Incomas Holding ApS
Tangen 6, DK-8200 Aarhus N
Annual Report for 1 January - 31 December 2024
CVR No 38 38 10 83
Margarita Boziki
Chairman of the General
Meeting
The Annual Report was
presented and adoptet at the
Annual General Meeting of the
Company on 22/5 2025
Contents
Management’s Statement
Independent Auditor’s Report
Company Information
Group Chart
Financial Highlights
Management’s Review
Consolidated Income Statement for the year ended 31 December
Consolidated Statement of comprehensive income for the year ended 31 December
Consolidated Balance Sheet as at 31 December
Consolidated Balance Sheet as at 31 December
Consolidated Statement of Changes in Equity for the Year ended 31 December
Consolidated Statement of Changes in Equity for the Year Ended 31 December
Consolidated Statement of Cash Flows for the Year Ended 31 December
Contents of the Notes to the Consolidated Financial Statements
Notes to the Financial Statements
Parent company
Parent Income Statement for the Year Ended 31 December
Parent Balance Sheet as at 31 December
Parent Balance Sheet as at 31 December
Parent Statement of Changes in Equity for the Year Ended 31 December
Parent Statement of Changes in Equity for the Year Ended 31 December
Contents of the Notes to the Consolidated Financial Statements
Notes to the Financial Statements
Aarhus N, 6 May 2025
Christian Bach
Executive Officer
Board of Directors
Jesper Severin Johanson Jeppe Bülow Højgaard Christian Bach
Chairman
Emil Kildegaard Gerhardt
We recommend that the Annual Report be adopted at the Annual General Meeting.
Executive Board
Management's Statement
The Board of Directors and the Executive Board have today considered and adopted the Annual
Report of Incomas Holding ApS for the financial year 1 January – 31 December 2024.
The Consolidated Financial Statements and the Parent Company Financial Statements have been prepared in accordance
with IFRS Accounting Standards 1 as adopted by the EU and further requirements in the Danish Financial Statements Act.
Management’s Review has been prepared in accordance with the Danish Financial Statements Act.
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 2024 of the Group and the Parent
Company and of the results of the Group and Parent Company operations and consolidated cash
flows for the financial year 1 January - 31 December 2024.
In our opinion, 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 Company as well as a description of the
most significant risks and elements of uncertainty facing the Group and the Parent Company.
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Independent Auditor's Report
To the Shareholders of Incomas Holding ApS
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 31 December
2024 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2024 in
accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements
Act.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company’s financial
position at 31 December 2024 and of the results of the Parent Company’s operations for the financial year 1 January to 31
December 2024 in accordance with the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of In Commodites Global-
Group for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of
changes in equity and notes, including material accounting policy information, for both the Group and the Parent Company, as
well as statement of comprehensive income and cash flow statement for the Group (“financial statements”).
Basis for Opinion
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 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.
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 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.
Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish
Financials Statements Act.
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.
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for
the preparation of Parent Company 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 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.
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Mads Meldgaard Martin Stenstrup Toft
State Authorised Public Accountant State Authorised Public Accountant
mne24826 mne42786
● 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 Group’s and the Parent Company’s
internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management.
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 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:
● 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.
● 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 group audit to obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are
responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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 internal control that we identify during our audit.
Aarhus, 6 May 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
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Company Information
The Company Incomas Holding ApS
Tangen 6
DK-8200 Aarhus N
CVR No: 38 38 10 83
Financial period: 1 January - 31 December
Incorporated: 1 February 2017
Financial year: 8th financial year
Municipality of reg. Office: Aarhus
Board of Directors Jesper Severin Johanson, chairman
Jepppe Bülow Højgaard
Christian Bach
Emil Kildegaard Gerhardt
Executive Board Christian Bach
Auditors PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
Nobelparken
Jens Chr. Skous Vej 1
DK-8000 Aarhus C
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Group Chart
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Financial Highlights
Seen over a five-year period, the development of the Group is described by the following financial highlights:
In thousands EUR
2024
2023
2022
2021
2020
Profit/loss
Revenue
152,264
0
0
0
2,116,865
Gross profit
114,111
179,154
1,607,124
177,642
45,590
and tax (EBIT)
63,938
140,148
1,388,529
142,567
33,945
Net financials
59,282
27,076
-5,393
-1,868
-436
Profit before tax (EBT)
123,220
167,224
1,383,136
140,699
33,509
Profit for the year
98,911
127,946
1,074,662
109,170
26,548
Balance sheet
Balance sheet total
1,051,829
1,102,449
1,460,608
274,339
87,419
Investment in property, plant and equipment
552
951
1,131
895
0
Equity
913,596
986,879
896,357
123,196
45,165
Cash flows
Cash flows from operating activities
69,607
-15,411
1,065,308
75,424
10,011
Cash flows from investing activities
44,592
-99,943
-201,481
-876
-21
Cash flows from financing activities
-167,696
-227,685
-151,668
-9,104
4,239
Change in cash and cash equivalents for the year
-53,497
-343,039
712,159
65,444
14,229
Number of employees - average for the year
216
166
122
90
64
Key ratios
Return on assets
6.1%
12.7%
95.1%
52.0%
38.8%
Solvency ratio
86.9%
89.5%
61.4%
44.9%
51.7%
Return on equity
10.0%
13.6%
210.8%
129.7%
79.3%
For definitions of financial key figures and ratios, please refer to note 1.
*The implementation of IFRS as from 1 January 2021 had an impact on the financial statements and key ratios for 2021 and onwards.
Comparative figures for 2020 have not been restated and were prepared in accordance with Danish GAAP.
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Management review
Rethinking energy trading – Our Business
Overview of the company
A letter from our chairman - The audacity of trust
Business perspectives 2024 - Satisfactory result in a stable market
A year in review
InCommodities is a global energy trading company leveraging advanced technology, data, and market expertise to trade power, gas, and emissions
– and manage risk from energy assets for our customers. Our mission is clear: by trading and moving energy across regions, we help balance
volatile markets and support the energy transition.
In a year marked by fewer business opportunities, InCommodities delivered a satisfactory financial performance in 2024. Gross profit for Incomas
Holding ApS for the period was EURm 114.1 and EBT reached EURm 123.2 – both falling within our 2024 target ranges of EURm 110-380 in gross
profit and 70-280 EURm in EBT, indicating a solid result within our expectations. The 2024-performance was shaped by a lower number of
transactions and tighter margins as gas and power prices remained relatively low and stable, with fewer fluctuations throughout 2024. Compared
to 2023 both gross profit and EBT declined, reflecting the continuation of the more stable market conditions that began in 2023 and carried into
2024. Geopolitical instability persisted, with the wars in the Middle East and Ukraine remaining as important focal points. However, global energy
markets continued to stabilize, and the combination of lower prices and reduced volatility led to fewer opportunities across the energy trading
sector. While lower compared to previous years, our financial results are a testament to the continued relevance of our business model. The market
developments of 2024 confirmed the profitability of the company’s strategic focus on automation and data-driven algorithmic trading of energy
assets. By leveraging advanced technology, we have built a scalable and efficient operation that keeps our cost base resilient and adaptable. In
years with lower market activity, InCommodities has fewer costs. In combination, these factors lead to satisfactory profitability even when market
activity is lower. At geographical level, InCommodities continued to expand its presence. As the global energy transition accelerates, it underscores
the relevance of our focused efforts – optimizing energy assets, trading power, gas and emission, balancing supply and demand, and contributing
to energy security and efficient markets. Business perspectives 2024:
“Despite facing lower market activity and fewer business opportunities in 2024, our results remain solid, serving as a testament to the
scalability and profitability of our business model. With reduced market activity, lower costs contribute to maintaining sustainable
profitability, even in quieter markets. “
Katrine Bondgaard CFO for InCommodities Europe
European gas prices initially declined in early 2024, briefly reaching levels last seen before the energy crisis, before steadily climbing from March
onward and ultimately reaching 50 EUR/MWh by year’s end. The persistent upward trend coincided with Europe’s adaptation to new supply
dynamics, including a tighter global LNG market driven by increased demand in Asia. Despite these challenges, Europe managed to avoid severe
gas price volatility, supported by high storage levels and diversified supply sources.
At InCommodities, trust is more than a principle – it is embedded in our culture and defines how we operate. We trust in technology, the expertise
of our people, our culture, and the strength of our purpose and vision. Our success is built on trust in our people. We maintain a flat organizational
structure, encourage decentralized decision-making, and empower our people in taking responsibility from day one. We expect our people to take
ownership, knowing their mastery drives our success. This autonomy fuels engagement, accountability, and agility, ensuring decisions are made by
those closest to the task. In many ways, 2024 has demonstrated our commitment to autonomy and trust. This year, we restructured
InCommodities into three autonomous business units – Europe, North America, and Asia-Pacific – each with its own leadership structure and full
value chain. As part of this transformation, we appointed new CEOs for each unit to strengthen region-specific leadership and strategic focus. After
7.5 years as CEO, I transitioned into a role as Chairman of the Board leaving all operational duties behind. Across our value chain, we restructured
processes, teams, tools, and platforms to support this new organizational model. We believe this is the most agile and sustainable path for future
and global growth. It is also how we remain true to our core values and founding principles of trust and autonomy. Another key element of our
leadership philosophy is ownership. Our people are not just employees – they are invited to become shareholders, actively shaping our success.
Through our warrant program, all team members – students and full-time – can acquire ownership after a vesting period, and many have been
with us long enough to become co-owners. We believe co-ownership aligns individual and company goals, ensuring decisions are made with the
company’s long-term interests in mind. As we look ahead, our focus remains the same: Trust in people. Trust in technology. Trust in our purpose.
By leveraging advanced technology, deep market insights, and the talents of our colleagues, we will continue rethinking how energy trading can
drive progress, sustainability and energy security. Thank you for your interest in InCommodities and happy reading. Kind regards, Jesper Severin
Johanson, Chairman
InCommodities is on a mission to rethink energy trading. We specialize in trading power, gas, and emissions, and support wind and solar asset
owners in optimizing performance and managing the risks associated with renewable generation.
Our transactions help balance energy markets by matching supply and demand, ensuring security of supply, driving market efficiency, and
contributing to stable, lower energy prices. We play a key role in facilitating the transition to a net-zero energy future.
We challenge the status quo by rethinking how data and technology drive energy trading. Driven by impact, we digitalize and automate where it
matters. We combine deep market insights with automation, quantitative analysis, and AI, allowing us to efficiently move energy across time and
geographies, manage renewables output, and store energy until it is needed.
Founded in 2017 in Aarhus, Denmark, InCommodities has grown from four founders to 245+ people with diverse nationalities and educational
backgrounds. With offices in Europe, North America, and Asia-Pacific, we conduct trading activities across the globe.
www.incommodities.com
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Management review
Strategy - Positioning for global growth
Supporting Europe’s energy transition
Solid growth in renewable asset management
Expanding in North America
In 2024, we took significant steps to strengthen our position as a global EnergyTech company. Our strategic focus has been on geographic
expansion, organizational transformation, and strengthening key business areas. From decentralizing our operations to scaling in new markets and
enhancing our tech capabilities, we have evolved to build a scalable business for the future. The following sections highlight how we have delivered
on these priorities and positioned ourselves for long-term growth. Moving forward as a decentralized company. As part of our growth strategy,
2024 marked a significant transformation in our organizational structure. To enhance regional decision-making and maintain our entrepreneurial
agility, we reorganized into three fully autonomous business units covering Europe, North America, and Asia-Pacific. This transition reflects our
cultural belief that decisions should be made by specialists closest to the work. It also acknowledges the challenges of rapid growth – that growing
teams, more people and new business areas bring complexity that can hinder agility and engagement. Larger organizations often struggle with
bureaucracy and rigid hierarchies, but we remain committed to a culture where decision-making and value creation are decentralized – embedded
across business units and throughout the value chain. 2024 has also been pivotal for reinforcing scalability while nurturing our strong sense of
community. Rapid expansion makes it harder to maintain meaningful relationships across teams, and we are determined to resist the corporate
rigidity that often accompanies growth. By structuring InCommodities into three autonomous business units, we have fully embraced the
importance of regional autonomy. Each unit now has the flexibility to interpret and apply our values in ways that align with local market dynamics
and cultural contexts, ensuring that decision-making remains both agile and relevant. This structure empowers regional teams to take ownership
of their growth while staying true to the principles that define us. However, autonomy does not mean isolation. To maintain alignment across the
company group, we actively foster engagement and collaboration, ensuring our core values remain a unifying force. This balance allows us to
sustain a strong, high-performing culture while promoting local adaptability and accountability. This reorganization is not just a strategic move –
it is a necessary and natural one. Ultimately, it allows us to stay true to one of our guiding principles: We would rather be great than large.
Europe is the geographical market where we have established the strongest presence. The ongoing European energy transition is a major driver,
creating significant business opportunities for energy trading companies like InCommodities, with our diverse portfolio of products and services.
We continue to support the transition with a clear focus on maintaining market stability, optimizing energy flow and contributing to Europe’s
sustainable future. “2024 has underscored the transformative impact of renewable energy on Europe’s energy markets. As wind and solar
generation expand, the need for efficient trading and real-time market balancing has never been greater. At InCommodities, we are leveraging
algorithms and quantitative modeling to navigate this complexity, playing a key role in stabilizing volatile markets and ensuring an efficient
electricity distribution. As the energy transition accelerates, we are proud to be at the forefront of this shift, contributing to a more resilient
energy system for European citizens.”
Daniel Borup Andersen CEO for InCommodities Europe
In 2024, our Renewables Asset Management team strengthened its market position by expanding its portfolio of balancing agreements and
significantly increasing our customer base. Power Purchase Agreements (PPAs) and balancing agreements remain a cornerstone of the energy
transition, providing stability for renewable developers and managing production complexities. Customer growth reached 85.7%, and we
integrated our first solar park into the portfolio. Additionally, we expanded into new markets, positioning ourselves for continued growth. Our first
balancing agreement in Finland took effect in February 2025, increasing our portfolio to 1,075.4 MW. Environmental products After laying the
groundwork in 2023, our Environmental Products team entered its first full operational year in 2024, making notable progress and demonstrating
strong potential. Focused on areas such as biomethane, Guarantees of Origin certificates, and emissions, the team successfully built out a dedicated
desk to support these activities. In 2024, we joined the joint venture, Beacon, as an off taker of biomethane, which we expect will help us
strengthen our position within this growing sector, leveraging our expertise to efficiently bring the produced output to the wholesale market.
Our North America business unit experienced significant growth in 2024, increasing headcount from 11 to 19 FTEs. This expansion reflects our
ongoing commitment to establishing a fully integrated operation across the entire value chain – positioning our North American team for
autonomous execution across trading, operations, technology, and back-office functions. We also expanded into new business areas while
deepening our presence in existing ones. A key milestone was the establishment of a dedicated gas trading desk in our Austin office. While gas
trading has long been a core part of our North American operations, this move marked the beginning of our efforts to build physical gas trading
capabilities and develop our proprietary and algorithmic gas trading portfolios locally. To support the growth, we also strengthened our leadership
team with a new Chief Financial Officer and a Head of Technology based in Austin. In January 2025, we relocated to a larger office to support our
continued growth.
“Relocating from Europe to Austin has been a truly exciting step in helping grow our North American business. Building on the deep expertise
and robust algorithmic trading platform developed in Europe, and now complemented by key local hires, we are well positioned to seize new
opportunities in financial as well as physical gas trading. “
Henrik Jørgensen, Head of US Gas Trading
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Management review
Establishing in Asia-Pacific
Investing in our DNA as an EnergyTech company
Sustainable investments
InCommodities Sustainable Investment Initiative
“We entered the Japanese and Australian markets to support the green transition through PPAs (Renewables Management), battery storage
(BESS), and risk management solutions, and we made the framework ready for closing our first PPA in Australia. In Japan, where long-term
partnerships require deep relationship-building, we have invested in a local presence and a team of Japanese colleagues to establish a strong
foundation for future collaborations. Beyond office expansions in Japan, Singapore and Sydney, we are hiring locally in Japan, New Zealand,
Australia, and Singapore, with ambitions to explore new business areas, including thermal energy, carbon and gas trading. InCommodities
supports the Australian transition by contracting long-term PPA offtake agreements from solar, wind, and battery assets, enabling developers
to become more bankable. We trade ASX futures, options, and OTC power and carbon products, while providing counterparties with structured
energy risk management solutions.”
Andrew Koscharsky Head of Power Trading, Australia and New Zealand
January 2024 marked the opening of our Singapore office, followed by the establishment of a new office in Tokyo, Japan, and Sydney, Australia,
later in the year. With a strong focus on growth, we scaled our APAC operations rapidly, expanding our team from 0 to 20 members – including
both internal transfers and new joiners.
2024 marked a historic year for InCommodities’ investment in our tech-edge. We significantly strengthened our weather-forecasting capabilities,
enabling real-time forecasting and trading based on our proprietary in-house weather model. We also expanded our focus on energy stack
forecasting and gas demand modeling, further strengthening our quantitative trading capabilities. Major investments in both talent and
infrastructure have accelerated the development of our algorithmic trading platform, which remains a core pillar of our strategy. Additionally, we
advanced our data management systems, particularly our ETRM (Energy Trading and Risk Management) platform, ensuring efficiency and
autonomy across operations. This structured approach to data mastery enhances our ability to execute sophisticated and timely trading strategies.
Our commitment to cybersecurity remains a top priority. In 2024, we strengthened our defences through successful penetration tests and proactive
NIS2 compliance. By reinforcing policies, risk frameworks, and security measures, we ensure resilience, regulatory readiness, and a secure trading
environment – safeguarding critical infrastructure and digital assets against evolving threats.
As part of the InCommodities Sustainable Investment Initiative, we have continued to invest in initiatives in 2024 that support the transition
towards net zero. The initiative’s scope extends beyond investment in our own business, reinforcing our broader commitment to a sustainable
future. Entering a JV to scale biomethane In 2024, Incomas Group, the parent company of In Commodities Global A/S, acquired a minority stake
in Beacon — a company that develops, builds, and operates biomethane projects across Europe, contributing to the EU’s decarbonization goals and
the transition to renewable energy.
Beacon, founded in collaboration with Low Carbon and Agrivert, seeks to accelerate biomethane production, a crucial element in Europe’s
transition to net-zero. As both a minority owner and off-taker, we facilitate the integration of biomethane into wholesale markets, ensuring that
this renewable gas efficiently reaches end-users. Biomethane provides a sustainable alternative to fossil fuels, with the potential to decarbonize
hard-to-abate sectors such as industry and transport while leveraging existing infrastructure.
Investing in education: CoREWe also invested an additional DKK 2 million in the Center for Research in Energy: Economics and Markets (CoRE)
at Aarhus University, which officially launched in January 2024. In its first year, CoRE has published key research, expanded its team with new
PhD students, and secured additional external funding. The financing of DKK 2 million followed the initial contribution of DKK 25 million in 2023.
Our continued support ensures the center establishes itself as a leading hub for independent research in energy, environmental, and climate
economics – providing critical insights that will help shape the future of global energy markets.
Through the InCommodities Sustainable Investment Initiative launched in 2022, we aim to invest up to 5% of our annual earnings in a diverse
range of initiatives. These may include investments in technology, companies, projects, research, sustainable funds, energy assets and other
opportunities that support the transition towards a net zero future.
During the years since the inception, following investments have been made:
● Solar PV project in Denmark (converting a closed plant nursery)
● Baltic forestry
● Article 9 funds targeting sustainable investments
● Enspired (minority investment)
● Center for Research in Energy: Economics and Markets (CoRE) at Aarhus University
● Beacon – a biomethane JV in the UKIn 2024, InCommodities operated in 38 power markets and 14 gas markets and traded emissions and
certificate products, engaging in continuous trading year-round across Europe, Asia-Pacific, and North America.
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Management review
Risk management Understanding and mitigating potential risks
Market risk
Liquidity risk
Compliance risk
People risk
Geopolitical risks and cybersecurity
People & Culture
InCommodities employs a robust risk management strategy to ensure sound decision-making and efficient operations across all levels. This
strategy is central to our company’s activities, with our risk policy undergoing an annual review to ensure it remains effective and up to date. We
approach risk management in two distinct layers: strategic and operational. Strategic decisions lay the groundwork for shaping the operational
protocols that guide our risk management practices. These protocols address critical areas, including partnership frameworks, organizational
values, leadership standards, recruitment processes, people engagement, and outsourcing guidelines. Our risk management documentation aligns
with best practices as outlined by the FIA Principal Traders Group and incorporates governance standards recommended by the Committee of
European Banking Supervisors to address operational risks.
Market risk relates to the potential changes in the value of open positions caused by shifts in supply, demand, or overall market conditions. In
2024, we observed a continued trend of lower and more stable fluctuations in gas and power prices, building on the stabilization seen in 2023. The
geopolitical instability that had characterized previous years persisted, with ongoing conflicts in the Middle East and Russia’s war in Ukraine
remaining focal points of concern. However, despite these challenges, the global energy markets showed further signs of stabilization. This
environment of reduced price volatility and lower overall demand for energy trading resulted in decreased market risk. The combination of more
predictable pricing, fewer market disruptions, and lower volatility created a less turbulent landscape for energy traders. InCommodities has strong
systems in place to manage market risk effectively. This includes risk limits based on Value at Risk (VaR) calculations, with daily and monthly
thresholds integrated into our trading platform for real-time monitoring and control.
Liquidity risk refers to the challenge of being unable to meet financial obligations to our partners and trading partners. Operating in a market with
stringent capital requirements, particularly after the severe liquidity crises of 2022, has made liquidity management even more crucial. Liquidity is
vital to InCommodities’ core business as, without it, we would be unable to trade effectively. This is why liquidity management is a priority for us.
We continuously monitor our financial position, focusing on maintaining an optimal equity ratio and ensuring our balance sheet leverage is aligned
with expected capital needs. During periods of high volatility, margin requirements rise, demanding careful management to maintain consistent
activity levels. We mitigate this by maintaining strong relationships with our banking partners. Our consistent profitability has allowed us to build
a growing capital reserve, providing a buffer during market downturns.
Compliance risk is a central concern for InCommodities due to the diverse regulatory environment in which we operate. Non-compliance with
relevant laws and regulations could lead to significant legal consequences and harm our reputation in the market. We prioritize robust compliance
systems to ensure that we meet all legal obligations and maintain our standing in the industry.
Our people are at the heart of InCommodities’ success, and we recognize the risks that disruptions to our workforce can pose. Whether it’s hiring
the wrong talent or losing key individuals, these risks could significantly affect our operations. Fortunately, we are seeing positive trends in this
area, with an engagement score of 9.13 out of 10 (continually measured using Peakon), indicating high levels of satisfaction and commitment
among our talent. Furthermore, we have been able to attract top talent from around the world. However, we remain vigilant in managing potential
risks to our workforce and organizational stability.
In an ever-changing global energy landscape with uncertain geopolitical dynamics, we continue to face significant risks to our operations. These
risks can lead to fluctuations in energy prices, which in turn affect our trading activities and financial performance. Furthermore, the escalating
threat of cyber-attacks in the energy sector is a growing concern. A vulnerable energy system could disrupt operations and create widespread
security risks. At InCommodities, we prioritize safeguarding our systems and data while recognizing the broader cybersecurity challenges that our
industry faces. We continuously evaluate and strengthen our cyber defences to prevent potential threats, ensuring the resilience of our operations
and contributing to the collective effort to maintain stability in the energy markets we serve. We understand that risks within the energy trading
sector are multifaceted, including compliance, human capital, geopolitical instability, and cybersecurity threats. By staying proactive and
implementing comprehensive risk management strategies, we aim to secure our operations, protect our stakeholders, and uphold our reputation.
We are committed to training our team in effective risk management, equipping them to respond to emerging challenges, and ensuring the
continued success of InCommodities.
InCommodities, our strongest and most enduring competitive edge is our culture – shaped by and built around our people. Our ambition is simple
yet bold: we strive to be the best workplace for the best talent. While many companies share this aspiration, what sets us apart is how we bring it to
life. We are committed to fostering an extraordinary work environment. This commitment is reflected in every aspect of our organization: from our
flat hierarchy and decentralized decision-making to the way we embody our company, purpose and values. It’s evident in the social events that
bring us together, the way we celebrate our achievements, and the dynamic, collaborative atmosphere that defines who we are.
12/73
Management review
Relentless pursuit of top talent
Sustaining people engagement
We Advance Together Days ‘24
Our approach to ESG
The competition for top talent in our industry remains fierce, and at InCommodities, we relentlessly seek out the brightest minds. While we
welcomed 66 new talents in 2024, we continued our unwavering focus on attracting individuals who challenge the status quo and strive for
excellence. Our people share a common drive – to advance, lead, and thrive in an environment that values autonomy and bold decision-making.
Our immediate focus is on expanding our business units in North America and Asia-Pacific, where we anticipate significant growth in both our
teams and overall operations. A sharp focus on unlocking our people’s potential. At InCommodities, we strive for mastery in everything we do.
Attracting top talent is just the beginning, unlocking their full potential is what truly drives our success. That is why we have designed a
development program dedicated to fostering personal growth and self-awareness, ensuring that our people continue to evolve in an environment
that values autonomy, curiosity, and high performance. Unlike traditional leadership or talent programs, our approach is centred on individual
development, helping individuals identify and overcome personal barriers to growth. The program provides a structured framework focused on
three key areas: increasing self-awareness, strengthening emotional intelligence, and effectively handling feedback and conflict. This initiative is a
direct reflection of our core values, reinforcing our belief that continuous development is essential – not just for career progression, but for
building a thriving, forward-thinking organization. By providing team members with the tools and insights to enhance their personal and
professional capabilities, we create a culture where ambition and self-development go hand in hand.
A key factor in our success is our decentralized decision-making. We believe autonomy thrives when teams shape their own ways of working while
staying true to our values and culture. This balance of independence and shared purpose is essential for maintaining high engagement as we
evolve. Commitment to our people’s health & well-being. Our commitment to our people’s well-being goes beyond traditional benefits – it’s about
creating a workplace where people feel energized, motivated, and supported in maintaining a healthy lifestyle. Since launching our most ambitious
health & well-being initiative, we have continuously expanded and refined our approach to ensure it meets the evolving needs of our team.
Throughout 2024, we have seen strong engagement across our various initiatives, including running programs, group training, health checks, and
office exercise circuits. Participation remains high, reflecting our team’s dedication to prioritizing their well-being. With a continued focus on
holistic health, we remain committed to creating an environment where everyone can thrive – physically, mentally, and professionally.
Our goal continuously is to stay within the top 5%. We remain committed to fostering an environment where people feel empowered, valued, and
motivated to excel. By continuously tracking engagement and refining our approach, we ensure that our culture continues to drive both individual
and company-wide success. We will not rest on our laurels and will continue to prioritize culture and community in everything we do.
At InCommodities, people engagement is continually measured through Peakon, and it has remained consistently high – so much so that
sustaining it is now a greater challenge than improving it. As we continue to grow, we recognize that maintaining such strong engagement across
the organization requires ongoing attention and adaptation. In 2024, our average people engagement score was 9.13, ranging from 9.1 to 9.2
throughout the year, which means we met our goal of maintaining our position among the highest-performing companies globally using Peakon.
The benchmark to remain in the top 5% is 8.5, and our goal for 2024 was to stay in that top 5%. The slight decrease from 2023’s average of 9.3 is
most likely a natural result of the increase in people – both welcoming new team members and saying goodbye to some, as we reached our highest
headcount to date.
In 2024, we continued our We Advance Together Days; a concept designed to challenge the status quo, broaden our mindset, and rethink how we
can do things differently to support our purpose: “We Advance Together.” Over the course of 24 intensive hours, we engage in team-building
activities and draw inspiration from renowned speakers, each an expert in their field. This year, our speakers included Pierre Pinson on the future
of energy markets, Rasmus Ankersen on sustainable success in teams, and Camilla Kring on achieving a viable work-life balance.
Guided by our core values – Honesty, Transparency, and Rethink – we are committed to acting responsibly and ensuring our efforts contribute to
the long-term value of our business. For us, ESG is an ongoing journey, and there is always room for progress. Our focus remains on minimizing
our environmental footprint, promoting transparency, and supporting sustainable growth in a way that aligns with our business and industry
standards. The following sections entail the statutory reporting by §99a of the Danish Financial Statements Act. A description of the business
model of InCommodities can be found in the section Our Business.
13/73
Management review
ESG – Environment.
Power Consumption (kWh):
Category
2020 2021 2022 2023 2024*
Power consumption (headquarters)
184,304 218,626 247,023 283,344 297,151
Power consumption (other locations)
- - - 6,863 10,068
Total power consumption
184,304 218,626 247,023 290,207 307,219
Consumption per employee
2,880 2,429 1,790 1,423 1,254
Solar Rooftop:
Category
2020 2021 2022 2023 2024*
Production
133,927 117,822 139,256 139,520 128,638
Utilization
117,280 110,241 123,719 122,181 113,037
% Utilization of total consumption**
22% 19% 21% 22% 21%
Excess sold to grid
16,647 7,581 15,537 17,339 15,601
Share of estimated water and heat consumption (global):
Category
2020 2021 2022 2023 2024*
Water usage other locations (m³)
- - - 327.6 331.9
Water usage (m³)
233 426 716 1,061 1,357
Heat usage (MWh)
28 43 66 67 101
Environmental initiatives
In a world increasingly focused on sustainability, we are deeply aware of how our actions impact the environment. This awareness drives our
commitment to minimizing our carbon footprint. As a data- and technology-driven company, our primary emissions stem from operational energy
use, including electricity, heating, cooling, and water consumption. Our advanced IT infrastructure, essential for trading power, gas, and renewable
energy, is our most significant emissions source. In 2024, our growth led to increased energy consumption due to increase in people, additional
workstations, and greater electricity usage. Similarly, water and heating use rose in proportion to our office space expansion. We track our direct
emissions and strive to reduce energy consumption wherever possible, ensuring that environmental responsibility aligns with our business
objectives.
** The shared office space we live in has rooftop solar PV. We include the data to reflect that approximately 22% of the total power consumption in
the building was covered by solar production in 2024.
*Our power consumption for 2024 is estimated, since the observed numbers will not be available until after publication of this Annual Report.
Estimates are based on our share of total consumption for prior years multiplied by a factor to reflect our growth in number of team members and
additional square meters in the shared office space.
We engage in various environmental initiatives to promote more sustainable practices. In 2024, we worked independently and with our property
owner on the following initiatives:
● To minimize electronic waste, we resell key components of used equipment rather than discarding them. Additionally, older devices are
repurposed for testing, extending their usability.
● We transitioned to large-scale data centers that consume energy more efficiently compared to smaller alternatives.
● At our Tangen 6 office in Aarhus N, 21% of electricity is generated by rooftop solar panels. Sensor-controlled heating, ventilation, lighting, and
water taps help reduce overall energy and water consumption.
● To promote sustainable eating habits, we provide high-quality organic meals in our shared cafeteria and actively work to reduce and properly
sort food waste to improve recyclability.
● As a gesture of environmental engagement, our Legal & Market Access team planted 70 trees as part of an internal project.
● We encourage team members to bike to work by offering high-quality bike parking facilities.
● To support the transition to electric vehicles, we, together with our property owner, have expanded the number of charging stations at our
building and introduced an additional supplier with competitive conditions, making EV charging more accessible and convenient. The work with
environmental initiatives is ongoing, which is why we will continue focusing on the initiatives mentioned above going forward.
14/73
Management review
ESG – Social
Gender equality
Health and Safety Organization
ESG – Governance
As an energy trading company, we act as middlemen, buying and selling power, natural gas, and renewables through regulated energy exchanges.
Instead of traditional suppliers or customers, we have business partners. Our trading activities span globally, but the majority take place mainly in
Europe, where a high degree of regulation and regulatory control exist.
Success begins with our people and our culture. Our people and our culture are the cornerstones of our achievements, built on a strong belief that
culture is ultimately our most important and long-term competitive advantage. It is the foundation that drives us forward, inspiring us to
continuously rethink, collaborate, and advance together. To achieve this ambition, we rely on attracting and retaining top talent. But talent alone is
not enough. Equally important is creating an environment where our people thrive, grow, and feel supported in both their professional and
personal development. We foster a culture where like-minded individuals come together, prioritizing a strong, inclusive, and dynamic workplace
that empowers everyone to reach their full potential. Promoting well-being and equality. While physical risks in an office environment are
minimal, we proactively address risks associated with repetitive tasks and prolonged sitting through various health and well-being initiatives like
office workouts, access to an office gym, regular health checks, physiotherapy, and ergonomic adjustments. Mental well-being is a top priority for
us. We do not follow a fixed formula for promoting mental well-being, but the framework around it is built through collaboration between
colleagues and leaders, ensuring the needs of the individual are prioritized. We regularly conduct engagement surveys, and additionally, we offer
advancement programs and organize events throughout the year, inviting keynote speakers to focus on improving the work environment. To
further support a positive workplace culture, we organize team-building events that help cultivate and sustain a work environment with a strong
focus on psychological safety. We are committed to maintaining a workplace free from discrimination and harassment, providing equal
opportunities regardless of background, beliefs, or identity.
We believe everyone should be assessed on their abilities, not their gender. Our recruitment and promotion processes focus on merit, skills, and
cultural fit. At the same time, we recognize that our industry faces a structural gender gap, often beginning in educational choices. We respect
everyone’s right to follow their passion but also strive to break down barriers. Specifically, we encourage women to explore opportunities in energy,
including technology and trading. Human rights Protecting human rights is integral to our commitment to our team members’ well-being.
Although we do not maintain a formal human rights policy, our People Handbook outlines how colleagues should behave as well as their
responsibilities toward one another and the wider community. We adhere to essential principles such as equal treatment, personal security, and
freedom of association, supported by clear behavioural guidelines and a whistleblower channel. Conducting our business in a well-regulated
market and having very limited contracts with external suppliers – mainly related to back-office functions, not our core business – minimizes the
risks of breaches of human rights. This is the reasoning behind including human rights guidelines in our People Handbook and not maintaining a
formal human rights policy. In 2024, we recorded no human rights violations. We will continue to monitor this area and refine our guidelines as
needed. Anti-corruption and bribery Our energy trading activities are subject to strict regulations and local laws, which substantially mitigate the
risk of corruption or bribery. We have a comprehensive financial crime policy covering bribery, corruption, money laundering, and sanctions,
which is part of the InCommodities Compliance Handbook. This handbook, developed in 2024, is reviewed and acknowledged by all team
members and is integrated into our onboarding program, ensuring that all new team members are introduced to it. In 2024, we received no reports
regarding corruption or bribery. We will continue to monitor this area and refine our guidelines as needed. People engagement Maintaining high
levels of motivation and satisfaction among our team is paramount. In 2024, our engagement score remained strong at 9.1-9.2, in average 9.13,
consistently exceeding the global top 5% benchmark of 8.5 in the engagement tool, we use. We actively track engagement through bi-weekly
surveys, ensuring feedback is addressed promptly. For a deeper look at our approach to sustaining engagement, see the People & Culture section.
Our Health and Safety Organization (HSO) comprises colleagues from People & Culture, CFO Office, Technology and Trading who collectively
ensure a safe, healthy, and supportive work environment. Meeting monthly, the HSO addresses topics like ergonomic practices, indoor climate,
and psychological well-being. A biannual Health & Safety Risk Assessment measures our performance in these areas. In 2024, the survey revealed
particularly high satisfaction with workplace autonomy, sense of purpose, and positive team dynamics. Some areas held room for improvement,
e.g. regulation of temperature and lighting in the building, noise level, and physical discomfort as a result of working in front of screens. In some
cases, such findings led us to remind our colleagues of initiatives that are already in place, and in other cases these findings led to new initiatives. A
few insights required a follow-up survey among our teams to gain deeper perspectives on areas for improvement. The HSO analyzed the findings
and implemented targeted initiatives, ensuring that we continue to foster a safe and engaging work environment. These efforts reflect our
commitment to actively respond to people feedback and to continuously enhance workplace well-being.
15/73
Management review
Compliance
Data ethics
Policies
Whistleblower scheme
Ownership structure
Outlook
We differentiate between market data and personal data. Market data is typically available to those willing to purchase it. We never use illegally
obtained data, nor do we condone transmitting data intended to mislead or manipulate other market participants. We take data, IT, and cyber
security very seriously. We have many safety measures in place in all aspects of our business. In alignment with our values of Honesty and
Transparency, we will always communicate openly if we experience a breach. Besides our internal safety regulations, we engage in associations
covering security topics regarding IT and data. When it comes to personal data – related to applicants, team members, or business partners – we
adhere to a minimal collection principle and train colleagues to handle it securely. Through our onboarding, we teach our colleagues not to share
personal data with other people internally or externally. We teach our colleagues to ask permission at the source rather than sharing without
permission. Requests for data are usually handled by our legal team, who are trained in the legal framework surrounding personal data.
Compliance is central to everything we do. Whenever unusual market behaviour surfaces, our dedicated compliance team must be informed. This
team continuously scans the regulatory landscape, provides day-to-day guidance for traders, and helps implement new or updated requirements.
All colleagues take part in mandatory compliance training: new joiners receive thorough onboarding sessions and introductions to our Compliance
Handbook, annual refreshers are provided to everyone, and extra training is offered when necessary. We also stay proactive through participation
in industry associations, fostering best practices and knowledge-sharing. Our open collaboration with regulators and exchanges reflects our
commitment to transparency and integrity. As a pioneer in algorithmic energy trading – an emerging and largely uncharted area – InCommodities
sees it as a natural obligation to set the standard for quality of market conduct. We take a proactive role in defining responsible trading practices,
ensuring integrity, and shaping best-in-class industry standards. We believe that innovation and compliance must go hand in hand, and we actively
work to establish a framework that supports both technological advancement and market trust.
At InCommodities, we believe the people who contribute to our success should also benefit from it. That’s why a significant majority – 85% – of the
company is owned by active team members, with our four founders holding the largest share. The remaining ownership belongs to Goldman Sachs
and a select group of investors. This model creates a strong sense of engagement, responsibility, and commitment across the organization. We are
dedicated to expanding co-ownership and have set a goal to significantly increase the shareholding of non-founding team members in the coming
years. As part of this commitment, everyone in the company across levels and seniority has the opportunity to participate in our warrant program,
which can be converted into company shares.
In 2024, we focused on ensuring continued awareness of our whistleblower scheme and reinforcing a culture of transparency and accountability.
The scheme is accessible via our website, ensuring global availability. Internal communications and training sessions highlighted the importance of
speaking up, and we maintained close collaboration with PricewaterhouseCoopers to ensure the integrity of the reporting process. We received 0
whistleblower reports in 2024.
Beyond compliance, we have formal guidelines on Privacy, Data Protection, GDPR, Whistleblower, and Data Retention & Deletion. These policies
help us maintain a high standard of accountability and transparency. Policy training Every individual at InCommodities is responsible for knowing
and following our internal policies. New joiners receive an introduction from our Legal & Market Access and Compliance teams, while mandatory
annual training keeps everyone up to date. Additional face-to-face or specialized sessions occur as needed. Many team members also complete the
EFET Energy Markets Training to deepen their industry expertise. In 2024, we further optimized our policy training programs to ensure that all
team members are well-equipped to navigate an evolving regulatory landscape. A particular focus was placed on strengthening our training in
REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) to reinforce our license to operate. Training modules were updated
to reflect the latest regulatory developments, ensuring that our policies are not only understood but actively applied in daily operations.
Volatility is the common denominator of the global energy markets. The ongoing energy transition is a dominant factor across all markets where
InCommodities operates – reinforcing our relevance more than ever before. Looking ahead to 2025, we anticipate further volatility, compounded
by geopolitical uncertainties. As a result, we expect our gross profit for Incomas Holding ApS to fall within the range of EURm 170-290, and our
EBT within the range of EURm 70-280, reflecting both current challenges and the market’s unpredictability. Despite these uncertainties, we will
continue expanding our presence across global markets and regions, with a strong emphasis on technological advancement and the development of
autonomous business units in Europe, Asia-Pacific, and North America. In 2025, we plan to successfully spin off our renewable asset management
business into a dedicated unit, InCommodities Asset Management, which will focus on the European market. The new unit will grow its portfolio of
wind and solar assets in Germany and the Nordic countries while exploring flexible solutions to support the green transition. Looking beyond 2025
and our own business focus, our attention remains on the European markets and the geopolitical factors that could drive significant volatility,
particularly due to the region’s energy dependence.
16/73
Management review
Strengthening Europe’s energy resilience
Addressing future energy crises
Future energy crises in the EU will likely stem from the same challenges we face today – insufficient baseload, inadequate infrastructure, and
policy uncertainty – combined with Dunkelflaute. As a tech-driven energy trading company, our goal is to improve weather prediction. However,
while we cannot eliminate Dunkelflaute, policymakers can take decisive steps to mitigate its impact by addressing these structural weaknesses.
While the challenges are real, so is the potential. The European Commission has introduced a renewed focus on competitiveness, placing energy
and energy security at the core of this agenda. Political commitment is essential to completing a robust energy union with an updated grid as the
foundation for a resilient, interconnected, and secure energy system. At InCommodities, we share the vision of a stronger, more self-reliant Europe
and a new era of European competitiveness driven by solid political decision-making. The current outlook for increased risk and volatility in the
energy markets heightens the demand for the services provided by energy traders like InCommodities. By providing liquidity, mitigating financial
risks, and balancing supply and demand, we help stabilize the market when it matters the most. In doing so, we play an essential role in
strengthening EU competitiveness by contributing to a more efficient and resilient energy market. As we look ahead, rethinking energy trading is
not just more relevant than ever – it is essential to Europe.
The energy transition remains a global challenge, and the EU stands at a critical crossroads in its journey towards net-zero. While we anticipate
relatively calm market conditions in 2025, underlying vulnerabilities persist in both short and long term. Achieving energy independence and
resilience will require immediate political will and concrete action. Europe’s energy security is not just about stability – it is about competitiveness
and strategic autonomy. The events of recent years have underscored the urgency of reducing reliance on external energy sources. Europe remains
exposed to geopolitical risks due to its continued dependence on imported energy; particularly oil and LNG.As energy traders, we play a crucial
role in the EU’s pursuit of three key goals: increased energy security, enhanced competitiveness, and a successful energy transition. A key challenge
lies in managing periods of low renewable output – known in Germany as Dunkelflaute – when both wind and solar generation drop significantly.
These events, often occurring during winter cold spells, trigger sharp increases in gas demand as gas-fired power is dispatched to maintain supply.
As renewables take a larger share of the generation mix, these periods are becoming more frequent and are a primary driver of price volatility.
However, price spikes are not inherently negative. In a flexible energy system, they serve as critical signals – activating backup capacity and driving
investment in the infrastructure needed to stabilize long-term prices. The goal is not to eliminate volatility altogether, but to ensure that average
prices over time remain low and predictable. In this context, the best remedy for high prices is often high prices themselves, as they incentivize the
development of solutions like energy storage, demand response, and firm generation. In 2024, Europe’s renewables continued to crowd out
baseload coal and gas generation. Yet, when renewable output fell, demand for flexible gas surged – highlighting the need for maintaining and
expanding flexible gas-fired plants capable of rapid ramp-up. These assets remain essential to bridging the intermittency gap and reducing the
severity of future price spikes. Dunkelflaute is not a temporary disruption but a recurring and structural stress test for Europe’s energy system. As
the continent shifts toward higher shares of wind and solar, the ability to respond to sudden drops in renewable output becomes increasingly
critical to maintain stable prices. A pragmatic approach to this challenge is essential to strengthening Europe’s energy resilience in the coming
decades. Political priorities must include investment in weather independent baseload capacity, enhanced battery storage, improved grid
connectivity and infrastructure, and an expanded use of Power Purchase Agreements (PPAs) – to name just a few central instruments. Nuclear
power remains an essential component of baseload capacity, yet current levels are insufficient to meet future demand. Expanding the nuclear
baseload in the EU will take decades and is no quick fix. Furthermore, it is clear to us that the need for power in the EU is drastically increasing.
But we also see a risk of an underestimating of Europe’s future power needs in an electrified economy. This is a critical risk that requires political
awareness to ensure the right decisions are made. Towards mid-century, Europe will continue to consume significant amounts of natural gas as a
transition fuel on the path to a carbon-free future. The EU has plenty of own oil and natural gas resources which could be activated considerably
faster than other alternatives – almost with instant positive effect for the strength and resilience of the EU economy. However, despite its strategic
importance, domestic gas production has paradoxically been in decline for years. InCommodities commitment to the energy transition remains
strong and unchanged. But it is also clear that if the EU does not produce more of the oil and gas needed during the transition towards net-zero,
our continued energy-dependency is a real security risk threatening the European industrial competitiveness and economic growth. Whether an
increasing share of this essential energy source during the European energy transition should continue to be imported from non-European
countries – deepening geopolitical dependencies and thereby risk and volatility – is ultimately a political question.
17/73
Yes
Consolidated income statement
for the year ended 31 December
In thousands EUR
Notes
3
4
5
4, 6
4, 6
7
2024 2023
Net profit for the year
Total net profit for the period is attributable to the owners of
Incomas Holding ApS
Staff costs
Depreciation
Operating profit before financial income and expenses (EBIT)
Financial income
Financial expenses
Profit before tax (EBT)
Tax on profit for the year
Fair value adjustments of financial and physical energy contracts
179,154
Revenue from contracts with customers
Cost of sales
0
Other external expenses
-14,019
-24,560
-12,567
-37,143
Gross profit
114,111 179,154
120,361
-158,514
Other operating income
142 0
103,548
-44,266
123,220
-24,309
98,911
98,911
127,946
127,946
-39,278
152,264
47,111
-20,035
167,224
-605 -427
63,938 140,148
0
18/73
Yes
Consolidated statement of comprehensive income
for the year ended 31 December
In thousands EUR
Notes
Other comprehensive income
Items that may be reclassified to profit or loss
1,556
1,788
Total comprehensive income for the period
100,467
Other comprehensive income for the period, net of tax
2024
Profit for the year
98,911
Exchange differences on translation of foreign operations
Other comprehensive income
-232
Total comprehensive income for the period is attributable to the owners of Incomas
Holding ApS
100,467
2023
127,572
-715
-374
341
127,572
127,946
19/73
Yes
Consolidated balance sheet
as at 31 December
In thousands EUR
Notes
8
12
9
10
12
12
11
Derivatives
20,201 56,434
Prepayments
72 145
Asset investments
Cash and cash equivalents
404,277 457,774
Total current assets
1,047,405 1,100,581
306,213
Total assets
1,051,829 1,102,449
Assets
69,510 67,592
Total non-current assets
4,424
939
309,640
Inventories
2024 2023
Unlisted securities
Non-current assets
3,051 0
Land and buildings
679 619
Right-of-use assets
333
Deposits
361 310
Trade receivables
150,934 110,075
Other receivables
96,198 98,921
1,868
Current assets
20/73
Yes
Consolidated balance sheet
as at 31 December
In thousands EUR
Notes
18
15
8
8
13
13
12
13
2024 2023
Equity
Share capital
850,632 790,704
931 930
Share premium account
21,436 21,436
Reserve for exchange rate adjustments
597 -1,191
Retained earnings
Proposed dividend for the year
40,000 175,000
Total equity
913,596 986,879
113 113
131 347
Liabilities
Non-current liabilities
Provisions
Lease liabilities
Total non-current liabilities
Current liabilities
Lease liabilities
578
69
216
244
57,318 24,931
44,057
460
1,051,829
138,233
10,761
34,714
Total liabilities
Total liabilities and equity
Credit instiutions
Trade payables
Derivatives
Corporation tax
Other payables
Total current liabilities
6,526
55,381
1,769
16,779
137,989
1,102,449
115,110
115,570
21/73
Yes
Consolidated statement of changes in equity
for the year ended 31 December
In thousands EUR
As at 1 January 2024
Cash capital increase
Transfer from share premium account
Purchase of treasury shares
Share-based payments
Tax on share-based payments
Ordinary dividends paid
Extraordinary dividends paid
Proposed dividend for the year
As at 31 December 2024
0 0 0 -735 0 -735
1 1,355 0 0 0 1,356
0 -1,355 0
0 0 0 629 0 629
0 0
0
0 0
0 0
0 0
0
0 0
-175,000 -175,0000 0 0 0
931 21,436 597 850,632 40,000 913,596
-40,000 40,000
0 0
0
0
0
100,467
1,355 0 0
Total EquityShare capital
Share premium
account
Reserve for exchange
rate adjustments Retained earnings
Proposed dividend for
the year
Transactions with owners in their capacity as
owners
0 0 1,788 98,679
Profit for the period
0 1,788Exchange adjustments
Other comprehensive income
Total comprehensive income
0 0 1,788 0
22/73
930 21,436 986,879-1,191 790,704 175,000
0 98,9110 0 0 98,911
0-232 -2320 0 0
Consolidated statement of changes in equity
for the year ended 31 December
23/73
In thousands EUR
Share capital
Share premium
account
Reserve for exchange
rate adjustments
Retained earnings
Proposed dividend for the
year
Total Equity
As at 1 January 2023
917
8,873
-476
887,043
0
896,357
Profit for the period
0
0
0
127,946
0
127,946
Exchange adjustments
0
0
-715
0
0
-715
Other comprehensive income
0
0
0
341
0
341
Total comprehensive income
0
0
-715
128,287
0
127,572
Transactions with owners in their
capacity as owners
Cash Capital Increase
13
12,563
0
0
0
12,576
Share-based payments
0
0
0
374
0
374
Tax on Share-based payments
0
0
0
0
0
0
Extraordinary dividends paid
0
0
0
-50,000
0
-50,000
Proposed dividend for the year
0
0
0
-175,000
175,000
0
As at 31 December 2023
930
21,436
-1,191
790,704
175,000
811,879
Yes
Consolidated statement of cash flows
for the year ended 31 December
In thousands EUR
Notes
17
17
17
17
-3,162
47,754
44,592
6,526
-578
0
-167,696
-98,992
-99,943
951
-436
-178,200
0
-50,000
-227,685
69,607
Net profit for the year
Adjustments
Changes in net working capital
Other long-term debt payment
127,946
-32,918 12,629
Financial expenses paid
Corporation tax paid
66,946
-8,348
-33,301
-9,524
-134,800
-21,683 -27,881
98,911
Financial income received
Net cash inflow from operating activities
2024 2023
Cash flows from operating activities
Net cash outflow from financing activities
16,219
-15,411
Cash capital increase
1,356
Cash flows from investing activities
Payment for fixed assets etc.
Current investment assets
Net cash outflow from investing activities
Cash flows from financing activities
Change of loans from credit institutions
Net increase in cash and cash equivalents
-951
Lease payments
404,277 457,774
Cash and cash equivalents at the beginning of the financial year
457,774 800,813
Effects of exchange rate changes on cash and cash equivalents
0 0
Cash and cash equivalents at end of year
-53,497 -343,039
Dividends paid to company's shareholders
-175,000
24/73
Contents of the notes to the consolidated financial statements
Note 1 Summary of significant accounting policies Accounting policies
Note 2 Critical estimates and judgements Critical estimates, judgements
Note 3 Revenue from contracts with customers Fair value adjustments
Note 4 Fair value adjustments Staff costs
Note 5 Staff costs Leases
Note 6 Financial income and expenses Fair value
Note 7 Income tax expense Fin. assets and fin. liab.
Note 8 Leases Financial risk management
Note 9 Inventories Cash flow specifications
Note 10 Trade receivables Share capital
Note 11 Cash and cash equivalents Contingent liabilities
Note 12 Fair value Related party transact ions
Note 13 Financial assets and financial liabilities Fee to auditors
Note 14 Financial risk management Income tax expense
Note 15 Provisions
Note 16 Offsetting financial assets and financial liabilities
Note 17 Cash flow specifications
Note 18 Share capital
Note 19 Capital management
Note 20 Contingent liabilities and commitments
Note 21 Related party transactions
Note 22 Interests in other entities
Note 23 Fee to auditors appointed at the general meeting
Note 24 Subsequent events
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Yes
Accounting policies
Note 1 Summary of significant accounting policies
The consolidated financial statements of Incomas Holding ApS ('the Group') for the year ended 31 December 2024 were
authorised for issue in accordance with a resolution of the directors on 6 May 2025.
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial
statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU as well as additional the Danish disclosure requirements applying to entities of reporting
class C for large enterprises.
The consolidated financial statements have been prepared on a historical cost basis, except for the following financial assets and
liabilities, which are measured at fair value.
• Contracts for sale and purchase of gas, power and capacities which are not entered into for the Group's own use.
• Derivative financial instruments.
The consolidated financial statements are presented in Euro (EUR) and all values are rounded to the nearest thousand, except
when otherwise indicated.
New standards and interpretations and not yet adopted
Principles of consolidation
The following new standards, amendments, and interpretations of relevance to the Group have been adopted by the IASB and
adopted by the EU. The standards are not yet effective and will therefore not be implemented in the Annual Reports until they take
effect.
• Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rate’: Determination of the exchange rate in the absence of
long-term exchangeability (1 January 2025).
• Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’: Change to the classifi-cation
and measurement of financial instruments (1 January 2026).
• Amendments to IFRS 18 ‘Presentation and Disclosure in Financial Statements’: New standard for presentation and disclosure in
the financial statement (1 January 2027).
• Amendments to IFRS 19: ‘Subsidiaries without Public Accountability: Disclosure’: New disclosure requirements for subsidiaries
of a company of public accountability (1 January 2027).
• Annual Improvements, volume 11: A number of minor amendments, clasifications and conseqential amendments to five
standards: IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 (1 January 2026)
None of the ammendments are expected to have a material impact on the recognition and measurement of the balance sheet at 1
January 2025.
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct
the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group.
Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies
of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
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0
Accounting policies
Note 1 Summary of significant accounting policies
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of the Group are measured using the currency of the primary economic environment in
which the Group operates (‘the functional currency’). The consolidated financial statements are presented in Euro (EUR), which is
the Group’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets
and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are
deferred in equity if they are attributable to part of the net investment in a foreign operation.
The results and financial position of foreign operations that have a functional currency different from Euro are translated into
Euro as follows:
- assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
- income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average
exchange rates, and
- all resulting exchange differences are recognised in other comprehensive income.
Derivative financial instruments
Derivative financial instruments are initially recognised in the balance sheet at fair value and are subsequently remeasured at their
fair values. Positive and negative fair values of derivative financial instruments which are not settled at year end are classified as
”Derivates", respectively. The fair values of derivative financial instruments which are settled at year end are classified as ”Cash at
bank” and ”Credit institutions”, respectively. Derivative financial instruments with positive fair values are offset against derivative
financial instruments with negative fair values when settled on a net basis.
Contracts for the delivery of power and gas are classified as derivative financial instruments when there is a practice of net
settlement in respect of similar contracts, including offsetting contracts before delivery.
Revenue is recognised when control of the power is transferred to the buyer simultaneously with fulfilment of the related services,
that being when the power is delivered. The Group's power sales & energy-related services are considered a series of identical
goods and services that are transferred over time and revenue is recognised at the amount to which the Group is entitled.
Cost of sales
Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative
financial instrument is designated and qualify as hedge accounting.
Income Statement
Fair value adjustments of financial and physical energy contracts
The Group routinely enters into exchange traded sale and purchase transactions for physical delivery of energy commodities. A
considerable part of these transactions for physical delivery of a non-financial item are considered within the scope of IFRS 9 due
to the fact that the Group has a practice of entering into offsetting contracts before the delivery date. Consequently, they are
measured at fair value on initial recognition and subsequently measured at fair value through profit and loss.
For contracts whose fair value cannot be determined solely based on observable market data, any difference between the
transaction price and transaction date fair value determined by applying a valuation model is deferred and recognized over the
term of the contract.
A portion of the sale and purchase transactions for physical delivery of energy commodities takes the form of contracts that were
entered into and continue to be held for the purpose of receipt or delivery of the physical commodity in accordance with the
Group’s expected sale, purchase or usage requirements (“own use”) and are not within the scope of IFRS 9. The assessment of
whether a contract is deemed to be “own use” is based on the nature of the contract as well as facts and circumstances of how the
contract is included in the Group's activities.
Purchases of physical wind power from wind farms are included and accrued in full after delivery.
Rental income is recognised on a straight line basis over the rental period.
Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.
Revenue from contracts with customers
Revenue from the sale of power and energy-related services comprises consumption balancing as well as the sale of power sourced
from wind farms and related services in terms of e.g. production management and balancing. The Group considers whether it is
acting as principal or agent, based on whether it holds the main risks and controls the power and services delivered before
transferring it to the counterparty.
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0
Accounting policies
Note 1 Summary of significant accounting policies
Other operating income and expenses
Financial income and expenses comprise interest income and interest expenses, realized and unrealized exchange rate
adjustments, fair value adjustment of current asset investments as well as interest on extra payments and repayment under the on-
account taxation scheme and interest in respect of lease liabilities.
Other financial income primarily comprises realized gains on exchange forward derivatives as well as interest income.
Other financial expenses primarily comprise realized and unrealized exchange rate adjustments as well as interest expenses.
Tax on profit/loss for the year
The income tax expense or credit for the period is the tax payable on the taxable income of the current period, based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting
period in the countries where the Group generate taxable income. The management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is
probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the
most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the
uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated financial statements. A deferred income tax asset or liability is also
not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that,
at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax
rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when
the related deferred income tax asset is realized or the deferred income tax liability is settled.
Balance sheet
Other external expenses comprise expenses for premises, marketing, office expenses etc.
Staff costs
Staff expenses comprise direct wages and salaries, pension contributions, social security contributions, sick leave, bonuses, and
share-based payments which are recognized in the year in which the associated services are rendered by employees of the Group.
Employee benefits - Pensions
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.
The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset
to the extent that a cash refund or a reduction in the future payments is available
Share-based payments
Other external expenses
A number of employees have been granted equity-settled warrants. Issued warrants become exercisable after a certain period of
time or upon an earlier exit event subject to the employee still being employed at the exercise date. The grant date fair value is
recognized as a compensation expense over the vesting period with a corresponding entry to equity.
Land and buildings
Land and buildings are measured at cost less accumulated depreciation and less any accumulated impairment losses.
Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for
use.
The fixed assets’ residual values are determined at nil.
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Accounting policies
Note 1 Summary of significant accounting policies
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of
amounts previously written down are recognized as a reduction of costs against the same line item.
Derivatives
When derivatives do not meet the hedge accounting criteria, they are primarily classified as ‘held for trading’ for accounting
purpose and initially recognised, and subsequently measured at fair value through profit and loss and recognised in the balance
sheet as ‘derivatives ”. Derivatives that are held for trading are classified as current assets and liabilities regardless of their
maturity date. The Group does not apply any type of hedge accounting in the financial statements. Derivatives are categorised by
means of shared risk and underlying commodity.
The Group routinely enters into sale and purchase transactions for physical delivery of energy commodities. A considerable part of
these transactions for physical delivery of a nonfinancial item is considered within the scope of IFRS 9 since the contracts are net
settled, and they are consequently accounted for as derivatives measured at fair value through profit and loss.
Leases
Fixed asset investments
Fixed asset investments consist of deposits from leasehold.
Inventories
Inventories comprise gas used for trading. Inventories are measured at the lower of cost under the FIFO method adjusted for gains
and losses from hedging instruments and net realizable value. The net realizable value of inventories is calculated at the amount
expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net
realisable value is determined allowing for marketability, obsolescence and development in expected selling price.
Trade receivables
Trade receivables are amounts due from power and gas sold as part of the ordinary course of business. Trade receivables are
recognized initially at the amount of consideration that is unconditional. The Group holds the trade receivable with the objective
of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest
method, less allowance for life-time expected losses. The Group applies the IFRS 9 simplified approach to measuring expected
credit losses which uses a lifetime expected loss for all trade receivables.
The Group leases properties. Property contracts are typically made for 1 to 5 years but may have extension and termination
options.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present
value of fixed payments (including in-substance fixed payments); any variable lease payment that are based on an index or a rate,
initially measured using the index or rate as at the commencement date and the exercise price of a purchase option if the Group is
reasonably certain to exercise that option. Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease or lessee’s incremental borrowing rate if the implicit
interest rate cannot be readily determined.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period
so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost which comprises the amount of the initial measurement of lease liability; any initial
direct costs; the estimated restoration costs and any lease payments made at or before the commencement date less any lease
incentives received.
Unlisted securities
Unlisted securities, which consists of unlisted equity securities, are measured at their fair values at the balance sheet date.
The fair value is the price at which the equity securities could be traded between knowledgeable and willing parties on arm's length
terms on the balance sheet date. Determining fair value involves significant accounting estimates. The fair value is estimated to be
equal to the cost price as of 31 December 2024.
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Accounting policies
Note 1 Summary of significant accounting policies
Other receivables
Other receivables consist of deposits related to trading, receivable VAT and miscellaneous receivables. Other receivables are
measured at amortized cost. Deposits represent the amount of cash required for trading positions with certain counterparties.
Prepayments
Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.
Deferred tax
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary
differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and
where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the
entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the
liability simultaneously.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in
equity, respectively.
Borrowings
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit
or loss over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that
some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no
evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Equity reserves
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction, net of tax, from the proceeds.
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the
entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Payments of dividends
are subject to debt covenants.
Cash Flow Statement
The cash flow statement shows the Group's cash flows for the year broken down by operating, investing and financing activities,
changes for the year in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the
year.
Cash flows from operating activities
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and
non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises
current assets less short-term debt excluding items included in cash and cash equivalents.
Cash flows from investing activities
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and
equipment as well as fixed asset investments.
Cash flows from financing activities
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to
and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise ”Cash at bank and in hand” and ”Overdraft facilities”.
The cash flow statement cannot be immediately derived from the published financial records.
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Accounting policies
Note 1 Summary of significant accounting policies
Profit before financial x 100
Total assets
Equity at year end x 100
Total assets at year end
Return on eguity
Net profit for the year x 100
Average equity
Financial Highlights
Explanation of financial ratios
Return of assets
Solvency ratio
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Yes
Critical estimates, judgements
Note 2 Critical estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the Group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of
these estimates and judgements is included in other notes together with information about the basis of calculation for each
affected line item in the financial statements. In addition, this note also explains where there have been actual adjustments this
year as a result of an error and of changes to previous estimates.
Judgements
Measurement of gas trading inventory
Determining the measurement method of gas trading inventories require management to make judgements.
Management uses significant judgement when determining whether the Group acts as a broker-trader. In this assessement,
management takes into consideration both characteristics of the sales contracts entered into, the frequency and volumes of gas
trading and the strategic use of the gas trading inventory. Evaluating all the facts and circumstances relating to the gas trading
inventories, the Group does not act as a broker-trader and gas trading inventories are consequently measured at historic cost.
The carrying amount of gas trading inventory as per the balance sheet date amount to TEUR 69,061 (2023: 67,143).
Estimates
Valuation of derivatives and commodity contracts not entered into for the Group's own use
In some cases, the fair values of derivatives are estimated using internal models due to the absence of quoted prices or other
observable, market-corroborated data. This primarily applies to the Group’s longer-term, structured derivative contracts or
contracts in illiquid markets. The majority of these contracts are valued using models with inputs that include price curves for each
of the different products. These price curves are built up from available active market pricing data including volatility and
correlation and modelled using the maximum available market-derived information. Additionally, when limited data exist for
certain products or market areas, prices are determined using historical and long-term pricing relationships. The use of alternative
estimates or valuation methodologies may result in significantly different values for these derivatives. The Group also trades
capacities for which no active market exists hence the price is estimated. The estimate is based on the future spreads between the
given market areas, which may result in different values for these derivatives.
The carrying amount of derivatives and commodity contracts as per the balance sheet date Amount to TEUR -35,180 (2023:
12,377).
Fair Value adjustments
Gains and losses arising from trading with energy commodity derivatives including futures, options, swaps and certain forward
sales and purchases are excluded from revenue and presented separately. Likewise, energy commodity contracts with physical
delivery with a net settlement option or past practice of settlement of contracts in net cash or other financial instruments are also
to be excluded from revenue since these energy commodity contracts and treated considered within the scope of IFRS 9 Financial
instruments. Given the nature of the Group's business model and contracts with counterparties all gains and losses arising from
trading with energy commodity derivatives are accounted for using IFRS 9 Financial instruments.
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Staff costs
Note 3 Revenue from contracts with customers
In thousands EUR
152,264 -
2024 2023
Rental income
26 -
Sales of power and energy-related services
152,238
-
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Yes
Note 4 Fair value adjustments
Fair Value adjustments
Gains and losses arising from trading with energy commodity derivatives including futures, options, swaps and certain forward
sales and purchases are excluded from revenue and presented separately. Likewise, energy commodity contracts with physical
delivery with a past practice of settlement of contracts in net cash or other financial instruments are also to be excluded from
revenue since these energy commodity contracts and treated considered within the scope of IFRS 9 Financial instruments.
Given the nature of the Group's business model and contracts with counterparties all gains and losses arising from trading with
energy commodity derivatives are accounted for using IFRS 9 Financial instruments.
Other gains and losses arising from financial assets and financial liabilities measured at fair value are disclosed in accordance with
IFRS 7 in note 6.
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Yes
Staff costs
Note 5 Staff costs
In thousands EUR
In thousands EUR
In thousands EUR
Share-based payments
0 0 0 0
Pension cost, defiend contribution plans
0 1
20 0
Other social security costs
0 1 2
Other staff costs
2
1
1
7 27
2024 2023
Wages and salaries
32,262 20,755
629 374
106
2,512
Share-based payments
Pension cost, defiend contribution plans
1,634 1,351
Other social security costs
153
1,927
Other staff costs
Board of
Directors Others Total
403 886
Wages and salaries
37,143 24,560
216 166
Average number of employees
Wages and salaries, pension contributions and other social security costs are considered to be short-term employee benefits.
Key management personnel compensation
Key management personnel (Others) consists of the Board of Directors and the Executive Board. The compensation paid or
payables to key management personnel for employee services is shown below:
0 483
2024
Executive
Board
Executive
Board
Board of
Directors Others Total
0
0 24 48
1 20
0 2 4
0 510 1,020
483 966483
0
24
1
2
510
Share-based payments
Pension cost, defiend contribution plans
Other social security costs
Other staff costs
Wages and salaries
0
00
425 0 492 917
2023
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Note 5 Staff costs
Number of shares 2024 2023
Outstanding at the beginning of the period
76,715 43,400
The fair value of warrants granted in 2024 amount to tEUR 2,638 (2023: tEUR 1,586). No key management personnel are
included in the warrant program. The employees that have been given warrants have the option to buy the predefined amount of
shares at a predefined value.
Share-based payment
35,475 33,315
0
0
105,700 76,715
3 2
Expired during the period
Outstanding at the end of the period
Weighted-average reming contractual life, years
None of the warrants are exercisable at the end of the period
Granted during the period
Forfeited during the period
-6,490 0
Exercised during the period
0
0
Warrant program
To motivate and retain certain employees, the Group has established a warrant program. 35,475 warrants were granted in March
2024 and 6,490 was forfeited. Warrants vest within 3-4 years from the grant date.
Vesting requirements of the warrants are based on non-terminated employment at maturity or upon an exit event.
The fair value of the warrants have been determined based on a Black-Scholes option pricing model with data input from historical
share prices of a peer group.
Key input in the Black-Scholes option pricing model includes excercise prices in a range of DKK 242-1,572 and volatility in a
range of 39%-41%.
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Yes
Note 6 Financial income and expenses
In thousands EUR 2024 2023
Financial income
Currency exchanges gains
29,793 6,311
Interest on lease liabilities
Currency exchanges losses
Fair value adjustments, investment assets
Other financial expenses
Total financial expenses
41
10,511
Fair value adjustments, investment assets
24,581
16,219
56,764
16,991
103,548 47,111
Other financial income
Total financial income
Financial expenses
31
28,293
11,977
3,965
44,266
0
9,483
20,035
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Note 7 Income tax expense
In thousands EUR
In thousands EUR
120 0.1%
Adjustments for current tax of prior periods
-4,194 -3.4%
Current tax on profits for the year
Adjustments for current tax of prior periods
Income tax expense
Reconciliation of effective tax rate
Tax at the Danish tax rate of 22% (2023: 22%)
Less tax in foreign operations in relation to the Danish tax
rate of 22% rate (2023: 22%) 602
Tax effects of amounts which are not deductible (taxable) in
calculating taxable income:
2024
27,108 22%
80
39,278 23.5%
The Incomas Group is within the scope of the OECD Pillar II model rules regarding minimum taxation of 15%. The rules were
implemented in Denmark in 2023 with effect from 1 January 2024. The Pillar II rules are, however, not expected to have a
material impact on the tax position of the Incomas Group in 2024.
The Incomas Group has applied the temporary exception issued by the International Accounting Standard Board (IASB) in May
2023 from the accounting requirements for deferred taxes in IAS 12. Accordingly, the Group neither recognized nor discloses
information about deferred tax assets and liabilities related to Pillar II income taxes.
-38 0.0%
2,402 1.4%
0.0%
673 0.5%
Income tax expense
24,309 19.7%
Other timing differences
Non-deductible expenses
Current tax
39,198
2024 2023
36,789 22%
0.5% 45 0.0%
% 2023 %
28,503
-4,194 80
24,309 39,278
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Yes
Leases
Note 8 Leases
In thousands EUR
Expense relating to short-term
Total cash outlow for leases
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
Depreciation charge of right-of-use assets
Properties
Interest expense on lease liabilities
427605
605 427
41
377
31
4
333 939
640 845
2024 2023
Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
0 951
Right-of-use assets
Properties
333 939
Additions to the right-of-use assets
Lease liabilities
Current
216 578
Non-current
131 347
347 925
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Yes
Note 9 Inventories
In thousands EUR
The following inventory write downs are included in the carrying amount presented in the table above.
In thousands EUR
Amounts recognised in profit and loss
Note 10 Trade receivables
In thousands EUR
69,510 67,592
150,934 110,075
2023
2024
150,934 110,075
Inventories recognised as an expense during 2024 amounted to TEUR 798,027 (2023 TEUR: 1,389,599). These were included in
Fair value adjustment of financial and physical energy contracts.
Total inventories, net
449
69,510 67,592
2022
2024
69,061 67,143
Gas storage
Land held for resale
Changes in inventory write-downs
449
16,921
2024 2023
Write-downs for the year, reversal
Total inventory write-downs
0
7,812
0
Inventories write down at 1 January
-7,812 -16,921
Write-downs for the year, additions
-7,812
-7,812
Due to the short-term nature of the current receivables, the carrying amount is considered to be the same as the fair value.
Refer to note 14 for a description of the expected credit losses and risks regarding trade receivables.
Trade receivables from contracts
Loss allowance
0 0
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Note 11 Cash and cash equivalents
In thousands EUR
Cash and cash equivalents at 31 December
Cash at bank
243,345 315,647
2024 2023
404,277 457,774
Counterparty deposits which can be released with af short timeframe
134,622 88,385
Derivatives and commodity contracts presented as cash
26,310 53,742
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Yes
Note 12 Fair value
Derivative financial instruments in the Group mainly consist of commodity derivatives that are traded as part of the Group’s
ordinary business activity.
The Group measures the following financial assets and liabilities at fair value:
● Power derivatives
● Gas derivatives
● Foreign currency derivatives
● Unlisted securities
● Asset investments
Fair value hierarchy
This section explains estimates made in determining the fair value of the financial instruments that are recognized and measured
at fair value through profit and loss in the financial statements. To provide an indication about the reliability of the inputs used in
determining fair value, the Group has classified its financial instruments into three levels prescribed under the accounting
standards.
Level 1
Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices). To a large extent level 2 is based on observable quoted prices, however in some instances
forward prices are not observable. In these situations the most liquid forward curves are used to derive a spread to the specific
location. For options theoretical pricing models with implied volatilities are used to calculate market prices.
These valuation techniques maximise the use of observable market data where it is avaliable and rely as little as possible on entity
specific estimates. If all significant inputs required to calculate the fair value of an instrument are observable, the instrument is
included in Level 2;
Level 3
Inputs for the asset or liability that are not based on observable market data. Non-listed shares and other securities fall within
level 3 of the fair value hierarchy.
Exchange-traded derivatives as well as foreign exchange contracts are valued using closing prices provided by the exchanges at the
balance sheet date. These derivatives are categorized within level 1 of the fair value hierarchy. Exchange-traded derivatives are
typically considered settled through the payment or receipt of variation margin.
Over-the-counter (OTC) financial swaps and physical commodity sale and purchase contracts including commodity forwards are
generally valued using readily available information in the public markets and if necessary, quotations provided by brokers and
price index developers. These quotes are corroborated with market data and are predominately categorized within level 2 of the
fair value hierarchy.
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Yes
Note 12 Fair value
Fair value hierarchy
In thousands EUR
Unlisted securities
0 0 3,051 3,051
Unlisted securities
0 0 0 0
Asset investments
306,213 0 0 306,213
Foreign currency derivatives
0 0 0 0
Total
306,213
Financial assets
0 20,201
0 0
Power derivatives
Gas derivatives
0 0 0 0
Foreign currency derivatives
20,201 0
0 0
Valuation processes/techniques
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measue fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
The valuation process of the derivatives includes different inputs based on external information to the extent possible and the final
valuation is verified and approved by the risk management function. Benchmark and pricing services are used to verify valuations
and increase data quality.
The below table sets out the fair value hierarchy for assets and liabilities measured at fair value in the balance sheet:
Level 1 Level 2 Level 3 Total
2024
The valuation process of the unlisted securities includes inputs based on internal performance indicators or the latest trading
price, if deemed applicable. As the acquisitions were made close to the balance sheet date and the transactions were made between
well informed and willing parties on independent terms, the transaction price is estimated to be equal to the fair value as of 31
December 2024.
20,201 3,051 329,465
25,203 22,345 0 47,548
Financial liabilities
366,074
Foreign currency derivatives
Power derivatives
7,833 0 0 7,833
Gas derivatives
22,345 033,036 55,381
Total
2023
Financial assets
40,330
Foreign currency derivatives
Power derivatives
0 0 0 0
Financial liabilities
0 0
Gas derivatives
56,434 0 0 56,434
0 0
366,074 0 0
Total
455 43,602 0 44,057
Asset investments
309,640 0 0 309,640
3,272 0
0 0
455 3,727
0 0
Power derivatives
Gas derivatives
0 40,330 0
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Yes
Note 12 Fair value
Level 3 financial instruments
The reconciliation of the Level 3 fair value measurements during the year is as follows:
In thousands EUR
At 31 December 2024
3,051 3,051
0 0
0 0
0 0
0 0
Disposals
Losses recognised in other comprehensive income
Gains recognised in other comprehensive income
At 1 January 2024
0 0
0 0
0 0
Acquisitions
3,051 3,051
Transfers from level 2
Acquisitions
0 0
0 0
At 31 December 2023
0 0
Disposals
Losses recognised in other comprehensive income
Gains recognised in other comprehensive income
Transfers from level 2
0 0
Unlisted
securities
Total
At 1 January 2023
0 0
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Yes
Note 13 Financial assets and financial liabilities
In thousands EUR
Financial assets measured at fair value through other comprehensive income
Unlisted securities
3,051 0
3,051 0
Asset investments
306,213 309,640
352,724 419,816
The Group holds the following financial instruments:
2023
2024
Financial assets
26,310 53,742
Financial assets measured at fair value through proft and loss
Derivatives and commodity contracts
20,201 56,434
Derivatives and commodity contracts (cash and cash equivalents)
150,934
96,198
377,967 404,032
625,460 613,338
Financial assets measured at amortised cost
Deposits
361 310
Trade receivables
110,075
98,921
Other receivables
Cash and cash equivalents
Financial assets
981,235 1,033,154
Due to the short-term nature of the financial assets measured at amortised cost, their carrying amount is considered to be the same as their fair value.
Financial Liablities
Financial liabilities measured at fair vaule through proft and loss
Derivatives and commodity contracts
55,381 44,057
55,381 44,057
Due to the short-term nature of the financial liabilities measured at amortised cost, their carrying amount is considered to be the same as their fair
value. The Group's exposure to various risks associated with the financial instruments is discussed in note 14.
Lease liabilties
Other payables
Financial liabilities
Financial liabilities at amortised cost
Trade payables
57,318 24,931
Creidt institutions
69
925
80,970 60,639
6,526
347
16,779 34,714
136,351 104,696
45/73
0
Note 13 Financial assets and financial liabilities
In thousands EUR
0 69
Current Non-current Total Current Non-current Total
Borrowings
2024 2023
6,526 69
The nature of the Group's borrowings are primarily credit line facilities, which can be used to borrow cash or to provide guarantees or letter of credit to
counterparts. The maturites of the credit line facilities are flexible and are based on variable interest rates.
6,526 0
06,526 6,526 69 0 69
For the borrowings, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either
close to current market rates or the borrowings are of a short-term nature.
Credit institutions
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Yes
Financial risk management
Note 14 Financial risk management
In thousands EUR
Gas at 31 December
The Group’s principal financial liabilities, comprise loans and borrowings, and trade and other payables. The main purpose of
these financial liabilities is to finance the Group’s operations. The Group's principal financial assets include trade receivables, and
cash and cash equivalents.
The Group is exposed to market risk, credit risk, liquidity risk.
Market risk
Market risk is the risk of losses or gains caused by changes in the market value of the Group’s financial assets and liabilities
resulting from changes in market prices or rates. Market risk affects the Group’s consolidated financial statement through the
valuation of the Group’s financial instruments.
Commodity price risk
Commodity price risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
underlying commodity prices. The Group's exposure to the risk of changes in commodity prices and volumes relates to the trading
performed by the Group in gas and power.
Pre-Trade Risk Limits: The pre-trade risk limits are set and administrated at several levels of the Group to operationalize and
mitigate the market risk:
5,812 3,792
1,442 5,231
1. Board of Directors: At the board level an overall risk appetite is defined. The risk level is defined in terms of 1% daily VaR and
1% monthly VaR. As such the board of directors (BoD) allows that, the Group loses up to the daily (monthly) VaR level 1% of the
days (months). If the VaR limits are breached the BoD must be informed. Limits at this level are primarily determined based on
the Group's solidity and risk appetite of the owners.
2. Founding Partners: The founding partners set the 1% VaR limits for each department under consideration of the VaR limits
specified by the BoD. If the VaR limit is breached the BoD must be informed. Limits at this level are primarily determined based
on the experience of the teams, clearing arrangements, exchange arrangements and market risk. The founding partners are also
responsible for distributing limits for larger “one off” events like capacity auctions.
3. Head of Trading Department and Head of Risk: The practical risk limits formulated in terms of concrete risk mandates are
formulated jointly by the head of the relevant trading unit and the Head of Risk under the considerations of the 1% VaR limits set
by the BoD and the founding partners. These mandates are set at the department level and differentiate between the various
business areas. These can be in the form of VaR, EUR, MW or MWh limits. The mandates must be visual to the entire company.
The mandates can be dynamic in the sense that they can automatically increase or decrease as a function of accumulated GP.
Limits at this level are primarily determined based on the experience of the individuals and the market risk.
Value-at-Risk
The Group is assessing the market risk by measuring the Value-At-Risk (VaR) on an ongoing basis. VaR is a statistical measure
that quantifies the extent of possible financial losses during a certain period of time given normal market conditions. To manage
market risk and collective portfolio exposure, The Board of Directors have set specific limits to the VaR.
VaR is calculated under the assumption of 1-day and 1 month holding periods, 99% confidence and 1-year historical data. A decay
factor is applied, meaning that the influence of historical data decreases with a predefined factor each day, i.e. most recent market
data has the highest weight. Below figures are based on 1-day holding period.
2024 2023
Power at 31 December
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0
Financial risk management
Note 14 Financial risk management
In thousands EUR
SGD/EUR
PLN/EUR
3,144 10% 286 1,245 10% 113
HUF/EUR
1,872 10% 170 0 10% 0
Casch and
receivables
51,693 1% 512 5,521 1%
10% 1,096 9,897 10%
The exposure to the risk of changes in interest rates relates primarily to interest-bearing assets and liabilities in the Group with a
floating rate. The exposure is not considered material as the Group is primarily financed by its own equity. Please refer to
‘Liquidity risk’ for an overview of the maturity of the financial liabilities. The majority of the liabilities are maturing within 12
months, while the risk of material changes in the interest rates is considered low.
Credit risk
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to
retail customers, including outstanding receivables.
Credit risk is considered very limited due to the limited receivables from individual counterparts and a very low probability of
default for each of the counterparties.
However, the Group is expanding its bilateral trading activities and hence the credit risk increases. When exposed to credit risk
towards a trading counterpart an extensive credit assessment must be performed, which minimum involves:
● Collecting credit and compliance reports through our business-acknowledged external partner
● Profound screening of most recent annual reports
● Getting an overview of ownership structure
Based on the assessment we set a credit limit on how much EUR exposure we are willing to accept towards the trading
counterpart. Such screening must be performed on all trading counterparts at least annually.
The majority of the Group's trading activities are still performed towards exchanges, TSOs, clearing banks and banks. Such
counterparts are in general low risk counterparts. Thus, the overall credit risk of the Group is considered low.
1,262 5% 60 1,698 5% 85
Potential
change in
exchange rate
Impact on
profit og loss
before tax
Casch and
receivables
Potential
change in
exchange rate
DKK/EUR
57,800 5% 2,752 52,374 5% 2,494
USD/EUR
-8,061 5% -384 -30,024 5% -1,430
GBP/EUR
55
Foreign currency risk
Foreign currency risk is the risk that fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Group's exposure to foreign currency risk is derived from the Group’s trading activities in which trade
receivables, account payables and derivatives are denominated in a currency other than the functional currency.
The Group manages its risk towards foreign currency by occasionally entering forward contracts on specific currencies to which
the daily commercial business is exposed. However, there is no single currency exposure that is considered material. The majority
of the Group's activities are in EUR as the majority of the activities are performed in market areas where commodity products are
traded in EUR.
Monetary items and sensitivity
2024 2023
Impact on
profit og loss
before tax
CZK/EUR
13,920 10% 1,265 467 10% 42
CAD/EUR
7,767 5% 370 0 5% 0
AUD/EUR
12,061 900
For more information about the trade receivables please refer to note 10. Please refer to note 16 for more detailed information
about offsetting of financial assets and liabilities.
29 10% 3 -1 10% 0
JPY/EUR
Interest rate risk
48 10% 4 153 10% 14
CHF/EUR
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0
Financial risk management
Note 14 Financial risk management
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss
allowance for all trade receivables. However, due to the nature of the Group's business activities, the Group considers its credit risk
related to trade receivables to be immaterial.
Trade receivables
No loss allowances were made in 2024 and 2023.
The Group has never realized any losses from counterparties. Trade receivables primarily consist of receivables from commodity
exchanges, clearing houses and TSOs. The Group has made a credit risk assessment of the open financial positions at the balance
sheet date. No provisions were needed as the risk is deemed immaterial.
Trade receivables are written off if there is no reasonable expectation of recovery. Indicators of no reasonable expectation of
recovery include, for example, the failure of a debtor to engage in a repayment plan with the Group or failure to make contractual
payments for a period longer than 90 days past due.
A considerable part of the counterparties is covered by standard agreements. Such agreements contain regulations on credit,
payment, and offsetting. This means that the Group is less exposed to credit risk than if trading with fewer or no standardized
terms. The minimal risk and low risk cover TSOs, exchanges, and other A-rated counterparts.
In Commodities assesses that these counterparts carry no or only limited credit risk as they are part of public security of supply or
have high credit ratings. InCommodities carries out an evaluation of the credit risk of all counterparties before trading is
commenced.
Liquidity risk
We consider the current liquidity risk very limited due to the significant amount of cash on account, low debt and limited hedges.
Liquidity risk is a significant element of the risk sphere of the Group. To ensure that the Group always has sufficient liquidity for
all possible future scenarios the Group has a large array of tools at hand and takes a number of measures. These tools and
measures must include:
● Vast buffers set aside in budgets for
● Variation margin
● An extended period of weak performance
● The unknown.
● Liquidity projection (both budget and in operations)
● Daily liquidity monitoring
● Excess cash holding
● Flexible lines with banks
● The ability to scale cash intensive operations down
● Education of key front office employees in liquidity management and risk.
The Risk Department is responsible for monitoring the Group's liquidity risk, and most importantly how it would be affected
under various scenarios. As such, the Risk Department must stress-test open power and gas positions where liquidity risk arises.
The tool must take price-correlations into consideration and contain the ability to play around with price-volatilities. Hence,
capturing how the Group's liquidity situation would look e.g. under a worst-case scenario. If a worst-case scenario would cause
severe liquidity stress the Head of Risk must act accordingly to reduce exposure.
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Financial risk management
Note 14 Financial risk management
At 31 December 2024
At 31 December 2023
Borrowings
69 0 0 69 69
925
Lease liabilities
Other payables
34,714 0 0 34,714 34,714
609 360 0 969
136,351
Other payables
16,779 0 0 16,779 16,779
Derivatives held for trading
55,381
136,240 137
Trade payables
24,931
0 55,381
0 136,377
Maturities of financial liabilities
The amounts disclosed in the following table are the contractual undiscounted cash flows. Balances due within 12 months equal
their carrying balances as the impact of discounting is not significant.
< 1 year 1 - 5 years > 5 years
Total
contractual
cash flows
Carrying
amount
Contractual maturities of financial
liabilities
6,526 0
Borrowings
0 0 57,318 57,318
6,5260 6,526
Trade payables
57,318
Lease liabilities
236 137 0 373 347
0 104,740
Derivatives held for trading
44,057 0 0 44,057 44,057
104,380 360 104,696
0 0 24,931 24,931
55,381 0
50/73
Yes
Cash flow specifications
Note 15 Provisions
In thousands EUR
In thousands EUR
Current Total
113 113
Non-current Total Current Non-current
2024 2023
Refurbishment of tenancy
0 113 113 0
113 1130 113 113 0
Refurbish-
ment of
tenancy
113 0
The provision to refurbishment of tenancy consist of an obligation to refurbish leased property when the lease contract lapse.
0 0
113 0
0 0
- Additional provisions recognised
0 0
Amounts used during the year
0 0
At 31 December 2024
Total
At 1 January 2023
113 113
0
- Unused amounts reversed
0
0 0
0 0
0 0
Charged to profit and loss
- Additional provisions recognised
- Unused amounts reversed
Amounts used during the year
At 31 December 2023
At 1 January 2024
Charged to profit and loss
113 113
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Yes
Cash flow specifications
Note 16 Offsetting financial assets and financial liabilities
In thousands EUR
In thousands EUR
Total financial assets
241,4785,209,359 -5,038,224
Derivatives held for trading
5,021,026 -5,000,825 20,201 0
2023
Financial assets
142,280 -32,205 110,075 29,372 139,447
Trade receivables
Derivatives held for trading
8,172,161 -8,115,727 56,434 0 56,434
195,881
Financial liabilities
8,159,784 -8,115,727 44,057 0
Derivatives held for trading
Total financial assets
8,314,441 -8,147,932 166,509 29,372
18,466
Trade payables
57,136 -32,205 24,931 -50,522 -25,591
44,057
Total financial liabilities
8,216,920 -8,147,932 68,988 -50,522
Gross amounts
offset in the
balance sheetGross amounts
-37,399
5,056,206 -5,000,825
Derivatives held for trading
Total financial liabilities
5,150,923 -5,038,224
Financial liabilities
Trade payables
94,717 -37,399
Financial assets and liabilities are offset and the net amount is reported in the balance sheet where the Group currently has a legally
enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the
liability simultaneously. The Group has also entered into arrangements that do not meet the criteria for offsetting but still allow for the
related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.
The following table presents the recognised financial instruments that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset. The column ‘net amount’ shows the impact on the Group’s balance sheet if all set-off rights
were exercised.
Effects of offsetting on the balance sheet Related amounts not offset
Net amounts
presented in
the balance
sheet
Cash
collateral
(received /
pledged)
Net amount
70,343 221,277
2024
Financial assets
Trade receivables
188,333 150,934
171,135 70,343
Effects of offsetting on the balance sheet Related amounts not offset
-24,078 88,621
-24,078 33,240
55,381 0 55,381
112,699
57,318
20,201
Net amounts
presented in
the balance
sheet
Gross amounts
offset in the
balance sheet
Cash
collateral
(received /
pledged)Gross amounts
Net amount
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Yes
Cash flow specifications
Note 17 Cash flow specifications
In thousands EUR
In thousands EUR
At 1 January 2023
At 31 December 2023
At 31 December 2024
44,266 20,035
2024 2023
Adjustments
Financial income
-103,548 -47,111
Financial expenses
1,450 0
-32,918 12,629
Depreciations
605 427
Income tax
24,309 39,278
Other adjustments
Changes in net working capital
Change in inventories
-1,918 5,552
Change in receivables
-1,830 119,412
Change in trade payables
-17,935 -152,845
-21,683 -27,881
0 347 347
Net debt reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
0 0
0 -578 -578
0 0 0
0
New leases
178,200 519 178,719
0
925 925
-436 -178,636
842842
Other changes
Cash flows
-178,200
0
0
0
Cash flows
New leases
Other changes
0
Borrowings TotalLeases
53/73
Yes
Share capital
Note 18 Share capital
Note 19 Capital management
2024 2023
Nominal
value
Nominal
value
Number of
shares
Number of
shares
Ordinary shares at 1 January
6,924,590 930 6,835,103 917
The share capital comprises:
930
1 89,487
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital
to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group monitors capital on the basis of the following gearing ratio: Net debt, as per note 17:
Cash flow specifications divided by Total equity, as shown in the balance sheet.
Capital increase
Ordinary shares at 31 December
6,932,310 931 6,924,590
2024 2023
EUR per share
No shares carry any special rights. All shares are fully paid.
7,720 13
The Group holds a total of 4,970 shares with a nominal value of EUR 667 corresponding to 0.07% of the total capital.
During 2024, the Group’s strategy, which was unchanged from 2023, was to maintain a debt to equity ratio of 2. The debt to equity ratio
at 31 December 2024 was 0,0 (2023: 0,0). The debt to equity ratio at 31 December 2024 decreased due to the financial performance of
2024 and thus increase in equity.
In general during 2025 we will increase our debt/equity ratio by onboarding new financial partners. We need to ensure a stronger
gearing of our equity to ensure our future growth. At the moment we are primarily founded by our own equity and that is not
optimal. AS we have done historically we pay out dividends to owners when we have sufficient excess cash.
Total dividend paid out for the year
25 7
Total dividend proposed for the year
6 25
The Group’s objectives when managing capital are to:
● safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for
other stakeholders, and
● maintain an optimal capital structure to reduce the cost of capital.
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Yes
Contingent liabilities, commitments and contingencies
Note 20 Contingent liabilities and commitments
In thousands EUR
Asset investments of
2024 2023
The Group had contingent liabilities at year end in respect of:
Charges and security
The following assets have been placed as security with bankers:
Liquid funds of
122,428
The Group has placed payment guarantees to counterparties of to meet standard requirements
related to credit risk
176,382 177,570
133,534
176,694 224,110
Guarantee obligation
Deferred tax assets
The group has a deferred tax asset of TEUR 233, which is not recognized in the balance sheet. The tax asset can be attributed to
temporary differences in the tax base and bookvalue of non-current assets.
Commitments
As a part of the main activities the Group has entered into contracts with counterparties whereof contractual commitments
amount to TEUR 122,898 (2023: TEUR 144,565). All contracts run between 0-69 months (2023: 0-81 months). Contractual
commitments relates to power and gas derivatives that have been recognized in the balance sheet.
Other contingent liabilities
The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total
amount of corporation tax payable by the Group amounts to TEUR 1,769. Moreover, the Danish group companies are jointly and
severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any
subsequent adjustments of corporation taxes and withholding taxes may increase the Group’s liability.
