DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
FINANCIAL STATEMENTS  
2024/2025 for the period 1 April 2024 – 31 March 2025  
PEEL HUNT EUROPE FONDSMÆGLERSELSKAB A/S
C/O Zieglers Gaard Office Club  
Nybrogade 12
1203
København K
CVR Number: 43401785
This annual report and accounts have been approved at the Company’s annual general meeting 07.07.2025.
Chairman of the general meeting: David Gal Moalem
Signature:..................................................  
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Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25
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CONTENTS  
Page(s)  
Company Details……………………………………………………………………………………………………………………….……  
Statement by the Board of Directors and Board of Management…………………………….…………………………………… ….  
2
3
Independent Auditor’s Report…………………………………………………………………………………………………………… 4-5  
Management’s Review…………………………………………………………………………….………………………………………. 6-7  
Income and Comprehensive Income Statement ..……………………………………………….……………………………………...  
Balance Sheet……………………..………………………………………………………………………...………………………………  
8
9
Statement of Changes in Equity…………………………………………………………………………………………….…………….. 10  
List of Notes to the Financial Statements………………………………………………………………………………………………… 11  
Notes to the Financial Statements……………………………………………………………………………………………………...12-18  
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COMPANY DETAILS  
Peel Hunt Europe Fondsmæglerselskab A/S
C/O Zieglers Gaard Office Club  
Nybrogade 12 | 1203 København K
,
Denmark
CVR Number: 43401785  
Registration number with Danish Financial Services Authority (FSA): 8346  
Domicile:
Copenhagen
Phone: +45 3325 5900  
Internet: www.peelhunt.com  
E-mail: info@peelhunt.com  
Foundation and residence  
The Company was founded on 19 July 2022 and the Company’s municipality of residence is Copenhagen, district of København  
K.  
Objective  
The Company’s objective is to carry out its business as an investment firm licensed by the Danish Financial Supervisory Authority  
(DFSA) and in accordance with Danish Investment Firms and Investment Services and Activities Act.  
Financial Year  
The Company’s financial year is 1 April to 31 March.  
Board of Directors  
JAMES ANDREW HIPKISS (APPOINTED ON 04/07/2024)  
Steven Harvey Fine  
David Gal Moalem  
Sunil Dhall  
Board of Management  
Jane Hilkjær Lauridsen (Appointed on 11/01/2024)  
Auditors  
PricewaterhouseCoopers  
Statsautoriseret Revisionspartnerselskab  
Strandvejen 44 | 2900 Hellerup, Denmark  
Bankers  
Jyske Bank A/S  
Vesterbrogade 9 | 1780 København V, Denmark  
Supervisory Authority  
The following public authority supervises Danish financial businesses:  
Danish Financial Supervisory Authority  
Strandgade 29 | 1401 København K, Denmark  
Group Relationship  
Peel Hunt Europe Fondsmæglerselskab A/S (the Company) is included in the consolidated financial statements of the ultimate  
parent company Peel Hunt Limited, a Guernsey registered company with its shares traded on the London Stock Exchange  
(LSE). The immediate parent company is Peel Hunt International Limited, a Guernsey registered company.  
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STATEMENT BY THE BOARD OF DIRECTORS AND THE BOARD OF  
MANAGEMENT ON THE ANNUAL REPORT  
The Board of Directors and the Board of Management have today discussed and approved the Annual Report for the period 1  
April 2024 to 31 March 2025 for Peel Hunt Europe Fondsmæglerselskab A/S.  
The Annual Report has been prepared in accordance with the Danish Investment Firm and Investment Services and Activities  
Act and the Danish Executive Order on Financial Reports for Financial Credit Institutions and Investment Companies.  
The financial statements give a true and fair view of the Company’s assets, liabilities, equity and financial position as of 31  
March 2025 and of the results of operations for the financial period 1 April 2024 – 31 March 2025.  
The Management’s review gives a fair view of the development in the Company’s operations and financial activities and  
finances, profit for the period and its financial position as well as a description the principal risks and uncertainties facing the  
Company.  
Copenhagen, 13 June 2025
Board of Management  
…………………………………………………..  
Jane Hilkjær Lauridsen
Board of Directors  
……………………………………………………  
James Andrew Hipkiss (Chairman)
…………………………………………  
David Gal Moalem
……………………………………………………  
Sunil Dhall
…………………………………………  
Steven Harvey Fine
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DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
INDEPENDENT AUDITOR’S REPORT
To the shareholders of Peel Hunt Europe Fondsmæglerselskab A/S
Opinion  
In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 March 2025,  
and of the results of the Company’s operations for the financial year 1 April 2024 - 31 March 2025 in accordance with the  
Danish Investment Firms and Investment Services and Activities Act.  
We have audited the Financial Statements of Peel Hunt Europe Fondsmæglerselskab A/S for the financial year 1 April 2024 -  
31 March 2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a  
summary of significant accounting policies (“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 Company 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  
Investment Firms and Investment Services and Activities Act.  
Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and  
has been prepared in accordance with the requirements of the Danish Investment Firms and Investment Services and Activities  
Act. We did not identify any material misstatement in Management’s Review.  
Management’s Responsibilities for the Financial Statements  
Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the  
Danish Investment Firms and Investment Services and Activities 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 Company’s ability to continue as a going  
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing  
the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic  
alternative but to do so.  
Auditor’s Responsibilities for the Audit of the Financial Statements  
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material  
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.  
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and  
the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can  
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to  
influence the economic decisions of users taken on the basis of these financial statements.  
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INDEPENDENT AUDITOR’S REPORT
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise  
professional judgment and maintain professional scepticism throughout the audit. We also:  
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design  
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to  
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for  
one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override  
of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures  
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the  
Company’s internal control.  
•
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related  
disclosures made by Management.  
Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the  
financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or  
conditions that may cast significant doubt on the 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 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.  
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.  
Hellerup, 13 June 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33771231
……………………………  
Benny Voss
State Authorised Public Accountant
mne15009
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DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
MANAGEMENT’S REVIEW  
Company background and principal activities  
The Company’s objective is to carry out its business as an investment firm licensed by the Danish Financial Supervisory  
Authority (DFSA) and in accordance with Danish Investment Firms and Investment Services and Activities Act.  
Peel Hunt Europe’s main activity is to provide access to the UK mid and small-cap market for European investors. In order to  
achieve this the Company provides the following services:  
−
−
−
−
Provision of trade transmission and execution services to European investors.  
Marketing of Equity Capital Markets (ECM) transactions to European institutions on behalf of UK listed companies.  
Corporate access services for UK listed companies to European institutions.  
Dissemination of Peel Hunt LLP (UK Group affiliate) research to European institutions.  
Business review  
The period was Peel Hunt Europe first full year of operations, having started trading in January 2024. Fee and commission  
income generation has steadily increased over the period as the number of clients onboarded for trading increased over time.  
Costs are proportionate to the activity levels though they do include one-off costs as we continue to build our capabilities for  
our clients and ensure compliance with new regulation. Peel Hunt Europe is operating in line with expectations.  
Risk Exposure and Management  
As a financial institution Peel Hunt Europe Fondsmæglerselskab A/S is faced with risks related to strategic risk, regulatory risk,  
operational risk, cyber and information security risk, market risk, credit risk, FX risk and liquidity risk. Management of these risks  
is a significant activity in the Company. Risks are managed by the Company’s business procedures, including IT technology  
systems. A Three Lines Model is applied by the Company to manage all risks.  
Net profit and equity  
The net result for the period shows a profit of DKK 2.6m (FY24: Loss of DKK 8.8m). The results are in line with expectations  
and is driven by introduction of a transfer pricing arrangement with a group company Peel Hunt LLP and also due to a steady  
increase in revenue generation since operations started in January 2024.  
After transfer of the net result for the year, the total equity is DKK 19.2m (FY24: DKK 16.6m) as at 31 March 2025.  
