38456695
2023-01-01
2023-12-31
38456695
2022-01-01
2022-12-31
38456695
2023-12-31
38456695
2022-12-31
38456695
2023-01-01
2023-12-31
0
38456695
2022-01-01
2022-12-31
1
38456695
2023-01-01
2023-12-31
2
38456695
2022-01-01
2022-12-31
3
38456695
2023-01-01
2023-12-31
4
38456695
2022-01-01
2022-12-31
5
38456695
2023-01-01
2023-12-31
6
38456695
2022-01-01
2022-12-31
7
38456695
2023-01-01
2023-12-31
8
38456695
2022-01-01
2022-12-31
9
38456695
2023-01-01
2023-12-31
0
38456695
2022-01-01
2022-12-31
1
38456695
2023-01-01
2023-12-31
2
38456695
2022-01-01
2022-12-31
3
38456695
2023-01-01
2023-12-31
4
38456695
2022-01-01
2022-12-31
5
38456695
2023-01-01
2023-12-31
6
38456695
2022-01-01
2022-12-31
7
38456695
2023-01-01
2023-12-31
8
38456695
2022-01-01
2022-12-31
9
38456695
2023-01-01
2023-12-31
10
38456695
2022-01-01
2022-12-31
11
38456695
2023-01-01
2023-12-31
0
38456695
2022-01-01
2022-12-31
1
38456695
2023-01-01
2023-12-31
2
38456695
2022-01-01
2022-12-31
3
38456695
2023-01-01
38456695
2022-01-01
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
38456695
2023-12-31
ifrs-full:SeparateMember
38456695
2022-12-31
ifrs-full:SeparateMember
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
10
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
11
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
12
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
13
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
14
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
15
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
16
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
17
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
18
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
19
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
20
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
21
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
22
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
23
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
12
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
13
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
14
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
15
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
16
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
17
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
18
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
19
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
20
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
21
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
22
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
23
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
24
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
25
38456695
2023-01-01
2023-12-31
ifrs-full:SeparateMember
4
38456695
2022-01-01
2022-12-31
ifrs-full:SeparateMember
5
38456695
2023-01-01
ifrs-full:SeparateMember
38456695
2022-01-01
ifrs-full:SeparateMember
38456695
2023-01-01
2023-12-31
0
38456695
2023-01-01
2023-12-31
1
38456695
2023-01-01
2023-12-31
2
38456695
2023-01-01
2023-12-31
0
38456695
2023-01-01
2023-12-31
1
38456695
2023-01-01
2023-12-31
2
38456695
2023-01-01
2023-12-31
0
38456695
2023-01-01
2023-12-31
1
38456695
2023-01-01
2023-12-31
2
iso4217:EUR
xbrli:shares
xbrli:pure
Regnskabsklasse C, stor virksomhed
2023-01-01
2023-12-31
Everfuel A/S
7400
Herning
Øst Høgildvej
4A
38456695
Søren Eriksen
2024-03-04
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Ledelsesberetning</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">COMMITMENT TO SUSTAINABILITY</td></tr><tr><td colspan="1">Everfuel A/S (the “Company” or the “Group”) seeks to be a good corporate citizen</td></tr><tr><td colspan="1">and places due respect on the impact its business activities may have on</td></tr><tr><td colspan="1">employees, partners, suppliers, investors and the societies in which the Company</td></tr><tr><td colspan="1">has operations. Sustainable operations are considered a prerequisite to successfully</td></tr><tr><td colspan="1">delivering on Everfuel’s vision and business strategy.</td></tr><tr><td colspan="1">A review of the Company’s strategy, long- term targets, business model, markets,</td></tr><tr><td colspan="1">technology and projects can be found in the Annual Report and the Management’s</td></tr><tr><td colspan="1">Report. In combination with the above-mentioned reports, this section of the</td></tr><tr><td colspan="1">Annual Report seeks to meet the Company’s requirements for reporting on</td></tr><tr><td colspan="1">corporate social responsibility. The report is focused on the business activities</td></tr><tr><td colspan="1">under the operational control of Everfuel.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MATERIAL ESG FACTORS</td></tr><tr><td colspan="1">Since Everfuel listed on Euronext Growth Oslo in October 2020, business</td></tr><tr><td colspan="1">operations have changed from initially mainly activities tied to business</td></tr><tr><td colspan="1">development, project planning, engineering and research and</td></tr><tr><td colspan="1">development with had limited external footprint, to current operations</td></tr><tr><td colspan="1">focused on developing an asset base and activities within production,</td></tr><tr><td colspan="1">distribution and dispensing of green hydrogen. These assets and activities</td></tr><tr><td colspan="1">consume land, raw materials and energy during construction and operations,</td></tr><tr><td colspan="1">and it is Everfuel’s ambition to minimise the external impact.</td></tr><tr><td colspan="1">As part of this, the Company is inspired by the Sustainability Accounting</td></tr><tr><td colspan="1">Standards Board (SASB) standards for structuring ESG activities and</td></tr><tr><td colspan="1">monitoring, until the Corporate Sustainability Reporting Directive (CSRD) and</td></tr><tr><td colspan="1">European Sustainability Reporting Standards (ESRS) can be implemented by</td></tr><tr><td colspan="1">the company. The SASB standards identify a subset of 26 ESG issues relevant</td></tr><tr><td colspan="1">to financial performance. Everfuel is considered part of the Renewable</td></tr><tr><td colspan="1">Resources sub-industrie & Alternative Energy sector, with operations connected to</td></tr><tr><td colspan="1">es & Alternative Energy sector, with operations connected to sub-industrie covering fuel cells and the development of solar and wind energy.</td></tr><tr><td colspan="1">RS</td></tr><tr><td colspan="1">Supported by the SASB framework and own stakeholder dialogues, Everfuel</td></tr><tr><td colspan="1">highlights the following three topics currently considered as the most</td></tr><tr><td colspan="1">material to the Company</td></tr><tr><td colspan="1">1. ENVIRONMENTALLY CONSCIOUS OPERATIONS</td></tr><tr><td colspan="1">Everfuel was founded with the purpose of making the</td></tr><tr><td colspan="1">world greener through the commercialisation of zero</td></tr><tr><td colspan="1">emission hydrogen made from renewable solar and wind</td></tr><tr><td colspan="1">power.</td></tr><tr><td colspan="1">Commitment to minimising emissions</td></tr><tr><td colspan="1">Everfuel’s operational activities created limited greenhous</td></tr><tr><td colspan="1">gas emissions in 2023 as the Company’s physical hydrogen</td></tr><tr><td colspan="1">production, distribution and dispensing had yet to</td></tr><tr><td colspan="1">commence at scale. It is Everfuel’s ambition to establish</td></tr><tr><td colspan="1">a relevant framework during 2024 for monitoring,</td></tr><tr><td colspan="1">measuring and reporting the Company’s environmental</td></tr><tr><td colspan="1">footprint and emissions.</td></tr><tr><td colspan="1">Currently, the trucks that carry Everfuel’s hydrogen</td></tr><tr><td colspan="1">trailers to distribute green fuel to the refuelling stations,</td></tr><tr><td colspan="1">are not fossil-free. The trucks constitute a significant part</td></tr><tr><td colspan="1">of Everfuel’s CO2-emissions. Everfuel is an enabler for zero</td></tr><tr><td colspan="1">emission transportation and has an ambition to minimise</td></tr><tr><td colspan="1">the footprint of own operations. When possible Everfuel</td></tr><tr><td colspan="1">distribute hydrogen with trucks using Hydrotreated</td></tr><tr><td colspan="1">Vegetable Oil (HVO) diesel. In 2023, 41% of the fuel used</td></tr><tr><td colspan="1">was HVO, representing a CO2e displacement factor of ~x10</td></tr><tr><td colspan="1">to conventional diesel. Total CO2e emissions from</td></tr><tr><td colspan="1">hydrogen distribution for the year was 98,899 kilograms.</td></tr><tr><td colspan="1">The Company intends replace the conventional trucks with</td></tr><tr><td colspan="1">hydrogen alternatives using green hydrogen as soon as</td></tr><tr><td colspan="1">they become commercially available.</td></tr><tr><td colspan="1">Climate change</td></tr><tr><td colspan="1">Everfuel envisions a fossil-free planet and contributes</td></tr><tr><td colspan="1">actively to combat climate change. This requires the</td></tr><tr><td colspan="1">Company to seek to optimise own production, distribution</td></tr><tr><td colspan="1">and operations and keep a constant focus on how</td></tr><tr><td colspan="1">Everfuel’s products and services help clients decarbonise</td></tr><tr><td colspan="1">their activities.</td></tr><tr><td colspan="1">Green hydrogen is produced from renewable energy,</td></tr><tr><td colspan="1">such as solar and wind, through an electrolyser which</td></tr><tr><td colspan="1">splits water into oxygen and hydrogen. It enables efficient</td></tr><tr><td colspan="1">utilisation of fluctuating renewable energy supply that</td></tr><tr><td colspan="1">would carbon-fre otherwise be curtailed. Green hydrogen is</td></tr><tr><td colspan="1">ould otherwise be curtailed. Green hydrogen is carbon-fre and may help balance the power grid in a future with</td></tr><tr><td colspan="1">potential overloads.</td></tr><tr><td colspan="1">Everfuel is currently in the final phase of commissioning</td></tr><tr><td colspan="1">its first electrolyser. Estimated carbon emissions from</td></tr><tr><td colspan="1">pre-startup hydrogen production tests in 2023 amounted</td></tr><tr><td colspan="1">to 15,792 kilogram CO2. The plant, and future facilities, will</td></tr><tr><td colspan="1">seek to maximise utilisation of the energy that goes into</td></tr><tr><td colspan="1">the electrolyser. In Fredericia, this will be done by</td></tr><tr><td colspan="1">supplying excess heat into the local district heating system</td></tr><tr><td colspan="1">to ensure cross-sector integration.</td></tr><tr><td colspan="1">Green hydrogen has the potential to help decarbonise</td></tr><tr><td colspan="1">some of the most polluting industries, where emissions are</td></tr><tr><td colspan="1">oen hard to abate. The HySynergy plant is located next to</td></tr><tr><td colspan="1">a refinery, which consumes large amounts of grey hydrogen</td></tr><tr><td colspan="1">made from natural gas. In 2024, green hydrogen from the</td></tr><tr><td colspan="1">HySynergy facility will replace parts of the current grey</td></tr><tr><td colspan="1">hydrogen faciliti-e consumption via a pipeline connecting the</td></tr><tr><td colspan="1">hydrogen consumption via a pipeline connecting the faciliti-e and materially reduce the CO2 footprint of the refinery.</td></tr><tr><td colspan="1">Heavy-duty mobility is a second industry which is difficult</td></tr><tr><td colspan="1">to electrify and where emissions are hard to abate. It is a</td></tr><tr><td colspan="1">segment where battery electric vehicles face challenges</td></tr><tr><td colspan="1">due to the charging speed, grid constraints and the weight</td></tr><tr><td colspan="1">of the batteries. Fuel-cell and hydrogen combustion</td></tr><tr><td colspan="1">vehicles using green hydrogen offers an efficient fossil-free</td></tr><tr><td colspan="1">and low emission alternative in these segments of the</td></tr><tr><td colspan="1">transport sector.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">The management and the Board of Directors are</td></tr><tr><td colspan="1">responsible for ensuring that the Company conducts its</td></tr><tr><td colspan="1">business with integrity and with due focus on sustainable</td></tr><tr><td colspan="1">and responsible operations and that it applies principles</td></tr><tr><td colspan="1">for sound corporate governance. The Board holds the</td></tr><tr><td colspan="1">highest authority in the Company’s decision-making</td></tr><tr><td colspan="1">hierarchy to approve matters of significance.</td></tr><tr><td colspan="1">As a company listed on Euronext Growth Oslo, Everfuel is</td></tr><tr><td colspan="1">not subject to a code of practice for corporate governance.</td></tr><tr><td colspan="1">As a Danish company, Everfuel intends to over time adopt</td></tr><tr><td colspan="1">the Danish recommendations for good corporate</td></tr><tr><td colspan="1">governance issued by the Danish Committee on Corporate</td></tr><tr><td colspan="1">Governance (“Komitéen for god Selskabsledelse”).</td></tr><tr><td colspan="1">The Company is committed to conducting business in a</td></tr><tr><td colspan="1">fair, ethical and transparent manner by adhering to the</td></tr><tr><td colspan="1">principles and guidelines stated in the Company’s code of</td></tr><tr><td colspan="1">Business Conduct and Ethics. The Company seeks to</td></tr><tr><td colspan="1">uphold the highest ethical and responsibility standards.</td></tr><tr><td colspan="1">Everfuel seeks to incorporate environmental, social and</td></tr><tr><td colspan="1">governance decision-makin (ESG) considerations into all strategic</td></tr><tr><td colspan="1">ance (ESG) considerations into all strategic decision-making Everfuel has initiated preparations for establishing</td></tr><tr><td colspan="1">a sustainability strategy. The management recognises the</td></tr><tr><td colspan="1">responsibility and importance of strengthening the</td></tr><tr><td colspan="1">framework for monitoring and reporting in preparation for</td></tr><tr><td colspan="1">new EU standards and have incorporated ESG as a central</td></tr><tr><td colspan="1">part of the Company’s strategic execution plan.</td></tr><tr><td colspan="1">Contribution to people, planet and prosperity</td></tr><tr><td colspan="1">Everfuel is looking into a visionary world of fossil free</td></tr><tr><td colspan="1">industry and mobility. Air pollution and global warming</td></tr><tr><td colspan="1">continue to be two of today’s greatest challenges.</td></tr><tr><td colspan="1">Contributing to solving these issues, Everfuel’s mission is</td></tr><tr><td colspan="1">to enable European-wide production, distribution and</td></tr><tr><td colspan="1">refuelling of green hydrogen to industry and mobility</td></tr><tr><td colspan="1">customers at prices competitive to natural gas, gasoline</td></tr><tr><td colspan="1">and diesel. Everfuel is active across a value chain</td></tr><tr><td colspan="1">providing safe, accessible green hydrogen made from</td></tr><tr><td colspan="1">renewable wind and solar power. Safe and reliable access</td></tr><tr><td colspan="1">to energy is an important enabler for the prosperity of both</td></tr><tr><td colspan="1">developed and undeveloped economies.</td></tr><tr><td colspan="1">The interest in and demand for hydrogen and green fuels</td></tr><tr><td colspan="1">have never been greater than today. Concern for energy</td></tr><tr><td colspan="1">shortages, exacerbated by recent conflicts, has highlighted</td></tr><tr><td colspan="1">the need for a more independent energy supply in Europe.</td></tr><tr><td colspan="1">This is increasingly reflected in national and EU legislation</td></tr><tr><td colspan="1">as part of a push to the transition towards a fossil-free</td></tr><tr><td colspan="1">future to combat climate change and to diversify energy</td></tr><tr><td colspan="1">supply. Everfuel seeks to contribute to these initiatives by</td></tr><tr><td colspan="1">offering a CO2-free alternative to fossil fuels which can be</td></tr><tr><td colspan="1">produced locally.</td></tr><tr><td colspan="1">Everfuel is committed to ensuring transparency related to</td></tr><tr><td colspan="1">its operations and potential positive and negative impacts</td></tr><tr><td colspan="1">on people, the environment and for society. The</td></tr><tr><td colspan="1">Company has a “zero harm” ambition for both people and</td></tr><tr><td colspan="1">environment and seeks to minimise unnecessary use of</td></tr><tr><td colspan="1">resources. As a responsible and inclusive employer,</td></tr><tr><td colspan="1">Everfuel impacts positively on local job creation and</td></tr><tr><td colspan="1">development in the countries where the Company</td></tr><tr><td colspan="1">operates.</td></tr><tr><td colspan="1">Everfuel supports and seeks to actively contribute to the</td></tr><tr><td colspan="1">UN Sustainable Goals. The goals are a call for nations and</td></tr><tr><td colspan="1">businesses to come together in a global partnership for</td></tr><tr><td colspan="1">peace and prosperity. The UN has presented 17 goals that</td></tr><tr><td colspan="1">will enable a more sustainable future and tackle prominent</td></tr><tr><td colspan="1">societal concerns across the globe. Everfuel support all 17</td></tr><tr><td colspan="1">goals from the UN, but are in particular positioned to Goal</td></tr><tr><td colspan="1">7 - Affordable and clean energy and Goal 13 - Climate</td></tr><tr><td colspan="1">action.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">3. A STRONG GOVERNANCE FRAMEWORK</td></tr><tr><td colspan="1">As a provider of both energy and critical infrastructure,</td></tr><tr><td colspan="1">Everfuel places due emphasis on compliance and</td></tr><tr><td colspan="1">governance in all operations. The Company seeks to</td></tr><tr><td colspan="1">comply with applicable laws, rules, and regulations</td></tr><tr><td colspan="1">throughout all business activities.</td></tr><tr><td colspan="1">The Code of Business Conduct and Ethics sets out clear</td></tr><tr><td colspan="1">guidelines for business conduct for all employees. The</td></tr><tr><td colspan="1">Board, which is responsible for ensuring compliance with</td></tr><tr><td colspan="1">the Code, has delegated day- to-day responsibility for</td></tr><tr><td colspan="1">managing and interpreting the Code to the CFO who also</td></tr><tr><td colspan="1">acts as the Company’s Compliance Officer.</td></tr><tr><td colspan="1">In addition to Everfuel’s own controlling bodies and</td></tr><tr><td colspan="1">external audit, Everfuel is subject to external supervision</td></tr><tr><td colspan="1">by Bureau Veritas for classification in accordance with</td></tr><tr><td colspan="1">relevant ISO standards. In 2023, the Company’s QHSE</td></tr><tr><td colspan="1">Management System was ISO 9001:2015 recertified during</td></tr><tr><td colspan="1">the year.</td></tr><tr><td colspan="1">Everfuel has zero tolerance for bribery and any form of</td></tr><tr><td colspan="1">corruption. The Code defines what constitutes bribery</td></tr><tr><td colspan="1">and corruption. Sponsorships, donations, charitable</td></tr><tr><td colspan="1">contributions etc. are only permitted to promote corporate</td></tr><tr><td colspan="1">goals. The Company is committed to being politically</td></tr><tr><td colspan="1">neutral. Payments to third parties are only made if they</td></tr><tr><td colspan="1">are legal, have a legitimate purpose and proper</td></tr><tr><td colspan="1">documentation. Everfuel seeks to comply with all</td></tr><tr><td colspan="1">applicable export controls and customs regulations.</td></tr><tr><td colspan="1">The Company will grow by practicing fair competition</td></tr><tr><td colspan="1">and will never enter into anti-competitive agreements.</td></tr><tr><td colspan="1">There were no reported cases of bribery and corruption in</td></tr><tr><td colspan="1">2023 (2022: zero). Everfuel’s executive management intend</td></tr><tr><td colspan="1">to complete anti-corruption training within the foreseeable</td></tr><tr><td colspan="1">future. Employees are familiarised with the Code of</td></tr><tr><td colspan="1">Business Conduct and Ethics which is introduced during</td></tr><tr><td colspan="1">onboarding of employees.</td></tr><tr><td colspan="1">As a provider of both energy and critical infrastructure,</td></tr><tr><td colspan="1">Everfuel places due emphasis on compliance and</td></tr><tr><td colspan="1">governance com-pl in all operations. The Company seeks to</td></tr><tr><td colspan="1">overnance in all operations. The Company seeks to com-pl with applicable laws, rules, and regulations throughout</td></tr><tr><td colspan="1">all business activities.</td></tr><tr><td colspan="1">Reporting channel</td></tr><tr><td colspan="1">The Company encourages its employees to act proactively</td></tr><tr><td colspan="1">by asking questions, seeking guidance, and reporting</td></tr><tr><td colspan="1">suspected breaches of the Code and other applicable</td></tr><tr><td colspan="1">policies or procedures, as well as any violation or</td></tr><tr><td colspan="1">suspected violation of applicable law, rule or regulation</td></tr><tr><td colspan="1">during business conduct or on Company property.</td></tr><tr><td colspan="1">Employees may communicate directly with the Compliance</td></tr><tr><td colspan="1">Officer or use channels specified in the Code, including a</td></tr><tr><td colspan="1">function for anonymous reporting of grievances. The</td></tr><tr><td colspan="1">Company expressly forbids any retaliation against any</td></tr><tr><td colspan="1">employee who, acting in good faith based on a reasonable</td></tr><tr><td colspan="1">belief, reports suspected misconduct. In 2023, zero reports</td></tr><tr><td colspan="1">of potential misconduct or grievances were made using the</td></tr><tr><td colspan="1">pre-existing reporting channels (2022: zero). Since</td></tr><tr><td colspan="1">December whistle-blowe 8, 2023, Everfuel has implemented a platform compliant with Danish requirements for</td></tr><tr><td colspan="1">companies with more than 50 employees.</td></tr><tr><td colspan="1">Cybersecurity</td></tr><tr><td colspan="1">Everfuel develops infrastructure for production, distribution and dispensing of zero emission</td></tr><tr><td colspan="1">fuel. Cyber security is an integral part of the Company’s operations and project planning and</td></tr><tr><td colspan="1">development processes to ensure a high level of security. This includes the proprietary Helios</td></tr><tr><td colspan="1">big data system for optimising the green hydrogen value chain, the Everfuel app used by the</td></tr><tr><td colspan="1">end users at the refuelling stations, and the newly added portfolio of “Hy-Applications”</td></tr><tr><td colspan="1">supporting both production and transportation of Hydrogen.</td></tr><tr><td colspan="1">The Board is updated on all aspects of cyber security and the related initiatives being</td></tr><tr><td colspan="1">implemented when relevant. To the Company’s knowledge, there were no breaches within</td></tr><tr><td colspan="1">Everfuel systems in 2023, and no breaches or leaks of our customer data.</td></tr><tr><td colspan="1">Everfuel maintains its dialogue with The Danish Energy Agency to analyse requirements and</td></tr><tr><td colspan="1">needs for IT- security within its PtX facilities and the related critical infrastructure.</td></tr><tr><td colspan="1">Everfuel is proactively working towards meeting the requirements coming from Network and</td></tr><tr><td colspan="1">Information Security (NIS2) directive, which is expected to be included as part of the The</td></tr><tr><td colspan="1">Danish Energy Agency cybersecurity requirements coming in 2024. All systems and facilities are</td></tr><tr><td colspan="1">being prepared to comply with future regulations in this area, and it is Everfuel’s ambition to</td></tr><tr><td colspan="1">have a fully implemented information security management system (ISMS) with NIS2</td></tr><tr><td colspan="1">regulations added ultimo 2024.</td></tr><tr><td colspan="1">As Everfuel continuously expands its operations, the amount of customer data increases.</td></tr><tr><td colspan="1">Everfuel acknowledges the responsibility for handling this data in a secure manner to ensure</td></tr><tr><td colspan="1">customers’ right to privacy and has adopted a system for annual control to ensure compliance</td></tr><tr><td colspan="1">with GDPR.</td></tr><tr><td colspan="1">ESG GOING FORWARD</td></tr><tr><td colspan="1">Everfuel maintains an open dialogue with key stakeholders to support</td></tr><tr><td colspan="1">identification of the most material issues for future reporting.</td></tr><tr><td colspan="1">In 2024, Everfuel plans to further develop it sustainability framework in</td></tr><tr><td colspan="1">preparation for future disclosure requirements. This work will be based</td></tr><tr><td colspan="1">on the initial relevant frameworks identified in 2023 ESG strategy project,</td></tr><tr><td colspan="1">including examining EU Taxonomy eligibility and alignment and climate</td></tr><tr><td colspan="1">related impacts on Everfuel.</td></tr><tr><td colspan="1">From the financial year 2025, the Company expects to be subject to the</td></tr><tr><td colspan="1">new reporting requirements set forth in the EU’s Corporate Sustainability</td></tr><tr><td colspan="1">Reporting Directive (CSRD). This includes meeting the disclosure</td></tr><tr><td colspan="1">requirements of the European Sustainability Reporting Standards (ESRS)</td></tr><tr><td colspan="1">based on a double materiality assessment examining sustainability</td></tr><tr><td colspan="1">related impact-an opportunities and risks from the perspective of both financial materiality.</td></tr><tr><td colspan="1">Green hydrogen is set to play a major role in the energy transition</td></tr><tr><td colspan="1">towards a fossil-free planet. This will require a radical shi within the</td></tr><tr><td colspan="1">mobility sector and almost all other industries which will have to</td></tr><tr><td colspan="1">introduce more sustainable ways to operate than today. Everfuel</td></tr><tr><td colspan="1">believes that immediate action is required to accelerate the pace of</td></tr><tr><td colspan="1">transition to curb climate change and deliver on the UN Sustainable</td></tr><tr><td colspan="1">Development Goals. Hydrogen holds a strong value-proposition for</td></tr><tr><td colspan="1">industries that cannot readily be directly electrified.</td></tr><tr><td colspan="1">Everfuel therefore works to make hydrogen happen, now!</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">MANAGEMENT</td></tr><tr><td colspan="1">Jacob Krogsgaard</td></tr><tr><td colspan="1">CEO</td></tr><tr><td colspan="1">Jacob Krogsgaard serves as CEO of Everfuel and has</td></tr><tr><td colspan="1">previously worked more than four years as Senior Vice</td></tr><tr><td colspan="1">President of Nel Hydrogen Solutions. Before this,</td></tr><tr><td colspan="1">Jacob worked as CEO and co-founder of H2 Logic from</td></tr><tr><td colspan="1">2003 until the company was acquired by NEL ASA in</td></tr><tr><td colspan="1">2015. Additionally, Jacob has served in several board</td></tr><tr><td colspan="1">positions and holds a BSc in Business Development</td></tr><tr><td colspan="1">from Aarhus University.</td></tr><tr><td colspan="1">Martin Skov Hansen</td></tr><tr><td colspan="1">Deputy CEO</td></tr><tr><td colspan="1">Martin Skov Hansen serves as Deputy CEO has more</td></tr><tr><td colspan="1">than 20 years of experience as auditor and adviser for</td></tr><tr><td colspan="1">multiple medium and large companies in several</td></tr><tr><td colspan="1">industries. multi-nation His areas of expertise includes</td></tr><tr><td colspan="1">ies. His areas of expertise includes multi-nationa companies working across borders and IFRS.</td></tr><tr><td colspan="1">He holds a MSc in Business Administration and</td></tr><tr><td colspan="1">Auditing from Syddansk University, Kolding, Denmark</td></tr><tr><td colspan="1">and is a state-authorised public accountant. Martin has</td></tr><tr><td colspan="1">worked at PwC in the period 2002 to 2019 and as a</td></tr><tr><td colspan="1">Partner since 2015.</td></tr><tr><td colspan="1">Jesper Ejlersen</td></tr><tr><td colspan="1">CFO</td></tr><tr><td colspan="1">Jesper Ejlersen serves as CFO of Everfuel and has</td></tr><tr><td colspan="1">previously worked as former CFO and CEO of Stibo</td></tr><tr><td colspan="1">Systems A/S and as CFO of EG A/S. Latest Jesper comes</td></tr><tr><td colspan="1">from Mash Makes, a green company focusing on</td></tr><tr><td colspan="1">biofuels, hydrogen and more. Jesper has more than</td></tr><tr><td colspan="1">25 years of experience in Finance and Business</td></tr><tr><td colspan="1">administration and holds a Master degree in Business</td></tr><tr><td colspan="1">Administration from Aarhus School of Business.</td></tr><tr><td colspan="1">Jesper is a retired Captain of the army reserve.</td></tr><tr><td colspan="1">Uffe Borup</td></tr><tr><td colspan="1">CTO</td></tr><tr><td colspan="1">Dr Uffe Borup serves as CTO of Everfuel and has</td></tr><tr><td colspan="1">previously worked more than three years as Vice</td></tr><tr><td colspan="1">President of Technology at Nel Hydrogen Solution.</td></tr><tr><td colspan="1">Before this, Uffe worked as Director of Business</td></tr><tr><td colspan="1">Development at Danfoss Drives, R&D director at</td></tr><tr><td colspan="1">Danfoss Solar Inverters and co-founder (CTO) at</td></tr><tr><td colspan="1">Powerlynx. Uffe holds an Industrial PhD from Aalborg</td></tr><tr><td colspan="1">University and a MSc Eng. in Power Electronics from</td></tr><tr><td colspan="1">Aalborg University.</td></tr><tr><td colspan="1">Mikkel Abildtrup Pedersen</td></tr><tr><td colspan="1">CDO</td></tr><tr><td colspan="1">Mikkel Abildtrup Pedersen serves as CDO of Ever fuel</td></tr><tr><td colspan="1">and has manage-ment extensive experience in executive business- and project development from the</td></tr><tr><td colspan="1">renewable energy sector and the financial sector,</td></tr><tr><td colspan="1">including CDO at Obton, COO at Eurowind Energy and</td></tr><tr><td colspan="1">CEO at Eniig Renewables. Before that he had served in</td></tr><tr><td colspan="1">management positions in Difko and as a lawyer at</td></tr><tr><td colspan="1">DAHL lawfirm. Mikkel holds a Master of Business</td></tr><tr><td colspan="1">Administration from Henley Business School and a</td></tr><tr><td colspan="1">Master of Laws, LLM from Aarhus University.</td></tr><tr><td colspan="1">Peder Pedersen</td></tr><tr><td colspan="1">COO</td></tr><tr><td colspan="1">Peder Pedersen serves as COO of Everfuel and has near</td></tr><tr><td colspan="1">decade long experience with project management,</td></tr><tr><td colspan="1">sales, and product management within industrial</td></tr><tr><td colspan="1">refrigeration. Since 2010, Peder has worked in the</td></tr><tr><td colspan="1">industrial gas sector, first as project manager at Union</td></tr><tr><td colspan="1">Engineering and for the past 11 years as Production</td></tr><tr><td colspan="1">Manager at Air Liquide with responsibility of four</td></tr><tr><td colspan="1">highly automated production facilities within the large</td></tr><tr><td colspan="1">industry segment. Peder holds a degree as Marine</td></tr><tr><td colspan="1">Engineer, and a HD in Organisation.</td></tr><tr><td colspan="1">BOARD OF DIRECTORS</td></tr><tr><td colspan="1">Anne Kathrine Steenbjerge</td></tr><tr><td colspan="1">BoD member</td></tr><tr><td colspan="1">Anne Kathrine Steenbjerge is CEO and majority owner</td></tr><tr><td colspan="1">at Anders Nielsen & Co A/S (Ancotrans). She has</td></tr><tr><td colspan="1">extensive experience navigating a political environment</td></tr><tr><td colspan="1">with current and former positions in Danish Industry</td></tr><tr><td colspan="1">Association, Danish Agro and Hede Nielsens Fond.</td></tr><tr><td colspan="1">Christina Aabo, BoD member</td></tr><tr><td colspan="1">Christina Aabo is an independent advisor and has</td></tr><tr><td colspan="1">spent most of her career in the energy and renewables</td></tr><tr><td colspan="1">industries. She has previous experience as Head of R&D</td></tr><tr><td colspan="1">at Ørsted and was working as Vice President for Product</td></tr><tr><td colspan="1">Management at Vestas before that. Christina holds a</td></tr><tr><td colspan="1">MSc in civil engineering from Aalborg University.</td></tr><tr><td colspan="1">Jørn Rosenlund, BoD member</td></tr><tr><td colspan="1">Jørn Rosenlund is an independent advisor with</td></tr><tr><td colspan="1">experience as COO at Universal Hydrogen in California</td></tr><tr><td colspan="1">and as SVP for the Nel Fueling division of Nel Hydrogen.</td></tr><tr><td colspan="1">He worked as COO for H2 Logic from April 2015 to May</td></tr><tr><td colspan="1">2016. He has previously held management positions at</td></tr><tr><td colspan="1">EagleBurgmann Expension Joints and at Danfoss A/S.</td></tr><tr><td colspan="1">Jørn holds inter alia a Master of Manufacturing</td></tr><tr><td colspan="1">Technology from Aalborg University, Denmark.</td></tr><tr><td colspan="1">Søren Eriksen, Chairman</td></tr><tr><td colspan="1">Søren Eriksen is CEO and managing partner at Viegand Maagøe A/S, with previous experience as CEO at Danish Rail and CFO at TDC. Prior to that he has been Head of Finance and Financial Analyst at Tele Danmark A/S. He holds a number of board positions, primarily within the renewable and energy sector. Søren holds a MSc in economics from University of Southern Denmark.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">2. SAFE AND SECURE OPERATIONS</td></tr><tr><td colspan="1">Everfuel recognises the importance of its people for successful execution of</td></tr><tr><td colspan="1">strategy and delivery on long- term financial and societal ambitions. The Company</td></tr><tr><td colspan="1">places well-bein the outmost importance on the safety and security in operations and the of its employees. This is the guiding principle for the operational framework</td></tr><tr><td colspan="1">and procedures that are being established for HySynergy 1 and future electrolyser</td></tr><tr><td colspan="1">facilities and reflected in the ambition of zero health, safety and environment (HSE)</td></tr><tr><td colspan="1">related incidents.</td></tr><tr><td colspan="1">The Company registered zero HSE incident in 2023, compared to one in 2022.</td></tr><tr><td colspan="1">Everfuel registered 18 near misses (2022: 14) primarily related to the construction</td></tr><tr><td colspan="1">and pre-startup work on HySynergy 1. In addition to a HSE hotline for immediate</td></tr><tr><td colspan="1">reporting on any potential issues the Company has established a Crisis Management</td></tr><tr><td colspan="1">Organisation to ensure procedural actions pertaining to emergency situations.</td></tr><tr><td colspan="1">Quality, Health, Safety and Environment (QHSE)</td></tr><tr><td colspan="1">The Company’s QHSE Management System has been established to support the</td></tr><tr><td colspan="1">execution of and continuous improvement to its framework of working procedures</td></tr><tr><td colspan="1">and instructions. Currently, the QHSE Management System is being updated to align</td></tr><tr><td colspan="1">with the adjusted strategy to ensure it remains a transparent, lean and efficient tool</td></tr><tr><td colspan="1">to support the execution of daily operations for all Everfuel employees and a tool for</td></tr><tr><td colspan="1">proactively meeting stakeholder requirements and compliance with HSE laws and</td></tr><tr><td colspan="1">regulations.</td></tr><tr><td colspan="1">The QHSE Management System is part of Everfuel’s Overall Business System,</td></tr><tr><td colspan="1">supporting strategy execution and risk management. The system is summarised</td></tr><tr><td colspan="1">in the QHSE Manual, last updated on 3 June 2023. The Company continuously works</td></tr><tr><td colspan="1">to improve and establish separate manuals for various key business activities</td></tr><tr><td colspan="1">describing required personnel qualifications, safety equipment needed and general</td></tr><tr><td colspan="1">procedures to ensure safe and efficient execution of the various work processes</td></tr><tr><td colspan="1">throughout the hydrogen value chain as assets become operational.</td></tr><tr><td colspan="1">Everfuel protects and promotes health and wellbeing and provides a safe work</td></tr><tr><td colspan="1">environment. The company and the employees avoid risky behaviour and recognise</td></tr><tr><td colspan="1">dangerous situations promptly and take appropriate action. The Company assures</td></tr><tr><td colspan="1">compliance to HSE laws and regulations and have zero tolerance for violations and</td></tr><tr><td colspan="1">negligent behaviour.</td></tr><tr><td colspan="1">A fair and non-discriminating employer</td></tr><tr><td colspan="1">Everfuel seeks to be a fair and non-discriminating</td></tr><tr><td colspan="1">employer. The Company’s commitment to</td></tr><tr><td colspan="1">promoting a positive work environment reflected</td></tr><tr><td colspan="1">in the Code of Ethics and Business Conduct, know</td></tr><tr><td colspan="1">internally as Everfueller guidelines (the “Code”).</td></tr><tr><td colspan="1">As an equal-opportunity-employer, the Company</td></tr><tr><td colspan="1">is focused on individual merits and qualifications</td></tr><tr><td colspan="1">directly related to professional competence.</td></tr><tr><td colspan="1">Everfuel is committed to creating a supportive</td></tr><tr><td colspan="1">work environment and each employee is</td></tr><tr><td colspan="1">expected to create a respectful workplace culture</td></tr><tr><td colspan="1">that is free of harassment, intimidation, bias, and</td></tr><tr><td colspan="1">unlawful discrimination. The Company strictly</td></tr><tr><td colspan="1">prohibits discrimination or harassment of any kind</td></tr><tr><td colspan="1">based on race, colour, religion, veteran status,</td></tr><tr><td colspan="1">national origin, ancestry, pregnancy status, sex,</td></tr><tr><td colspan="1">gender identity or expression, age, marital status,</td></tr><tr><td colspan="1">mental or physical disability, medical condition,</td></tr><tr><td colspan="1">sexual orientation, or any other characteristics</td></tr><tr><td colspan="1">protected by law.</td></tr><tr><td colspan="1">Everfuel employees represent 5 nationalities.</td></tr><tr><td colspan="1">At year end, the Company had 75 employees, of which 23% were female. This</td></tr><tr><td colspan="1">compares with 81 employees, of which 14 were female (25%) at year-end 2022.</td></tr><tr><td colspan="1">It is the ambition of the Company to ensure a more equal gender representation</td></tr><tr><td colspan="1">in the management team over time, currently consituted by seven out of seven</td></tr><tr><td colspan="1">males. Everfuel will be reporting on this with 2022 as base year for future reporting.</td></tr><tr><td colspan="1">Everfuel expects to require additional skilled employees as the Company</td></tr><tr><td colspan="1">continues to execute its strategy centred around establishing hydrogen</td></tr><tr><td colspan="1">production facilities. Everfuel is a knowledge-intensive company. The Company</td></tr><tr><td colspan="1">recognises employees’ tangible and intangible knowledge and experience as on</td></tr><tr><td colspan="1">of the most important capital resources in Everfuel. Following the strategic</td></tr><tr><td colspan="1">realignment, the Company implemented an organisational restructuring in the</td></tr><tr><td colspan="1">third quarter of 2023, reducing the number of full- time positions. To support the</td></tr><tr><td colspan="1">affected employees Everfuel facilitated various initiatives and recommendations</td></tr><tr><td colspan="1">for future job applications.</td></tr><tr><td colspan="1">More than 85% of the Everfuellers worked on a full- time contract in 2023.</td></tr><tr><td colspan="1">An annual workplace assessment and employee satisfaction survey is</td></tr><tr><td colspan="1">conducted to ensure Everfuel continues to live up to the expectations of</td></tr><tr><td colspan="1">the employees.</td></tr></table>
5572
616
8596
-2408
7491
8568
-18467
9730
-28197
732
167
-565
-27632
0
-27632
-27498
-134
-328
-328
-235
123
-358
-27990
-27850
-140
-3181
-565
-18653
-28579
16800
10414
43962
-3270
-15
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors have today considered and adopted the Annual</td></tr><tr><td colspan="1">Report of Everfuel A/S for the financial year 1 January to 31 December, 2023.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is prepared in accordance with International</td></tr><tr><td colspan="1">Financial Reporting Standards as adopted by the EU and additional</td></tr><tr><td colspan="1">Danish disclosure requirements for listed companies.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">In our opinion, the Consolidated Financial Statements and Parent</td></tr><tr><td colspan="2">Company Financial Statements give a true and fair view of the</td></tr><tr><td colspan="2">financial position at 31 December 2023 of the Group and the Parent</td></tr><tr><td>company and of the results of the</td><td>Group and Parent company operations</td></tr><tr><td colspan="2">and cash flows for 2023.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Management’s Report includes a true and fair account of</td></tr><tr><td colspan="1">the development in the operations and financial circumstances of the</td></tr><tr><td colspan="1">Group and the Parent company as well as a description of the most</td></tr><tr><td colspan="1">significant risks and elements of uncertainty facing the Group and the</td></tr><tr><td colspan="1">Parent company.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General</td></tr><tr><td colspan="1">Meeting.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">INDEPENDENT AUDITOR’S REPORT</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Everfuel A/S</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent</td></tr><tr><td colspan="1">Company Financial Statements give a true and fair view of the Group’s</td></tr><tr><td colspan="1">and the Parent Company’s financial position at 31 December 2023 and of</td></tr><tr><td colspan="1">the results of the Group’s and the Parent Company’s operations and cash</td></tr><tr><td colspan="1">flows for the financial year 1 January to 31 December 2023 in accordance</td></tr><tr><td colspan="1">with IFRS Accounting Standards as adopted by the EU and further</td></tr><tr><td colspan="1">requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent</td></tr><tr><td colspan="1">Company Financial Statements of Everfuel A/S for the financial year</td></tr><tr><td colspan="1">1 January - 31 December 2023, which comprise income statement and</td></tr><tr><td colspan="1">statement of comprehensive income, balance sheet, statement of</td></tr><tr><td colspan="1">changes in equity, cash flow statement and notes, including material</td></tr><tr><td colspan="1">accounting policy information, for both the Group and the Parent</td></tr><tr><td colspan="1">Company (“financial statements”).</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on</td></tr><tr><td colspan="1">Auditing (ISAs) and the additional requirements applicable in Denmark.</td></tr><tr><td colspan="1">Our responsibilities under those standards and requirements are further</td></tr><tr><td colspan="1">described in the Auditor’s Responsibilities for the Audit of the Financial</td></tr><tr><td colspan="1">Statements section of our report. We are independent of the Group in</td></tr><tr><td colspan="1">accordance with the International Ethics Standards Board for</td></tr><tr><td colspan="1">Accountants’ International Code of Ethics for Professional Accountants</td></tr><tr><td colspan="1">(IESBA Code) and the additional ethical requirements applicable in</td></tr><tr><td colspan="1">Denmark, and we have fulfilled our other ethical responsibilities in</td></tr><tr><td colspan="1">accordance with these requirements and the IESBA Code. We believe</td></tr><tr><td colspan="1">that the audit evidence we have obtained is sufficient and appropriate to</td></tr><tr><td colspan="1">provide a basis for our opinion.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s</td></tr><tr><td colspan="1">Review, and we do not express any form of assurance conclusion</td></tr><tr><td colspan="1">thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our</td></tr><tr><td colspan="1">responsibility is to read Management’s Review and, in doing so, consider</td></tr><tr><td colspan="1">whether Management’s Review is materially inconsistent with the</td></tr><tr><td colspan="1">financial statements or our knowledge obtained during the audit, or</td></tr><tr><td colspan="1">otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s</td></tr><tr><td colspan="1">Review provides the information required under the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s</td></tr><tr><td colspan="1">Review is in accordance with the Consolidated Financial Statements and</td></tr><tr><td colspan="1">the Parent Company Financial Statements and has been prepared in</td></tr><tr><td colspan="1">accordance with the requirements of the Danish Financial Statement Act.</td></tr><tr><td colspan="1">We did not identify any material misstatement in Management’s Review.</td></tr><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial</td></tr><tr><td colspan="1">Statements and Parent Company Financial Statements that give a true</td></tr><tr><td colspan="1">and fair view in accordance with IFRS Accounting Standards as adopted</td></tr><tr><td colspan="1">by the EU and further requirements in the Danish Financial Statements</td></tr><tr><td colspan="1">Act, and for such internal control as Management determines is</td></tr><tr><td colspan="1">necessary to enable the preparation of financial statements that are free</td></tr><tr><td colspan="1">from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for</td></tr><tr><td colspan="1">assessing the Group’s and the Parent Company’s ability to continue as a</td></tr><tr><td colspan="1">going concern, disclosing, as applicable, matters related to going concern</td></tr><tr><td colspan="1">and using the going concern basis of accounting in preparing the</td></tr><tr><td colspan="1">financial statements unless Management either intends to liquidate the</td></tr><tr><td colspan="1">Group or the Parent Company or to cease operations, or has no realistic</td></tr><tr><td colspan="1">alternative but to do so.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the</td></tr><tr><td colspan="1">financial statements as a whole are free from material misstatement,</td></tr><tr><td colspan="1">whether due to fraud or error, and to issue an auditor’s report that</td></tr><tr><td colspan="1">includes our opinion. Reasonable assurance is a high level of assurance,</td></tr><tr><td colspan="1">but is not a guarantee that an audit conducted in accordance with ISAs</td></tr><tr><td colspan="1">and the additional requirements applicable in Denmark will always</td></tr><tr><td colspan="1">detect a material misstatement when it exists. Misstatements can arise</td></tr><tr><td colspan="1">from fraud or error and are considered material if, individually or in the</td></tr><tr><td colspan="1">aggregate, they could reasonably be expected to influence the economic</td></tr><tr><td colspan="1">decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional</td></tr><tr><td colspan="1">requirements applicable in Denmark, we exercise professional judgment</td></tr><tr><td colspan="1">and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the financial</td></tr><tr><td colspan="1">statements, whether due to fraud or error, design and perform audit</td></tr><tr><td colspan="1">procedures responsive to those risks, and obtain audit evidence that is</td></tr><tr><td colspan="1">sufficient and appropriate to provide a basis for our opinion. The risk of</td></tr><tr><td colspan="1">not detecting a material misstatement resulting from fraud is higher than</td></tr><tr><td colspan="1">for one resulting from error as fraud may involve collusion, forgery,</td></tr><tr><td colspan="1">intentional omissions, misrepresentations, or the override of internal</td></tr><tr><td colspan="1">control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in</td></tr><tr><td colspan="1">order to design audit procedures that are appropriate in the</td></tr><tr><td colspan="1">circumstances, but not for the purpose of expressing an opinion on the</td></tr><tr><td colspan="1">effectiveness of the Group’s and the Parent Company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the</td></tr><tr><td colspan="1">reasonableness of accounting estimates and related disclosures made by</td></tr><tr><td colspan="1">Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going</td></tr><tr><td colspan="1">concern basis of accounting in preparing the financial statements and,</td></tr><tr><td colspan="1">based on the audit evidence obtained, whether a material uncertainty</td></tr><tr><td colspan="1">exists related to events or conditions that may cast significant doubt on</td></tr><tr><td colspan="1">the Group’s and the Parent Company’s ability to continue as a going</td></tr><tr><td colspan="1">concern. If we conclude that a material uncertainty exists, we are</td></tr><tr><td colspan="1">required to draw attention in our auditor’s report to the related</td></tr><tr><td colspan="1">disclosures in the financial statements or, if such disclosures are</td></tr><tr><td colspan="1">inadequate, to modify our opinion. Our conclusions are based on the</td></tr><tr><td colspan="1">audit evidence obtained up to the date of our auditor’s report.</td></tr><tr><td colspan="1">However, future events or conditions may cause the Group and the</td></tr><tr><td colspan="1">Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the</td></tr><tr><td colspan="1">financial statements, including the disclosures, and whether the financial</td></tr><tr><td colspan="1">statements represent the underlying transactions and events in a manner</td></tr><tr><td colspan="1">that gives a true and fair view.</td></tr><tr><td colspan="1">• Obtain sufficient appropriate audit evidence regarding the</td></tr><tr><td colspan="1">financial information of the entities or business activities within the</td></tr><tr><td colspan="1">Group to express an opinion on the Consolidated Financial Statements.</td></tr><tr><td colspan="1">We are responsible for the direction, supervision and performance of the</td></tr><tr><td colspan="1">group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among</td></tr><tr><td colspan="1">other matters, the planned scope and timing of the audit and significant</td></tr><tr><td colspan="1">audit findings, including any significant deficiencies in internal control</td></tr><tr><td colspan="1">that we identify during our audit.</td></tr></table>
Årsrapport
30700228
EY Godkendt Revisionspartnerselskab
Cortex Park Vest 3
5230 Odense M
xWizard version 1.1.1264.0, by EasyX Aps. www.easyx.eu
2022-01-01
2022-12-31
Ledelsespåtegning
Revisionspåtegning
Grundlag for konklusion
Konklusion
2024-03-04
0
2761
1220
3922
59
4572
7130
-11643
3097
-14740
64
2124
2060
-16800
-258
-16542
-16542
0
-212
-212
80
104
-24
-16566
-16566
0
9402
2124
-3133
-33200
9793
262
9531
-26802
-579
69539
3328
59
72926
34
590
1776
982
6212
41
28630
38265
111191
116
-249
57341
13081
70289
2330
869
3199
0
20033
17455
215
37703
40902
111191
51294
4190
51
55535
130
614
1663
2292
10377
190
31915
47181
102716
104
103
59101
0
59308
12314
1126
13440
3332
26218
238
180
29968
43408
102716
Net loss
-27632
Net loss
-16542
Income taxes in the income statement
0
Income taxes in the income statement
-258
Financial items, net
-565
Financial items, net
2060
Depreciation, amortisation and impairment losses
9730
Depreciation, amortisation and impairment losses
3097
Other non-cash items
2430
Other non-cash items
1232
Payment for acquisition of subsidiaries, net of cash acquired
-3033
Payment for acquisition of subsidiaries, net of cash acquired
0
Payments for property, plant and equipment
-22439
Payments for property, plant and equipment
-32941
Payments for financial assets at amortised cost
-8
Payments for financial assets at amortised cost
0
Payment of intangible assets
-5604
Payment of intangible assets
-3621
Proceeds from sale of property, plant and equipment
18
Proceeds from sale of property, plant and equipment
37
Received grants relating to property, plant and equipment
2487
Received grants relating to property, plant and equipment
3325
Proceeds from issues of shares and other equity securities
24356
Proceeds from issues of shares and other equity securities
0
Sales of shares to non-controlling interests
13220
Sales of shares to non-controlling interests
0
31915
59296
904
2499
1108
2295
5555
9486
-12746
6370
-19116
-10481
2480
383
8384
-27500
0
-27500
-316
-123
-439
-27939
-1766
2480
383
-9923
-30544
265
24091
-16376
1
841
1657
808
1690
3288
6498
-8096
1655
-9751
-7045
730
733
7048
-16799
-212
-16587
85
-7
78
-16509
-6395
730
733
-13703
-4854
175
-175
-18732
-217
13833
15584
3302
54
32773
34
18
74
23338
453
3046
33
4524
31520
64293
116
57094
57210
1049
678
77
1804
4972
175
132
5279
7083
64293
3151
3920
4165
52
11288
35
76
0
32964
683
4120
170
20899
58947
70235
104
59295
59399
4189
380
251
4820
5812
107
97
6016
10836
70235
Net loss
-27500
Net loss
-16587
Income taxes in the income statement
0
Income taxes in the income statement
-212
Financial items, net
-2097
Financial items, net
3
Depreciation, amortisation and impairment losses
6370
Depreciation, amortisation and impairment losses
1655
Loss from investments in subsidiaries
10481
Loss from investments in subsidiaries
7045
Other non-cash items
2492
Other non-cash items
791
Income taxes paid
0
Income taxes paid
0
Capital increase in subsidiaries
-13760
Capital increase in subsidiaries
0
Change in capital structure in subsidiaries
0
Change in capital structure in subsidiaries
0
Payments for property, plant and equipment
-11789
Payments for property, plant and equipment
-2157
Payments for financial assets at amortised cost
-3
Payments for financial assets at amortised cost
-108
Payment of intangible assets
-5604
Payment of intangible assets
-3595
Proceeds from sale of property, plant and equipment
151
Proceeds from sale of property, plant and equipment
656
Received grants relating to property, plant and equipment
461
Received grants relating to property, plant and equipment
350
Proceeds from issues of shares and other equity securities
24356
Proceeds from issues of shares and other equity securities
0
20899
39848
Jacob Krogsgaard
CEO
Martin Skov Hansen
Deputy CEO
Søren Eriksen
Chairman
Jørn Rosenlund
BoD member
Christina Aabo
BoD member
Anne Kathrine Steenbjerge
BoD member
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
33771231
Poul Spencer Poulsen
State Authorised Public Accountant
mne23324
Kim Vorret
State Authorised Public Accountant
mne33256
33771231
Statsautoriseret Revisionspartnerselskab