43692836 2024-01-01 2024-12-31 43692836 2023-01-01 2023-12-31 43692836 2023-12-31 43692836 2024-12-31 43692836 2024-01-01 43692836 2023-01-01 43692836 2024-01-01 2024-12-31 0 43692836 2024-01-01 2024-12-31 1 43692836 2024-01-01 2024-12-31 2 43692836 2024-01-01 2024-12-31 3 43692836 2024-01-01 2024-12-31 4 43692836 2024-01-01 2024-12-31 0 43692836 2024-01-01 2024-12-31 0 iso4217:DKK 2024-01-01 2024-12-31 167858000 3220000 149995000 170105000 42341000 1975568000 -2166931000 13061000 4147000 -2158017000 -74837000 -2083180000 -2083180000 1975568000 81000000 12776000 13061000 -4147000 18954000 -69719000 -132000 -241291000 -4765000 -246188000 375000000 -3063000 371937000 56031000 BeGreen A/S 1799 København V, Denmark Constantin Hansen Gade 25 43692836 2022-12-07 2025-06-23 Christoffer Kjærgaard Danielsen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr><tr><td colspan="1">The Board of Directors and the Executive</td></tr><tr><td colspan="1">Board have today considered and</td></tr><tr><td colspan="1">approved the Annual Report of BeGreen</td></tr><tr><td colspan="1">A/S for the financial year 1 January 2024</td></tr><tr><td colspan="1">- 31 December 2024 .</td></tr><tr><td colspan="1">The annual report has been prepared in</td></tr><tr><td colspan="1">accordance with IFRS Accounting</td></tr><tr><td colspan="1">Standards as adopted by the EU and</td></tr><tr><td colspan="1">additional requirements in the Danish</td></tr><tr><td colspan="1">Financial Statements Act .</td></tr><tr><td colspan="1">In our opinion, the Financial Statements</td></tr><tr><td colspan="1">give a true and fair view of the financial</td></tr><tr><td colspan="1">position of the Company at 31 December</td></tr><tr><td colspan="1">2024 and of the results of the Company’s</td></tr><tr><td colspan="1">operations, as well as the cash flows for</td></tr><tr><td colspan="1">the financial year 1 January 2024 31 December 2024 .</td></tr><tr><td colspan="1">In our opinion, the Management's</td></tr><tr><td colspan="1">Review gives a true and fair view of</td></tr><tr><td colspan="1">the development in the operations</td></tr><tr><td colspan="1">and financial circumstances of the</td></tr><tr><td colspan="1">Company, of the results for the year,</td></tr><tr><td colspan="1">of cash flows and of the Company’s</td></tr><tr><td colspan="1">financial position, as well as a</td></tr><tr><td colspan="1">description of the key risks and</td></tr><tr><td colspan="1">uncertainties facing the Company.</td></tr><tr><td colspan="1">We recommend that the annual report</td></tr><tr><td colspan="1">be approved at the Annual General</td></tr><tr><td colspan="1">Meeting .</td></tr></table> Copenhagen 2025-06-23 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of BeGreen A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements</td></tr><tr><td colspan="1">of BeGreen A/S for the financial year</td></tr><tr><td colspan="1">1 January 2024 – 31 December 2024,</td></tr><tr><td colspan="1">which comprise income statement,</td></tr><tr><td colspan="1">statement of comprehensive income,</td></tr><tr><td colspan="1">balance sheet, statement of changes in</td></tr><tr><td colspan="1">equity, cash flow statement and notes,</td></tr><tr><td colspan="1">including accounting policies, for the</td></tr><tr><td colspan="1">Company. The financial statements are</td></tr><tr><td colspan="1">prepared in accordance with IFRS</td></tr><tr><td colspan="1">Accounting Standards as adopted by the</td></tr><tr><td colspan="1">EU and additional requirements of the</td></tr><tr><td colspan="1">Danish Financial Statements Act .</td></tr><tr><td colspan="1">In our opinion, the financial statements</td></tr><tr><td colspan="1">give a true and fair view of the financial</td></tr><tr><td colspan="1">position of the Company at 31 December</td></tr><tr><td colspan="1">2024 and of the results of the Compa-</td></tr><tr><td colspan="1">ny’s operations and cash flows for the</td></tr><tr><td colspan="1">financial year 1 January 2024 – 31 December 2024 in accordance with</td></tr><tr><td colspan="1">IFRS Accouting Standards as adopted by</td></tr><tr><td colspan="1">the EU and additional requirements of the</td></tr><tr><td colspan="1">Danish Financial Statements Act .</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance</td></tr><tr><td colspan="1">with International Standards on Auditing</td></tr><tr><td colspan="1">(ISAs) and additional requirements</td></tr><tr><td colspan="1">applicable in Denmark . Our responsibili-</td></tr><tr><td colspan="1">ties under those standards and require-</td></tr><tr><td colspan="1">ments are further described in the</td></tr><tr><td colspan="1">“Auditor’s responsibilities for the audit</td></tr><tr><td colspan="1">of the financial statements” (hereinafter</td></tr><tr><td colspan="1">collectively referred to as “the financial</td></tr><tr><td colspan="1">statements”) section of our report . We</td></tr><tr><td colspan="1">believe that the audit evidence we have</td></tr><tr><td colspan="1">obtained is sufficient and appropriate to</td></tr><tr><td colspan="1">provide a basis for our opinion .</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company in</td></tr><tr><td colspan="1">accordance with the International Ethics</td></tr><tr><td colspan="1">Standards Board for Accountants’</td></tr><tr><td colspan="1">International Code of Ethics for Profes-</td></tr><tr><td colspan="1">sional Accountants (IESBA Code) and the</td></tr><tr><td colspan="1">additional ethical requirements applicable</td></tr><tr><td colspan="1">in Denmark, and we have fulfilled our other</td></tr><tr><td colspan="1">ethical responsibilities in accordance with</td></tr><tr><td colspan="1">these requirements and the IESBA Code .</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management’s review</td></tr><tr><td colspan="1">Management is responsible for the</td></tr><tr><td colspan="1">Management’s review.</td></tr><tr><td colspan="1">Our opinion on the financial statements</td></tr><tr><td colspan="1">does not cover the Management’s review,</td></tr><tr><td colspan="1">and we do not express any assurance</td></tr><tr><td colspan="1">conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial</td></tr><tr><td colspan="1">statements, our responsibility is to read</td></tr><tr><td colspan="1">the Management’s review and, in doing</td></tr><tr><td colspan="1">so, consider whether the Management’s</td></tr><tr><td colspan="1">review is materially inconsistent with the</td></tr><tr><td colspan="1">financial statements or our knowledge</td></tr><tr><td colspan="1">obtained during the audit, or otherwise</td></tr><tr><td colspan="1">appears to be materially misstated .</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider</td></tr><tr><td colspan="1">whether the Management’s review</td></tr><tr><td colspan="1">provides the information required under</td></tr><tr><td colspan="1">the Danish Financial Statements Act .</td></tr><tr><td colspan="1">Based on our procedures, we conclude</td></tr><tr><td colspan="1">that the Management’s review is in</td></tr><tr><td colspan="1">accordance with the financial statements</td></tr><tr><td colspan="1">and has been prepared in accordance with</td></tr><tr><td colspan="1">the requirements of the Danish Financial</td></tr><tr><td colspan="1">Statements Act.We did not identify any</td></tr><tr><td colspan="1">material misstatement of the Manage-</td></tr><tr><td colspan="1">ment’s review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the</td></tr><tr><td colspan="1">preparation of financial statements that</td></tr><tr><td colspan="1">give a true and fair view in accordance</td></tr><tr><td colspan="1">with IFRS Accounting Standards as</td></tr><tr><td colspan="1">adopted by the EU and additional</td></tr><tr><td