38456695 2021-01-01 2021-12-31 38456695 2020-01-01 2020-12-31 38456695 2021-12-31 38456695 2020-12-31 38456695 2021-01-01 38456695 2020-01-01 38456695 2021-01-01 2021-12-31 ifrs-full:SeparateMember 38456695 2020-01-01 2020-12-31 ifrs-full:SeparateMember 38456695 2021-12-31 ifrs-full:SeparateMember 38456695 2020-12-31 ifrs-full:SeparateMember 38456695 2021-01-01 ifrs-full:SeparateMember 38456695 2020-01-01 ifrs-full:SeparateMember 38456695 2021-01-01 2021-12-31 0 38456695 2021-01-01 2021-12-31 0 38456695 2021-01-01 2021-12-31 1 38456695 2021-01-01 2021-12-31 2 38456695 2021-01-01 2021-12-31 0 38456695 2021-01-01 2021-12-31 1 iso4217:EUR xbrli:shares xbrli:pure 193000 632000 429000 396000 3505000 3682000 0 -6791000 1061000 -81000 -7771000 1647000 515000 -6639000 -125000 -6514000 -6355000 -159000 -0.004 -0.003 -9000 137000 128000 -6386000 -6352000 -34000 2021-01-01 2021-12-31 125000 -1213000 1061000 836000 512000 515000 -187000 -5771000 -1880000 16336000 45000 584000 8000 529000 -14548000 55310000 100000 256000 54954000 34635000 1251000 Everfuel A/S Ø. Høgildvej 4A 7400 Herning 38456695 sayhy@everfuel.com www.everfuel.com 2017-03-02 Jesper Aabenhus Rasmussen 2022-04-27 <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’s review</td></tr><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 and places due respect on the impact its business activities may have on employees, partners, suppliers, investors and the societies in which the Company has operations.</td></tr><tr><td colspan="1">A review of the Company’s strategy, long-term targets, business model, markets, technology and projects can be found in the Annual Report and the Management’s Report. In combination with the abovementioned reports, this section of the Annual Report seeks to meet the Company’s requirements for reporting on corporate social responsibility. The report is focused on the business activities under the operational control of Everfuel.</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 responsible for ensuring that the Company conducts its business with integrity and with due focus on sustainable and responsible operations and that it applies principles for sound corporate governance. The Board holds the highest authority in the Company’s decision-making hierarchy to approve matters of significance.</td></tr><tr><td colspan="1">As a company listed on Euronext Growth Oslo, Everfuel is not subject to a code of practice for corporate governance. As a Danish company, Everfuel is working toward the adoption of the Danish recommendations for good corporate governance issued by the Danish Committee on Corporate Governance (“Komitéen for god Selskabs-ledelse”).</td></tr><tr><td colspan="1">The Company is committed to conducting business in a fair, ethical and transparent manner by adhering to the principles and guidelines stated in the Company’s code of Business Conduct and Ethics. The Company seeks to uphold the highest ethical and responsibility standards.</td></tr><tr><td colspan="1">In 2022 Everfuel will establish an ESG committee. The committee will be responsible for defining sustainability priorities and related KPI’s, reviewing proposed ESG initiatives and support and monitor implementation and inspire the organisation by continuously strengthening the Company’s understanding of ESG factors. Everfuel commits to incorporate ESG considerations into all strategic decision-making.</td></tr><tr><td colspan="1">Contribution to people, planet and prosperity</td></tr><tr><td colspan="1">Everfuel’s vision is a world of fossil free mobility by 2050. Air pollution and global warming are two of the greatest challenges of today. Contributing to solving these issues, Everfuel’s mission is to enable European- wide production, distribution and refuelling of 100% green hydrogen fuel at prices competitive to traditional gasoline and diesel.</td></tr><tr><td colspan="1">Everfuel is active across a value chain which provides safe, accessible and affordable green hydrogen made from renewable wind and solar power. Safe and reliable access to energy is an important enabler for the prosperity of both developed and undeveloped economies.</td></tr><tr><td colspan="1">The interest in hydrogen and green fuels has never been greater than today. Concern for energy shortages, exacerbated by the recent conflict in Ukraine, has highlighted the need for a more independent energy supply in Europe. This is increasingly reflected in national and EU legislation as part of a push to the transition towards a fossil-free future to combat climate change and to diversify energy supply. Everfuel seeks to contribute to these initiatives by offering a CO2-free alternative to fossil fuels which can be produced locally.</td></tr><tr><td colspan="1">Everfuel is committed to ensuring transparency related to its operations and potential positive and negative impacts on people, the environment and for society. The Company has a “zero harm” policy for both people and environment and seeks to minimise unnecessary use of resources. As a responsible and inclusive employer, Everfuel impacts positively on local job creation and development in the countries where the Company has operations.</td></tr><tr><td colspan="1">This is Everfuel’s initial sustainability report and will be a baseline for measuring the Company’s progress in execution of its business and sustainability strategy over time and the commitment to transparency and reporting on relevant environmental, social and governance (ESG) factors. Everfuel is a young company with limited ESG metrics to report on so far. However, future ambitions are high as the Company considers sustainable operations a prerequisite to successfully delivering on its vision and business strategy.</td></tr><tr><td colspan="1">UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS</td></tr><tr><td colspan="1">Everfuel supports and seeks to actively contribute to the UN Sustainable Goals. The 17 global goals are at the heart the UN’s 2030 Agenda for Sustainable Development which was adopted by the United Nations General Assembly in 2015 to provide a shared blueprint for peace and prosperity for people and the planet, now and into the future. Everfuel supports all 17 SDGs, and the Company is currently analysing which SDGs are most material for Everfuel and its stakeholders.</td></tr><tr><td colspan="1">MATERIAL ESG FACTORS</td></tr><tr><td colspan="1">Everfuel listed on Euronext Growth Oslo in October 2020. Current operations are partly within business development, project planning, engineering, as well as research and development. These leave a limited external footprint. The Company is also developing an asset base and activities within production, distribution and dispensing of green hydrogen which enable transition to zero emission mobility. These assets and activities consume land, raw materials and energy during development and operations, and it is Everfuel’s ambition to minimise their external impact.</td></tr><tr><td colspan="1">The Company is in the process of developing its framework for systematically identifying and managing ESG-related risks and opportunities. This includes the mapping of the main stakeholders and the most important areas where the Company may make the biggest negative and positive impacts.</td></tr><tr><td colspan="1">As part of this, the Company has considered the Sustainability Accounting Standards Board (SASB) standards for to disclosure of financially material sustainability information as a starting point for dialogue with shareholders, customers, partners, employees and other relevant stakeholders. The SASB standards identify a subset of 26 ESG issues relevant to financial performance. Everfuel is considered part of the Renewable Resources &amp; Alternative Energy sector, with operations connected to sub-industries covering fuel cells and the development of solar and wind energy.</td></tr><tr><td colspan="1">Supported by the SASB framework and own stakeholder dialogues, Everfuel highlights the following three topics as the most material to the Company</td></tr><tr><td colspan="1">Everfuel seeks to establish and improve plans and procedures to support strategy execution and meet the Company’s ambitions within each of the prioritised focus areas. Each initiative is taken to improve the safety for the employees, contractors and clients, to do as little harm as possible to the environment and to constantly improve the governance framework.</td></tr><tr><td colspan="1">The ESG committee will be responsible for developing a more comprehensive structure for management and monitoring of ESG objectives, and for defining a chain of command and proper policies and guidelines.</td></tr><tr><td colspan="1">A FAIR AND NON-DISCRIMINATING EMPLOYER</td></tr><tr><td colspan="1">Everfuel is continuously seeking to be a fair and non-discriminating employer. The Company’s commitment to promoting a positive work environment reflected in the Code of Ethics and Business Conduct (the “Code”). As an equal opportunity employer, the Company is focused on individual merits and qualifications directly related to professional competence.</td></tr><tr><td colspan="1">Everfuel is committed to creating a supportive work environment and each employee is expected to create a respectful workplace culture that is free of harassment, intimidation, bias, and unlawful discrimination. The Company strictly prohibits discrimination or harassment of any kind based on race, colour, religion, veteran status, national origin, ancestry, pregnancy status, sex, gender identity or expression, age, marital status, mental or physical disability, medical condition, sexual orientation, or any other characteristics protected by law.</td></tr><tr><td colspan="1">Everfuel employees represent 10 nationalities.</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">SUSTAINABILITY GOING FORWARD</td></tr><tr><td colspan="1">Everfuel will keep an open dialogue with key stakeholders to support identification of the most material issues for future reporting. It is a goal to further develop and improve the Company’s ESG reporting by introducing clear key performance indicators and a wider range of performance measures. Led by the ESG Committee, the Company will introduce formal reporting standards including Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information and the GRI-standards.</td></tr><tr><td colspan="1">Green hydrogen is set to play a major role in the energy transition towards a fossil-free world. This will require a radical shift within the mobility sector and almost all other industries which will have to introduce more sustainable ways to operate than today. Everfuel believes that immediate action is required to accelerate the pace of transition to curb climate change and deliver on the UN Sustainable Development Goals. Hydrogen holds a strong value-proposition for industries that cannot readily be electrified. Everfuel therefore works to make hydrogen happen, now!</td></tr><tr><td colspan="1">Financial reporting</td></tr><tr><td colspan="1">Everfuel A/S (the “Company” or the “Group”) has the ambition to make green hydrogen for zero emission mobility commercially available across Europe. The Company is engaging with partners, customers and authorities across the entire value chain, from production to distribution and fuelling, when executing its long-term strategy for value creation as a leading European green hydrogen fuel company.</td></tr><tr><td colspan="1">In 2021, Everfuel progressed several strategic initiatives to establish a European hydrogen (H2) fuelling network, develop hydrogen production and establish industrial partnerships to position hydrogen as a leading zero- emission fuel and enabler for decarbonised transport at scale. These initiatives position the Company as a leading European provider of safe, stable and cost-efficient hydrogen made from renewable solar- and wind energy.</td></tr><tr><td colspan="1">Besides supplying industries with hydrogen, the Company seeks to supply large bus-, truck- and taxi-fleets through all-inclusive H2 supply- and fuelling solutions supported by data-driven optimisation with all fuelling stations connected to the Everfuel App. The app and the Company’s hydrogen distribution trailers and related assets are connected to the proprietary Helios big data system to drive efficiency and competitiveness across the hydrogen value chain.</td></tr><tr><td colspan="1">Towards the end of 2021, a growing fleet of hydrogen taxis in Denmark combined with the opening of a new H2 refuelling site in Copenhagen led to an increase in end-user activity. Hydrogen dispensing was however impacted by new Covid-19 measures late in the fourth quarter, extending into early 2022, which reduced taxi usage.</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">EMPLOYEES</td></tr><tr><td colspan="1">Everfuel is a young and rapidly growing company. This is reflected in a more than tripling of the number of “Everfuellers” during 2021. At year end, the Company had 54 employees, of which 14 were female (25%). This compares with 16 employees, of which four were female (25%) at year-end 2020.</td></tr><tr><td colspan="1">There were no women in the management team and Board of Directors at year-end 2021. Initiatives have been taken to ensure a more equal gender representation during 2022.</td></tr><tr><td colspan="1">Everfuel expects to require additional skilled employees as the Company continues to execute its growth strategy by establishing hydrogen production facilities and fuelling stations. In 2021, the Company experienced great interest among potential candidates and was able to hire people with the right qualifications to complement the organisation. The Company is also satisfied with the turnover-rate of 2% recorded in 2021.</td></tr><tr><td colspan="1">More than 90% of the Everfuellers worked on a full-time contract in 2021.</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">A STRONG GOVERNANCE FRAMEWORK</td></tr><tr><td colspan="1">As a provider of both energy and critical infrastructure, Everfuel places due emphasis on compliance and governance in all operations. The Company seeks to comply with applicable laws, rules, and regulations throughout all business activities.</td></tr><tr><td colspan="1">The Code of Business Conduct and Ethics sets out clear guidelines for business conduct for all employees. The Board, which is responsible for ensuring compliance with the Code, has delegated day-to-day responsibility for managing and interpreting the Code to the Company’s Compliance Officer, the CFO.</td></tr><tr><td colspan="1">In addition to Everfuel’s own controlling bodies and external audit, Everfuel is subject to external supervision by Bureau Veritas for classification in accordance with relevant ISO standards. The Company’s QHSE Management System is ISO 9001-certified.</td></tr><tr><td colspan="1">Everfuel has zero tolerance for bribery and any form of corruption. The Code defines what constitutes bribery and corruption. Sponsorships, donations, charitable contributions etc. are only permitted to promote corporate goals. The Company is committed to being politically neutral. Payments to third parties are only made if they are legal, have a legitimate purpose and proper documentation.</td></tr><tr><td colspan="1">Everfuel seeks to comply with all applicable export controls and customs regulations. The Company is successfully growing by practicing fair competition and will never enter into anti-competitive agreements.</td></tr><tr><td colspan="1">There were no reported cases of bribery and corruption in 2021. For 2022, Everfuel targets to have all executive management and other relevant personnel complete anti-corruption training, and that 100 % of the employees complete training in the Code of Business Conduct and Ethics during the year.</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">Reporting channel</td></tr><tr><td colspan="1">The Company encourages its employees to act proactively by asking questions, seeking guidance, and reporting suspected breaches of the Code and other applicable policies or procedures, as well as any violation or suspected violation of applicable law, rule or regulation during business conduct or on Company property.</td></tr><tr><td colspan="1">Employees may communicate directly with the Compliance Officer or use channels specified in the Code, including a function for anonymous reporting of grievances. The Company expressly forbids any retaliation against any employee who, acting in good faith based on a reasonable belief, reports suspected misconduct. In 2021, zero reports of potential misconduct or grievances were made using the reporting channels.</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">ENVIRONMENTALLY CONSCIOUS OPERATIONS</td></tr><tr><td colspan="1">Everfuel was founded with the purpose of making the world greener through the commercialisation of zero-emission hydrogen made from renewable solar and wind power.</td></tr><tr><td colspan="1">Commitment to minimising missions Everfuel’s activities created limited greenhouse gas emissions in 2021 as the company’s physical operations related to hydrogen production, distribution and dispensing were in the early stages. It is Everfuel’s ambition to establish a relevant framework during 2022 for monitoring, measuring and reporting the Company’s environmental footprint and emissions to air.</td></tr><tr><td colspan="1">Currently, the trucks that carry Everfuel’s hydrogen trailers to distribute green fuel to the refuelling stations, are not fossil-free. The trucks constitute a significant part of Everfuel’s CO2-emissions. Everfuel is an enabler for zero emission transportation and has an ambition to minimise the footprint of own operations. The Company will therefore replace the trucks with fuel- cell vehicles using green hydrogen as soon as they become commercially available. The same transition will be implemented for the company’s service vans used by the operations team to service and maintain the hydrogen refuelling stations.</td></tr><tr><td colspan="1">CLIMATE CHANGE</td></tr><tr><td colspan="1">Everfuel envisions a fossil-free future and contributes actively to combat climate change. This requires the Company to seek to optimise own production distribution and operations and keep a constant focus on how Everfuel’s products and services help clients decarbonise their activities.</td></tr><tr><td colspan="1">Green hydrogen is produced from renewable energy, such as solar and wind, through an electrolyser which splits water into oxygen and hydrogen. It enables efficient utilisation of fluctuating renewable energy supply that would otherwise be curtailed. Green hydrogen is carbon-free and may help balance the power grid in a future with potential overloads.</td></tr><tr><td colspan="1">Everfuel is currently constructing its first electrolyser and PtX plant, the HySynergy facility in Fredericia, with planned start-up of green hydrogen production in late 2022. The plant, and future facilities, will seek to maximise utilisation of the energy that goes into the electrolyser. In Fredericia, this will be done by supplying excess heat into the local district heating system to ensure cross-sector integration.</td></tr><tr><td colspan="1">Green hydrogen has the potential to help decarbonise some of the most polluting industries, where emissions are often hard to abate. The HySynergy plant is located next to a refinery, which consumes large amounts of grey hydrogen made from natural gas. Through a pipeline from the PtX facility to the refinery, green hydrogen will replace parts of the current grey hydrogen consumption 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 to electrify and where emissions are hard to abate. It is a segment where battery electric vehicles face challenges due to the charging speed and/or the weight of the batteries. Fuel-cell vehicles using green hydrogen offers an efficient fossil-free alternative in these segments of the 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">Cyber security</td></tr><tr><td colspan="1">Everfuel develops infrastructure for production, distribution and dispensing of zero emission fuel. Cyber security is an integral part of the Company’s operations and project planning and development processes to ensure a high level of security. This includes the proprietary Helios big data system for optimising the green hydrogen value chain and the Everfuel app used by the end users at the refuelling stations.</td></tr><tr><td colspan="1">The Board is frequently updated on all aspects of cyber security and the related initiatives being implemented. To the Company’s knowledge, there were no breaches within Everfuel systems in 2021, and no breaches or leaks of our customer data.</td></tr><tr><td colspan="1">Everfuel is in dialogue with The Danish Energy Agency to analyse requirements and needs for IT- security within its PtX facilities and the related critical infrastructure in order to prepare for the opening of the HySynergy facility in Fredericia in late 2022.</td></tr><tr><td colspan="1">Everfuel is proactively working towards meeting the Danish BEK820/BEK2647 IT security and preparedness standards for critical systems within the power and natural gas sectors, and to further develop secure internal systems and procedures. All systems and facilities are being prepared to comply with future regulations in this area.</td></tr><tr><td colspan="1">As part of this process, Everfuel, with the support of PwC, conducted a Gap-Analysis based on ISO27001 and BEK820 in the second half of 2021. The analysis showed a sound technical basis for further development of the Company’s infrastructure and provided a roadmap towards compliance with the above-mentioned regulations.</td></tr><tr><td colspan="1">As Everfuel continuously expands its operations, the amount of customer data increases. Everfuel acknowledges the responsibility for handling this data in a secure manner to ensure customers’ right to privacy. The Company has therefore adopted a yearly control system to ensure compliance with GDPR.</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">OPERATIONAL DEVELOPMENTS</td></tr><tr><td colspan="1">Connecting production, distribution and fuelling of green hydrogen is the foundation for safe, stable and cost-efficient supply of zero emission fuel to end-users and the enabler for Everfuel’s long-term strategy for value creation.</td></tr><tr><td colspan="1">In November, the Company demonstrated the first ever entire value chain for locally produced green hydrogen with the start of distribution from the Siemens Gamesa’s pilot project in Brande, close to the Everfuel farm. The hydrogen made from renewable wind power is transported on Everfuel’s hydrogen trailers to the Company’s refuelling stations in Denmark to supply a rapidly growing number of fuel cell vehicles.