40562168 2025-01-01 2025-12-31 40562168 2025-01-01 2025-12-31 1 40562168 2025-01-01 2025-12-31 2 40562168 2025-01-01 2025-12-31 3 40562168 2025-01-01 2025-12-31 1 40562168 2025-01-01 2025-12-31 2 40562168 2024-01-01 2024-12-31 40562168 2025-12-31 40562168 2024-12-31 40562168 2024-12-31 fsa:ContributedCapitalMember 40562168 2024-12-31 fsa:RetainedEarningsMember 40562168 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 40562168 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 40562168 2025-01-01 2025-12-31 cmn:OtherRenderingOfReportedValueMember 40562168 2025-12-31 fsa:ContributedCapitalMember 40562168 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK Ramagundam Komplementar ApS 40562168 Marianne Zenius-Dik Mathur Haldor Topsøes Alle 1, 2800 Kgs.Lyngby The Management has today considered and adopted the Annual Report 2025 of Ramagundam Komplementar ApS. The Annual Report is prepared in accordance with the Danish Financial Statements Act. We consider the accounting policies applied ap-propriate, and the estimates made reasonable. In our opinion, the financial statements give a true and fair view of the financial position of the Com-pany at December 31, 2025 and of the results of the Company operations for 2025. In our opinion, Management’s review includes a true and fair account of the issues it addresses as well as a description of the Company's most signif-icant risks and elements of uncertainty. We recommend that the Annual Report be adopted at the Annual General Meeting. Lyngby, Otto Vinther Christensen Anders Peter Frigaard Anders Hindum To the Shareholders of Ramagundam Komple-mentar ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Com-pany 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. We have audited the Financial Statements of Ra-magundam Komplementar ApS for the financial year 1 January - 31 December 2025, which com-prise income statement, balance sheet, statement of changes in equity and notes, including a sum-mary of significant accounting policies (“the Finan-cial Statements”). Basis for Opinion We conducted our audit in accordance with Inter-national Standards on Auditing (ISAs) and the ad-ditional requirements applicable in Denmark. Our responsibilities under those standards and require-ments are further described in the “Auditor’s re-sponsibilities for the audit of the Financial State-ments” section of our report. We are independent of the Company in accordance with the Interna-tional Ethics Standards Board for Accountants’ In-ternational Code of Ethics for Professional Ac-countants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accord-ance 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. Statement on Management’s Review Management is responsible for Management’s Re-view. Our opinion on the Financial Statements does not cover Management’s Review, and we do not ex-press any form of assurance conclusion thereon. In connection with our audit of the Financial State-ments, our responsibility is to read Management’s Review and, in doing so, consider whether Man-agement’s Review is materially inconsistent with the Financial Statements or our knowledge ob-tained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the infor-mation required under the Danish Financial State-ments Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Fi-nancial Statements and has been prepared in ac-cordance with the requirements of the Danish Fi-nancial Statements Act. We did not identify any material misstatement in Management’s Review. 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 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, Manage-ment 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 pre-paring the Financial Statements unless Manage-ment 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 Fi-nancial 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 Den-mark 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 ex-pected to influence the economic decisions of us-ers taken on the basis of these Financial State-ments. 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 detect-ing a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, for-gery, intentional omissions, misrepresen-tations, 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 cir-cumstances, but not for the purpose of ex-pressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of account-ing policies used and the reasonableness of accounting estimates and related disclo-sures made by Management. • Conclude on the appropriateness of Man-agement’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evi-dence obtained, whether a material uncer-tainty 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 un-certainty exists, we are required to draw at-tention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to mod-ify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, fu-ture events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, struc-ture and contents of the Financial State-ments, including the disclosures, and whether the Financial Statements repre-sent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with govern-ance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in in-ternal control that we identify during our audit. Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Rikke Lund-Kühl State Authorised Public Accountant mne33507 Martin Jarness Schmidt Andersen State Authorized Public Accountant Main activities The object of the company according to the Articles of Association of the Company is to be the comple-mentary of Ramagundam P/S. Ramagundam Komplementar ApS is jointly owned by T Ramagundam A/S, Danish Agribusiness Fund I K/S and Investeringsfonden for Udviklingslande (IFU). Results The net result for the financial year 2025 was a loss of TDKK 49. The loss for this year and previous years have re-sulted in loss of more than 50% of the Company’s share capital, which will be treated on the General Assembly, including necessary decisions in ac-cordance with § 119 of the Danish Companies Act. T Ramagundam A/S (HTRA), Danish Agribusiness Fund I K/S (DAF) and Investeringsfonden for Udvi-klingslande (IFU), have granted a letter of financial support stating that they will provide sufficient fund-ing to Ramagundam Komplementar ApS in order for the company to meet its obligations. The letter of financial support is effective until May 31, 2027. true true Recognition and measurement Income is recognized in the income statement as earned. All expenses are recognized in the income statement. Assets are recognized in the balance sheet when it is probable that future economic benefits attributa-ble to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the bal-ance sheet date. Translation of foreign currency Transactions in foreign currencies are translated during the year at the exchange rates at the dates of transaction. Gains and losses arising due to dif-ferences between the rates at the transaction date and the rates at the dates of payment are recog-nized in financial income and expenses in the in-come statement. Receivables and payables in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognized in financial income and expenses in the income statement. Income Statement Other income Other income comprise income from compensation fees. Other external expenses Other external expenses comprise expenses for administration and external assistance etc. Financial income and expenses Financial income and expenses comprise interest and realized and unrealized exchange adjust-ments. Tax Tax for the year comprises current tax for the year and deferred tax for the year. The tax attributable to the profit for the year is rec-ognized in the income statement, whereas the tax attributable to equity entries is recognized directly in equity. Any share of the tax reported in the in-come statement arising from profit/loss on extraor-dinary activities for the year is attributed to such ac-tivities, whereas the remaining share is attributed to profit/loss on ordinary activities for the year. Balance Sheet Receivables Receivables are measured in the balance sheet at the lower of amortized cost and net realizable value, which corresponds to nominal value less provisions for bad debts. Corporate income tax and deferred tax Current tax receivables and current tax liabilities are recognized in receivables in the balance sheet in the event of overpayment of tax on account, and in liabilities in the event of underpayment of tax on account. Deferred tax is measured under the balance sheet liability method in respect of all temporary differ-ences between the carrying amount and the tax base of assets and liabilities. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is ex-pected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax li-abilities within the same legal tax entity and juris-diction. Financial liabilities Other debts are measured at amortized cost, mainly corresponding to nominal value. 0 0 64363 35053 -64363 -35053 15530 1064 0 0 0 -48833 0 -33989 -48833 -33989 -48833 -33989 -48833 -33989 31805 23260 31805 23260 37447 36917 69252 60177 69252 60177 50001 50001 -149207 -100375 -99206 -50374 45282 35000 123176 64925 0 10626 168458 110551 168458 110551 69252 60177 50001 -100375 -50374 0 -48832 -48832 50001 -149207 -99206 EquityThe company’s equity is negative. The owners have granted a Letter of financial support stating that they will provide sufficient funding to Ramagundam Komplementar ApS in order for the Company to meet its obligations. The letter of financial support is effective until May 31, 2027. The loss for this year and previous years has resulted in loss of more than 50% of the Company’s share capital, which will be treated on the General Assembly, including necessary decisions in accord-ance with § 119 of the Danish Companies Act. Contingent liabilities and assetsThe entity serves as the general partner for Ramagundam P/S. The General Partner is fully and directly liable for all Ramagundam P/S' obligations. Subsequent eventsNo events materially affecting the Company's financial position at December 31, 2025 have occurred after the balance sheet date. EmployeesNeither management nor the Board of Directors have received remuneration. The Company has no employees. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2025-01-01 2025-12-31 2024-01-01 2024-12-31 2026-06-25 Reporting class B 2026-06-25 41853816 Topsoe A/S Haldor Topsøes Allé 1 2800 Kgs. Lyngby Opinion Basis for Opinion 2026-06-25 mne49061 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab