389823382024-01-012024-12-31389823382024-12-31389823382023-12-31fsa:ContributedCapitalMember389823382023-12-31fsa:SharePremiumMember389823382023-12-31fsa:RetainedEarningsMember389823382023-12-31389823382024-01-012024-12-31fsa:RetainedEarningsMember389823382024-12-31fsa:ContributedCapitalMember389823382024-12-31fsa:SharePremiumMember389823382024-12-31fsa:RetainedEarningsMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember389823382024-01-012024-12-31cmn:ConsolidatedMember389823382024-01-012024-12-31cmn:ConsolidatedMember1389823382024-01-012024-12-31cmn:ConsolidatedMember1389823382024-01-012024-12-31cmn:ConsolidatedMember2389823382024-12-31cmn:ConsolidatedMember389823382023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember389823382023-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember389823382023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember389823382023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember389823382023-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember389823382023-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember389823382023-12-31cmn:ConsolidatedMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember389823382024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember389823382024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember389823382024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember389823382024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember389823382024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember389823382024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember389823382024-01-012024-12-31cmn:ConsolidatedMember1389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:ManagementMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:BoardOfDirectorsMember389823382024-01-012024-12-31cmn:ConsolidatedMemberfsa:OtherShorttermPayablesMember389823382023-01-012023-12-31389823382023-01-012023-12-31cmn:ConsolidatedMember389823382023-01-012023-12-31cmn:ConsolidatedMember1389823382022-12-31cmn:ConsolidatedMember389823382023-01-012023-12-31cmn:ConsolidatedMemberfsa:ManagementMember389823382023-01-012023-12-31cmn:ConsolidatedMemberfsa:BoardOfDirectorsMemberiso4217:DKKxbrli:pure38982338ÅrsrapportOther entries on equity relate to the entitites that were excluded from the 2023 consolidation due to their immateriality. However they have been included this year, and thus, the impact of these entities' results is reflected here. Adjustment of material errors is related to 1) a dividend paid from a subsidiary that was erroneously included in "Other financial income" in 2023 and 2) an erroneously allocated equity to minority interest. See the section under accounting policies for a detailed description thereof.20240120000709942000422000The Executive Board has today considered and approved the annual report of COP Holdco ApS for the financial year 01.01.2024 - 31.12.2024. -120000421125000-422000The annual report is presented in accordance with the Danish Financial Statements Act.7263900028881700043706000In my 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 - 31.12.2024.397000118151000482000I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.100004200004000I recommend the annual report for adoption at the Annual General Meeting.7290600017108600043762000Copenhagen0136130001546000Lennart Flemming Meineche72906000625300042216000To the shareholders of COP Holdco ApS1303100017844600013051000We have audited the consolidated financial statements and the parent financial statements of COP Holdco 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.7879000344910007879000We 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.2091000014395500020930000Management 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.2091000053600020930000Our 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.6597000536000699900010076000554290000Management 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.16673000069990008733000554290004050000Copenhagen254060005596500011049000Michael Thorø Larsen4631600014215200031979000mne35823500006027900050000State Authorised Public Accountant3500004442000350000Michael Riddersholm Høj372800002909800031496000mne5150437680000031896000State Authorised Public Accountant290001043300029000Financial highlights2024DKK'0002023DKK'0002022DKK'0002021DKK'0002020DKK'000Key figuresRevenue766,284709,942557,919N/A*N/A*Gross profit/loss287,539288,817261,463123,23886,555Operating profit/loss160,310171,086271,08192,26349,479Net financials3,9577,3602,749(1,646)(431)Profit/loss for the year121,064143,955219,24266,73435,103Balance sheet total462,025385,057354,676247,186130,152Equity337,708276,814254,374165,49447,432Equity excl. minority interests262,661275,603253,231164,27046,261RatiosGross margin (%)37.5240.6846.86N/AN/AEBIT margin (%)20.9224.1048.59N/AN/ANet margin (%)15.8020.2839.30N/AN/AReturn on equity (%)39.4054.20104.4362.68N/AEquity ratio (%)56.8571.5771.4066.4635.54*Due to a change of the accounting class from class C medium to class C large in 2023, the Annual Report does
not include the comparable revenue amounts and the corresponding rations for the years preceding 2022.Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%):Gross profit/loss * 100RevenueEBIT margin (%):Operating profit/loss * 100RevenueNet margin (%):Profit/loss for the year * 100RevenueReturn on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet total79650002464040000588000668200000Primary activitiesCOP HoldCo ApS (COP) group provides consultancy services for the development and construction of offshore wind farms and energy islands. Services are mainly within project management, procurement, permitting, business case evaluation and technical advisory.
COP HoldCo ApS invests in several unlisted private equity funds, aiming to achieve capital appreciation on its investments.5400031322400054000Development in activities and finances
2024 has progressed as planned with lower growth compared to previous years. Profit for the year is DKK 121 million compared to DKK 144 million in 2023 and is considered satisfactory.863600036918900083000Profit/loss for the year in relation to expected developmentsThe growth in 2024 has been below our expectations when entering the year. Revenue growth was 7% whereas operating profit was 11% lower, driven by higher cost levels. Financial performance has been in accordance with the forecast for the period.86360005000083000OutlookThe investment outlook in the offshore wind industry is challenged by shortage in supply chains coupled with price increases. Revenue for 2025 is expected to be at a slightly lower level compared to 2024.4631600035000031979000Foreign branchesCOP group is present in 17 countries each holding a growth potential for off shore wind. During the year a subsidiary
was closed down in Brazil due to slow market development.7290600011600050000Statutory report on corporate social responsibilityThis statutory statement on Corporate Social Responsibility (CSR) – cf. sections 99a, 99b and 99d of the Danish Financial Statements Act – covers the financial period from 1 January to 31 December 2024.
At COP we recognize the environmental, social and governance (ESG) impacts we have on society, and the contributions we make helping the countries where we operate to reduce the carbon footprint and increase renewable energy production by developing and constructing offshore wind farms.
Section 99a – Corporate and Social Responsibilities
At COP, we realise that we have an impact on society and we strive to keep that impact positive in all respects.
Social and Environmental
As a company within the renewable energy industry we have a significant positive impact on the environment. As the exclusive service provider to the largest dedicated renewable investment fund in the world, COP has a pivotal role in reducing carbon emissions by developing and constructing renewable energy generation projects, mainly within offshore wind, which is also the area that attracts the largest share of Copenhagen Infrastructure Partners,
("hereinafter "CIP") fund investments.
Our social impact is addressed in many documents. As a trusted and responsible partner, and member of a global industry, COP and all of our staff must respect and comply with the laws and regulations we are subject to, including the areas of Anti-Money-Laundering, Anti-Bribery and Anti-Corruption, Conflicts of Interest and Data Protection. The company has formulated policies in each of these areas, and we are dedicated and committed to enforce these policies and regulation.
Human Rights
While we recognise our responsibility to respect and promote international human rights standards, we do not have an established policy for human rights specifically. COP is, however, committed to acting in accordance with the United Nations Guiding Principles on Business and Human Rights. We fully endorse and support the principles enshrined in the International Bill of Human Rights.
Anti-Corruption
COP has a zero-tolerance policy towards bribery and corruption, regardless of the identity or position of the originator or recipient. COP requires employees to conduct business in accordance with the highest standards of ethical behavior and honesty. This means that we are committed to the prevention, deterrence and detection of bribery and corruption. Bribery and corruption are criminal offences and are clear violations of the COP Values. Engaging in behavior or activities contrary to COP ’s Values, as well as all other applicable laws and regulations, violates our promise to our stakeholders. We do not, and will not, pay bribes or offer improper inducements to anyone for any purpose, nor do we, or will we, accept bribes or improper inducements or anything that could be perceived as such, and we have the same expectations of our third parties and clients. Our zero-tolerance approach towards bribery and corruption also applies to third parties, with whom COP does business or who are retained by COP to perform services or deliver business for and on behalf of the company. Our commitment is documented in our Anti-Bribery and Corruption Statement and in our Code of Conduct.
In the event an employee, contractor, supplier, customer and-or other external party associated with COP witnesses or becomes aware of wrongdoing or misconduct related to our business operations, they are encouraged to report the misconduct using COP's Speak Up!Whistleblower platform to report the issue. Link to the Whistleblower platform can be found on COP's webpage www.cop.dkDescription of our general business model
COP provides consultancy services to large scale energy infrastructure projects primarily within offshore wind. Services are mainly within project development and management, procurement, permitting, business case evaluation and technical advisory
COP is a consultancy service provider and does not own the offshore wind projects, nor the components used in projects as this is done by other parties - often institutional investors, which are responsible for funding and have
the ownership to the projects. Thus, despite that an offshore wind farm is a capital-intensive project requiring extensive financing, COP is an asset-light company.
COP works closely together with Copenhagen Infrastructure Partners, (hereinafter “CIP”), which is a fund management company. CIP specializes in originating proprietary investment opportunities and executing projects
and investments and to attract and commit capital from investors. Investments of CIP includes a wide range of energy infrastructure assets, including offshore wind, onshore wind, offshore power transmission, biomass and waste to energy, and solar PV investments.
Description of major risks
Market Risk:
COP relies on demand for its services. Market risk arises when demand decreases due to economic downturns, technological changes, supply chain disruptions or competition from other companies. COP is not reliant on one single geographical market or project.
Client Dependency:
COP is heavily reliant on its relationship with CIP and CIP related entities. If CIP or CIP related entities withdraws or switches to another provider, it can negatively impact COPs revenue.
Employee Turnover:
COP depends on skilled employees. Key personnel leaving the company can affect project execution and client satisfaction, and high employee engagement and retention is therefore a key priority.
Technological Risk:
COP is focused on delivering consultancy services within offshore wind and associated technologies. Any disruption in the offshore wind and associated technologies could impact COPs revenue. Keeping up with the latest trends and innovations in the industry is therefore a key priority
.
Contract and Legal Risk:
COP enter into contracts with clients and suppliers. Non-compliance with contracts or legal disputes could affect COP’s reputation and finances. COP does not procure for offshore wind projects in its own name. COP operates legal entities in many different jurisdictions across the world, and staying compliant in these jurisdictions is a key priority.
Financial Risk:
Fluctuations in exchange rates, interest rates, and economic conditions can impact COPs earnings and liquidity. COP seeks to hedge foreign exchange risk by having revenue in same currency as costs. Customer credit risk is perceived to be low since our largest counterpart is CIP. COP must maintain sufficient liquidity to fund daily operations, service debt and expansion. COP’s access to liquidity consists of cash & cash equivalents, including access to committed revolving credit facilities.
Cyber and Data Security Risk:
COP handle sensitive data. The risk of data leaks, cyberattacks, or breaches in data security can have serious consequences.2169470003500002174630003728000059351000Statutory report on diversityCOP emphasizes diversity within its workforce, spanning over 45 nationalities. Committed to achieving a more balanced leadership structure, we currently have women in 16% of leadership roles and are working towards a more equitable gender and local representation in management.
While specific targets or quotas for female representation are not currently in place, the company acknowledges the importance of diversity at this level. The board have two female board members (out of 3).27681400048000000Statutory report on data ethics policyAs a company registered and operating within the European Union, COP adheres to the General Data Protection Regulation (GDPR). To ensure compliance COP has established a comprehensive framework of internal policies and procedures, including an Information Security Management System (ISMS), a Privacy Policy, and a publicly available Data Ethics Policy that underscores our commitment to data protection. You can access our Data Ethics Policy at the bottom of the landing page on our website: www. cop.dk. While COP process only a minimum amount of personal data, we are fully committed to treating all such information with the highest respect for individual rights and privacy law. To safeguard personal data at all times, we have implemented a range of robustprotection mechanisms, including:
• Strict access controls to limit data access to authorized personnel
• Data encryption to protect information both in transit and at rest
• Employee training programs to promote awareness and best practices in data protection
• Incident response procedures to ensure swift and effective handling of any data-related incidents
These measures reflect our dedication to maintaining the confidentiality, integrity, and availability of personal data in line with GDPR requirements. 468200048000000468200042216000Events after the balance sheet date
No events materially affecting the Group's financial position on December 31, 2024 have occurred after the balance sheet date.
9574000766284000151000500004787450002037000350000287539000150003149600012722900047210000711950001 Administrative expensesThe management of the company has not received remuneration.160310000876930002 Proposed distribution of profit and loss2024
DKK'0002023
DKK'000Retained earnings42,21672,90642,21672,9061018500092375000422160006228000369189000164267000-71440003 Financial assetsInvestments in group enterprises
DKK'000Other investments
DKK'000Cost beginning of year13,0327,879Additions190Cost end of year13,0517,879Carrying amount end of year13,0517,879A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Investments in limited partnerships Registered inCI IV Sponsor Investor F&F K/SDenmark4320300015380004 Contingent liabilitiesThe company has outstanding investment commitments to private equity funds of EUR 1,943 thousand.The 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.
COP HoldCo ApS has given letter of support to companies in the Group with negative equity. The Company have provided the following entities with a letter of support:
1) COP Invest Co 2021 ApS
2) COP Invest Co ApS
3) CF 02 ApS
As of 31 December 2024, the aforementioned entities have combined liabilities amounting to DKK 8,249 thousand, with the majority consisting of inter-group payables and joint taxation payables.121064000165480000Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.10000001384800010000006253000627840003139000025000014168500063034000-789700064034000-789700084020000-133788000997720001235240004412000-1235240004682000102640007576000565560001576100066820000216223000349181768000828400039799100011700046202500014395500050000350000116000262145000262661000750470003377080004647000464700099180002900021220007600033400010719100011967000012431700046202500050000350000116000304023000304539000976000000-87311000-8731100058375000-2893600000002275000227500000001787000178700048000000480000001182300059823000000-127000-1270000-12700000-4301000-43010000-4301000097607000976070002345700050000350000116000262145000262661000750470006215800002224680006238000622800048102000174376000Investment in unlisted companies-11428000-11428000-16294800048000000-480000001149480001817680001 Events after the balance sheet dateNo events with significant impact on the financial statements have occurred subsequent to 31 December 2024.2 RevenueThere is no segmentation information on revenue because only one service is provided, and it is considered that there is no significant deviation between risk and return in the countries to which services are delivered.3 Fees to the auditor appointed by the Annual General Meeting2024
DKK'0002023
DKK'000Statutory audit services1,0061,003Tax services8,4427,488Other services4343589,8828,849The majority of tax and other services related for 2023 and 2024 consists of advisory costs for advising on
objective tax matters and tax advisory for Global Employer Services.4 Staff costs2024
DKK'0002023
DKK'000Wages and salaries482,423382,385Pension costs25,73021,917Other social security costs21,56936,220529,722440,522Average number of full-time employees413349Remunerationof
Manage-ment
2024
DKK'000Remuneration of Manage- ment
2023
DKK'000Executive Board8,3098,284Board of Directors631178,3728,401413Remunerationof
Manage-ment
2024
DKK'000Remuneration of Manage- ment
2023
DKK'000Executive Board8,3098,284Board of Directors631178,3728,4018309000630005 Tax on profit/loss for the year2024DKK'0002023DKK'000Current tax40,52635,393Change in deferred tax29(906)Adjustment concerning previous years2,648443,20334,491The tax rate of the Company is influenced by its branches in countries with different tax rates than Denmark. Local tax rates for the branches affects the current tax. Transfer pricing adjustments, which ensure transactions between related entities are at arm's length, also affect taxable income and the effective tax rate.6 Proposed distribution of profit/loss2024
DKK'0002023
DKK'000Retained earnings121,064143,955121,064143,9551210640007 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Cost beginning of year601Additions572Cost end of year1,173Depreciation and impairment losses beginning of year(65)Depreciation for the year(108)Depreciation and impairment losses end of year(173)Carrying amount end of year1,0008 Financial assetsOther investmentsDKK'000Other receivablesDKK'000Cost beginning of year55,4290Additions7,355250Cost end of year62,784250Carrying amount end of year62,784250The Group has invested in several unlisted private equity funds. The Group is continuously being called upon to provide capital to these funds, which explains the additions for the year. Please refer to the disclosure on Contingent Liabilities for a reference to the outstanding investment commitment to the funds. The Group has committed to investing in the funds listed below:Investments in limited partnerships Registered inCI IV Sponsor Investor F&F K/SDenmarkNordic Investment Opportunities CIV I K/SDenmark9 Contract work in progress2024
DKK'0002023
DKK'000Contract work in progress99,77260,27999,77260,279Contract work in progress relates to the Companys consulting business according with the principles laid out in the Accounting Policies.10 Deferred tax2024
DKK'0002023
DKK'000Property, plant and equipment793887Provisions3,6193,555Deferred tax4,4124,442
Changes during the year2024
DKK'0002023
DKK'000Beginning of year4,4423,540Recognised in the income statement(30)902End of year4,4124,442Deferred tax assetsDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of
assets and liabilities. Defered tax assets are recognised with a tax rate of 22% in 2024. The Entity expects to utilize
the tax assets in the subsequent years as the tax assets relates to a tax value on operating equipment and
provisions, where both of which will be utilized in deductions of taxable income for 2025.11 Tax receivableTax receivable consists of receivable income tax. This has arisen due to payments of advance tax.12 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years.13 Non-current liabilities other than provisionsDue after
more than 12
months2024DKK'000Outstanding
after 5 years2024DKK'000Other payables4,6474,6474,6474,647The other payables relate to the frozen holiday amounts owed to employees.14 Other payables2024
DKK'0002023
DKK'000Wages and salaries, personal income taxes, social security costs, etc. payable84,20652,354Other costs payable22,98518,841107,19171,19515 Changes in working capital2024
DKK'0002023
DKK'000Increase/decrease in receivables30,181(46,020)Increase/decrease in trade payables etc.31,97738,87662,158(7,144)16 Contingent liabilitiesThe group has outstanding investment commitments to private equity funds of EUR 1,943 thousand.
The group has outstanding rental guarantees of DKK 10,100 thousand. The Company has no other contingent
liabilities or assets, which can affect the Company's finanicial position.
The group has entered into 10 years office lease agreement located in Copenhagen with a total commitment of DKK 111,804 thousand starting April 2026.17 Transactions with related parties All transactions with related parties during the financial year have been conducted on an arm's length basis, including the Group's transfer pricing policies and transactions in accordance with these policies.18 SubsidiariesRegistered inOwnership
%EquityDKK'000Profit/lossDKK'000Copenhagen Offshore Partners A/SDenmark78.50246,313109,119Investeringsselskabet af 6. juni 2019 ApSDenmark76.923,628(379)COP Employee Co ApSDenmark52.2327124,785COP Invest Co ApSDenmark78.50(185)(49)COP EmpCo 2021 ApSDenmark78.5012,6392,080Copenhagen Offshore Partners Australia PTY LTD*Australia78.503,6182,081Copenhagen Offshore Partners Japan LLC*Japan78.501,628399Copenhagen Offshore Partners Inc.*USA78.5016,00314,360Copenhagen Offshore Partners Vietnam Company LimitedVietnam78.501,552705Copenhagen Offshore Partners Korea CO.,LTD*Korea78.507,4901,775COP Invest Co 2021 ApSDenmark78.5026,761(19)COP Frontier A/SDenmark68.5010,988(38)Copenhagen Offshore Partners Brazil Ltda*Brazil78.50(122)(464)COP Renewables India Private LimitedIndia78.5017(20)Copenhagen Offshore Partners Corp.Philippines78.501,813(397)Copenhagen Offshore Partners NZ, LTD.*New Zealand78.50236(236)Frontier HoldCo 1 ApSDenmark50.502,616(10)Frontier HoldCo 2 ApSDenmark50.503,010(10)Frontier HoldCo 3 ApSDenmark50.502,550(10)All amounts are based on unaudited financial information from the subsidiaries from 01.01.2024 to 31.12.2024.
* Not subject to statutory auditThe consolidated financial statements have been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). The parent financial statements have been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.Material errors in previous yearsDuring the preparation of the group financial statement for 2024, it has been established that the annual report for 2023 contained material errors, as a dividend income from a subsidiary was recognized in the line item "Other
financiel income" instead of having been eliminated as part of the group eliminations. It was also identified that there existed a misallocation of equity between the group and minority interests in the opening equity.
The errors have been corrected in the annual report for
2024, and the correction has been made by 1) adjusting the "Other financial income" and "Other receivables" in the comparison figures and 2) correcting the minority interests share of equity.
The effect of these adjustments on the equity is presented under "Adjustment of material errors". The corrected error reduces the equity in 2023 by DKK 28,936 thousand. The error is only related to 2023 and does not have an effect on the taxable income.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. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.RevenueThe Entity generates revenue primarily by delivering consulting services.
The amount of revenue the Entity receives depends on the service delivered and on the specific contracts agreed
between the Entity and the counterparty.
Most of the Entity’s contractual arrangements with customers comprise a single performance obligation. For
those contractual arrangements that comprise multiple performance obligations, the transaction price is
allocated based on the relative estimated stand-alone selling price of each performance obligation.
The Entity measures progress in satisfying the performance obligations as follows:
• For time ad material arrangements, the Entity recognizes revenue based on time charged to date.
• Contingent fees are typically recognised when all parties agree that the performance obligation has been
delivered and when relevant external project approvals have taken place.
Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds
to the selling price of the work performed in the financial year.Revenue does not include recharged out-of-pocket expenses or reimbursement of travel costs, as these are
considered variable and at the customer's risk. These costs are offset against production costs and administrative
expenses.Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise
direct and indirect costs for wages, salaries and travel and meal costs. In addition, the item includes ordinary
write-down of inventories.Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s advisory and services, including wages and
salaries for administrative staff and Management, rent & lease, stationery and office supplies, and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and equipment used for
administration of the Entity.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc. received from the
individual group enterprises in the financial year.Other financial incomeOther financial income comprises including
interest income on receivables from group enterprises, net capital or
exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets,
and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise including interest expenses on payables to group
enterprises, net capital or
exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities,
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.
Property, plant and equipmentLand and buildings, plant and machinery, and other 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 equipment3-5 yearsItems of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Other investmentsOther investments comprise unlisted equity investments measured at the lower of cost and net realisable value.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress.
Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is
positive or negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.
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.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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises bank deposits.Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.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 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, and the raising of loans, repayments of interest-bearing debt, including lease liabilities,
purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-term bank loans.
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 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, and the raising of loans, repayments of interest-bearing debt, including lease liabilities,
purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-term bank loans.
trueGrundlag for konklusionKonklusionRegnskabsklasse C, stor virksomhed2025-07-112025-07-1133963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegning2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01COP Holdco ApS38982338ÅrsrapportKøbenhavn S23006WeidekampsgadeKøbenhavnNordhavn2150218Gdanskgade2025-07-11Lennart Flemming Meineche