Årsrapport34209936Grant Thornton, Statsautoriseret RevisionspartnerselskabStockholmsgade, 452100, København Ø2021-01-292021-12-3142103020Excelsis ApSEsplanaden34A1263København K2021-01-29KøbenhavnGrant Thornton, Statsautoriseret Revisionspartnerselskab34209936Claus Koskelinstatsautoriseret revisormne30140Stockholmsgade452100København ØDanmark+45 33 110 220info@dk.gt.com2022-07-08Carsten Viggo BækRegnskabsklasse BAndre erklæringer uden sikkerhedRevisorgruppen DanmarkkapitalejerneKøbenhavn2022-07-08Copenhagen2022-07-08-36558-36558143-36701-36701-367013744243744243744240400003232993632995000612511125111253744244000040000-36701360000323299Today, the Managing Director has approved the annual report of Excelsis ApS for the financial year 29 January - 31 December 2021. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 29 January – 31 December 2021. The Managing Director consider the conditions for audit exemption of the 2021 financial statements to be met. Further, in my 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. Carsten Viggo BækWe have compiled the financial statements of Excelsis ApS for the financial year 29 January - 31 December 2021 based on the company's bookkeeping and on information you have provided. These financial statements comprise income statement, balance sheet, statement of changes in equity, and a summary of significant accounting policies. We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist Management in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements under the Danish Act on Approved Auditors and Audit Firms and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with the Danish Financial Statements Act. The principal activities of the company The purpose of the company is to develop and invest in energy projects with a focus on the transition to clean and renewable energy sources, as well as to invest in real estate and securities. Development in activities and financial matters The gross loss for the year totals t.DKK -37. Net loss for the year totals t.DKK -37. Management considers the net loss for the year unsatisfactory. The annual report for Excelsis 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 annual report is presented in DKK. The annual report comprises the first financial year and hence comparative figures are not available. Recognition and measurement in general Income 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, writedowns 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 translation Transactions 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. Gross loss Gross loss comprises external costs. Other external expenses comprise expenses incurred for administration. Financial income and expenses Financial 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, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax 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. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. EquityDividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Liabilities other than provisions Other liabilities concerning payables to suppliers and other payables are measured at amortised cost which usually corresponds to the nominal value. 421030202021-01-292021-12-31421030202021-12-31421030202021-01-292021-12-311421030202021-01-292021-12-311421030202021-01-292021-12-31e:RetainedEarningsMember421030202021-01-29e:ContributedCapitalMember421030202021-12-31e:ContributedCapitalMember421030202021-01-292021-12-31e:RetainedEarningsMember421030202021-12-31e:RetainedEarningsMemberiso4217:DKK