Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2022-01-012021-04-222022-12-312021-12-3142439274Carbory ApSBukkeballevej42960Rungsted Kyst2960 Rungsted KystPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Strandvejen442900HellerupDanmark2023-06-30Robert Hein Henrik AndersenRegnskabsklasse BAndre erklæringer uden sikkerhedThe Executive Board and Board of Directors have today considered and adopted the Annual Report of Carbory ApS for the financial year 1 January - 31 December 2022.The Annual Report is prepared in accordance with the Danish Financial Statements Act. The Company complies with the exemption provisions governing the omission to have its Financial Statements audited.In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022.We recommend that the Annual Report be adopted at the Annual General Meeting.Rungsted Kyst2023-06-30Robert Hein Henrik AndersenExecutive OfficerRasmus TønniesChairmanJacob Alexander CoughlinDeputy ChairmanRobert Hein Henrik AndersenHenrik KählerFrank Rosengreen LorenzenDaniel AhimbisibweTo the Management of Carbory ApS We have compiled the Financial Statements of Carbory ApS for the financial year 1 January - 31 December 2022 on the basis of the Enterprise’s accounting records and other information you have provided. The Financial Statements comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. We performed our work in accordance with ISRS 4410, Engagements to Compile Financial Information. Based on our professional expertise, we have assisted you with the preparation and presentation of the Financial Statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Act on Approved Auditors and Audit Firms and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), including the principles of integrity, objectivity, professional competence and due care. The Financial Statements and the accuracy and completeness of the information forming the basis of the compilation of the Financial Statements are your responsibility. As an engagement to compile financial information is not an assurance engagement, we are under no duty to verify the accuracy or completeness of the information you provided to us to compile the Financial Statements. Accordingly, we express no audit opinion or review opinion as to whether the Financial Statements have been prepared in accordance with the Danish Financial Statements Act. Hellerup2023-06-30Hellerup2023-06-30PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabSøren Alexanderstatsautoriseret revisormne42824Sune Christensen Bjerrestatsautoriseret revisormne47832-125184-3729811718554273-142369-4272543999905901180-102960-42843400-102960-428434-102960-42843439999039999039999062841113121628411131211031931221373160425334113159425334100000100000100000100000-131394-28434-313947156625203234418119350119350144553353768144553353768113159425334100000-28434-102960100000-131394More than 50% of the company's equity is lost. Hence, the company is covered by the Companies Act's rules on capital losses. It is management's assessment that the equity will be restored in the future via capital contributions, earnings or a combination. Management sees many opportunities for additional liquidity in 2023, including from existing shareholders, as basis for the countinuing operations of the company.No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.The company's purpose is to commercialize the establishment and conservation of original biodivers forest in a sustainable 360 degree perspective. The activities must be carried out in order to promote the company's success for the benefit of its stakeholders and, through its business and operations, to have a significant positive impact on society and the climate as a whole.1718554273171855427311399990The Annual Report of Carbory ApS for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied remain unchanged from last year. The Financial Statements for 2022 are presented in DKK.Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of other external expenses.Staff expenses comprise wages and salaries as well as payroll expenses.Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value.Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses.Debts are measured at amortised cost, substantially corresponding to nominal value.424392742022-01-01e:ContributedCapitalMember424392742022-12-31e:ContributedCapitalMember424392742022-01-01e:RetainedEarningsMember424392742022-01-012022-12-31e:RetainedEarningsMember424392742022-12-31e:RetainedEarningsMember424392742022-01-012022-12-31424392742022-01-012022-12-312424392742022-01-012022-12-311424392742022-01-012022-12-311424392742022-01-012022-12-312424392742022-01-012022-12-313424392742022-01-012022-12-314424392742022-01-012022-12-315424392742022-01-012022-12-316424392742022-01-012022-12-311424392742021-04-222021-12-31424392742022-01-012022-12-31e:RetainedEarningsMember424392742021-04-222021-12-31e:RetainedEarningsMember424392742021-12-31424392742022-12-31iso4217:DKKxbrli:pure