Årsrapport34209936Grant Thornton, Godkendt RevisionspartnerselskabLautrupsgade, 112100, København Ø2023-01-012023-12-312024-01-012024-12-3142103020Excelsis ApSEsplanaden34A1263København K2021-01-29CopenhagenGrant Thornton, Godkendt Revisionspartnerselskab34209936Claus Koskelinstatsautoriseret revisormne30140Lautrupsgade112100København ØDanmark+45 33 110 220info@dk.gt.com2025-06-24Carsten Viggo BækRegnskabsklasse BErklæring om udvidet gennemgangCaseWare fra Revisorgruppen DanmarkkapitalejerneKøbenhavn2025-06-24Copenhagen2025-06-24Grundlag for konklusionKonklusion-52858-53487-52858-5348710721151-51786-52336-51786-52336-51786-52336242954294740242954294740242954294740040000400001929542447402329542847401000010000100001000010000100002429542947401140000400004000040000244740297076-51786-52336192954244740Today, the Managing Director has approved the annual report of Excelsis ApS for the financial year 1 January - 31 December 2024. 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 2024 and of the results of the Company's operations for the financial year 1 January – 31 December 2024. We recommend that the annual report be approved at the Annual General Meeting. Carsten Viggo BækWe have performed an extended review of the financial statements of Excelsis ApS for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. Based on the work performed, in our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for conclusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Practitioner's responsibilities for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the financial statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained. The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. 1. The significant activities of the enterprise 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. 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 accounting policies are unchanged from last year, and the annual report is presented in DKK. 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, 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. 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. 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, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 421030202024-01-012024-12-31421030202023-01-012023-12-31421030202023-12-31421030202024-12-31421030202024-01-012024-12-311421030202024-01-012024-12-311421030202024-01-01e:ContributedCapitalMember421030202024-12-31e:ContributedCapitalMember421030202024-01-01e:RetainedEarningsMember421030202024-01-012024-12-31e:RetainedEarningsMember421030202024-12-31e:RetainedEarningsMember421030202023-01-01e:ContributedCapitalMember421030202023-12-31e:ContributedCapitalMember421030202023-01-01e:RetainedEarningsMember421030202023-01-012023-12-31e:RetainedEarningsMember421030202023-12-31e:RetainedEarningsMemberiso4217:DKKxbrli:pure