38978780 2024-10-01 2025-09-30 38978780 2024-10-01 2025-09-30 1 38978780 2024-10-01 2025-09-30 1 38978780 2024-10-01 2025-09-30 2 38978780 2024-10-01 2025-09-30 3 38978780 2024-10-01 2025-09-30 1 38978780 2024-10-01 2025-09-30 2 38978780 2023-10-01 2024-09-30 38978780 2025-09-30 38978780 2024-09-30 38978780 2024-09-30 fsa:ContributedCapitalMember 38978780 2024-09-30 fsa:RetainedEarningsMember 38978780 2024-10-01 2025-09-30 fsa:RetainedEarningsMember 38978780 2025-09-30 fsa:ContributedCapitalMember 38978780 2025-09-30 fsa:RetainedEarningsMember iso4217:USD xbrli:pure Annual report 2026-02-18 Niels Østerberg The Board of Directors and the Executive Board have today considered and approved the annual report of Orana Projects ApS for the financial year 01.10.2024 - 30.09.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.09.2025and of the results of its operations for the financial year 01.10.2024 - 30.09.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Rynkeby Betina Moldt Rasmussen Jørgen Kristian Hansen Ole Cato Spang-Hanssen Niels Olaf Østerberg To the shareholders of Orana Projects ApS We have audited the financial statements of Orana Projects ApS for the financial year01.10.2024 - ​30.09.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at30.09.2025and of the results of its operations for the financial year 01.10.2024 - 30.09.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management 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 determines ​is necessary to enable the preparation of 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. 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.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the 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.​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 Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary.​ Odense Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Bo Damgaard Hansen State Authorised Public Accountant mne34543 Abdul Wahab Ashraf State Authorised Public Accountant mne46664 Primary activitiesThe objective of Orana Projects ApS is to establish, develop and commission new factories of fruit based raw materials and backward integration factories. Once operational and fully functioning, these factories are sold to the sister company, Orana A/S. ​ ​The Company’s activities are divided into two main project categories: ​1) Fruit based raw material factories ​2) Farming and fresh fruit processing projects Development in activities and financesThe Company’s income statement for 2024/25 shows a loss of USD 242k compared to a loss of USD 74k in 2023/24. ​ ​The Company’s activities were previously part of Orana A/S and were separated into Orana Projects ApS during 2023/24. ​ ​In parallel, project activity levels continued to expand. We have increased our activity level in East Africa and South Asia, which has resulted in higher costs.​ ​The increase in costs is primarily attributable to administration costs which increased from USD 8k to USD 286k in​2024/25. Financial expenses also increased from zero to USD 52k. ​ ​Despite the loss, the Company’s equity improved significantly, rising from USD -48k to USD 2.4 million, thereby strengthening the balance sheet and enhancing financial stability. ​​Orana Projects expects continued growth in activity levels in 2025/26. As project development is a long-term process, costs are expected to increase accordingly as we progress with establishing and maturing new projects. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. -47000 -92000 286000 8000 -333000 -100000 8000 5000 -325000 -95000 -83000 -21000 -242000 -74000 -242000 -74000 -242000 -74000 2226000 0 2226000 0 2226000 0 56000 57000 104000 21000 65000 26000 71000 191000 296000 295000 81000 86000 377000 381000 2603000 381000 7000 7000 2528000 -55000 2535000 -48000 2000 1000 38000 428000 28000 0 68000 429000 68000 429000 2603000 381000 7000 -55000 -48000 2825000 2825000 -242000 -242000 7000 2528000 2535000 1 Staff costs2024/25​USD'0002023/24​USD'000Average number of full-time employees00Personnel are loaned from sister companies in return for reimbursement of overhead costs incurred by the sister​company. 0 0 2 Tax on profit/loss for the year2024/25​USD'0002023/24​USD'000Change in deferred tax(83)(21)(83)(21) 3 Financial assetsInvestments in group enterprises​USD'000Additions2,226Cost end of year2,226Carrying amount end of year2,226Investments in subsidiariesRegistered inEquity​interest​%Equity​USD'000Profit/loss​USD'000International Fruit Production India Private Ltd.Maharashtra, India96.061,848(89) 4 Contingent liabilitiesThe company has provided guarantees for debts of group-affiliated companies to the company’s bank. ​The total bank debt amounts to USD 1,54 Million as of 30 September 2025.The Entity participates in a Danish joint taxation arrangement where Orana Holding ApSserves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 5 Assets charged and collateralAs security for the bank debt of the company’s sister company, the company has pledged shares in International Fruit Production India Private Ltd. ​​The carrying amount of the pledged shares is USD 2,226k as of 30.09.2025. 6 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Orana Holding ApS, ​Planen 1​5300 Kerteminde​Denmark. This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.The reporting currency is USD in order to reflect the activities in the company.​​The DKK/USD Exchance rate at the beginning and end of year where as follows:​​30.09.2024 - 6,6595​30.09.2025 - 6,358 The reporting currency is USD in order to reflect the activities in the company.​​The DKK/USD Exchance rate at the beginning and end of year where as follows:​​30.09.2024 - 6,6595​30.09.2025 - 6,358 Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Production costsProduction costs comprise cost of sales for the financial year and other costs incurred to earn revenue for the financial year and project related expenses . Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including rented workforce, hardware, travel costs and advisory costs. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including ​interest income on receivables from group enterprises, transactions in foreign currencies. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​lower of recoverable amount and carrying amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. true Grundlag for konklusion Konklusion 2026-02-18 2026-02-18 true 2023-10-01 2024-09-30 Odense 5100 5 Tværkajen, Postboks 10 Kerteminde Rynkeby DK-5350 Regnskabsklasse B Revisionspåtegning 2025-09-30 2024-10-01 243 Rynkebyvej Orana Projects ApS 38978780 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab