareholders of Trunk Holding ApS790021185511736676We have audited the consolidated financial statements and the parent financial statements of Trunk Holding ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.392588913925889182578948We 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group 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.392588913925889182578948Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 ofnot 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 Group's and 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.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.5052489468699621352983930018297291Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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 commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent 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 commentary.690674000574316346869962153595684Aarhus57431634154169153595684Mads Fauerskov01541694215381mne3542850794503875248State Authorised Public Accountant50794569067408090629Kasper Pagter Gjerløv1864958801890754mne50622191575336657639981383State Authorised Public Accountant765891677572503163577067Primary activitiesThe group is active on the power markets in Europe and the US. The primary business areas are power trading and control and optimization of physical assets.
The group consits of the companies Trunk Holding ApS, Twig Energy ApS, Twig Redwood ApS and Twig
Redwood Inc., Twig Asset Management and Bonsai-1 ApS.40930414596634409304Profit/loss for the year in relation to expected developmentsThe group realized a profit after tax of 82,6 m.DKK during 2024, an increase of 110 % as compared to the 2023 results. No guidance has been provided for the financial results in 2024, however the management considers the results satisfactory and within expectations. The group expects to continue its positive development in 2025. 11648252176750OutlookThe group expects to continue to grow its power trading business by further maturing existing markets and continue its global expansion into new markets. Profit after tax is expected to be between 150 - 200M DKK for 2025.419186873372412909477Research and development activitiesThe group primary resources is its highly skilled workforce. The group processes unique capabilities within AI, software and operational excellence which is expected to continue to be a competitive advantage. Going forward the group will continue to develop its market leading platform for fully automated power trading and asset management in 2025.3338940624818145429134Group relationsThe Group structure as per 31.12.2024 is as follows:
7570574925276217158747915Foreign branchesTwig Energy ApS NUF branch
The branch realised a profit of DKK 1,1 m.DKK for the financial year 2024. Management considers the results for
the year as expected.
7800041518367159800Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 212487667945840As part of an agreement with its shareholders, the company has taken over a share of the ownership of its own shares. 5929318139121839025891228443670409304933514010217075296445757428410741088341875705749482915210472674088341814750004829152-160944976589167147500016357706701894804093043859974189480-1164847675916964814191868710650050641439633389406239215585931758257894896443808257894835249904020989-463218799051342104690081391218-46321801873099-1120000007990513-214736431120000004463430846691044634128564411648182972915256110023450111-116485072281566130476283554576101882429611938825275722685944370000005137682979107-5307630-1306458640930444310490797308302341760000001290947760289764-6000000145429134143313181-10907973170172624524263401 Other financial income2024
DKK2023
DKKOther interest income203,082474,602Exchange rate adjustments232,9550436,037474,602409304415183672 Other financial expenses2024
DKK2023
DKKOther interest expenses05,984Exchange rate adjustments72,5580Other financial expenses166,5280239,0865,984158338611113 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax36,67679,00236,67679,0021587479154 Financial assetsInvestments in group enterprisesDKKInvestments in associates
DKKInvestments in participating interestsDKKCost beginning of year8,606,20707,000,000Transfers07,000,000(7,000,000)Additions80,00013,000,0000Cost end of year8,686,20720,000,0000Revaluations beginning of year41,918,6870(93,260)Exchange rate adjustments463,21800Transfers0(93,260)93,260Amortisation of goodwill0(973,904)0Share of profit/loss for the year84,230,281(635,545)0Revaluations end of year126,612,186(1,702,709)0Carrying amount end of year135,298,39318,297,2910Goodwill or negative goodwill recognised during the financial year04,949,5410A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Trunk Holding has increased their ownership in SP BAT01F ApS in 2024, which is why it has been transferred from
other investments to Investments