colspan="1">requirements of the Danish Financial</td></tr><tr><td colspan="1">Statements Act and for such internal</td></tr><tr><td colspan="1">control as Management determines is</td></tr><tr><td colspan="1">necessary to enable the preparation of</td></tr><tr><td colspan="1">financial statements that are free from</td></tr><tr><td colspan="1">material misstatement, whether due to</td></tr><tr><td colspan="1">fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements,</td></tr><tr><td colspan="1">Management is responsible for assessing</td></tr><tr><td colspan="1">the Company’s ability to continue as a</td></tr><tr><td colspan="1">going concern, disclosing, as applicable,</td></tr><tr><td colspan="1">matters related to going concern and</td></tr><tr><td colspan="1">using the going concern basis of ac-</td></tr><tr><td colspan="1">counting in preparing the financial</td></tr><tr><td colspan="1">statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Company or to</td></tr><tr><td colspan="1">cease operations, or has no realistic</td></tr><tr><td colspan="1">alternative but to do so .</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable</td></tr><tr><td colspan="2">assurance as to whether the financial</td></tr><tr><td colspan="2">statements as a whole are free from</td></tr><tr><td colspan="2">material misstatement, whether due to</td></tr><tr><td colspan="2">fraud or error, and to issue an auditor’s</td></tr><tr><td colspan="2">report that includes our opinion . Reason-</td></tr><tr><td colspan="2">able assurance is a high level of assur-</td></tr><tr><td colspan="2">ance, but is not a guarantee that an audit</td></tr><tr><td colspan="2">conducted in accordance with ISAs and</td></tr><tr><td colspan="2">additional requirements applicable in</td></tr><tr><td colspan="2">Denmark will always detect a material</td></tr><tr><td colspan="2">misstatement when it exists . Misstate-</td></tr><tr><td colspan="2">ments can arise from fraud or error and</td></tr><tr><td colspan="2">are considered material if, individually or</td></tr><tr><td colspan="2">in the aggregate, they could reasonably</td></tr><tr><td colspan="2">be expected to influence the economic</td></tr><tr><td colspan="2">decisions of users taken on the basis of</td></tr><tr><td colspan="2">the financial statements .</td></tr><tr><td colspan="2">As part of an audit conducted in accord-</td></tr><tr><td colspan="2">ance with ISAs and additional require-</td></tr><tr><td colspan="2">ments applicable in Denmark, we</td></tr><tr><td colspan="2">exercise professional judgement and</td></tr><tr><td colspan="2">maintain professional scepticism</td></tr><tr><td colspan="2">throughout the audit . We also</td></tr><tr><td>•</td><td>Identify and assess the risks of material</td></tr><tr><td colspan="2">misstatement of the financial state-</td></tr><tr><td colspan="2">ments, whether due to fraud or error,</td></tr><tr><td colspan="2">design and perform audit procedures</td></tr><tr><td colspan="2">responsive to those risks and obtain</td></tr><tr><td colspan="2">audit evidence that is sufficient and</td></tr><tr><td colspan="2">appropriate to provide a basis for our</td></tr><tr><td colspan="2">opinion . The risk of not detecting a</td></tr><tr><td colspan="2">material misstatement resulting from</td></tr><tr><td colspan="2">fraud is higher than for one resulting</td></tr><tr><td colspan="2">from error, as fraud may involve</td></tr><tr><td colspan="2">collusion, forgery, intentional omis-</td></tr><tr><td colspan="2">sions, misrepresentations or the</td></tr><tr><td colspan="2">override of internal control .</td></tr><tr><td>•</td><td>Obtain an understanding of internal</td></tr><tr><td colspan="2">control relevant to the audit in order to</td></tr><tr><td colspan="2">design audit procedures that are</td></tr><tr><td colspan="2">appropriate in the circumstances, but</td></tr><tr><td colspan="2">not for the purpose of expressing an</td></tr><tr><td colspan="2">opinion on the effectiveness of the</td></tr><tr><td colspan="2">Company’s internal control .</td></tr><tr><td>•</td><td>Evaluate the appropriateness of account-</td></tr><tr><td colspan="2">ing policies used and the reasonableness</td></tr><tr><td colspan="2">of accounting estimates and related</td></tr><tr><td colspan="2">disclosures made by Management .</td></tr><tr><td>•</td><td>Conclude on the appropriateness of</td></tr><tr><td colspan="2">Management’s use of the going</td></tr><tr><td colspan="2">concern basis of accounting in prepar-</td></tr><tr><td colspan="2">ing the financial statements and, based</td></tr><tr><td colspan="2">on the audit evidence obtained,</td></tr><tr><td colspan="2">whether a material uncertainty exists</td></tr><tr><td colspan="2">related to events or conditions that</td></tr><tr><td colspan="2">may cast significant doubt on the</td></tr><tr><td colspan="2">Company’s ability to continue as a</td></tr><tr><td colspan="2">going concern . If we conclude that a</td></tr><tr><td colspan="2">material uncertainty exists, we are</td></tr><tr><td colspan="2">required to draw attention in our</td></tr><tr><td colspan="2">auditor’s report to the related disclo-</td></tr><tr><td colspan="2">sures in the financial statements or,</td></tr><tr><td colspan="2">if such disclosures are inadequate, to</td></tr><tr><td colspan="2">modify our opinion . Our conclusions are</td></tr><tr><td colspan="2">based on the audit evidence obtained</td></tr><tr><td colspan="2">up to the date of our auditor’s report .</td></tr><tr><td colspan="2">However, future events or conditions</td></tr><tr><td colspan="2">may cause the Company to cease to</td></tr><tr><td colspan="2">continue as a going concern .</td></tr><tr><td>•</td><td>Evaluate the overall presentation,</td></tr><tr><td colspan="2">structure and contents of the financial</td></tr><tr><td colspan="2">statements, including the note disclo-</td></tr><tr><td colspan="2">sures, and whether the financial</td></tr><tr><td colspan="2">statements represent the underlying</td></tr><tr><td colspan="2">transactions and events in a manner</td></tr><tr><td colspan="2">that gives a true and fair view.</td></tr><tr><td colspan="2">We communicate with those charged</td></tr><tr><td colspan="2">with governance regarding, among other</td></tr><tr><td colspan="2">matters, the planned scope and timing of</td></tr><tr><td colspan="2">the audit and significant audit findings,</td></tr><tr><td colspan="2">including any significant deficiencies in</td></tr><tr><td colspan="2">internal control that we identify during</td></tr><tr><td colspan="2">our audit .</td></tr></table> Copenhagen 2025-06-23 Årsrapport 43692836 BeGreen A/S Koldinghus Allé 1C 4690 Haslev xWizard version 1.1.1370.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 5623000 3257000 165273000 38477000 54809000 -249679000 5466000 479000 -244692000 -21349000 -223343000 -223343000 54809000 99000000 10376000 5466000 -479000 53260000 -27247000 -2979000 -84535000 -717000 -88231000 205000000 -1700000 203300000 87822000 235880000 14876000 2852131000 1370000 3104257000 3860000 75849000 20647000 1357000 1174000 87862000 190749000 3295007000 57000 3211953000 3212010000 10181000 52557000 62739000 3835000 319000 2414000 13690000 20259000 82997000 3295007000 10318000 1244655000 6135000 408000 1261516000 1803000 -3110000 183243000 23565000 3247000 1426000 143893000 360287000 1621803000 500000 1584330000 1584830000 6423000 6423000 13563000 335000 2560000 14092000 30550000 36973000 1621803000 87862000 40000 Vivek Mahajan chairman Ingrid Fossgard-Moser Anders Bade Line Heldal Bakkevig Hilde Alexandra Grønland Kuburic Wojciech Piotr Cetnarski EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 2000 Frederiksberg, Denmark 30700228 Henrik Reedtz Petersen State Authorised Public Accountant mne24830