Capital adequacy and solvency requirements  
The Company is subject to capital and solvency requirements of the Investment Firm and Investment Services and Activities  
Act transposing the Investment Firm Directive (“IFD”) and Investment Firm Regulation (“IFR”) into Danish law. The Company  
is sufficiently capitalised with the “Own funds capital ratio” of 342% (FY24: 291%) as 31 March 2025.  
Subsequent events  
There were no subsequent events.  
Future developments and outlook  
The Company has continued to increase revenue despite a challenging economic backdrop. We expect the net result for the  
next financial year to be in the range of DKK 2.0m to DKK 9.0, due to continuous challenging economic backdrop, especially  
in the UK market.  
Business continuity plan  
The business has a Business Continuity and Recovery Plan in place. It outlines the Company’s assessment of its financial  
health and management actions available should Company encounter periods of stress in accordance with the Danish  
Investment Firm and Investment Services and Activities Act.  
Knowledge Resources  
The Company’s business operations require a high level of knowledge and competency in the organisation. The recruitment,  
training and development and remuneration policies among other factors have been designed to attract, retain, develop and  
compensate high performers appropriately. In addition to the fixed and variable remuneration structure in place, the Company  
pays other benefits and allowances.  
Dividends  
The Board of Directors do not propose a dividend to be paid at the company’s annual general meeting.  
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DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
Underrepresented gender  
The Company strives for its Management Board and Board of Directors to be composed of highly qualified members having  
the right knowledge, professional skills and experience, collectively and individually, required for the Management Board and  
Board of Directors to perform their duties in the best possible manner. Diversity is strived for on a number of levels, such as  
race, ethnicity, age, gender, gender identity, sexual orientation, religion, disability, socioeconomic status, and education.  
Composition of the Board of Directors 31March 2025  
Members in total  
4
0
100%  
0%  
Underrepresented gender  
Composition of the Management Board 31 March 2025  
Members in total  
1
0
100%  
0%  
Underrepresented gender  
Management and Directorships  
Management and Directorships held by the Board of Directors in companies as members of the Board of Management or  
Board of Directors (Chief Executive Officer (CEO), Chairman (CM), Board member (BM) or Advisory Board member (ABM)).  
Jane Lauridsen, CEO  
-
-
-
Investeringsforeningen Fundamental Invest (BM)  
UbiqiSense ApS (ABM)  
Den Danske Fondsmæglerforening (BM)  
James Andrew Hipkiss, Chairman of the Board – appointed July 2024  
Peel Hunt International Limited (BM)  
Steven Harvey Fine, Non-Executive Director (resigned as chairman in July 2024  
-
-
-
-
-
-
-
-
-
-
-
Peel Hunt Limited (BM)  
Peel Hunt Partnership Group Limited (BM)  
Peel Hunt Partnership Limited (BM)  
Peel Hunt International Limited (BM)  
Peel Hunt Ventures Limited (BM)  
Peel Hunt Inc. (BM)  
Retail Book Holdings Limited (BM)  
Retail Book Limited (BM) - resigned May 2024  
P.H. Nominees Limited (BM)  
The Quoted Companies Alliance (BM)  
Sunil Dhall, Non-Executive Director  
-
-
-
-
-
-
-
-
-
-
Peel Hunt Limited (BM)  
Peel Hunt Partnership Group Limited (BM)  
Peel Hunt Partnership Limited (BM)  
Peel Hunt International Limited (BM)  
Peel Hunt Ventures Limited (BM)  
Peel Hunt Inc (BM)  
Retail Book Holdings Limited (BM)  
Retail Book Limited (BM) - resigned May 2024  
P.H. Nominees Limited (BM)  
188 Worple Road Residents Company Limited (BM) - resigned March 2024  
David Gal Moalem, Non-Executive Director  
-
Bech-Bruun (Partner)  
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DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
INCOME AND COMPREHENSIVE INCOME STATEMENT  
For the year ended 31 March 2025  
Year ended  
31 Mar 2025  
Year ended  
31 Mar 2024  
DKK'000  
Continuing activities  
Note  
3
DKK'000  
14,780
Fee and commission income  
696
Other operating income  
1
4
7
7,647
(19,812)
(22)
-
(9,473)
(11)
Personnel and administration expenses  
Depreciation of assets  
Profit/(loss) before tax for the period  
2,593
(8,788)
Tax  
-
-
Profit/(loss) for the period  
2,593
(8,788)
Other comprehensive income for the period  
-
-
Total comprehensive income/(expense) for the period  
2,593
(8,788)
Allocation of result  
Transfer to retained loss  
2,593  
2,593  
(8,788)  
(8,788)  
Total allocation  
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DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
BALANCE SHEET AS AT 31 MARCH 2025  
As at 31 March 2025  
As at 31 Mar 2025  
DKK'000  
As at 31 March 2024  
DKK'000  
Note  
ASSETS  
Receivables from credit institutions and central banks  
Other property, plant and equipment  
Market and client debtors  
18,083
81
18,847
89
5
6
89,503
1,780
40,137
163
12  
7
Other assets  
TOTAL ASSETS  
109,447
59,236
LIABILITIES AND EQUITY  
Market and client creditors  
Other liabilities  
89,297
998
40,025
2,652
12  
8
Total liabilities  
90,295
42,677
Ordinary share capital  
Share premium  
Retained loss  
5,600
19,841
(6,289)
19,152
5,600
19,841
(8,882)
16,559
9
9
9
Total Equity  
TOTAL LIABILITIES AND EQUITY  
109,447
59,236
The notes on pages 12-18 form part of these financial statements.  
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DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
STATEMENT OF CHANGES IN EQUITY  
Ordinary  
Share  
Retained Loss  
Consolidated  
Share Capital  
DKK'000  
Premium  
Year ended 31 March 2025  
DKK'000  
DKK'000  
(8,882)
2,593
-
2,593
(6,289)
DKK'000  
16,559
2,593
-
2,593
19,152
Balance as at 1 April 2024  
Profit for the period  
Other comprehensive income  
Total comprehensive income  
Balance as at 31 March 2025  
5,600
19,841
-
-
-
-
-
-
5,600
19,841
Ordinary  
Share  
Retained Loss  
Consolidated  
Share Capital  
Premium  
Year ended 31 March 2024  
DKK'000  
DKK'000  
DKK'000  
(94)
DKK'000  
8,847
Balance as at 1 April 2023  
Loss for the period  
Other comprehensive income  
Total comprehensive expense  
Capital increase  
5,600
3,341
-
-
-
-
(8,788)
-
(8,788)
-
(8,788)
-
(8,788)
16,500
16,559
-
-
-
16,500
Balance as at 31 March 2024  
5,600
19,841
(8,882)
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LIST OF NOTES TO THE FINANCIAL STATEMENTS  
Note # Note name  
1
2
Accounting policies  
Financial highlights  
3
4
5
6
Fee and commission income  
Personnel and administrative expenses  
Receivables from credit institutions and central banks  
Other Property, plant and equipment  
Other assets  
7
8
Other liabilities  
9
Share Capital and Reserves  
Own funds  
Contingent liabilities  
Financial risk and risk management  
Related parties  
Ultimate controlling party  
10  
11  
12  
13  
14  
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DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
NOTES TO THE FINANCIAL STATEMENTS  
1
Accounting policies  
1.1.  
Basis of preparation  
The financial statements have been prepared in accordance with the Danish Investment Firms Act and Investment Services and  
Activities Act and the Danish Executive Order on Financial reports for Financial Credit Institutions and Investments Companies.  
The financial statements are presented in Danish Kroner (DKK) and all values are rounded to the nearest thousand Danish Kroner  
(DKK’000) except where indicated otherwise.  
1.2.  
Changes in accounting policies  
The accounting policies are unchanged from the annual report for 2024/25.  
1.3. Recognition and measurement  
In the Income Statement, revenue is recognised as it is earned whilst all expenses, are recognized with amounts relating to the  
accounting period.  
Assets are recognized in the Balance Sheet when it is likely that future economic benefits will flow to the Company, and the value  
of the asset can be measured in a reliably. Liabilities are recognized in the Balance Sheet when it is likely that future economic  
benefits will flow out of the Company and the value of the liability can be measured reliably.  
At initial recognition, assets and liabilities are measured at fair value. Subsequently, assets and liabilities are measured as  
described for each individual accounting item. When recognizing and measuring assets and liabilities, information that arises after  
the balance sheet date but before the financial statements are prepared is taken into account, which confirms or refutes conditions  
that arose on the balance sheet date.  
The purchase and sale of financial instruments are recognised on the trading day, and such recognition ceases when the right to  
have cash inflow and outflow from the financial asset or liability has expired, or if such right has been transferred, and the Company  
has transferred substantially all risks and rewards of ownership. The Company does not apply the rules of classification of certain  
financial assets from fair value to amortised cost.  
1.4.  
Foreign currency translation  
Transactions in foreign currency are translated into Danish Kroner using the month end exchange rates. Foreign currency assets  
and liabilities have been translated into Danish Kroner at the exchange rates ruling at the reporting date. All exchange differences  
are reflected in the Income statement.  
1.5.  
Income Statement  
Fees and commission income  
Income Fees and commission income comprises of fees and commission income earned from investment banking, research and  
institutional execution business and is recorded net of VAT as follows:  
•
Investment banking fees are recognised when the performance obligations have been met, and the Company is  
contractually entitled to the fees.  
•
Research payments are accrued over the financial year to which they relate in respect of payments for agreed research  
services. Where contracts between the Company and each of its research clients are discretionary, the commission is  
recorded based on variable consideration derived from the most recent level of research provided, updated for recent events  
or communication with the client.  
Commission from institutional execution, less commissions paid away under commission sharing agreements, is recognised  
on the trade date.  
•
Other operating income  
Other operating income represents income earned by Peel Hunt Europe Fondsmæglerselskab A/S for facilitating transactions on  
behalf of its UK affiliates. This revenue stream is driven by the Company's transfer pricing agreement with Peel Hunt LLP.  
Personnel and administrative expenses  
Personnel (staff) expenses include salaries, pension contributions, social security costs and payroll taxes. Administrative  
expenses comprise recruitment costs and all other general administrative expenses of the Company.  
12 Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25 Financial statements  
 
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Tax  
Tax payable is based on the taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement  
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are  
never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted by the  
balance sheet date. No tax has been recognised in the income statement in respect of the loss for the year and in the prior period.  
1.6.  
Statement of financial position  
Receivables from credit institutions and central banks  
Represents cash deposits held with financial institutions.  
Other property, plant and equipment  
Other Property, plant and equipment comprise of office equipment and furniture and fittings and is measured at cost less  
accumulated depreciation and impairment. Depreciation is charged to the Income Statement on a straight-line basis over the  
expected useful economic lives of each item, considered to be as follows:  
•
•
Office equipment: 3 years  
Fixtures and fittings: 5 years  
Market and client debtors and creditors  
Market and client debtor balances represent unsettled sold securities transactions and are recognised on a trade date basis. Market  
and client creditor balances represent unsettled purchased securities transactions and are recognised on a trade date basis. All  
debtor and creditor balances are shown gross and are stated at their contractual values as there are no counterparty netting  
agreements in place.  
Other assets  
Other receivables are made up of a security deposit for our registered office, intercompany receivables and other assets that are  
measured at amortised cost, equalling nominal value less any write-downs of provisions for bad debts.  
Other liabilities  
Other liabilities are made up of accrued expenses, social security, payroll taxes and intercompany payables. They are measured at  
amortised cost, which usually corresponds to nominal value.  
Financial highlights  
The financial highlights have been prepared in accordance with the Danish Financial Supervisory Authority’s executive order on  
financial reports of credit institutions and stockbroker companies.  
13 Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25 Financial statements  
 
DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
2
Financial highlights  
Year ended  
31 Mar 2025  
Year ended  
31 Mar 2024  
Period 19 Jul 2022  
to 31 Mar 2023  
DKK'000  
14,780  
(19,812)  
2,593  
DKK'000  
696  
(9,473)1  
(8,788)  
DKK'000  
Fee and commission income  
Personnel and administrative expenses  
Profit/(loss) for the period  
-
(94)  
(94)  
1Restated to exclude depreciation which is disclosed separately.  
As at 31 Mar 2025  
As at 31 Mar 2024  
As at 31 Mar 2023  
DKK'000  
19,152  
109,447  
DKK'000  
16,559  
59,236  
DKK'000  
8,847  
Equity  
Total assets  
8,898  
Year ended  
31 Mar 2025  
Year ended  
31 Mar 2024  
Period 19 Jul 2022  
to 31 Mar 2023  
DKK'000  
3.42  
DKK'000  
2.91  
DKK'000  
1.58  
Own funds in relation to minimum capital requirement1  
Solvency ratio2  
Core capital ratio  
342%  
342%  
15%  
15%  
4,221%  
13%  
291%  
291%  
(69)%  
(69)%  
n/a  
340%  
340%  
(1)%  
(1)%  
n/a  
Return on equity before tax3  
Return on equity after tax4  
Rate of return  
Profit per unit of costs5  
(93)%  
n/a  
1. Own funds/minimum capital requirement  
2. Solvency ratio = own funds/capital requirement.  
3. Return on equity = (net profit before tax) / average shareholders’ equity  
4. Return on equity = (net profit after tax) / average shareholders’ equity  
5. Rate of return = total assets/net profit after tax  
6. Profit per unit of costs = (net profit before tax) / total costs  
3
Fee and commission income  
Year ended  
31 Mar 2025  
Year ended  
31 Mar 2024  
DKK'000  
10,223  
4,557  
DKK'000  
Research payments and execution commission  
Investment banking fees  
Total fees and commission income  
696  
-
696  
14,780  
Research payment and execution commission is generated in Central Europe whilst investment banking fees are  
generated from the affiliate Peel Hunt LLP in the United Kingdom.  
14 Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25 Financial statements  
 
DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
4
Personnel and administrative expenses  
The following items have been included in arriving at loss from operations:  
Year ended  
31 Mar 2025  
Year ended  
31 Mar 2024  
DKK'000  
6,665  
868  
DKK'000  
3,504  
305  
Salaries  
Pension costs  
Other social security costs  
Special payroll tax (Lønsumsafgift)  
Other staff costs  
232  
834  
18  
159  
573  
288  
Staff costs  
Administrative expenses  
8,617  
11,195  
19,812  
4,829  
4,6441  
9,4731  
Total personnel and administrative expenses  
1Restated to exclude depreciation which is disclosed separately.  
No special incentive programmes exist for the Board of Directors. There are 5 employees as at 31 March 2025 (FY24: 5).  
Auditor's fees  
Year ended  
31 Mar 2025  
Year ended  
31 Mar 2024  
DKK'000  
DKK'000  
Statutory audit  
Other declarations  
Other services  
307  
21  
-
262  
-
Total auditor’s fees  
328  
262  
Remuneration of the Board of Directors and material risk takers  
Year ended  
31 Mar 2025  
Year ended  
31 Mar 2024  
DKK'000  
DKK'000  
Base remuneration  
281  
281  
Benefits in kind and pension contribution  
Total contractual remuneration  
Variable cash remuneration  
Variable share-based remuneration  
Total variable remuneration  
Total remuneration  
-
-
281  
281  
-
-
-
-
-
-
281  
281  
Number of members  
4
3
Total number of board members was 4 (FY24: 3).  
There is only one person that is a material risk taker besides management, which means that the salary cannot be disclosed in the  
annual report. For detailed information on remuneration to the Management Board and Board of Directors, see remuneration report  
on https://www.peelhunt.com/peel-hunt-europe-fondsmaeglerselskab-as/  
5
Receivables from credit institutions and central banks  
As at  
As at  
31 Mar 2025  
31 March 2024  
DKK'000  
18,083  
18,083  
DKK'000  
18,847  
18,847  
On demand  
Total receivables from credit institutions and central banks  
15 Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25 Financial statements  
 
DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
6
Other property, plant and equipment  
Office  
Furniture  
Total  
Equipment  
and Fittings  
2025  
Cost  
DKK'000  
DKK'000  
DKK'000  
Balance at 1 April 2024  
Additions during the year  
Balance at 31 March 2025  
80  
14  
94  
20  
-
20  
100  
14  
114  
Accumulated depreciation  
Balance at 1 April 2024  
Charge for the year  
(10)  
(20)  
(30)  
(1)  
(2)  
(3)  
(11)  
(22)  
(33)  
Balance at 31 March 2025  
Balance as at 31 March 2025  
64  
17  
81  
7
Other assets  
As at  
As at  
31 Mar 2025  
31 March 2024  
DKK'000  
1,286  
494  
DKK'000  
Other assets  
Intercompany receivables (see Note 13)  
Total other assets  
163  
-
163  
1,780  
8
Other liabilities  
As at  
As at  
31 Mar 2025  
31 March 2024  
DKK'000  
DKK'000  
Accrued expenses  
967  
31  
-
752  
279  
1,621  
2,652  
Social security and payroll taxes  
Intercompany payables (see Note 13)  
Total other liabilities  
998  
9
Share capital and reserves  
As at  
As at  
31 Mar 2025  
31 March 2024  
DKK'000  
5,600  
DKK'000  
5,600  
Ordinary shares: 5,600,001 (31 March 2024: 5,600,001) shares of  
DKK 1 nominal value per share  
Total ordinary share capital  
5,600  
5,600  
Share premium  
Share premium relates to the premium on the issue of the shares.  
Retained earnings  
Retained earnings are made up of losses incurred.  
16 Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25 Financial statements  
 
DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
10 Own Funds  
Own funds are made up of core capital.  
As at  
As at  
31 Mar 2025  
31 March 2024  
DKK'000  
19,152  
DKK'000  
16,559  
Equity  
Less deductions  
Intangible assets  
Deferred tax assets  
Dividends  
-
-
-
-
-
-
Own funds  
19,152  
16,559  
11 Contingent liabilities  
There are no contingent liabilities for the Company as at 31 March 2025 (31 March 2024: DKK nil).  
As at  
As at  
31 Mar 2025  
DKK'000  
31 March 2024  
DKK'000  
Warranty to the Danish Deposit Guarantee Fund  
Contingent rental payments  
-
-
375,000  
310,063  
12 Financial risks and risk management  
The Company is faced with risks related to strategic risk, regulatory risk, operational risk, cyber and information security risk,  
market risk, credit risk, FX risk and liquidity risks. These risks are managed by the Company’s business procedures, including IT  
technology systems.  
A Three Lines Model is applied by the Company to manage all risks in line with the overall Peel Hunt Group policies. The ‘first line’  
is our different business areas. Their management teams identify, assess, manage and report on any risks in their areas. The  
‘second line’ is our Risk Management and Compliance teams and the Peel Hunt Europe Risk & Compliance Principal, which  
review and challenge the risks and risk assessments, monitor and test applicable controls, and provide assurance of the first line’s  
management of risk. The ‘third line’ is our independent Group Internal Audit team, which provides assurance on our risk  
management framework and internal control environment.  
Credit risk  
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to honour an  
obligation.  
The Company quantifies and monitors credit risk by managing counterparty credit exposure on pre-settlement risk and post  
settlement risk. All counterparty credit exposures arising from the Company’s trading activities are captured within one of these  
measures.  
Exposures are measured from trade date on settlements and are calculated based upon an estimate of the replacement cost of  
the trade if the counterparty were to default, based on the difference between the original transaction value and the market value of  
the unsettled trade.  
Risk Management performs regular reviews on counterparty credit risk exposures and monitors these against counterparty trading  
limits. The table below reflects the age analysis of financial assets:  
The table below reflects the age analysis of financial assets:  
Past due but not impaired  
Company  
Neither past  
due nor  
Carrying  
value before  
impairment  
DKK’000  
impaired  
DKK’000  
0 - 3 months  
3 - 6 months  
DKK’000  
6 - 12 months  
> 1 year  
DKK’000  
Impaired  
DKK’000  
As at 31 March 2025  
DKK’000  
DKK’000  
Receivables from credit institutions and  
central banks  
Market and client debtors  
Intercompany receivables  
18,083  
-
-
-
-
-
18,083  
89,503  
494  
108,080  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
89,503  
494  
108,080  
Total financial assets at 31 March 2025  
17 Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25 Financial statements  
 
DDooccuussiiggnn EEnnvveellooppee IIDD:: 55FFCC11DDAAFF44--229966BB--44CCBB22--AAAABB88--2200AA339966AAEE0044BBEE  
Past due but not impaired  
Company  
Carrying  
value before  
impairment  
DKK’000  
Neither past due  
nor impaired  
0 - 3 months  
DKK’000  
3 - 6 months  
6 - 12 months  
DKK’000  
> 1 year  
DKK’000  
Impaired  
DKK’000  
As at 31 March 2024  
DKK’000  
DKK’000  
Receivables from credit institutions and  
central banks  
18,847  
-
-
-
-
-
18,847  
Market and client debtors  
40,137  
58,984  
-
-
-
-
-
-
-
-
-
-
40,137  
58,984  
Total financial assets at 31 March 2024  
Liquidity risk  
Liquidity risk is the risk that an entity will encounter difficulty in meeting financial liabilities as they fall due, which are settled by  
delivering cash or another financial asset.  
Liquidity risk is managed by regular reporting of sources and uses of funds to senior management, and strict trading systems  
controls that limit the amount of funding for trading activities. Further consideration of liquidity is undertaken with the Risk  
Management. The Company also manages liquidity in the trading book by conducting an ageing process on inventory and setting  
aside a reserve based on the age of each position where applicable. Operationally, this highlights at weekly intervals the areas of  
the trading portfolio that carry liquidity risk. The Company’s exposure to liquidity risk mainly arises from the trading activities.  
13 Related parties  
The Company has not entered into transactions or provided guarantees to the Board of Directors and Board of Management. Any  
transactions with related parties are on market conditions. The Company had the following transactions with related parties:  
Year ended  
Year ended  
31 March 2025  
31 March 2024  
DKK'000  
DKK'000  
Name  
Peel Hunt LLP  
Peel Hunt LLP  
Basis of influence  
Affiliated Company  
Affiliated Company  
Nature of transactions  
Recharges  
Commission income  
3,022  
10,223  
711  
696  
Peel Hunt LLP  
Peel Hunt LLP  
Affiliated Company  
Affiliated Company  
Investment banking fees  
4,557  
7,647  
-
-
Transfer pricing income  
The Company had the following intercompany receivables:  
As at  
As at  
31 Mar 2025  
31 March 2024  
DKK'000  
494  
DKK'000  
Peel Hunt LLP  
Total  
-
-
494  
The Company had the following intercompany payables:  
As at  
As at  
31 Mar 2025  
31 March 2024  
DKK'000  
DKK'000  
977  
Peel Hunt International Limited  
Peel Hunt LLP  
Total  
-
-
-
644  
1,621  
Ownership:  
The following shareholders are registered in the company’s register of shareholders as holding more than 5% of the share capital:  
Peel Hunt International Limited.  
-
Peel Hunt Europe Fondsmæglerselskab A/S is included in the consolidated financial statements of the ultimate parent company,  
Peel Hunt Limited.  
14 Ultimate controlling party  
The Company is immediately controlled by Peel Hunt International Limited, incorporated in Guernsey, with its registered address  
being Mont Crevelt House, Bulwer Avenue, St Sampson, Guernsey GY2 4LH. The results of the Company are consolidated by  
Peel Hunt Limited, the ultimate controlling party, incorporated in Guernsey. The consolidated financial statements of Peel Hunt  
Limited can be obtained from Mont Crevelt House, Bulwer Avenue, St Sampson, Guernsey GY2 4LH.  
18 Peel Hunt Europe Fondsmæglerselskab A/S Annual Report 2024/25 Financial statements