in participating interests in 2024.The value of goodwill in associated companies as of 31-12-2024 amounts to 9.1 million DKK.Investments in
associatesRegistered inCorporate
formOwnership
%SP BAT01F ApSOdenseApS49.0017130005 Other payables2024
DKK2023
DKKOther costs payable757,4280757,428017130006 Employees The Entity has no employees other than the Executive Board. The Executive Officer has not received any
remuneration.07 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint
taxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc. for the
jointly taxed entities, and also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.0Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
37371614143964154498126632013933497117099711709170172624409304752964450-463218-463218825789484093041583386114107410-5518830953645841385997447675920088511369405455118426013050722Deposits made0-18169148-187713970018771397602897641 Staff costs2024
DKK2023
DKKWages and salaries13,894,1749,633,126Pension costs60,90035,070Other social security costs55,14339,00414,010,2179,707,200Average number of full-time employees1511152 Other financial income2024
DKK2023
DKKOther interest income2,041,8861,229,797Exchange rate adjustments1,818,08855,8473,859,9741,285,6443 Other financial expenses2024
DKK2023
DKKOther interest expenses107,748268,609Exchange rate adjustments197,993257,002Other financial expenses171,0180476,759525,6114 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax23,395,93510,922,050Change in deferred tax525,623832,458Adjustment concerning previous years0100,60923,921,55811,855,1175 Intangible assetsCompleted development projectsDKKAcquired intangible assetsDKKDevelopment projects in progressDKKCost beginning of year9,434,411111,5800Transfers5,118,4260(5,118,426)Additions005,118,426Cost end of year14,552,837111,5800Amortisation and impairment losses beginning of year(2,564,449)(111,580)0Amortisation for the year(3,997,875)00Amortisation and impairment losses end of year(6,562,324)(111,580)0Carrying amount end of year7,990,513006 Development projectsDuring the financial year, our company developed a development project related to the creation of a machine
learning model.
The objective of this project was to gain an enhanced understanding of electricity markets. This
innovative machine learning model aims to leverage advanced algorithms and vast data sets to anticipate market trends, price fluctuations, and other important factors in the electricity market.
The insights generated by this
model are intended to support strategic decisions, optimize energy trading, and ultimately lead to improved
financial performance. The project, in its development phase, has required significant investment for data procurement, infrastructure development, and specialized personnel hiring. This development has been
classified as completed development projects and will be depreciated over the projected useful life of the model.
We believe that this project represents an investment in our company's future capabilities and competitiveness in
a rapidly evolving market.
7 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK
Cost beginning of year485,277Cost end of year485,277Depreciation and impairment losses beginning of year(331,108)Depreciation for the year(109,535)Depreciation and impairment losses end of year(440,643)Carrying amount end of year44,6348 Financial assetsInvestments in associatesDKKInvestments in participa-ting interestsDKKOther investmentsDKKDepositsDKKCost beginning of year07,000,0000665,763Transfers7,000,000(7,000,000)00Additions13,000,000050,7220Disposals000(189,480)Cost end of year20,000,000050,722476,283Revaluations beginning of year0(93,260)00Transfers(93,260)93,26000Amortisation of goodwill(973,904)000Share of profit/loss for the year(635,545)000Revaluations end of year(1,702,709)000Carrying amount end of year18,297,291050,722476,283Goodwill or negative goodwill recognised during the financial year4,949,5410Trunk Holding has increased their ownership in SP BAT01F ApS in 2024, which is why it has been transferred fromother investments to Investments
in participating interests in 2024.The value of goodwill in associated companies as of 31-12-2024 amounts to 9.1 million DKK.
AssociatesRegistered inOwnership
%SP BAT01F ApSOdense49.009 Other receivablesOf the company's other receivables, DKK 82,7 million has been deposited for security for balances on energy trading.10 Changes in working capital2024
DKK2023
DKKIncrease/decrease in receivables(57,591,444)(23,596,093)Increase/decrease in trade payables etc.2,403,1352,122,450(55,188,309)(21,473,643)11
Fair value informationListed sharesDKKFair value end of year 50,72212 Unrecognised rental and lease commitments2024DKK2023DKKTotal liabilities under rental or lease agreements until maturity 1,929,9783,183,17813 Assets charged and collateralAs security for the Twig Energy ApS' engagement with its bank connection one account with a deposit of 11.190 T.DKK. has been pledged for all balances.
Twig Energy ApShas also, through its bank connection, established payment guarantees to third parties amounting to 11.190 T.DKK as of the balance sheet date.14 SubsidiariesRegistered inCorporate
formOwnership
%Twig Energy ApSCopenhagenApS100.00Twig Redwood ApSCopenhagenApS100.00Twig Redwood Inc.USAInc.100.00Twig Asset Management ApSCopenhagenApS100.00Bonsai-1 ApSCopenhagenApS100.00In 2024, the Group has established the subsidiary Twig Asset Mangement ApS and Bonsai-1 ApS, which is included in the consolidated financial statements in 2024.This annual report has been presented in accordance with the provisions of the Danish Financial Statements
Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.Recognition and measurementAssets 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 Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity 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 Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected 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. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Foreign currency translationOn 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 rate 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.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwillis considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.Gross profit or lossGross profit or loss comprises net trading income, own
work capitalised, other operating income and external expenses.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in
cost for proprietary intangible assets and property, plant and equipment.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.
Net trading income
Net trading income result from power trading. Net trading income is recognised in the income statement on the day the net transaction is realised. All the companys positions is closed daily, and no open positions exists on the balance sheet date.
Net trading income is the difference between gross purchases and sales transactions, and is thus shown as a net profit.
Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for
premises, stationery and office supplies, etc.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual
enterprises’ profit/loss after full elimination of intra-group profits or losses.
Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual
associates’
profit/loss after pro rata elimination of intra-group profits or losses.
Income from investments in participating interestsIncome from investments in participating interests comprises the pro rata share of the individual participating interests' profit/loss after pro rata elimination of intra-group profits or losses.
Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc. on receivables from group
enterprises.Other financial incomeOther financial income comprises interest income, net capital or exchange gains on securities, payables
and transactions in foreign currencies etc.Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group
enterprises.Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights,
the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods
used are 3 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment 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.
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:Useful life
Other fixtures and fittings, tools and equipment2-5 yearsEstimated 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.Investments in associatesInvestments in associates are recognised and measured according to the equity method. This
means that investments are measured at the pro rata share of the associates’ equity value plus unamortised
goodwill and plus or minus unrealised pro rata intra-group profits and losses.
Upon distribution of profit or loss, net revaluation of investments in associates is transferred to the reserve for
net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For the total amount of goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether
the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and
recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 7 years.
Investments in associates are written down to the lower of recoverable amount and carrying amount.
Investments in participating interestsInvestments in participating interests are recognised and measured according to the equity method.
This
means that investments are measured at the pro rata share of the participating interests' equity value plus unamortised goodwill and
plus or minus unrealised pro rata intra-group profits and losses.
Upon distribution of profit or loss, net revaluation of investments in participating interests is transferred to the reserve for net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilitiesarising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based onthe
experience gained by Management for each business area. For the total
amount of goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether
the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 10 years.
Investments in participating interests are written down to the lower of recoverable amount and carrying amount.
Other investmentsOther investments comprise listed securities which are measured at fair value (market price) at the balance
sheet date.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.Joint taxation contributions payable or receivableCurrent joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits and collateral to power exchanges.Treasury sharesAcquisition and selling prices and dividends of treasury shares are classified directly as equity in retained
earnings. Gains and losses from sale are not recognised in the income statement.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.trueKonklusionGrundlag for konklusion2025-06-12trueRegnskabsklasse B33963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegning2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Trunk Holding ApS43728059ÅrsrapportAarhus C80002City Tower, VærkmestergadeKøbenhavnKøbenhavn K1414217Overgaden Neden Vandet2025-06-12Casper Kaae Sønderby