10020751 2025-01-01 2025-12-31 10020751 2025-01-01 2025-12-31 0 10020751 2025-01-01 2025-12-31 1 10020751 2025-01-01 2025-12-31 0 10020751 2024-01-01 2024-12-31 10020751 2025-12-31 10020751 2024-12-31 iso4217:EUR xbrli:pure 2025-01-01 Regnskabsklasse B Annual report 21625744 CSC (Danmark) ApS Sundkrogsgade 21 2100 København Ø xWizard version 1.1.1546.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Basis for Qualified Opinion Qualified Opinion Independent Auditor’s Report 10020751 2026-07-23 Michalakis Michael Statement by management on the annual report   The executive board has today discussed and approved the annual report of Inter Energia Holding ApS   for the financial year 1 January - 31 December 2025.The annual report is prepared in accordance with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the company's financial position at   31 December 2025 and of the results of the company's operations for the financial year 1 January - 31   December 2025.   In our opinion, management's review includes a fair review of the matters dealt with in the manage-   ment's review.   2025-12-31 Management recommends that the annual report should be approved by the company in general mee-   ting.   Copenhagen, 2026-07-23 Andis Endzins Anders Anton Maier Independent auditor's report To the shareholder of Inter Energia Holding ApS Qualified Opinion   We have audited the financial statements of Inter Energia Holding ApS for the financial year 1 January -   31 December 2025, which comprise a summary of significant accounting policies, income statement,   balance sheet, statement of changes in equity and notes. The financial statements are prepared under   the Danish Financial Statements Act.   In our opinion, except for the potential effects of the matter(s) described in the “Basis for Qualified Opi-   nion” paragraph, the financial statements give a true and fair view of the company's financial position at   31 December 2025 and of the results of the company's operations for the financial year 1 January - 31   December 2025 in accordance with the Danish Financial Statements Act.   Basis for Qualified Opinion   The company's investment in a foreign associate accounted for using the equity method is recognised at   EUR 15.824.741 in the balance sheet at 31 December 2025, and the company's share of the foreign as-   sociate's profit of EUR 19.816 is included in profit for the financial year 2025.   We were unable to obtain sufficient and appropriate audit evidence about the carrying amount of the   investment in the foreign associate 31 December 2025 and the company's share of the foreign associa-   te's profit for the year, because we have not had access to the associate's financial information or audi-   tors. Consequently, we were unable to determine whether these amounts need to be adjusted.   We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additio-   nal 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 company in accordance with the International Ethics Stan-   dards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additio-   nal requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in ac-   cordance with these requirements and IESBA Code. We believe that the audit evidence we have obtai-   ned is sufficient and appropriate to provide a basis for our qualified opinion.   Management's responsibilities for the financial statements   Management is responsible for the preparation of financial statements, that give a true and fair view in   accordance with the Danish Financial Statements Act and for such internal control as management de-   termines is necessary to enable the preparation of the financial statements that are free from material   misstatement, whether due to fraud or error.   In preparing the financial statements, management is responsible for assessing the 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 company or to cease operations, or has no realistic alternative but to do so.   Auditor's responsibilities for the audit of the financial statements   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 influ-   ence the economic decisions of users taken on the basis of these financial statements.   As part of an audit conducted in accordance with ISAs and the additional requirements applicable in   Denmark, we exercise professional judgement and maintain professional scepticism throughout the au-   dit. We also:    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 evi-   dence 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 con-   trol.    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 company's internal control.    Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-  mates and related disclosures made by management.    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 company's   ability to continue as a going concern. If we conclude that a material uncertainty exists, we are requi-   red 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 company to cease to continue as a going concern.    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.    Plan and perform the audit of the Financial Statements to obtain sufficient appropriate audit eviden-  ce regarding the consolidated financial information of the entities or business units as a basis for for-   ming an opinion on the Financial Statements. We are responsible for the direction, supervision and   review of the audit work performed. We remain solely responsible for our audit opinion.   We communicate with those charged with governance regarding, among other matters, the planned   scope and timing of the audit and significant audit findings, including any significant deficiencies in inter-   nal control that we identify during our audit.   Statement on management's review   Management is responsible for management's review.   Our opinion on the financial statements does not cover management's review, and we do not express   any form of assurance conclusion thereon.   In connection with our audit of the financial statements, our responsibility is to read management's re-   view and, in doing so, consider whether management's review is materially inconsistent with the finan-   cial statements or our knowledge obtained during the audit, or otherwise appears to be materially mis-   stated.   Moreover, it is our responsibility to consider whether management's review provides the information   required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that management's review is in accordance with   the financial statements and has been prepared in accordance with the requirements of the Danish Fi-   nancial Statements Act. We did not identify any material misstatement of management's review.   Hørsholm, 2026-07-23 Verum Cura Godkendt Revisionsanpartsselskab 43340646 Anders Ilsøe Registered Accountant mne33775 Inter Energia Holding ApS Sundkrogsgade 21 DK-2100 Copenhagen 10020751 Copenhagen Andis Endzins Anders Anton Maier Verum Cura Godkendt Revisionsanpartsselskab 43340646 Management's review Business review   The principal activity of the company is acting as a holding company.   Unusual matters   Due to international sanctions in Ukraine/Russia, the Latvian Bank Signet Bank has temporarily blocked   the account of the associated company, even though this is not legally mandated. This creates issues for   the associated company in that is impacts its day-to-day running, and potentially indirectly impacts the   Company. The Company does not agree with the bank’s approach, and is making representations to the   bank to change its approach.   However, this matter is not considered to have an impact on the company's financial position, and it is   the management's assessment that the equity investments recognized is fair.   Financial review   The company's income statement for the year ended 31 December 2025 shows a loss of EUR 7.887, and   the balance sheet at 31 December 2025 shows equity of EUR 15.942.705.   The result of the year is unsatisfactory.   The company owns a long-term participation in a Latvian company, being active in the gas energy   sector. The Latvian company had a pofit for the year.   The company has a large equity base and limited liabilities. The management has decided not to distri-   bute a dividend in connection with the accounts.   The company’s equity investment is involved in the energy business in Latvia. Given the current geopoli-   tical situation there is significant uncertainty and risk in this area.   Significant events occurring after the end of the financial year   No events have occurred after the balance sheet date which could significantly affect the company's fi-   nancial position.   -23510 -78154 19816 0 2854 639026 3518 147 -6548 564243 1339 0 -7887 564243 0 19816 -27703 1300000 639026 -1374783 15824741 15804926 15824741 15804926 15824741 15804926 35 35 35 35 287889 287924 295629 295664 16112665 16100590 17495 17495 8871720 7053490 8851904 7081193 15942705 15950592 68609 100000 1351 49998 100000 0 169960 149998 169960 149998 16112665 16100590 Statement of changes in equity   Reserve for net   revaluation un-   der the equity Retained ear-  Share capital   method   nings   Total   Equity at the beginning   17.495   8.851.904   7.081.193   15.950.592   Net profit/loss for the year   0 19.816   -27.703   -7.887   Equity at the end   17.495   8.871.720   7.053.490   15.942.705   Notes   2025   2024   1 Staff expenses   Number of fulltime employees on average   0 3 0 3 2025   2024   EUR   EUR   2 Financial income   Interest income from group entities   0 3.518   0 3.518   3 Investments in associates   Cost at the beginning   6.138.971   6.138.972   Cost at the end   6.138.971   6.138.972   Revaluations at the beginning   9.665.954   9.026.929   Net profit/loss for the year   652.332   -80.142   Revaluation and impairment losses for the year   -632.516   719.167   Revaluations at the end   9.685.770   9.665.954   Carrying amount at the end   15.824.741   15.804.926   Investments in associates are specified as follows:   Ownership inter-   Name   Registered office   est   ITERA Latvija SIA   Riga   34%   Notes   4 Other anomalies in the annual report   The company’s equity investment is involved in the energy business in Latvia. Given geopolitical events   during the year there is significant uncertainty and risk in this area.   Due to international sanctions in Ukraine/Russia, the Latvian Bank Signet Bank has temporarily blocked   the account of the associated company, even though this is not legally mandated. This creates issues   for the associated company in that is impacts its day-to-day running, and potentially indirectly impacts   the Company. The Company does not agree with the bank’s approach, and is making representations   to the bank to change its approach.   However, this matter is not considered to have an impact on the company's financial position, and it is   the management's assessment that the equity investments recognized is fair.   Accounting policies   The annual report of Inter Energia Holding ApS for 2025 has been prepared in accordance with the pro-   visions of the Danish Financial Statements Act applying to enterprises of reporting class B, as well as   provisions applying to reporting class C entities.   The accounting policies applied are consistent with those of last year.   The annual report for 2025 is presented in EUR.   Basis of recognition and measurement   Income is recognised in the income statement as earned, including value adjustments of financial assets   and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recog-   nised in the income statement.   Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to   the company and the value of the asset can be measured reliably.   Liabilities are recognised in the balance sheet when it is probable that future economic benefits will   flow from the company and the value of the liability can be measured reliably.   On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and   liabilities are measured as described below for each individual accounting item.   Certain financial assets and liabilities are measured at amortised cost using the effective interest met-   hod. Amortised cost is calculated as the historic cost less any installments and plus/less the accumula-   ted amortisation of the difference between the cost and the nominal amount.   On recognition and measurement, allowance is made for predictable losses and risks which occur befo-   re the annual report is presented and which confirm or invalidate matters existing at the balance sheet   date.   Income statement Gross loss   In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its re-   venue.   Gross profit reflects an aggregation of other external expenses.   Other external expenses   Other external expenses include expenses related to administration etc.   Income from investments in associates   The income statement of the parent company recognises the proportional share of the results of each   subsidiary after full elimination of intercompany profits/losses and deduction of amortisation of   goodwill.   In connection with transfers, potential profits are recognised when the economic rights related to the   sold equity interests are transferred, however, at the earliest when the profit has been realised or is re-   garded as realisable. Moreover, realised losses other than impairments are included where identified.   Financial income and expenses   Financial income and expenses are recognised in the income statement at the amounts that relate to   the financial year. Net financials include interest income and expenses, financial expenses relating to fi-   nance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and   foreign currency transactions, amortisation of financial assets and liabilities and surcharges and al-   lowances under the Danish Tax Prepayment Scheme, etc.   Tax on profit/loss for the year   Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax   charge, is recognised in the income statement as regards the portion that relates to the profit/loss for   the year and directly in equity as regards the portion that relates to entries directly in equity.   Balance sheet Fixed asset investments Investments in associates   Investments in associates are measured in the company's balance sheet under the equity method.   Investments in associates are measured at the proportionate share of the net asset value of the enti-   ties, calculated on the basis of the company's accounting policies, plus or less unrealised intercompany   gains or losses and plus or less any remaining value of positive or negative goodwill stated according to   the purchase method.   Investments in associates with a negative net asset value are measured at DKK 0, and the carrying amo-   unt of any receivables from these entities is reduced to the extent that they are considered irrecoverab-   le. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the recei-   vable, the balance is recognised under provisions.   Net revaluations of investments in associates are taken to the net revaluation reserve according to the   equity method in so far as that the carrying amount exceeds the cost.   Receivables   Receivables are measured at amortised cost.   Prepayments   Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent fi-   nancial years.   Cash and cash equivalents   Cash and cash equivalents comprise cash and deposits at banks.   Income tax and deferred tax   Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated   tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and   tax paid on account.   Deferred tax is measured according to the liability method in respect of temporary differences between   the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned   use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable   value.   Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the   value to which the asset is expected to be realised, either as a set-off against tax on future income or as   a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are   measured at net realisable value.   Liabilities   Liabilities, which include trade payables, payables to group entities and other payables, are measured at   amortised cost, which is usually equivalent to nominal value.   Foreign currency translation   On initial recognition, foreign currency transactions are translated applying the exchange rate at the   transaction date. Foreign exchange differences arising between the exchange rates at the transaction   date and at the date of payment are recognised in the income statement as financial income or financi-   al expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adju-   stments are taken directly to a fair value reserve under ‘Equity’.