41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 41641223 2023-01-01 2023-12-31 cmn:ConsolidatedMember 41641223 2024-01-01 2024-12-31 41641223 2023-01-01 2023-12-31 41641223 2024-12-31 cmn:ConsolidatedMember 41641223 2023-12-31 cmn:ConsolidatedMember 41641223 2024-12-31 41641223 2023-12-31 41641223 2023-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41641223 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41641223 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 41641223 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 41641223 2023-12-31 fsa:ContributedCapitalMember 41641223 2023-12-31 fsa:RetainedEarningsMember 41641223 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 41641223 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 41641223 2024-12-31 fsa:ContributedCapitalMember 41641223 2024-12-31 fsa:RetainedEarningsMember 41641223 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 41641223 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 41641223 2022-12-31 cmn:ConsolidatedMember iso4217:DKK xbrli:pure Surinder Toor The Board of Directors and the Executive Board have today discussed and approved the annual report of Ecoberry Infrastructure ApS for the financial year 1 January – 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2024. Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, of the results for the year and of the Group's and the Parent Company's financial position. We recommend that the annual report be approved at the annual general meeting. Odense, Lars Byberg Stine Birk Nigel David Hildyard Yujin Ide Chairman To the shareholders of Ecoberry Infrastructure ApS Opinion We have audited the consolidated financial statements and the parent company financial statements of shareholders of Ecoberry Infrastructure ApS for the financial year 1 January – 31 December 2024 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group as well as for the Parent Company and a cash flow statement for the Group. The consolidated financial statements and parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 company financial statements" section of our 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. Management's responsibility for the consolidated financial statements and the parent company financial statements Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group's and the Parent 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements and the parent company 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made on the basis of these consolidated financial statements and parent company 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 theparent company financial statements, whether due to fraud or error, design and perform auditprocedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud ishigher 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 thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Group's and the Parent Company's internal control.• evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.• conclude on the appropriateness of Management's use of the going concern basis of accounting inpreparing the consolidated financial statements and the parent company financial statements and,based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the Group's and the Parent Company's ability to continueas a going concern. If we conclude that a material uncertainty exists, we are required to draw attentionin our auditor's report to the related disclosures in the consolidated financial statements and the parentcompany financial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions 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 Company to cease to continue as a goingconcern.• evaluate the overall presentation, structure and contents of the consolidated financial statements andthe parent company financial statements, including the disclosures, and whether the consolidatedfinancial statements and the parent company financial statements represent the underlying transactionsand 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 financialinformation of the entities or business units within the Group as a basis for forming an opinion on theconsolidated financial statements and the Parent Company financial statements. We are responsiblefor 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. Statement on the Management's review Management is responsible for the Management's review. Our opinion on the consolidated financial statements and the parent company financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the consolidated financial statements or the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the consolidated financial statements and the parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Fredericia, KPMG Statsautoriseret Revisionspartnerselskab 25578198 Michael Lund Siegumfeldt State Authorised Public Accountant mne28662 Ecoberry Infrastructure ApS Sverigesgade 2, 1. DK 5000 Odense C 41641223 Odense Vesterballevej 27, 2 DK 7000 Fredericia Financial highlights for the Group DKK’000 2024 2023 2022 Gross profit 26,172 25,194 28,077 Operating profit/loss -16,954-11,6245,688 Loss from financial income and expenses -50,813-44,711-33,773Loss for the year -66,499-59,096-21,282Total assets 856,413 841,430 945,439 Investments in property, plant and equipment 34,487 9,057 123,427 Equity -13,42953,070 112,166 Solvency ratio -1.57%6.72% 13.46% The financial ratios have been calculated as follows: Equity ex. non-controlling interests at year end x 100Solvency ratio Total equity and liabilities at year endUncertainty regarding recognition and measurement In accordance with the Danish Financial Statements Act, the Company's Annual Report is prepared based on assumptions which, in certain areas, involve the use of accounting estimates. Such estimates are made by Company Management in accordance with the accounting policies and past experience together with expectations and assumptions which Management considers sound and realistic. The most significant estimate in the financial statements relates to impairment of goodwill and property, plant and equipment. When an impairment test is carried out, an estimate is made as to whether future cash flows support the carrying amount of the assets. Estimates of expected future cash flows for many years to come are required, which naturally involves some uncertainty. It is Management’s assessment that future earnings support the carrying amount. Moreover, reference is made to note 2, in which the matter is described in further detail. Development in activities and financial position The Group’s income statement for 2024 shows a loss of DKK 66,499 thousand as against a loss DKK 59,096 thousand for 2023. The Group generated an operating profit before interest and depreciation of DKK 24,394 thousand and a loss after depreciation of DKK 16,954 thousand. The Group’s subsidiary, Sustainable Bio Solutions Aabenraa K/S generated revenue (from its plant at Kliplev) of DKK 311 million, which is in line with the targeted growth profile. The subsidiary’s operating profit before interest and depreciation of DKK 25 million was down by DKK 15 million on target due to a shortfall in production driven by issues with feedstock sourcing. Equity in the Group’s balance sheet at 31 December 2024 stood at a negative of DKK 13,429 thousand as against a positive of DKK 53,070 thousand in 2023. It is Management’s assessment that the negative equity will be restored over future profits. The Parent Company, AIP Infrastructure LP, has undertaken to financially support the Company in the 2025 financial year. During the same period, the Parent Company will not require any repayment of shareholder loans unless permitted by free cash flows. Outlook The plant at Kliplev experienced some operational difficulties in H1 2025 which hindered production. Performance in May and June stabilised, indicating that H2 will see a resumption of budgeted trends. Management expects that once the plant reaches full production capacity, it will generate a run-rate well above DKK 400 million in annual revenue for the Group, contributing operating profit upwards of DKK 40 million per annum throughout the subsidy period ending in 2042, and the Group’s net results should therefore be positive on an annual basis from 2025 onwards. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2024. The Group's principal activities Ecoberry Infrastructure ApS’ principal activities are to hold shares in companies operating within the bioenergy industry. The Group’s principal activities are to build and develop one of the largest biogas plants in Denmark. 26172000 25194000 -837000 -683000 1778000 3525000 0 0 41348000 33293000 16530000 8295000 -16954000 -11624000 -17427000 -8978000 0 0 6000 5000 72000 201000 34587000 34587000 50885000 44912000 48579000 43570000 -67768000 -56335000 -31413000 -17956000 -1269000 2761000 -1270000 2760000 -66499000 -59096000 -30143000 -20716000 306921000 323511000 306921000 323511000 306921000 323511000 306921000 323511000 48332000 50251000 0 0 412059000 400165000 0 0 88000 334000 0 0 460479000 450750000 0 0 0 0 92000 86000 0 0 532106000 532106000 40000 40000 6000 6000 40000 40000 532204000 532198000 767440000 774301000 839125000 855709000 13391000 0 0 0 40503000 48115000 0 0 0 0 64230000 30344000 11000000 9730000 11000000 9730000 23105000 8656000 36000 17000 561000 576000 0 45000 75469000 67077000 75266000 40136000 413000 52000 1000 11000 88973000 67129000 75267000 40147000 856413000 841430000 914392000 895856000 1100000 1100000 1100000 1100000 -14529000 51970000 119345000 149488000 -13429000 53070000 120445000 150588000 671256000 670310000 671256000 670310000 671256000 670310000 671256000 670310000 23957000 8294000 0 34000 42898000 25439000 112000 0 120639000 74921000 120639000 74921000 11092000 9396000 1940000 3000 198586000 118050000 122691000 74958000 869842000 788360000 793947000 745268000 856413000 841430000 914392000 895856000 1100000 51970000 53070000 0 -66499000 -66499000 1100000 -14529000 -13429000 1100000 149488000 150588000 0 -30143000 -30143000 1100000 119345000 120445000 -66499000 -59096000 41348000 33293000 49541000 47471000 Cash generated from operations before changes in working capital Cash generated from operations before changes in working capital 24390000 21668000 45608000 -58111000 69998000 -36443000 72000 201000 50885000 44912000 19185000 -81154000 34487000 9057000 -34487000 -9057000 -15663000 -8294000 0 0 15663000 8294000 361000 -81917000 52000 81969000 413000 52000 Accounting policies The annual report of Ecoberry Infrastructure ApS for 2024 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act. Consolidated financial statements The consolidated financial statements comprise the Parent Company, Ecoberry Infrastructure ApS, and subsidiaries in which, Ecoberry Infrastructure ApS directly or indirectly holds more than 50% of the votes or in some other way exercises control over. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends and realised and unrealised gains and losses on intra-group transactions are eliminated. Equity investments in subsidiaries are set off against the proportionate share of subsidiaries' fair value of net assets and liabilities at the date of acquisition. Business combinations When new entities are acquired, the acquisition method is applied under which identifiable assets and liabilities are measured at fair value at the date of acquisition. Restructuring costs recognised in the acquiree at the acquisition date that are not initiated as a part of the acquisition are included in the pre-acquisition balance sheet and thus the calculation of goodwill. Restructuring that is initiated by the acquirer is recognised in the acquirer’s income statement. Deferred tax is recognised to the extent that temporary differences arise from the revaluations. Positive differences (goodwill) between cost and the fair value of identifiable assets and liabilities acquired, including restructuring provisions, are recognised as intangible assets and amortised systematically in the income statement based on an individual assessment of the useful life. Negative goodwill is recognised as income in the income statement at the acquisition date when the usual conditions for recognition of income are met. Goodwill and negative goodwill from acquired entities may be adjusted until 12 months after the acquisition date. Newly acquired or newly established entities are recognised in the consolidated financial statements at the date of acquisition or establishment. Divested or wound-up entities are recognised in the consolidated income statement up to the date of divestment or winding-up. Comparative figures are not restated to reflect acquisitions, divestments or windings-up. With regard to step acquisitions, the acquirer must remeasure its previous equity investment in the acquiree at the fair value at the acquisition date. The difference between the carrying amount of the former equity instrument and fair value is recognised in the income statement. The uniting-of-interests method is applied to business combinations such as the acquisition and disposal of equity investments, mergers, demergers, contribution of assets, share exchanges, etc., between entities controlled by the Parent Company. The uniting of interests is considered to have been completed at the date of the merger without restatement of comparative figures. Differences between the agreed consideration and the carrying amount of the acquired entity is recognised in equity. Gains or losses on the divestment of subsidiaries and participating interests (including associates) are calculated as the difference between the sales amount and the carrying amount of net assets at the date of disposal, including non-amortised goodwill and projected costs of divestment or winding-up. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Income statement Revenue Revenue is recognised when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are deducted from revenue. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment as well as payroll refunds. Other external costs Other external costs comprise costs of distribution, sales and advertising, administrative expenses, costs of premises, bad debts, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Income from other equity investments in subsidiaries and participating interest The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill. The proportionate share of the individual participating interests' profit/loss after tax is recognised in the Parent Company's income statement after elimination of a proportionate share of intra-group gains/losses and amortisation of goodwill. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit/loss for the year The Parent Company is comprised by the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. The Parent Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Balance sheet Intangible assets Goodwill Goodwill is amortised on a straight-line basis over the estimated useful life determined on the basis of Management's experience within the individual business areas. The amortisation period is 20 years as the goodwill covers strategically acquired entities with a long-term earnings profile. Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Property, plant and equipment Land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: Buildings 20 years Plant and machinery 3-20 years Fixtures and fittings, tools and equipment 3 years The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Land is not depreciated. Fixed assets under construction are recognised and measured at cost at the balance sheet date. Upon entry into service, the cost is transferred to the relevant group of property, plant and equipment. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Financial assets The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill. The proportionate share of the participating interest’s profit/loss after tax is recognised in the Parent Company's income statement after elimination of a proportionate share of intra-group gains/losses and amortisation of goodwill. Other receivables and deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised write-downs are reversed when the basis for the write-down no longer exists. Write-down of goodwill is not reversed. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences that arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Equity Net revaluation reserve according to the equity method Net revaluation reserve according to the equity method comprises net revaluation of participating interests in proportion to cost. Dividends that are expected to be received before the balance sheet date are not tied to the reserve. Reserves may be eliminated in connection with loss, realisation of equity investments or changes in accounting estimates. Reserves cannot be recognised at a negative amount. Dividends The expected dividend payment for the year is disclosed as a separate item under equity. Liabilities Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. Cash flow statement The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year. The cash flow effect of acquisitions and divestment of entities is shown separately in cash flows from investing activities. Cash flows relating to acquired entities are recognised in the cash flow statement from the date of acquisition, and cash flows relating to divested entities are recognised up to the date of divestment. Cash flows from operating activities Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non-cash operating items, changes in working capital and corporation tax paid. Cash flows from investing activities Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities, intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in size or composition of the Company's share capital and costs in this respect as well as raising of loans, instalments on interest-bearing debt and distribution of dividends to owners. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less which are easily convertible into cash and which are subject to only an insignificant risk of changes in value. true Uncertainty regarding recognition and measurement In accordance with the Danish Financial Statements Act, the Company's Annual Report is prepared based on assumptions which, in certain areas, involve the use of accounting estimates. Such estimates are made by Company Management in accordance with the accounting policies and past experience together with expectations and assumptions which Management considers sound and realistic. The most significant estimate in the financial statements relates to impairment of goodwill and property, plant and equipment. When carrying out an impairment test, an estimate is made as to whether future cash flows support the carrying amount of the assets. Estimates of expected future cash flows for many years to come are required, which naturally involves some uncertainty. It is Management’s assessment that future earnings support the carrying amount. Staff costs Group DKK'000 2024 2023 Wages and salaries 1,775 3,511 Other social security costs 3 14 1,778 3,525 1 3 Staff costs include remuneration and pensions of the Executive Board and Board of Directors at an amount of DKK 1,918 thousand. In accordance with section 98b(3) of the Danish Financial Statements Act, remuneration of the Executive Board and Board of Directors is not disclosed. Financial income Interest income from subsidiaries 0 0 34,587 34,587 Other interest income 72 201 0 0 72 201 34,587 34,587 Financial expenses Interest expense to subsidiaries -48,579 -43,570 -48,579 -43,570 Other interest expenses -2,306 -1,342 0 0 -50,885 -44,912 -48,579 -43,570 Tax on loss for the year Current tax for the year -1 -1 0 0 Deferred tax adjustment for the year 1,270 -2,760 1,270 -2,760 1,269 -2,761 1,270 -2,760 0 0 0 0 -66499000 -59096000 -30143000 -20716000 -66499000 -59096000 -30143000 -20716000 Intangible assets DKK'000 Goodwill Cost at 1 January 2024 331,807 Cost at 31 December 2024 331,807 Amortisation and impairment losses at 1 January 2024 -8,295 Amortisation -16,591 Amortisation and impairment losses at 31 December 2024 -24,886 Carrying amount at 31 December 2024 306,921 Property, plant and equipment Group Fixtures and fittings, Plant and tools and Land and machi-equipmenDKK'000 buildings nery t Total Cost at 1 January 2024 53,195 432,401 1,106 486,702 Additions 43 34,444 0 34,487 Cost at 31 December 2024 53,238 466,845 1,106 521,189 Depreciation and impairment losses at 1 January 2024 -2,944 -32,236 -772 -35,952 Depreciation -1,962 -22,550 -244 -24,758 Depreciation and impairment losses at 31 December 2024 -4,906 -54,786 -1,016 -60,710 Carrying amount at 31 December 2024 48,332 412,059 88 460,479 Financial assets Parent Company DKK'000 2024 2023 Equity investments in subsidiaries Cost at 1 January 2024 71 71 Cost at 31 December 2023 71 71 Revaluations at 1 January 2024 15 10 Profit/loss for the year 6 5 Revaluations at 31 December 2024 21 15 Carrying amount at 31 December 2024 92 86 Profit/loss Registe-for the Name/legal form red office Equity year DKK'000 DKK'000 Subsidiaries: Sustainable Bio Solutions GP ApS Odense 92 6 Sustainable Bio Solutions Aabenraa K/S Aabenraa -133,875 -36,356 Receivables from group entities Parent Company DKK'000 2024 2023 Cost at 31 December 2024 532,106 532,106 Carrying amount at 31 December 2024 532,106 532,106 Deposit Group Parent Company DKK'000 2024 2023 2024 2023 Cost at 1 January 2024 40 40 6 6 Cost at 31 December 2024 40 40 6 6 Carrying amount at 31 December 2024 40 40 6 6 Deferred tax assets Group Parent Company 31/12 31/12 31/12 31/12 DKK'000 2024 2023 2024 2023 Deferred tax at 1 January 9,730 12,489 9,730 12,489 Deferred tax adjustment for the year in the income statement 1,270 -2,759 1,270 -2,759 11,000 9,730 11,000 9,730 Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Contributed capital Contributed capital consists of: 1,100,000 shares of nom. DKK 1,00 each. All shares rank equally. Non-current liabilities other than provisions Liabilities other than provisions can be specified as follows: Group Parent Company DKK'000 2024 2023 2024 2023 Payables to the Parent Company 0-1 years 120,639 74,921 120,639 74,921 1-5 years 200,000 200,000 200,000 200,000 >5 years 471,256 470,310 471,256 470,310 791,895 745,231 791,895 745,231 Total liabilities Non-current liabilities 671,256 670,310 671,256 670,310 Current liabilities 120,639 74,921 120,639 74,921 791,895 745,231 791,895 745,231 Other adjustments Other financial income -72 -201 Financial expenses 50,885 44,912 Tax on profit/loss for the year -1,272 2,760 49,541 47,471 Changes in working capital Change in inventories -13,391 0 Change in receivables -6,821 -4,903 Change in trade and other payables 65,820 -53,208 45,608 -58,111 Contractual obligations, contingencies, etc. Contingent liabilities The following assets have been provided as collateral with bankers: A company charge of DKK 25,000 thousand secured upon machinery and equipment, etc. of a total carrying amount of: 60,479 448,614 Related parties Ecoberry Infrastructure ApS’ related parties comprise the following: Control AIP Infrastructure LP, 15 Atholl Crescent, EH38HA Edinburgh United Kingdom AIP Infrastructure LP holds the majority of the contributed capital in the Company. Related party transactions DKK'000 2024 Group Interest expenses to the Parent Company -46,663 Parent Group Interest expenses to the Parent Company -46,663 Interest income to subsidiaries 34,587 Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2024. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-07-15 Reporting class C, medium-size enterprise 2020-09-02 2025-07-14 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2025-07-15