</td></tr><tr><td colspan="1">Progressing green hydrogen production projects</td></tr><tr><td colspan="1">In August, Everfuel started the construction of the 20 MW green hydrogen production facility next to Crossbridge Energy’s refinery in Fredericia, Denmark. Development has since been on schedule with Everfuel managing the EPC-work. Production of “first hydrogen” is expected late in the second half of 2022.</td></tr><tr><td colspan="1">The Company also made good progress developing the HySynergy Phase II 300MW electrolyser and PtX facility at the same site. The facility represents a significant scale-up in green hydrogen production for use in zero emission mobility and as feedstock to various refining processes. HySynergy Phase II will consist of three 100MW stages. Phase II is one of two projects qualified by The Danish Business Authority to participate in the pan-European Important Project of Common European Interest (IPCEI) state fund application. A potential approval by the European Commission is expected in 2022. Everfuel is also a partner in the Green Fuels for Denmark project which is qualified for the IPCEI process. It is a green hydrogen project led by Ørsted with Everfuel as one of the project partners.</td></tr><tr><td colspan="1">In October, Green Hydrogen Systems, was granted EUR 9 million by European Climate, Infrastructure and Environment Executive Agency (CINEA) for developing a 6MW test module for 100MW pressurised alkaline electrolysers for hydrogen production based on renewable electricity. Everfuel is a project partner and will distribute hydrogen produced at the facility.</td></tr><tr><td colspan="1">During the year, Everfuel engaged with various potential industrial partners related to hydrogen production and supply. These includes a cooperation with Greenstat AS for developing hydrogen supply for zero-emission mobility by rail, road and sea in Norway. Everfuel is also actively exploring other avenues to develop industry partnerships in Europe, which potentially can act as distribution centres for Everfuel.</td></tr><tr><td colspan="1">Building a strong Scandinavian platform</td></tr><tr><td colspan="1">In 2021, Everfuel launched its plan for a network of 40 to 50 strategically positioned fuelling stations in Scandinavia, to cover Norway south of Trondheim, Sweden south of Stockholm and Denmark. The ambition is to establish H2 stations to connect the main cities and transport corridors by the end of 2023, depending on availability of vehicles and customer commitment. The potential sites form the basis for close dialogue with transport customers, vehicle OEMs and authorities to optimise final location selection, commercial agreements and public financial support. Developing the network will require substantial investments, partnerships with end users and vehicle providers, and public financial backing.</td></tr><tr><td colspan="1">The taxi sector is an early mover and an increasing number of vehicles in Copenhagen and Aarhus in Denmark are using green hydrogen from Everfuel stations. In early 2022, Everfuel, DRIVR and Toyota signed a five-year collaboration agreement aimed at expanding the market for fuel cell taxis with a joint ambition of having 500 Toyota Mirais operating in Copenhagen by the end of 2025, and more than 200 by the end of 2022. This compares to approximately 100 H2 fuelled Mirais in operation at year-end 2021.</td></tr><tr><td colspan="1">Everfuel already supplies green hydrogen to the DRIVR taxi fleet and will be the exclusive provider throughout the five-year contract. Everfuel plans to establish further H2 stations in the Greater Copenhagen area to meet increased demand from the new Mirai taxis and other vehicle segments.</td></tr><tr><td colspan="1">In Denmark, Everfuel continued to develop its fuelling network comprising of the H2Stations at Esbjerg, Kolding, Copenhagen, Aarhus and Korsør and the high-capacity H2Stations at Prags Boulevard in Copenhagen which opened in November. The stations dispense hydrogen from various sources including the Brande electrolyser. In 2022 they will also start to dispense locally produced hydrogen from the H2RES electrolyser at the Avedøre Holme windfarm in Copenhagen.</td></tr><tr><td colspan="1">In July, Everfuel started operating its first hydrogen fuelling station in Norway, at Hvam, northeast of Oslo. Handover of the second station at Åsane, near Bergen, is expected in 2022, depending on the seller’s ability to deliver a station with all relevant approvals. Development of the refuelling station at Alna in Oslo is progressing with an ambition to open for hydrogen dispensing in 2022.</td></tr><tr><td colspan="1">The company continued its ongoing collaboration with Cabonline and Toyota on hydrogen taxis in Oslo and its cooperation with various partners such as ASKO AS and TECO 2030 for developing a green hydrogen market to decarbonise road and marine transport.</td></tr><tr><td colspan="1">In Sweden, Everfuel plans to develop its H2 station network with own Everfuel sites, and stations in the partly EU-funded Nordic Hydrogen Corridor initiative. Planning and site selections are ongoing in close cooperation with professional transport sector customers, central and local authorities, and public funding programmes. The first Everfuel refuelling station in Sweden is expected to be operational in late 2022 at Trelleborg in southern Sweden as part of the Nordic Hydrogen Corridor programme.</td></tr><tr><td colspan="1">In July, Everfuel and OKQ8 agreed to jointly develop of the green hydrogen market by establishing a network of H2 stations in connection with existing and new OKQ8 service stations. Focus during the year has been on site selection. Everfuel will be responsible for operating the H2 stations at each site and supply the green hydrogen. The parties share the ambition to have 10 joint sites in operation by 2024.</td></tr><tr><td colspan="1">In early 2022, Everfuel was awarded two grants totalling SEK 45 million by the Swedish Environmental Protection Agency as partial financing for two hydrogen refuelling stations in the Värmland region.</td></tr><tr><td colspan="1">Currently, Everfuel operates eight hydrogen stations and has secured additional six locations. The Company has secured funding for eight station sites in Scandinavia through the Nordic Hydrogen Corridor project, with geographical areas identified, but exact location pending for five of them. This includes the collaborations with OKQ8 and with Trelleborg Municipality and Trelleborg Energy AB in Sweden.</td></tr><tr><td colspan="1">Developing a European position</td></tr><tr><td colspan="1">On 11 March 2022, Everfuel opened its heavy-duty hydrogen refuelling station at Heinenoord, the Netherlands, dispensing hydrogen to an initial fleet of 20 hydrogen buses. The station has the capacity to accommodate over 50 fuel cell buses in a redundant set-up and can be scaled up to also fuel trucks in the future. This was a major step for the energy transition in the province of Zuid-Holland and for Everfuel which will be supplying the station with green hydrogen produced at sites in the Netherlands, Germany and Denmark for a minimum of 12 years.