55/73
Yes
Related party transactions
Note 21 Related party transactions
There has been no transactions with other related parties during 2024 or 2023.
Note 22 Interests in other entities
Name of entity
In Commodities AU Pty Ltd.
In Commodities Asset Management A/S
100% 100%
- -
Aarhus, Denmark
100% 0% - -
Australia
100% 0%
- -
In Commodities PV ApS Aarhus, Denmark
100% - -
In Commodities JP Godo Kaisha Tokyo, Japan
In Commodities SG Pte Ltd Singapore
In Commodities Global ApS
In Commodities US ApS Aarhus, Denmark
In Commodities US LLC
In Commodities APAC ApS
Aarhus, Denmark
In Commodities A/S Aarhus, Denmark
Delaware, USA
Aarhus, Denmark
Incomas Holding ApS has no related parties with control of the Group and no related parties with significant influence other than key
management personnel – mainly in the form of the Board of Directors and the Executive Board.
Information about renumeration to key management personnel has been disclosed in note 5.
Transactions with other related parties
2024 2023 2024 2023
The Group’s principal subsidiaries at 31 December 2024 are set out below. Unless otherwise stated, they have share capital
consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held
equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of
business.
Ownership interest held by
the group, %
Ownership interest held by
non-controlling interests, %
Place of business
- -
100% -
100% 100%
100% 100% - -
100% -
-
100% -
100%
100%
- 100%
100% -
100% 100% - -
56/73
Yes
Fee to auditors
Note 23 Fee to auditors appointed at the general meeting
In thousands EUR
Note 24 Subsequent events
281 265
After the end of the financial year, no events have occurred which could significantly affect the Group's financial position.
2024 2023
PricewaterhouseCoopers
Audit fee
178 158
Other assurance services
48 169
847 1,077
Tax advisory services
340 485
Other services
57/73
Yes
Parent company
Yes
Parent income statement
for the year ended 31 December
In thousands EUR
Notes
2
3
4
5
Income from investment in subsidiaries
Staff expenses
-222 -227
Profit/loss before financial income and expenses
-378 -579
2024 2023
Gross profit/loss
-156 -352
Other operating income
142 0
Other external expenses
-298 -352
61,834 106,528
Tax on profit/loss for the year
-13,789 -9,547
Profit/loss for the year
98,911 127,946
Profit/loss before income tax
Financial income
63,772 34,408
Financial expenses
-12,528 -2,864
112,700 137,493
59/73
Yes
Parent balance sheet
as at 31 December
In thousands EUR
Notes
6
Other investments
7, 8
8
998,269
3,051 0
309,640
38,724
379,622
11,977 13,213
417 18,045
Assets
Fixed asset investment
Investment in subsidiaries
618,647576,437
579,488 618,647
2024 2023
Total fixed asset investment
Fixed assets
Receivables
Receivables from group enterprises
31,258
Other receivables
579,488 618,647
12,394
Total current assets
Total assets
937,284
357,796
306,213
39,189
Current asset investment
Cash and cash equivalents
Total receivables
60/73
Yes
Parent balance sheet
as at 31 December
In thousands EUR
Notes
9
6
11,510
23,484 11,510
Other payables
Total short-term debt
Total debt
Total liabilities
Total provisions
Short-term debt
Credit institutions
Trade payables
Corporation tax
0 0
2024 2023
Equity
Share capital
931 930
Share premium account
40,000 175,000
Reserve for net revaluation under the equity method
544,644 615,394
Retained earnings
328,021 195,324
Proposed dividend for the year
6,527 0
40 0
Payables to group enterprises
937,284 998,269
23,484
Total equity
913,596 986,648
Provisions
Provisions relating to investments in group enterprises
111
111
11,354
32
204
204
6,424
5,531 2,669
2,417
61/73
Yes
Parent statement of changes in equity
for the year ended 31 December
In thousands EUR
As at 1 January 2024
As at 31 December 2024
Share capital
Share premium
account
Reserve for net
revaluation under the
equity method
Retained earnings
Transfer from share premium account
0 -1,355 0
0 0 2,416
Other equity movements
Ordinary dividend paid
Purchase of treasury shares
0 0
Proposed dividend
for the year
Total equity
0 615,394 195,324 175,000 986,648930
Cash capital increase
1 1,355 0 0 1,3560
0
0 0 0 0
0 -735
40,000 913,596
98,911
0 0
40,000
2,416
-735
-175,000 -175,000
1,355
0 0
931 0 544,644 328,021
Net profit/loss for the year
0 -73,166 132,0770
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Yes
Parent statement of changes in equity
for the year ended 31 December
In thousands EUR
As at 1 January 2023
As at 31 December 2023
0 -334
Transfer from share premium account
0 -21,436 0 21,436 0 0
Other equity movements
0 0 -334 0
Total equity
917 896,460
0 12,576
8,873 709,200 177,470 0
Share capital
Share premium
account
Reserve for net
revaluation under the
equity method
Retained earnings
Proposed dividend for
the year
Cash capital increase
13 12,563 0 0
0 -50,000
Extraordinary dividend paid
0 0 0 -50,000
986,648
Net profit/loss for the year
0 0 -93,472 46,418 175,000 127,946
930 0 615,394 195,324 175,000
63/73
Contents of the notes to the consolidated financial statements
Note 1 Summary of significant accounting policies Accounting policies
Note 2 Staff costs Critical estimates, judgements
Note 3 Financial income Fair value adjustments
Note 4 Financial expenses Staff costs
Note 5 Income tax expense Le ases
Note 6 Investment in subsidiaries Fair value
Note 7 Other fixed asset investments Fin. assets and fin. liab.
Note 8 Other investments at fair value Financial risk management
Note 9 Share capital Cash flow specifications
Note 10 Distribution of profit Share capital
Note 11 Contingent liabilities and commitments Contingent liabilities
Note 12 Related party transactions Related party transact ions
Fee to auditors
64/73
Yes
Accounting policies
Note 1 Summary of significant accounting policies
The separate financial statements of Incomas Holding ApS ('Parent Company') for the year ended 31 December 2024 were
authorised for issue in accordance with a resolution of the directors on 6 May2025.
This note provides a list of the significant accounting policies adopted in the preparation of these separate financial statements.
These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The seperate financial statements of the Parent Company for 2022 have been prepared in accordance with the provisions of the
Danish Financial Statements Act applying to large enterprises of reporting class C.
The separate financial statements have been prepared on a historical cost basis.
The separate financial statements are presented in Euro (EUR) and all values are rounded to the nearest thousand, except when
otherwise indicated.
With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the
consolidated financial statements of Incomas Holding ApS, the Company has not prepared a cash flow statement.
Recognition and measurement
Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities
measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are
recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals
due to changed accounting estimates of amounts that have previously been recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to
the Parent 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 out of the Parent
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.
Foreign currency translation
Functional and presentation currency
Items included in the separate financial statements of the parent are measured using the currency of the primary economic
environment in which the Parent Company operates (‘the functional currency’). The separate financial statements are presented in
Euro (EUR), which is the Parent Company’s functional and presentation currency.
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising
due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and
expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value
adjustments are recognised directly in equity.
Receivables, payables and other monetary items 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 rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income
statement.
65/73
0
Accounting policies
Note 1 Summary of significant accounting policies
Income statement
Other operating income
Other operating income comprise items of a secondary nature to the main activities of the Company.
Other external expenses
Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc.
Income from investments in subsidiaries
The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the
year.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit/loss
for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in
equity.
The Parent Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to enterprises in
proportion to their taxable incomes.
Balance sheet
Investments in subsidiaries
Investments in subsidiaries are recognised and measured under the equity method.
The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the
enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition
of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill
calculated at the time of acquisition of the enterprises.
The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation
under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for
other equity movements in the subsidiaries.
Subsidiaries with a negative net asset value are recognised at EUR 0. Any legal or constructive obligation of the Parent Company
to cover the negative balance of the enterprise is recognised in provisions.
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to
nominal value less provisions for bad debts.
Other investments
Other investments, which consists of unlisted equity securities, are measured at their fair values at the balance sheet date.
The fair value is the price at which the equity securities could be traded between knowledgeable and willing parties on arm's length
terms on the balance sheet date. Determining fair value involves significant accounting estimates. The fair value is estimated to be
equal to the cost price as of 31 December 2024.
Current assets investments
Current asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date.
Fair value is determined on the basis of the latest quoted market price.
Deferred tax assets and liabilities
Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and
liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax
purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition
without affecting the profit for the year or the taxable income.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet
date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made
according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the
liability, respectively.
Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be
realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.
Deferred tax assets and liabilities are offset within the same legal tax entity.
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0
Accounting policies
Note 1 Summary of significant accounting policies
Current tax receivables and liabilities
Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected
taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a
legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.
Financial debts
Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured
at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income
statement over the loan period.
Other debts are measured at amortised cost, substantially corresponding to nominal value.
67/73
Yes
Note 2 Staff costs
In thousands EUR
No staff costs are regarding members of the Board of Directors or the Executive Board.
2024 2023
Wages and salaries
192 188
38
1
222
1 1
0
1
227
Average number of employees
Pension cost, defiend contribution plans
Other social security costs
0
Other staff costs
29
68/73
Yes
Note 3 Financial income and expenses
In thousands EUR
Note 4 Financial income and expenses
In thousands EUR
Note 5 Income tax expense
In thousands EUR
Current tax on profits for the year
Adjustments of tax concerning previous years
Income tax expense
2024 2023
Financial income
Interest received from group enterprises
1,545 7,052
Other financial income
62,227 27,356
Total financial income
63,772 34,408
2024 2023
Financial expenses
Interes paid to group enterprises
230 0
12,298 2,864
-249 80
13,789 9,547
Other financial expenses
Total financial expenses
12,528 2,864
2024 2023
9,46714,038
69/73
Yes
Note 6 Investment in subsidiaries
In thousands EUR
Name of entity
Place of registered office Share capital Votes and ownership
576,437 618,647
Value adjustments at 31 December
544,644 615,394
Equity investments with negative net asset value transferred to provisions
204 111
Carrying amount at 31 December
TEUR 5 100%
Investments in subsidiaries are specified as follows:
In Commodities Global ApS
Aarhus TEUR 5 100%
In Commodities PV ApS
Aarhus
2024 2023
Cost at 1 January
3,142 3,142
31,589 3,142
Additions for the year
28,447 0
Cost at 31 December
Value adjustments at 1 January
615,394 709,200
2,416 -334
Net profit/loss for the year
61,834 106,528
Dividend to the Parent Company
-135,000 -200,000
Other equity movements, net
70/73
Yes
Note 7 Other fixed asset investments
In thousands EUR
Note 8 Other investments at fair value
In thousands EUR
2024 2023
Cost at 1 January
0 0
3,051 0
Additions for the year
Disposals for the year
0 0
Cost at 31 December
3,051 0
Shares
Bonds
-4,970 97,799
Other fixed asset investments consist of investments in unlisted equity securities and are measured at fair value. Other fixed asset
investments are valued annually based on certain unobservable performance indicators (level 3 in the fair value hierarchy) or the
latest trading price, if deemed applicable.
The year's addition was acquired close to the balance sheet date. As the transaction was made between well informed and willing
parties on independent terms, the transaction price is estimated to be equal to the fair value as of 31 December 2024.
Total 309,264
Carrying amount at 31 December
3,051 0
Value
adjustment,
income
statement
Fair value
at 31
December
35,460 208,414
Unlisted equity securities
0 3,051
71/73
Yes
Income tax expense
Note 9 Share capital
Note 10 Distribution of profit
In thousands EUR
377,570 50
2024
2023
The share capital is broken as the following:
Number
Nominal
value
A-shares
6,554,740 881
B-shares
Total
931
During the financial year 2024, the Company acquired 4,970 treasury shares, corresponding to 0.07%. The total payment for the
shares amounted to EUR 735k, which has been transferred from retained earnings under equity. These shares have not been
cancelled and are therefore held as treasury shares. The Company may choose to sell these shares at a later time. The shares have
been acquired as part of the Company's strategy.
The Company holds a total of 4,970 shares with a nominal value of EUR 667 corresponding to 0.07% of the total capital.
Extraordinary dividend paid
0 50,000
Total
98,911 127,946
Reserve for net revaluation under the equity method
-73,166 -93,472
Retained earnings
132,077 -3,582
40,000 175,000
Proposed dividend for the year
72/73
Yes
Income tax expense
Note 11 Contingent assets, liabilities and financial obligations
In thousands EUR
Current asset investments limited to the value of:
Liquid funds limited to the value of:
Note 12 Related party transactions
36,238 7,813
2024
2023
Charges and security
The following assets have been placed as security with bankers:
224,110176,694
The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group.
Other related parties
Other related parties in the period 1 January 2024 to 31 December 2024 comprise the management of subsidiaries as well as the
Board of Directors and Executive Board of the subsidiaries together with their immediate families.
Transactions
The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with
section 98(c)(6) of the Danish Financial Statements Act.
The parent company has provided an unlimited surety bond for In Commodities A/S to other credit institutions. The total debt per
31 December 2024 is TEUR 0.
Guarantee obligations
The parent company has placed payment guarantees to subsidiaries' counterparties
90,258 120,129
The parent company has provided a limited surety bond of TEUR 247,500 for In Commodities A/S to credit institutions. The total
debt per 31 December 2024 is TEUR 0.
73/73
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