</td></tr><tr><td colspan="1">In December 2021, the Company was awarded its first contract in Germany by the municipal transport company In-der-City-Bus GmbH (ICB) in the Frankfurt area for the planning, construction and commissioning of a hydrogen refuelling station. The contract, signed in February 2022, also includes maintenance and servicing. Everfuel was awarded the contract for the supply of hydrogen for a minimum of three years. The planned hydrogen refuelling station has the capacity to refuel at least 22 fuel cell buses per day. It is designed to be fully redundant and modular so that the station can easily be expanded to refuel a larger number of hydrogen buses.</td></tr><tr><td colspan="1">In January 2022, Everfuel was awarded a second contract in Germany for a refuelling station and services in North Rhine-Westphalia for heavy-duty vehicles under a 10-year contract. Everfuel expects to start dispensing hydrogen at the site in 2023. The contract awaits final signatures.</td></tr><tr><td colspan="1">Distribution capacity</td></tr><tr><td colspan="1">At the end of the 2021, Everfuel had six purpose-built hydrogen distribution trailers in operation, and an additional two units were delivered in the first quarter of 2022. The trailers are made to Everfuel specifications under a frame agreement with Hexagon Purus and are connected to the proprietary Helios big data system to drive efficiency and competitiveness across the hydrogen value chain. Everfuel expects to order additional distribution trailers as the fuelling network and end-user demand grows.</td></tr><tr><td colspan="1">Positioned for growth Everfuel is developing a continuously growing pipeline of potential end-user contracts for supply of green hydrogen. The order backlog was at approximately EUR 35 million at year- end 2021. In addition, Everfuel has secured strong commitments from potential customers who intend to refuel from Everfuel stations as they are built, including the taxi sector.</td></tr><tr><td colspan="1">Everfuel is working to secure multiple customers with strong commitments to reduce the financial risk of building new H2Stations. The cash position at the end of December 2021 was EUR 59.3 million, an increase from EUR 23.4 million at the end of December 2020, reflecting the private placement of new shares raising EUR 58.5 million of gross proceeds in January 2021 and investments during the year in developing green hydrogen production, distribution and fuelling, and the organisational build-up.</td></tr><tr><td colspan="1">Industrial-scale green hydrogen production, distribution and fuelling networks are required for the Scandinavian countries and the EU to meet stated climate targets. Everfuel’s activities support these targets, and the abovementioned strategic initiatives are part of the “Ramp-up phase” of Everfuel’s plan to invest EUR 1.5 billion in developing the green hydrogen value chain in Europe and reach EUR 1 billion annual revenue before 2030.</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">OUTLOOK</td></tr><tr><td colspan="1">In March 2022, the European Commission introduced the REPowerEU initiative to ensure access to affordable, secure and sustainable energy and reduce the EU’s dependence on Russian gas. Accelerated development of hydrogen infrastructure and increased clean hydrogen production and imports are key elements of the initiative. Together, with last year’s 26th UN Climate Change Conference of the Parties (COP26) in Glasgow, it highlights the need for transition to renewable technologies to make energy supply more sustainable and to reduce climate gas emissions to meet the goals of the Paris Agreement.</td></tr><tr><td colspan="1">Turning ambitions into real action decarbonising global energy and transport systems are vital to creating a sustainable society for the future. Green hydrogen will be a driving factor for energy transition through its multiple applications both as a direct use as zero-emission fuel and industrial additive, and as an enabler of PtX technologies across industries.</td></tr><tr><td colspan="1">Everfuel continues to execute its strategy of making green hydrogen for zero-emission mobility commercially available across Europe by offering competitive all-inclusive hydrogen supply- and fuelling solutions. The company maintains a high level of activity related to several business development projects supported by an efficient and expanding organisation.</td></tr><tr><td colspan="1">The financial results for 2021 reflect that the company is still in the initial stages of commercialising the green hydrogen value chain in its target markets. The combination of increased supply of hydrogen from renewable energy, delivery of Everfuel distribution trailers and growth in number of fuelling stations represent the development of the green hydrogen value chain and is expected drive growth in revenue and gross margin in coming years.</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">Corporate Social Responsibility</td></tr><tr><td colspan="1">With safety as first priority, Everfuel seeks to be a good corporate citizen in everything that it does. In 2021, the company has employed a QHSE manager who will continue the development of the company platform for quality assurance, ensuring health and safety in all operations and managing the environmental impacts. The works includes overseeing that adopted standards and procedures are adhered to.</td></tr><tr><td colspan="1">Everfuel believes that diversity among employees and management, including an even distribution of age, nationality and educational background, contributes positively to the work environment and strengthens the company’s competitiveness and performance. As at 31 December 2021, Everfuel had 54 employees, up from 16 at year-end 2020. The organisation is made up of 75% (75%) male employees and 25% (25%) female. Everfuel employees represent 10 nationalities with the age distribution ranging from 24 to 67 years, with the average being 39 years. See the “Commitment to Sustainability” included in the Annual Report for more information on the organisation.</td></tr><tr><td colspan="1">Everfuel has maintained a proactive approach to minimise risk of business interruption caused by the Covid-19 pandemic in 2021 and is adhering to local public health advisories to safeguard people and operations. This included extensive use of home offices and travel restrictions. The pandemic has not had a material impact on business operations in 2021.</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">FINANCIAL REVIEW</td></tr><tr><td colspan="1">Profit and loss</td></tr><tr><td colspan="1">Total Everfuel Group income for 2021 was EUR 0.8 million compared to EUR 1.1 million in 2020. Revenue reflected increased sale of hydrogen and reduction in other operating revenue such as public project funding. Operating expenses were EUR 7.6 million (EUR 2.2 million), with salary and personnel costs, other external expenses such as administration costs as the two main components, reflecting a growing organisation with a higher activity level than in the previous year. EBITDA was negative EUR 6.8 million for the full year (EUR -1.2 million). Depreciation and amortisation also increased year-over-year leading to an EBIT for 2021 of negative EUR 7.9 million (EUR -2.2 million).</td></tr><tr><td colspan="1">Net financial income was EUR 1.2 million in 2021 (EUR 0.6 million) reflecting net exchange gains on foreign currency. Loss before tax amounted to EUR 6.6 million (loss EUR 0.6 million) and the Group net loss for the year was EUR 6.5 million (loss EUR 0.5 million).</td></tr><tr><td colspan="1">The financial results for 2021 reflect the Group being in the initial stages of commercialising the green hydrogen value chain in its target markets.</td></tr><tr><td colspan="1">Balance sheet</td></tr><tr><td colspan="1">Total Group assets at 31 December 2021 were EUR 83.8 million, compared with EUR 27.1 million at the end of 2020. The cash position was EUR 59.3 million (EUR 23.4 million). Total equity amounted to EUR 77.2 million (EUR 25.8 million). Changes from year-end 2020 predominantly reflected net proceeds of EUR 57.4 million from the private placement in January 2021, and investments made through the year.</td></tr><tr><td colspan="1">Cash flow</td></tr><tr><td colspan="1">Net cash used by operating activities was EUR 5.8 million in 2021 (EUR 0.4 million). Cash used by investing activities was EUR 14.5 million (EUR 2.3 million), mainly related to purchase of property, plant and equipment, including investment in the HySynergy Phase 1 electrolyser. Cash from financing activities was EUR 55.0 (EUR 25.3 million), reflecting net proceeds from the private placement 21 January 2021 of 4,800,000 new shares at a price of NOK 125 per share, raising a net EUR 55.3 million to the Company.</td></tr><tr><td colspan="1">Liquidity and financing</td></tr><tr><td colspan="1">As at 31 December 2021, the Group had working capital of EUR 58.3 million and non-current liabilities of EUR 0.9 million. Everfuel has financed operations principally through the offering of common shares. While there is no assurance that the company will generate sufficient revenue or operating profits in the future, Everfuel’s management considers that the company’s capital resources are sufficient to fund operating activities in the foreseeable future, based on financial forecasts.</td></tr><tr><td colspan="1">Long term, Everfuel plans to invest approximately EUR 300 million of equity as part of a EUR 1.5 billion capex plan before 2030. To the extent necessary to fund expansion or other liquidity needs, management will consider offerings of debt, equity, or a combination thereof, depending on the cost of capital and the status of financial markets at that time.</td></tr><tr><td colspan="1">Parent Company results</td></tr><tr><td colspan="1">The parent company Everfuel A/S had a 2021 net loss of EUR 6.4 million (loss EUR 0.5 million). At 31 December 2021, the parent company’s total assets amounted to EUR 77.4 million compared to EUR 26.8 million as at 31 December 2020. Equity was EUR 75.1 million (EUR 25.8 million), corresponding to an equity ratio of 97% (96%).</td></tr><tr><td colspan="1">RISK MANAGEMENT</td></tr><tr><td colspan="1">Everfuel’s potential to realise its strategic and operational objectives is subject to several commercial and financial risks. Everfuel is continuously seeking to identify risks that can negatively impact the Group’s future growth, activities, financial position and results and emphasises continuous risk monitoring and management as part of business activities.</td></tr><tr><td colspan="1">The overall goal of risk management is to ensure that the Group operates with a sustainable level of risk which matches activity levels, the nature of the business, and long-term financial expectations. To the extent possible, Everfuel seeks to manage and limit risk factors which the Group can affect through its own actions. Below, some of the risk factors management considers as being of special importance to Everfuel, are described in no specific order. Please see the Admission Document dated 26 October 2020 available at www.everfuel.com for a detailed review of risk factors.</td></tr><tr><td colspan="1">Everfuel seeks to mitigate significant risk areas with commercially available insurance products. While the insurance coverage is deemed as satisfactory in light of current operations, no guarantee can be given that insurance may cover any potential claim or that it will be sufficient in light of any expansion of activities.</td></tr><tr><td colspan="1">Covid-19</td></tr><tr><td colspan="1">The pandemic has to date had limited effect on business activities, but management cannot predict the extent of potential future operational and financial implications that may arise due to Covid-19. Everfuel adheres to local and national public health regulations and recommendations to minimise the spread of the corona virus with extensive use of home offices and limitations on travel.</td></tr><tr><td colspan="1">Geopolitical risks</td></tr><tr><td colspan="1">The Russian invasion of Ukraine on 24 February 2022 and subsequent escalation of the armed conflict and humanitarian crisis in Europe have created uncertainties regarding global political and economic stability. New sanctions have been imposed on the Russian government, banks, businesses and certain nationals, which have impacted global politics and markets. In the short term, the war has led to significant business disruptions for some businesses and higher volatility in debt, equity and commodity markets. It has exacerbated already existing inflationary pressures and concerns about supplies of key input factors to industrial and economic activity.</td></tr><tr><td colspan="1">The situation may also strengthen political support for the energy transition in Europe and accelerate the growth of the green hydrogen market as part of a wider strategy of diversifying energy supply. It is too early to conclude if or how the conflict ultimately may impact Everfuel’s operations and financial development. Everfuel does not have any activities in the Ukraine or Russia.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">Everfuel is in the early stages of its development and will likely require raising of additional capital to finance its operation through potential equity issues, debt financing, collaborative arrangements, strategic alliances or from other sources in order to successfully execute strategies with respect to expansion and commercialisation of its hydrogen business.</td></tr><tr><td colspan="1">Everfuel has activities in countries with other currencies than EUR, the Group’s presentation currency and is exposed to changes in foreign currency rates. Management is aware of the exposure and is taking the necessary precautions to minimise the risks. In 2021 activities in other currencies than EUR have mainly been in DKK and NOK. The Group is also exposed to interest rate changes, primarily in relation to pensions, leases and bank deposits, which may affect results from operations, cash flow and capital returns.</td></tr><tr><td colspan="1">Everfuel may be subject to financial impact from any failure of a counterparty to fulfil its contractual obligations. The Group’s customer credit risk is managed subject to an established policy, procedures and control for customer credit risk management and outstanding customer receivables are regularly monitored.</td></tr><tr><td colspan="1">Operational and technology risks</td></tr><tr><td colspan="1">Everfuel operates competitive markets with existing and potential new market participants providing substitutional products and services for hydrogen production, distribution and fuelling. Technology development is rapid within the industry and aspects of the technology is still maturing. Everfuel is aware of the potential risk involved in being first mover in the market, and technological uncertainty may affect future competitive positioning.</td></tr><tr><td colspan="1">The Group is exposed to fluctuations in renewable power prices. Higher power prices may reduce the competitiveness of hydrogen and negatively affect demand and results of operations and cash flow. The Group is also subject to risks related to investments in and development of production facilities, hydrogen stations and distribution systems which may have a material adverse effect on operational and financial performance.</td></tr><tr><td colspan="1">The markets for hydrogen fuelling products, services and fuel cell vehicles are in an early stage and may not fully materialise or may develop more slowly than the group anticipates due to several factors, many of which are outside Everfuel’s control. Everfuels expansion of fuelling stations depends on availability of fuel cell vehicles. The products and services offered must meet established requirements with regards to maintenance, safe operations and hydrogen quality.</td></tr><tr><td colspan="1">Everfuel’s growth strategy requires a build-up of the group organisation to ensure access to competent managerial, technical, financial and other resources, and retaining such resources over time. The Group participates in significant commercial projects, such as constructing large-scale electrolysers and trailer filling facilities. Such projects are subject to risks of delay and cost overruns inherent in any large projects. Everfuel also relies on a limited number of third-party suppliers for key components, and external subcontractors and suppliers of components, services and goods.</td></tr><tr><td colspan="1">During 2020, the group announced acquisitions of operating companies and assets in Demark and Norway to support growth. These acquisitions entail certain operational and company-specific risks including longer or more costly integration processes than anticipated.</td></tr><tr><td colspan="1">Intellectual property</td></tr><tr><td colspan="1">Everfuel seeks to protect important proprietary information and have taken steps to protect proprietary information to prevent misappropriation of its products and services. Inability to adequately protect proprietary rights may negatively impact the group’s competitive position and growth potential.</td></tr><tr><td colspan="1">Legal and regulatory risk</td></tr><tr><td colspan="1">Everfuel operates internationally and is subject to various inherent risks, including regulatory limitations that may affect the provision of the Group’s products and/or services, unexpected changes in regulatory requirements, tariffs, customs and other trade barriers, difficulties in staffing and managing foreign operations and technology export and/or import restrictions or prohibitions.</td></tr><tr><td colspan="1">Execution of the long-term strategy is depended on the ability to access government subsidies. Political developments may affect the level and timing of subsidies for the hydrogen fuelling sector, potentially having a material adverse effect on the Group’s business, financial condition, results of operations and cash flows. Operations are subject to environmental requirements and other laws and regulations, including the use, composition, handling, distribution and transportation of hazardous materials. The Group’s production, distribution, operation and services depend on obtaining various governmental permits, such as licenses, certifications, other kinds of approvals, including certifications to maintain and service equipment. The dependency on such permits represents an inherent risk to business operations.</td></tr><tr><td colspan="1">Corporate governance</td></tr><tr><td colspan="1">As a company admitted to trading on Euronext Growth in Oslo, Everfuel is not formally subject to the Danish Committee on Corporate Governance recommendations for good company governance. However, the Company has established and is developing practices aligned with relevant recommendations for good corporate governance to ensure the Company is able to effectively manage its obligations to shareholders, customers, employees, authorities and other stakeholders.</td></tr><tr><td colspan="1">Dialogue between the Company and its shareholders The communication between Everfuel and shareholders primarily takes place at the Company’s Annual General Meeting (AGM) and via company announcements. Shareholders are encouraged to subscribe to the email service to receive company announcements, interim and annual management statements and reports, as well as other news via e-mail.</td></tr><tr><td colspan="1">The General Meeting</td></tr><tr><td colspan="1">The General Meeting (GM) has the highest authority over the Company. The Board of Directors ensures that shareholders are given detailed information and an adequate basis for decisions where votes are to be taken by the GM. The GM elects the Board of Directors, which currently consists of three members.</td></tr><tr><td colspan="1">Amendment of Articles of Association</td></tr><tr><td colspan="1">Unless otherwise required by the Danish Companies Act, resolutions to amend the Articles of Association must be approved by at least 2/3 of the votes cast as well as at least 2/3 of the voting share capital represented at the GM.</td></tr><tr><td colspan="1">Board responsibilities</td></tr><tr><td colspan="1">The Board of Directors’ main tasks include participating in, developing and adopting the Company’s strategy, performing the relevant control functions and serving as an advisory body for the executive management. The Board of Directors reviews and adopts the Company’s plans and budgets and considers items of major strategic or financial importance. The Board of Directors is responsible for hiring the CEO and defining his or her work instructions as well as determining of his or her compensation. The Board of Directors periodically reviews Company policies and procedures to ensure that the Company is managed in accordance with applicable law, observing good corporate governance principles and upholding high ethics.</td></tr><tr><td colspan="1">Financial reporting</td></tr><tr><td colspan="1">The Board of Directors receives regular financial reports on the Company’s business and financial status. Notification of meetings and discussion of items The Board of Directors schedules regular meetings each year. Ordinarily, the Board of Directors meets 6 times a year as a standard. The meetings are typically conducted at either the Everfuel farm in Herning, Denmark, or via video conference. Additional meetings may be convened on an ad hoc basis. In 2021 the Board of Directors met 8 times.</td></tr><tr><td colspan="1">BoD meetings held: 8</td></tr><tr><td colspan="1">Participation</td></tr><tr><td colspan="1">Mogens Filtenborg (Chairman) 100 %</td></tr><tr><td colspan="1">Jørn Roselund 100 %</td></tr><tr><td colspan="1">Martin Skov Hansen 100 %</td></tr><tr><td colspan="1">All Board members receive regular information about the Company’s operational and financial progress in advance of the scheduled Board meetings. The Board members also regularly receive operations reports and participate in strategy reviews. The Company’s business plan, strategy and risk management are regularly reviewed and evaluated by the Board of Directors. The Board members are free to consult the Company’s senior executives as needed. The Board of Directors approves decisions of particular importance to the Company including the strategies and strategic plans, the approval of significant investments, and the approval of business acquisitions and disposals.</td></tr><tr><td colspan="1">Conflicts of interest</td></tr><tr><td colspan="1">In a situation involving a member of the Board of Directors personally, this member will exclude him or herself from the discussions and voting on the issue.</td></tr><tr><td colspan="1">Use of Committees</td></tr><tr><td colspan="1">The Everfuel Board has not appointed any Board Committees but will consider future implementation hereof as the Company develops and grows.</td></tr><tr><td colspan="1">The Board’s self-evaluation</td></tr><tr><td colspan="1">The Board of Director’s composition, competencies, working methods and interaction are discussed within the Board on a recurring basis and evaluated formally on an annual basis. The Board composition is considered satisfactory in terms of professional experience and relevant special competencies required to perform the tasks within the Board of Directors.</td></tr><tr><td colspan="1">All of the Board of Directors’ members are independent, and none of the Board members participate in the day-to-day operation of the Company.</td></tr><tr><td colspan="1">Risk management</td></tr><tr><td colspan="1">Please refer to the Risk Management section of the Management Report as well as Note 18 of the consolidated financial statements. As part of risk management, Everfuel has a reporting channel for expedient and confidential notification of possible or suspected misconduct.</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">Subsequent events</td></tr><tr><td colspan="1">On 11 March 2022, Everfuel’s heavy-duty hydrogen station in Heinenoord in South Holland was declared open and started supplying a fleet of 20 fuel cell buses with green hydrogen.</td></tr><tr><td colspan="1">On 7 February, the Danish transmission system operator (TSO), Energinet announced its positive assessment of Everfuel’s request for a 350MW power connection for Phase II of the HySynergy PtX plant. The next step towards an approval from Energinet is establishing a pre-construction agreement which will also start the materialisation of the grid connection. Being able to connect the 350 MW power connection to a nearby 150kV transformer station is key step in realising Phase II of the PtX plant.</td></tr><tr><td colspan="1">On 27 January, Everfuel was awarded two grants totalling approximately SEK 45 million by the Swedish Environmental Protection Agency under The Climate Leap (Klimatklivet) investment programme as partial financing for two hydrogen refuelling stations in the Värmland region.</td></tr><tr><td colspan="1">On 27 January, Everfuel was informed about the planned award of a contract by a German public organisation in North Rhine -Westphalia for the provision of a hydrogen refuelling station for heavy-duty vehicles.</td></tr><tr><td colspan="1">On 6 January, Everfuel, DRIVR and Toyota announced a five-year collaboration agreement to expand the market for fuel- cell taxis with the joint ambition of having 500 Toyota Mirais driving in Copenhagen by the end of 2025, and more than 200 by the end of 2022. Everfuel will deliver the green hydrogen to the vehiclese vehicles.</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">MANAGEMENT STATEMENT</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 Board of Directors and the Executive Management Board have today considered and adopted the Annual Report of the Everfuel Group and the Parent Company for the financial year 1 January – 31 December 2021.</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 has been prepared in accordance with International Financial Reporting Standards as adopted by the EU (IFRS) and further requirements in the Danish Financial Statements Act.</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, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Group and the Parent Company and of the results of the Group and Parent Company operations and cash flows for the financial year 1 January – 31 December 2021.</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, the Management’s Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent</td></tr><tr><td colspan="1">Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the 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 GeneralMeeting.</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 Company Financial Statements (pages 45-92) give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2021 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2021 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Everfuel A/S for the financial year 1 January - 31 December 2021, which comprise income statement and statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies, for both the Group and the Parent 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 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 Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for</td></tr><tr><td colspan="1">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.</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></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">Management is responsible for Management’s Review (pages 6-44). Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, 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 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 Statements and Parent Company Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the 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 financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic 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 financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment 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 statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the 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 financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the 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 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.</td></tr></table> Herning 2022-04-06 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense SØ 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 36 69000 979000 97000 951000 825000 1011000 225000 -1110000 51000 0 -1161000 591000 17000 -587000 -76000 -511000 -511000 0 -0.008 -0.008 2000 -3000 -1000 -512000 -512000 0 76000 -574000 51000 626000 32000 17000 -70000 -399000 795000 1341000 10000 187000 0 0 -2333000 25356000 28000 0 25328000 22596000 0 19054000 733000 0 51000 19838000 164000 4216000 0 278000 59296000 63954000 83792000 104000 2000 74965000 2171000 77242000 529000 0 379000 908000 5361000 175000 106000 5642000 6550000 83792000 2693000 186000 62000 10000 2951000 172000 522000 0 13000 23410000 24117000 27068000 98000 -1000 25663000 0 25760000 406000 0 0 406000 853000 49000 0 902000 1308000 27068000 23410000 814000 75000 886000 155000 806000 2828000 3383000 0 -5405000 369000 -5774000 -2033000 1820000 493000 -6480000 -125000 -6355000 -9000 12000 3000 -6352000 125000 -1328000 368000 -2033000 1013000 -24530000 174000 493000 -186000 -29057000 28000 7729000 4373000 41000 584000 1591000 529000 -10635000 55310000 97000 55213000 15521000 1001000 69000 979000 97000 951000 814000 1004000 225000 -1092000 51000 -1143000 -18000 592000 18000 -587000 -76000 -511000 2000 -3000 -1000 -512000 76000 -574000 51000 -18000 627000 7000 0 18000 -70000 -406000 59000 1420000 720000 10000 187000 0 0 -2396000 25356000 28000 25328000 22526000 0 5818000 3927000 733000 0 51000 10529000 70000 25934000 940000 0 44000 39848000 66836000 77365000 104000 74967000 75071000 491000 0 379000 870000 1147000 171000 106000 1424000 2294000 77365000 105000 1172000 186000 62000 10000 1535000 166000 1353000 378000 0 13000 23326000 25236000 26771000 98000 25662000 25760000 406000 0 0 406000 556000 49000 0 605000 1011000 26771000 23326000 800000 Jacob Krogsgaard CEO Mogens Filtenborg chairman Martin Skov Hansen BoD member Jørn Rosenlund BoD member PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Poul Spencer Poulsen State Authorised Public Accountant mne23324 Kim Vorret State Authorised Public Accountant mne33256 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab