Annual
Report
2024
Mind Energy A/S
Tangen 29, 8200 Aarhus N
Denmark
CVR No. 17 22 58 98
Adopted at the general
meeting 29 April 2025.
Chairman at the General meeting:
Rasmus Reichhardt Svendsen
Annual Report Mind Energy
p 2
Contents
Annual Report Mind Energy
MANAGEMENT REVIEW______________________________________________________________________________________________________________________________________3
Executive Review _______________________________________________________________________________________________________________________________________________________________________ 4
Performance highlights _____________________________________________________________________________________________________________________________________________________ 8
Financial highlights __________________________________________________________________________________________________________________________________________________________________ 9
Mind Energy at a glance ________________________________________________________________________________________________________________________________________________ 10
Strategy __________________________________________________________________________________________________________________________________________________________________________________________________ 11
Energi Danmark becomes Mind Energy __________________________________________________________________________________________________ 15
Energy market insights _____________________________________________________________________________________________________________________________________________________ 17
Risk Management __________________________________________________________________________________________________________________________________________________________________ 22
SUSTAINABILITY REPORT __________________________________________________________________________________________________________________24
Intro __________________________________________________________________________________________________________________________________________________________________________________________________________ 25
Environment __________________________________________________________________________________________________________________________________________________________________________________ 29
Social ________________________________________________________________________________________________________________________________________________________________________________________________________ 31
Government __________________________________________________________________________________________________________________________________________________________________________________ 33
Sustainability reporting ________________________________________________________________________________________________________________________________________________ 35
FINANCIAL REPORT ________________________________________________________________________________________________________________________________________43
Consolidated Financial Statements ____________________________________________________________________________________________________________ 44
Consolidated Balance Sheet _________________________________________________________________________________________________________________________________ 45
Consolidated Statement of Changes in Equity ______________________________________________________________________________ 47
Consolidated Statement of Cash Flows __________________________________________________________________________________________________ 48
Notes to the Consolidated Financial Statements _______________________________________________________________________ 49
Parent Financial Statements ___________________________________________________________________________________________________________________________________ 77
Parent Balance Sheet ________________________________________________________________________________________________________________________________________________________ 78
Parent Statement of Changes in Equity __________________________________________________________________________________________________ 80
Notes to the Parent Financial Statements ____________________________________________________________________________________________ 81
Statement by the Board of Directors and the Executive Board __________________________ 102
Independent Auditor’s Report __________________________________________________________________________________________________________________________ 103
ORGANISATION _____________________________________________________________________________________________________________________________________________ 105
Management team _____________________________________________________________________________________________________________________________________________________________ 107
Board of directors _______________________________________________________________________________________________________________________________________________________________ 108
Annual Report Mind Energy
p 3
MANAGEMENT
REVIEW
Executive Review ___________________________________________________________________________________ 4
Performance highlights __________________________________________________________________ 8
Financial highlights ______________________________________________________________________________ 9
Mind Energy at a glance _______________________________________________________ 10
Strategy __________________________________________________________________________________________________________ 11
Energi Danmark becomes Mind Energy ___________ 15
Energy market insights ______________________________________________________________ 17
Risk Management __________________________________________________________________________ 22
Annual Report Mind Energy
p 4
Annual Report Mind Energy
2024 was a testament to our unique, competitive, and robust business model. Strong
financial results underline how we are well-positioned to suppo our customers in
navigating increasingly complex energy markets. We continued our transformative work,
while also directing our compass to the future, introducing a new strategy.
During 2024, a slowing energy transition, a more unceain geopolitical landscape, and financial
turmoil were some of the main factors impacting the European energy markets.
This environment has created unceainties both on the demand and supply side, which has fuher
exacerbated the need for in-depth market analysis capabilities to navigate these highly volatile
markets.
Germany's phase-out of fossil fuels and nuclear power to renewable energy, coupled with reduced
and unstable EU gas supplies and unusual weather paerns, contributed to very high volatility in
energy prices throughout Europe. The build-out of solar energy has reached a point where power
prices are significantly impacted on sunny days during the summer, challenging the investors and,
in some cases, the PPA buyers.
The buildout of interconnectors in Nohern Europe and the introduction of a flow-based market
model has fuher impacted prices and the price paerns throughout the Nordic countries and led
to political discussions in many countries. Potential changes to the bidding zones and interconnec-
tor plans in the Nordics are discussed and might also aect the future conditions in the electricity
market.
Executive Review:
Energy is changing,
and so are we
Management Review
Louise Hahn
CEO
2024 was defined by being our last year as Energi Danmark.
From spring 2025, we are Mind Energy. A new company
brand and identity is central to our transformation and new
direction. This is unfolded later in the report.
p 5
Annual Report Mind Energy
This has led to increasing complexity in the energy sector. Both producers and consumers need
to carefully consider the impact on their businesses and how to best mitigate the increased risks.
This also underscores the crucial role of energy trading companies like Mind Energy. As one of the
leading energy trading groups in Nohern Europe, we are following developments closely and we
are strongly positioned to help our customers navigate in these market conditions.
In our daily work, we pave the way for the energy transition by moving energy to where it is needed
at any given time, and thereby providing liquidity, competition and ecient pricing. This is paicu-
larly impoant for owners of wind, solar and baery assets, as well as consumers.
In 2024, we witnessed a significant rise in demand response, with customers actively paicipating
in balancing the energy market as well as adjusting consumption when prices are high – a positive
development for customers, the green transition, and society. This shows that the markets are ac-
tually functioning as they should, but that understanding how to navigate the increasingly volatile
market movements will be even more impoant for our customers going forward.
Against this backdrop of our core business and value contribution, we formulated a mission that
we navigate from: to work for ecient, resilient and sustainable energy markets – for customers
and for society.
We continued our transformative work from the previous year in creating a strong organisation
and internal base, while we also very much directed our compass to the future.
“ The focus of 2024 has thus been to develop
a new strategy that will shape the future of
Mind Energy and define how we will
continue to deliver on our mission.”
Financial results
Mind Energy delivered strong financial results in 2024 despite unceain and complex energy
markets. The profit before tax landed on DKK 376 m, even aer a continued negative impact from,
amongst other things, positions on gas capacities, entered into during 2022. The underlying result
is thus higher than the repoed DKK 376 m and significantly exceed expectations for the year of
DKK 250−300 m. The result is at the highest level in more than a decade, excluding the turbulent
year in 2022. The result was driven by strong peormance in both our Market Trading and Cus-
tomer Business, suppoed by customer growth and strong trading capabilities. Fuhermore, the
result is impacted by a restatement eect of the 2023 result as explained in note 1. Comparative
numbers 2023 have been restated accordingly.
The financial result confirms that Mind Energy is on track to deliver on the new strategy.
New strategy and delivering value
Goal of the new strategy, Switch28
Our new strategy, Switch28, that will be executed until 2028, is guided by a clear objective: to
create value for our customers, owners, employees, and society.
With Switch28, we will focus fuher on our core business, leveraging our legacy and competence
to strengthen the impoant role we have always played in the energy markets.
We are a deeply specialized energy trader with two distinct business areas: Our customer busi-
ness, which provides independent energy producers, resellers and large energy consumers in the
Nordics with an ecient, transparent and reliable route to the energy markets, and our market
trading business, where we trade for our own capital and risk across 36 power markets and 20 gas
markets. They are separate business areas and benefit from synergies through shared technologi-
cal solutions, algorithmic trading solutions and analytics.
“ We have a unique position as a truly Nordic
company with a strong European footprint.
We are one of the largest independent power
suppliers with 75 percent of our entire trading
outside Denmark and as much as 50 percent
in Europe beyond the Nordics.”
Management Review
p 6
Annual Report Mind Energy
Our visionary owners provide us with a very strong platform for growth, while we maintain our
focus on being a leading, transparent, competent and compliant player in the market.
Customer business
2024 Status: Our customer business peormed well in 2024. It is a healthy business with large vol-
umes, small margins and a significant working capital requirement. We are very satisfied to have
profitably grown our customer base, paicularly in our markets outside Denmark.
We have shied our focus from volume growth towards value creation for both our customers and
ourselves, in recent years, and are now taking a fuher step, increasing focus on the return of the
capital we employ. In line with this, and to fuher improve the oerings to our customers, we also
aim to reduce our overall risk.
Value for customers: Our customers choose Mind Energy because we provide ecient market
access in a transparent manner, expe advisory targeted our customers’ business needs and
superior customer service as a key dierentiator. Simplicity and transparency are key values
for us, and in an increasingly complex energy market, our task is to make energy simple for our
customers.
“ During 2024, we witnessed a growing demand
from large-scale energy consumers for sustainable
energy solutions that go beyond regulatory
requirements. We are committed to supporting
this trend with our deep expertise and insights
and are working to develop standardised product
offerings within sustainable energy. ”
Value for society: Our role and scale suppo a more well-functioning competition in the Nordic
energy markets. We suppo energy intensive businesses and energy companies in the Nordics to
become even more competitive, to the benefit of consumers and society. This also strengthens
Management Review
p 7
Annual Report Mind Energy
Jesper Hjulmand
Chair
Louise Hahn
CEO
investment aractiveness for renewable production assets and facilitates the ecient integration
of sustainable energy sources into the grid, ultimately contributing to the energy transition and to
lower energy prices.
Market trading
2024 Status: Our market trading business had a very strong year; we achieved one of the best
results ever, with over 98% of earnings generated outside the Nordics.
Value for customers: While our trading and customer businesses operate separately and trans-
parently, they benefit from strong platform and competence synergies. Our deep trading expeise
benefits energy producers and consumers alike, while the diversification of earnings strengthens
our overall business.
Value for society: Energy market prices are determined by the fundamental forces of supply
and demand, and by the delicate balance between production and consumption. As the market
insights section of this repo details, factors like geopolitical events and gas supply significantly
impact market dynamics and price fluctuations. Market trading activities contribute to lower
energy prices – in the Nordics and across all of Europe – by connecting supply and demand in an
ecient way.
Celebrating our people
Everything we have achieved in 2024 ultimately rests on our exceptional people. Our people’s
competencies, intelligence and teamwork are the true driving force that will allow us to deliver on
our strategy and our mission.
“ The future of Mind Energy and our contribution
to an efficient, green and resilient energy system
depends on our ability to continue to attract,
develop, and motivate the best people. We grew
from 262 to 312 employees during 2024 and
investing in them continues to be a key priority.”
Energi Danmark becomes Mind Energy
Central to our transformation and our new direction is a new company identity and brand. We
thus le 2024 as Energi Danmark and become Mind Energy in the spring of 2025. It is one of many
carefully considered steps to successfully develop the company, and it is fuher unfolded later in
this repo.
Defining a new identity is not solely a branding exercise, far from it. To us, brand, culture, leader-
ship, and how we do business are deeply interconnected. Energy is changing, so are we, and so is
our brand.
This name expresses our position as a truly pan-Nordic energy trader. It reflects who we are and
who we want to be – it is a promise to our customers, to society, and to our people.
Looking ahead
We have a unique, competitive, and robust business model, and 2024 was a testament to this. Mind
Energy expects a profit before tax result in the range DKK 400−650 million in 2025, based on our
current business and market conditions.
The year saw a continued modernisation and professionalisation of Mind Energy which will contin-
ue in the years ahead. Our future direction is set, with a new strategy that focuses on our strong
core business. We look forward to strengthening our peormance even fuher and delivering
value together with our competent people, invested owners, and ambitious customers.
Management Review
Annual Report Mind Energy
p 8
Financial Non-financial
Gender distribution
(% underrepresented gender)Equity ratio
2024
64.6%
2023
47.6%
Management team
40%
All employees
34%
Gross profit
DKK million
2024
2023
807.3 145.1
Profit before tax
DKK million
2024
2023
376.0 -225.6
Number of
Trading Markets
Power Gas
34 22
Employees
312
Nordic electricity market
consumption balanced by us
8.2%
Annual Report Mind Energy
Mind Energy
in numbers
Management Review
Annual Report Mind Energy
p 9
DKK million 2024 2023 2022 2021 2020
Key figures, Mind Energy Group
Revenue 76,540.8 119,576,6 344,556.3 119,005.5 44,908.7
Gross profit 807.3 145.1 12,031.5 132.1 476.6
Operating profit 173.1 -468.0 11,379.0 -271.0 82.3
Profit from financial items 202.8 242.4 -37.6 -90.7 -7 7.6
Profit before tax, continued operations 376.0 -225.6 11,341.4 -361.7 4.7
Profit before tax, discontinued operations 0.0 0.0 0.0 0.0 1 47.4
Profit before tax 376.0 -225.6 11,341.4 -361.7 152.1
Tax, continued and discontinued operations -83.8 22.7 -2,497.3 75.2 -12.6
Profit for the year 292.2 -202.9 8,844.1 -286.5 139.5
Balance sheet total 13,704.8 17,871,0 35,140,8 27,600.0 7,937.7
Investment in propey, plant and equipment -4.9 -8,5 -6,5 -84.2 -11.1
Equity 8,849.6 8,504,2 11,738,3 1,948.9 1,251.6
Cash flow from operating activities 22.7 726.9 10,707.8 -5,199.0 -198.8
Cash flow for investing activities -8.7 -57.4 -33.1 -50.8 -53.1
Cash flow from financing activities -10.4 -3,009.3 -4,505.6 5,079.6 649.2
Total cash flow 3.6 -2,339.8 6,169.1 -170.2 397.3
Key ratios, Mind Energy Group
Gross margin ratio 1.1% 0.1% 3.5% 0.1% 1.1%
Profit ratio (EBIT) 0.2% -0.4% 3.3% -0.2% 0.2%
Equity ratio (solvency) 64.6% 47.6% 33.4% 7.1 % 15.8%
Return on equity before tax 4.3% -2.2% 165.7% -22.6% 12.9%
Return on equity aer tax 3.4% -2.0% 129.2% -17.9% 11.8%
Average number of full-time employees 276 246 220 225 225
Financial
Highlights
The key ratios were calculated according to the recommendations published by the Danish Society of Financial Analysts.
Please refer to definitions and concepts under “Accounting Policies”.
For detailed
financial statements Go to page 43
Annual Report Mind Energy Management Review
Annual Report Mind EnergyAnnual Report
p 10
We have two distinct business areas:
Market Trading and our Customer Business.
Market Trading trades for our own risk and
capital across 34 power markets and 20
gas markets, while the Customer Business
provides an ecient, transparent and reliable
route to market for large energy consumers,
resellers and independent energy producers
across the Nordics. The two business areas
are financially separated but benefit from
shared digital platforms, risk management,
market insights and analytical capabilities.
As a Balance Responsible Pay (BRP), we
operate along the entire value chain, seling
and balancing production and consumption
on an hourly basis in Denmark, Sweden, Fin-
land, Norway and Germany. This is done every
day, hour, minute, and second of the year.
We work for ecient, resilient and sustaina-
ble energy markets – for our customers and
for society.
Mind Energy
at a glance
Mind Energy is a Balance Responsible
Pay (BRP) that seles and balances
production and consumption across the
Nordics and Germany.
Customer Business
■
In Customer Business, we provide a route to market
for large consumers, resellers, and production
customers in the Nordics by trading directly on
their behalf on the power and gas market
■
We oer competitive energy solutions tailored
to each segment utilising a dedicated Customer
Trading team
Market Trading
■
In Market Trading, we trade power,
gas, and ceificates making the market
more ecient, resilient and sustainable
by optimising supply and demand
■
Leading energy trading with a strong setup
with Power Trading activities in 34 countries
and Gas Trading activities in 20 countries
We help energy consumers identify
optimal sourcing strategies based on
their consumption profile, pricing, risk
mandate, and sustainability ambitions.
We help energy producers and asset
owners optimise their production based
on demand, price signals,
mandate and risk.
The TSO is responsible for the overall balance of
supply and demand and the main infrastructure.
Mind Energy helps balance the system
through agreements with the TSO .
BRP BRP ConsumerPower & Gas MarketProducer and assets
The price of electricity and gas is
determined based on supply and demand
in the Power & Gas Market
One
Trading
House
Business Area
Interaction
Energy Market
Market Trading
Customer Business
Management Review
Annual Report Mind Energy
p 11
The overarching focus in 2024 has been to continue the modernisation and professionalisation,
which was staed up in 2023, as well as seing the long-term direction for Mind Energy with a
new corporate strategy, Switch28. Here we talk with CEO Louise Hahn about the approach to
the process, how the strategy is rooted in our core mission, what it entails for our customers
and ourselves, and why it makes us so excited.
Our new strategy
Interview with CEO Louise Hahn
?
Mind Energy formulated a new strategy for the
company in 2024. How would you introduce it briefly?
When I stepped into the role as CEO of Mind Energy, I was given a clear task by our owners, Andel
and NRGi; to formulate a new direction and strategy for our company. We've now set that direction
with our new strategy, Switch28, which is firmly rooted in our core business. We are a deeply
specialized energy trader with two healthy and distinct business areas.
Our Customer Business ensures an ecient, transparent and reliable route to energy markets
for large consumers, resellers and independent producers across the Nordics. We are the largest
independent power supplier in the Nordics, and we believe that we can successfully build out
this position. More than 50% of the physical volumes handled for our customers are in countries
outside Denmark, and we handle 8.2% of electricity consumed across Denmark, Norway, Sweden
and Finland. We will fuher develop solutions for our customers so they can strengthen their
competitiveness and meet their sustainability targets.
Our Market Trading trades power, gas and ceificates across Europe, the Balkans and Australia
with our own risk and capital. Building on our strong legacy and decades of experience in energy
trading, we're commied to strengthening our position as the leading energy trading specialist.
Introducing
Switch28
Our trading activities provide liquidity in the energy markets, which is vital for society and par-
ticularly for investors and operators of wind and solar assets. Our trading also facilitates ecient
pricing and lower prices and price volatility, for the benefit of all consumers and producers. The
Nordics have one of the most well-functioning power markets in the world, and we must protect
its credibility among customers and in society.
Annual Report Mind Energy Management Review
Annual Report Mind Energy
p 12
“ Importantly, the strategy sets a
mission for us to navigate from:
to work for efficient, resilient
and sustainable energy markets
– for customers and for society.”
Digitalisation is at the core of the strategy, as both of our business areas are highly dependent
on having a state-of-the-a digital platform that ensures low cost to trade and serve, as well as
digital trading and customer solutions. Fuher developing our digital platform in panerships with
leading tech companies and sta-ups is a fundamental pa of the strategy.
In 2024, we decided to sell the soware solution from ED Business Solutions A/S to Systemate
A/S, allowing us to fully focus on our core business. Systemate A/S is now successfully oering
this soware solution to other energy suppliers.
Finally, the strategy shis its focus to risk-adjusted returns on capital employed, ensuring a
healthy and prudent development of the business.
?
How would you describe the energy markets in 2024 from your view?
2024 has been a year marked by continued geopolitical unceainty, with ripple eects cascading
across global energy markets. Unrest in Europe and the Middle East has disrupted supply chains,
changed trading paerns and raised serious concerns about energy security and the vulnerability
of critical infrastructure.
The year also witnessed setbacks for the energy transition. Optimistic projections have been tem-
pered globally as rising costs, revenue unceainty, and a lack of consistent political suppo have
hampered new renewable energy projects. It's not all negative, however. A significant milestone
was reached in 2024, with solar energy surpassing energy produced by coal in Europe for the first
time.
Looking specifically at the European energy market, volatility has been a defining feature in 2024.
We've seen significant price dierences within the Nordics and Continental Europe. A prime ex-
ample is the French-German spot power spread, which reached an 18-year peak on the day-ahead
market in May, while we also had more than 200 hours of negative prices compared to almost none
very few years ago. The increasing and sometimes extreme volatility is, among other things, an
eect of the phasing out of power plants in Germany as well as significant increases in wind and
solar production. This calls for careful consideration now and in the coming years.
Through meetings with our customers’ executives, I have discovered again and again that the total
cost of energy, cost transparency and risk management are becoming increasingly critical amid
fluctuating energy prices, alongside ambitions to reduce emissions.
Finally, the incident on June 25th deserves a mention, when a technical issue at EPEX SPOT caused
a paial disconnection from the interconnected European Single Day-Ahead Coupling (SDAC).
This incident caused significant price deviations, especially in Germany, Austria and France which
aected all market paicipants.
Annual Report Mind Energy Management Review
Annual Report Mind Energy
p 13
?
You have described the strategy process as
‘Rethinking the company’ – what do you mean?
We have fundamentally reassessed the direction of our company. The management team, togeth-
er with more than 30 managers and specialists, has been involved in the strategy process and the
development of our new identity. We staed by analysing our business, our customers, ourselves
and our industry and evaluating our potential from an outside-in perspective. This was followed by
a more creative process exploring various scenarios and pathways together with our owners and
the board of directors.
Mind Energy is a very entrepreneurial company with many great market oppounities to poten-
tially explore, so it has been impoant to make conscious choices about our positioning, oerings,
and overall structure. We understood that the decisions made in 2024 will have a lasting impact.
Founately, we have strong ownership commied to the energy transition and a willingness to
invest with a long-term vision. This provides a solid foundation for our future.
?
Can you share with us where you expect the
biggest impact of the new strategy?
The new strategy brings clarity and collaboration. The process has fostered a shared under-
standing of who we are as a company. We are an energy trading specialist with two core business
areas: Market Trading and our Customer Business. They share our strong trading capabilities, and
strong digital and brand platforms. While they benefit from synergies, we maintain separate profit
centers – this is a dierentiating and more honest business model and a promise of transparency
to our customers.
“ In our Customer Business, we aim
to be the preferred partner for
renewable energy developers and
large consumers in the Nordics.”
Annual Report Mind Energy Management Review
Louise Hahn
CEO
p 14
Annual Report Mind Energy
p 14
Annual Report Mind Energy
This translates to a reinforced focus on our Nordic footprint, operating as a unified Nordic entity.
To achieve this, we're dedicated to fuher enhancing customer value. Mind Energy stands out
through our customer-centric approach, which we’ve seen resulting in high customer satisfaction
in 2024, specifically a CSAT score of 75 and a NPS of 28. Although very satisfactory, we aim to
oer even greater advice and tailored solutions to producers, resellers, and large consumers. Our
team is truly focused on the customers and their needs, to an extent where I oen see it taking a
front seat for our business’ needs, in the very best way.
Turning to our Market Trading business, we're strategically focused on strengthening our trading
capabilities and platform, paicularly in quantitative analysis, algorithms, and new trading
technologies. Mind Energy already has a strong market presence and digital platforms. However,
with new players entering the market, evolving energy dynamics, and rapid digitalisation, we must
continuously enhance our capabilities to maintain our competitive edge in the future.
Finally, and most impoantly, we are prioritizing our people.
“ Our platform and set-up are key
differentiators, but the dedication,
intelligence, and innovation of our
people are the true driving force.”
We are driven by the collective intelligence and cooperation of our teams. In 2024, we introduced
various initiatives centered around employee experience and growth, and they are just the begin-
ning. This investment in our people is an investment in our future.
?
The Strategy is called ‘Switch28’ – why?
The “28” in Switch28 sets a clear timeline – we aim to achieve our goals by 2028. “Switching” re-
flects the core of our strategy: a series of deliberate, interconnected changes that drive progress
and strengthen our core business. It’s not about ‘one big leap’ or a single solution, but about solid,
coordinated steps that create a smooth transition for everyone involved and with minimal internal
friction.
This approach recognizes the complexity of our industry and the need for resilience and curiosity.
Switch28 is about staying focused on our long-term vision while adapting to changes along the
way, ensuring that every step we take is meaningful and brings us closer to a more sustainable,
economically ecient and secure energy future.
?
How will you deliver on the strategy?
Our 2024 achievements are a direct result of our exceptional people. When I joined Mind Energy in
2023, I immediately sensed this unique energy and deep expeise within the company. The past
year has truly validated that first impression. Our strategic transformation relies on and evolves
around this very team and their accumulated competencies. Everyone from seasoned profession-
als to new colleagues across all levels and functions has contributed to shaping Mind Energy’s
future, and we will deliver together.
To suppo this, we've adjusted our operating model and organization, including the management
structure. We've also enhanced our project delivery capabilities. In addition to the operating model,
we are crucially focused on close collaboration across the organisation and developing stronger
leadership to ensure a unified transformation and eective problem-solving. A dedicated Strate-
gic Forum consisting of managers and specialists who meet very frequently allows us to discuss,
calibrate our progress, and review various initiatives. We've also held strategy fairs and prioritised
increased communication across the organization.
It's a thrilling time for Mind Energy. I'm incredibly proud of the team, their intelligence and curiosity,
and what they’ve achieved together. Now, we’ve set a new direction together, with a clear mission
and a strong foundation to capitalise on the carefully selected oppounities ahead. I'm convinced
that we will do just that, while continuing to deliver even stronger value to our customers and play a
leading role in shaping ecient, resilient and sustainable energy markets. I’m very excited.
Management Review
p 15
Annual Report Mind Energy
Energi Danmark
becomes Mind Energy
We left 2024 as Energi Danmark
and become Mind Energy in the spring of 2025.
A new brand and identity is one of many carefully considered steps in the transformation of Energi
Danmark. The company needs to clearly communicate our market position, a compelling employer
brand, and a strong cultural foundation that is aligned with who we are today, our leadership and
our strategy. Our brand is all these things intewined.
The new brand and identity is a launchpad for strengthening our company, both internally and
externally. It’s about defining who we are and why we are here – for our customers, for society,
and for our people.
For decades, we have been pioneers, contributing to the development of our industry and our
own business with great success. We have grown, expanded across the Nordics, and diversified
our services and geographical reach. From being a Danish company, we are now a truly Nordic
company. We are one company sharing the same culture, mindset, services, and solutions, and our
customers’ needs are fundamentally the same in each Nordic country we operate in. Our unique
position as a pan-Nordic energy trader allows us to leverage that while working for ecient,
resilient and sustainable energy markets.
It is time for a new and common brand and identity across all our markets that reflects this.
While the brand is new, it is deeply rooted in our legacy, as is our new Switch28 strategy. They
both embody pride in our history, a forward-looking approach to change, and a dedication to
shaping the future of energy.
“ A brand is often viewed as a marketing exercise.
To us, it is first and foremost a celebration of and
a promise to our people. They are great minds who
are achieving great things together. We will
develop and support them to continue to mind
energy – for our customers and for society.”
Management Review
Dorthe Rømer Frost,
SVP, Brand, People & Sustainability
p 16
Annual Report Mind Energy
Introducing Mind Energy
At the very core of our business is a deep and profound knowledge of energy. We trade on the
global energy markets every second of the day, year aer year, accumulating a solid competence
base and a culture of passionate, and sometimes nerdy, specialists. Fuhermore, we know how to
grow and develop our human knowledge with cuing-edge technology and advanced analysis of
data.
That’s why our name is Mind Energy; the key to our success is curiosity and intelligence – we
believe in all sos of intelligence. We are energy minds.
At the same time, our new identity is about caring deeply about what we do. We are ready to lead
the way in the evolving energy landscape. We don't mind complexity, we embrace it, and we make
it simple. We are optimistic about the future of energy, we are generous with our knowledge, and
we are bold and curious in our pursuit of a beer energy future.
In this pursuit, we mind our customers, we mind the energy markets, we mind our employees, we
mind the green transition, and we mind society.
“ Energy is changing, and so are we. Our new brand
is so much more than a brand; it is a testament to this
change and to our culture and leadership. It is a promise
to our customers, to society, and to our people.”
Louise Hahn, CEO
What does it mean to be Head of Vibe?
Simply put, the goal of my work is to make Mind Energy not just a place to work, but a
place where the employees really enjoy being. A vibe that allows them to excel, connect,
and thrive.
What is the Mind Energy vibe?
It’s something we’re creating together and hard to put a label on. But if I can use just one
word, it’s teamwork. We have extremely intelligent and talented colleagues and focus on
their development, professionally and personally. But our true edge is the way we work
together, being mindful and suppoive of each other.
How is the vibe created?
It’s not created only through the great quality coee, the freely available snacks and
drinks, the surprise conce on a Thursday aernoon, or the design of an oce space
into a café area where people from various depaments can connect. The employee
experience happens in the sum of it all. This is essential to our transformation and the
way we work with our leadership, culture and who we are.
Mette Nybo
Head of Vibe
Denmark
Meet our
people
Management Review
Annual Report Mind Energy
p 17
2024 was another year with high volatility
on the European energy markets, and even
though price levels did not reach the levels
of the previous few years, we still saw big
fluctuations across the markets.
Gas remains the
all-decisive market
With the eects of the recent energy crisis
still fresh in our memory, gas remained the
most decisive market in 2024 by far, and the
one topic that caused continuous fluctua-
tions across all related markets throughout
the year. The year marked new supply issues
for Europe, growing geopolitical concerns
and rising prices both, on the spot and
futures market.
Rising prices throughout most of the year
Whereas the previous year had oered
significant price falls on the European gas
market, 2024 marked a dierent develop-
ment. Following another mild winter, both
day-ahead and the most traded futures
contracts on the TTF hub, the most liquid in
Europe, had dropped below 30 EUR/MWh.
However, aer a year of unceainty and a
somewhat colder sta to the most recent
heating season, prices jumped to around
50 EUR/MWh at the end of 2024. Due to
low prices sta of the year, the average
day-ahead price of 2024 was still 15% lower
than the year before. Fluctuations were
Another volatile year
on the energy markets
Annual Report Mind Energy Management Review
p 18
Annual Report Mind Energy
somewhat smaller than what we saw in 2023
and of course paicularly in 2022, but still
noticeable, and focus once again centered
on the situation with Russian gas supply to
Europe.
Despite the war going on for more than two
years, Russia and Ukraine had upheld an
agreement on Ukraine serving as a gas tran-
sit country for Russian pipeline expos to
Europe. However, the deal was set to expire
at the end of 2024, and it was a dominant
topic on the market during the year, whether
the countries would be able to work out an
extension to the agreement or if gas flows
through the pipeline would cease. As the
year ended, it became clear that the agree-
ment would not be extended, and this meant
a significant reduction in the pipeline supply
to Europe, which was already suering
from the shofalls experienced during the
previous years. The failure of the countries
to continue the gas flows resulted in a sharp
price increase on the gas market during the
last weeks of 2024.
German energy politics in focus
With pipeline flows from Russia now fuher
reduced, the supply picture for Europe
has become even more critical. The EU is
working actively on improving the situation
and in 2024, rumors about new potential gas
deals continuously aected the market. One
potential gas supplier could be the Caucasus
state Azerbaijan with its vast gas resources,
but by early 2025, an agreement has yet to
be reached.
The situation is particularly
critical in Germany, where the
final phase-out of the country’s
nuclear power sector in 2023
has had big consequences. The
shortfall of nuclear power at
a time when Germany is also
dealing with ambitions to lower
coal production while facing re-
duced gas supply has increased
the already high volatility.
German power prices rose along with gas
throughout 2024, and even though we are
still not anywhere near the highs of 2022,
Germans can feel the eects of the nuclear
closures. This also has a major eect on the
southern pas of the Nordic area, first and
foremost Denmark, where power prices
correspond to those in Germany on most
days and hours.
As a natural consequence, energy was
among the hoest topics in the German
federal election in February 2025. The new
presumed German Chancellor, Friedrich Merz
of the CDU, had initially expressed interest
in restaing the country’s nuclear sector,
but had to shelve the plans aer learning
that dismantling the plants was already well
underway. Instead, Merz has now pledged
to build 50 new gas-fired power plants in
Germany over the next few years to ramp up
the country’s security of energy supply. This
is however, given the current circumstances,
an unceain path to follow for Germany at a
time when Europe’s gas supply is fragile.
As things stand, the EU will have to rely
heavily on LNG impos in the coming years,
a significantly more unceain supply source
than pipeline gas. The geopolitical situation
when it comes to the major LNG suppliers
also remained very volatile in 2024, amid
the ongoing war in the Middle East, the ship
aacks in the Red Sea, and the unceainty
about the EU’s relations with Donald Trump
during his second stint as US President.
A lot of volatility surrounds the European
energy markets when it comes to the US
President. This includes the unceainty
around when and how he intends to help
end the war in Ukraine and whether it could
mean that some of the sanctions against
the Russian energy expos are lied. Also,
the EU is keeping an eye on Trump’s wish to
increase US LNG expos. The EU is ready to
impo more gas, but needs to improve in-
ternal infrastructure, including building new
terminals to be ready to take on more gas.
Dunkelflaute and another
year of falling prices
The growing number of hours with extremely
40.42
2023
46.39
2021
9.37
2020
13.53
2019
22.81
2018
19.76
2013-17
121.13
2022
34.39
2024
Average prompt
gas prices (TTF)
EUR/MWh
Management Review
p 19
Annual Report Mind Energy
low prices and the price dierences between
the Nordic area and the continent have been
major topics on the Nordic power market
during 2024. The future of the many Nordic
interconnectors has, as a result of the laer,
become a hot topic at a time when prices
vary greatly from day to day, due to the
growing influence of wind and solar in the
energy mix.
Overall, Nordic spot prices continued to
retreat following the extreme levels of the
energy crisis. The average system price of
2024 was 36.06 EUR/MWh, around 35%
lower than the previous year. This was first
and foremost the result of an extremely
cheap summer and sta to the autumn,
where a vast hydrological surplus and high
reservoir levels caused hydro power pro-
ducers to pump out water at very low prices,
in order to avoid flooding. At the end of the
year, the hydro balance had reached a solid
surplus of 20 TWh, a noticeable change from
the large deficit which characterized the
first pa of the year, where spot prices were
significantly higher.
The second half of 2024 was noticeable
in a very sharp price dierence between
Nordic and continental power prices. These
are driven by dierent fundamentals, and
whereas the system price fell due to the
strong hydrological situation in the Nordic
area, power prices in Germany and other
continental countries rose due to – from
a consumer perspective – unfavorable
weather conditions and rising gas prices. As
a result, the EPAD’s in the Southern Nordic
price areas, first and foremost Denmark,
skyrocketed.
During the autumn, Dunkel flaute
became a household term in the
vocabulary of Nordic energy
consumers. The German word,
which describes cloudy and
calm high-pressure weather, was
representative for the weather
several times during the last
months of 2024, causing periods
of extremely high spot prices.
Whereas the continental futures market ex-
perienced a bullish development throughout
Hours of negative prices per year
2024 209 375 275 631 724 626
2023 240 281 231 368 467 434
2022 0 38 5 20 27 29
2021 4 87 24 12 5 12
2020 3 192 89 10 9 9
2019 0 132 95 0 0 0
System DK1 DK2 SE4 NO1 FI
most of 2024, first and foremost due to the
rising gas prices, the Nordic futures curve
was primarily heading downwards. The
most traded system futures closed the year
significantly lower than where they staed.
As examples, the 2026 future fell 18% during
the year and the 2027 future 16%.
Hundreds of hours of negative prices
The tendency with major price deviations
from day to day became even more pro-
nounced during 2024, where most of the
Nordic region experienced the eect of the
increasing role of renewables. Negative pric-
es – an extremely rare scenario only a few
years ago – have now become a much more
normal event in the Nordic area, when the
weather conditions favor it. The develop-
ment is clearly illustrated by the table which
shows the number of hours with negative
prices in the selected price areas each year.
In the past two years, the frequency of the
event has increased dramatically across
the entire Nordic region, with more than 200
negative hours of a negative system price
each year, and rapidly rising numbers in the
respective price areas as well.
In a matter of only two years,
extremely low or even negative
prices have become a standard
occurence, due to the rapid
increase of the role of wind and
solar in the power mix.
Management Review
Annual Report Mind EnergyAnnual Report
With prices also oen rising sharply, it natu-
rally increases the need for flexibility among
both consumers and producers.
Nordic flow-based market
coupling introduced
2024 marked a noticeable change to the
Nordic power market, as the price-seing
method for the day-ahead market was
changed staing on October 29. The old net
transfer capacity calculation system was
replaced with a new method, the so-called
flow-based market coupling. The TSO’s
of the four Nordic countries were behind
the decision, arguing that a change to the
system would improve the integration of the
growing share of wind and solar power in the
Nordics, while also boosting grid eciency
and evening out costs across the region.
The introduction of the flow-based market
coupling was met with criticism, with market
paicipants fearing it would inflate prices in
ceain areas and make spot price predic-
tions more dicult. The system has already
been used in continental power markets
p 20
62.31
2021
38.94
2019
43.99
2018
29.41
2017
26.91
2016
20.98
2015
10.93
2020
135.86
2022
56.44
2023
36.06
2024
Average system price
EUR/MWh
for several years and it is expected that it
will increase power flow in the Nordic area
significantly.
Since the introduction, we have seen a ten-
dency that power prices in southern Sweden
are somewhat higher than they would have
been with the old price-seing system,
whereas the level in Finland and Denmark
has been lower.
New balancing energy market changes
We continue to see changes to the Nordic
balancing energy market. The Nordic aFRR
(automatic Frequency Restoration Reserve)
capacity market has been in operation for a
couple of years now. It contributes to ena-
bling the TSOs to procure aFRR capacity in a
more cost-eective manner.
In October 2024, a local aFRR capacity mar-
ket was launched in Western Denmark (DK1),
with the same market regulations and the
same market platform (Nordic MMS) as DK2
and the rest of the Nordics. Denmark also
joined the common European aFRR energy
activation market, known as the PICASSO.
PICASSO enables TSOs to activate aFRR
across Europe, thereby increasing flexibility
in the European aFRR balancing market.
In March 2025, all Nordic countries will
increase the procurement of aFRR
capacity for a period in connection with the
mFRR EAM go-live. The Nordic total will be
increased to 500 MW for both upward and
downward regulation.
Nasdaq’s Nordic power
business sold – once again
In a widely published 2024 deal, the Germa-
ny-based European Energy Exchange (EEX)
made a deal to buy Nasdaq’s Nordic power
business, but due to EU competition issues,
EEX announced during the summer that the
deal was o. Now, instead Nasdaq has sold
its Nordic power business to rival exchange
Euronext, based in France. Euronext already
owns the Nordic-based Nord Pool spot
exchange. The price of the deal is so far
undisclosed, but the ambition is that the
migration of Nasdaq’s futures to Euronext
will be completed during the first half of
2026. The hope among market players is
that the deal will boost liquidity. Meanwhile,
EEX will continue with the zonal futures that
were launched in 2024, marking two large
exchanges that will handle Nordic power
futures in the years to come.
Uncertain future for the
Nordic interconnectors
A major topic on the Nordic power market
in 2024 was the growing political debate in
Norway about the country’s power prices
and the interconnectors to other countries.
The Norwegian power prices have increased
during the past years following a sharp
increase of expo capacity aer the
Management Review
p 21
Annual Report Mind Energy
Ionela-Mihaela Lazar
Head of Business
Development,
Market Trading
Denmark
construction of new cables to the Nether-
lands, the UK, and Germany. The flow on
these cables is primarily out of Norway, and
the closer connection to the surrounding
countries in terms of prices entails that Nor-
way is also experiencing sudden price spikes
in the case of cold and calm weather. This
was the case several times in 2024, culmi-
nating in December when the southernmost
Norwegian price area (NO2) saw an average
price of 348 EUR/MWh on December 12.
As a result, several political paies in Nor-
way have announced that they do not want
Norway to construct any more cables to
neighboring countries. In the sho term, the
focus is on the cables to Denmark, as two
of the four cables connecting the countries
under the Skagerrak are reaching the end of
their lifespan and are scheduled for renewal
in the next couple of years.
The paies calling for a stop to constructing
cables include the Center Pay, pa of the
Norwegian government until January 2025,
and the Progress Pay. The ruling Labor
Pay has also expressed interest in puing
a halt to the construction of new cables, and
is fuhermore suggesting implementing a
fixed power price across all of Norway. In
Norway’s neighboring countries, the grow-
ing opposition to the cables has spurred
criticism, calling it a “potential disaster”
if Norway decides not to cooperate on
additional cables with their neighbors. If the
two cables to Denmark are not renewed,
the eect would – with all other things
remaining unchanged – be lower consumer
prices in Norway and higher price levels in
the surrounding countries, first and fore-
most Denmark, but the extent is dicult to
estimate at this point.
This topic was among the reasons why the
Norwegian government collapsed in January
2025. Discussions about the future of the
cables, and Norwegian cooperation with the
EU regarding energy in general, is expected
to be one of the major agendas ahead of
the upcoming Norwegian parliamentary
election.
You’ve been with Mind Energy for 8 years. Why?
The oppounities for growth are great. I staed as a student, then became a gas trader,
then business developer, and now I’m heading our business development team in Market
Trading. It’s our responsibility to know the markets and stay ahead of regulations, con-
tracts and licenses. This allows our gas and power desks to trade without any hiccups,
every minute, 365 days a year. It’s fast-paced, no day is the same, and I love it.
Which 3 words would you use to describe our work environment?
Empowering. From my first day, I’ve been given lots of responsibility and the trust to take
it. That is a huge motivation and gives me a sense of being valued and making a mean-
ingful impact on the company. Approachable. We have a very open atmosphere, between
colleagues and from management. A strong sense of community where it’s easy to
discuss ideas and collaborate across depaments. Work-life balance. I have young kids,
so the freedom to flexibly structure my work is hugely valuable to me.
Meet our
people
Management Review
Annual Report Mind EnergyAnnual Report
p 22
Market Risk
Liquidity Risk
Risk management is fundamental to ensuring financial stability, regulatory compliance, and busi-
ness resilience in a constantly evolving energy market. Our risk management framework provides
a structured approach to identifying, monitoring, and mitigating risks across the organisation,
suppoing our strategic objectives and financial safeguarding.
The risk management area is being strengthened to suppo the future ambitions of the updat-
ed corporate strategy, which requires a stronger risk governance setup, suitable financial risk
metrics, up to date data and model foundations, and the ability to remain resilient through severe
market turmoil.
Risk is managed under our Enterprise Risk Management (ERM) framework, covering both finan-
cial and non-financial risks. The Board of Directors holds the ultimate responsibility for risk over-
sight, approving risk policies and seing the company’s risk appetite. To suppo this, the Board
Risk Commiee has been delegated responsibility for ongoing risk overview and governance.
Under the ERM framework, all risks are identified in our Risk Taxonomy and evaluated annually.
Market risk, liquidity risk, and credit risk are core financial risks inherent to Mind Energy’s area of
business and are types of risk that we strategically assume to aect our business objectives. For
2024, the identified top non-financial risks were categorised into the following categories:
■
Operational Risk
■
Regulatory and Compliance Risk
■
Technology and Data Risk
Operational Risk, Regulatory and Compliance Risk, and Technology and Data Risk are non-core
risks, where we balance the likelihood and impact on business objectives against the cost of
mitigation, target levels, and risk tolerance. Financial risks are assessed on an ongoing basis, while
non-financial risks are thoroughly assessed annually through a prioritisation process that
identifies the most critical risks to address. In addition, they are re-evaluated when incidents
occur or when regulatory or other external changes materially alter the risk landscape.
Market risk refers to the risk of financial
loss due to fluctuations in energy prices,
production and consumption volumes,
and currency exchange rates. As an ac-
tive paicipant in energy markets, Mind
Energy is exposed to market volatility
driven by supply and demand dynamics,
regulatory changes, geopolitical events,
and weather conditions. Additionally, in-
flation risk arises from a limited number
of indexed capacity contracts.
Mind Energy actively manages energy
price and volume risks through hedg-
ing and trading strategies, pofolio
optimisation, and continuous market
monitoring. Market risk-bearing posi-
tions in each business area must remain
within mandates delegated by senior
management and, at an aggregated
level, within the company’s overall risk
appetite. Currency risk is fully hedged
on an ongoing basis, with a focus on
complete risk elimination, as it is not
considered pa of the company’s core
commercial activities.
Liquidity risk refers to the risk that
Mind Energy may not have sucient
liquid assets to meet sho-term
financial obligations. This risk primarily
arises from fluctuations in energy pric-
es, which can impact working capital
when energy is supplied on credit. Ad-
ditionally, price volatility can increase
margin requirements to suppo trading
positions, fuher aecting liquidity.
To ensure financial resilience, Mind
Energy actively monitors liquidity
through daily assessments of free
liquidity, including cash reserves, cash
collateral, and forecasted cash flows.
Liquidity forecasts are suppoed by
stress testing under various scenarios,
including extreme historical events, to
assess potential liquidity constraints
and validate contingency plans.
By employing proactive monitor-
ing, stress testing, and a disciplined
approach to liquidity buers, Mind
Energy maintains financial flexibility
and safeguards its ability to navigate
market volatility and meet financial
commitments under a wide range of
conditions.
Risk Management
at Mind Energy
Management Review
Annual Report Mind EnergyAnnual Report Mind EnergyAnnual Report
p 23
p 23p 23
Technology and Data Risk encom-
passes threats associated with the
confidentiality, integrity, and availability
of critical systems and information. As
a data-driven energy trading specialist,
Mind Energy relies on secure, accurate,
and accessible data to operate eec-
tively. This risk includes cyber threats,
system failures, unauthorised access,
and data inaccuracies, which could
impact decision-making, regulatory
compliance, and business continuity.
The increasing sophistication of cyber
risks—such as ransomware, phishing,
and other cyberaacks—remains a key
focus area. To mitigate these threats,
we continuously invest in cybersecurity
measures, data protection protocols,
and IT resilience strategies to safe-
guard operations, protect sensitive
information, and maintain trust with
customers and stakeholders.
Regulatory and Compliance Risk refers
to the potential impact of non-com-
pliance with laws, market regulations,
and repoing obligations that govern
Mind Energy’s operations. As regulatory
frameworks evolve, ensuring adherence
to market rules, licensing requirements,
and disclosure obligations is critical
to maintaining operational legitimacy
and market access. Additionally, we
are commied to upholding the highest
ethical standards, proactively mitigating
risks related to bribery and corruption to
safeguard our reputation and long-term
business sustainability.
To manage these risks, we have estab-
lished a compliance function to fuher
strengthen this area. The compliance
function has introduced and maintains a
robust compliance programme, includ-
ing a board-approved compliance policy
to govern compliance eos.
Operational risk refers to the poten-
tial for disruptions, ineciencies, or
financial losses arising from failures in
internal processes, resource manage-
ment, or workforce-related challenges.
Maintaining business continuity is
essential for Mind Energy, as disrup-
tions can impact peormance, market
responsiveness, and financial results.
Additionally, human capital risks, such
as talent shoages or turnover of
key personnel, can aect operational
stability and execution of strategic
initiatives.
To mitigate these risks, we continuously
enhance process quality and resilience,
resource allocation, and workforce
development. Through robust business
continuity planning, operational safe-
guards, and talent retention strategies,
we ensure that our operations remain
agile, resilient, and aligned with our
strategic objectives.
Credit risk refers to the risk of financial
loss due to a counterpay’s failure to
meet payment or contractual obli-
gations. For Mind Energy, credit risk
primarily materialises in two ways:
failure to receive timely payment aer
the delivery of energy or services, and
default by trading counterpaies or
customers with fixed-price agree-
ments who hold an unrealised negative
Mark-toMarket (MtM) value for the
counterpa, leaving Mind Energy
exposed to potential losses on hedges.
This risk can be fuher exacerbated if
margin or collateral requirements are
not met.
Delays or defaults in payments can
impact liquidity, revenue, and overall
financial peormance, making continu-
ous credit monitoring and risk controls
essential.
To manage credit risk, Mind Energy
applies a risk framework that includes
credit assessments, credit limits, Credit
Suppo Annexes (CSAs), and contin-
uous counterpay monitoring. Where
necessary, risk-mitigating measures
such as prepayments and guaran-
tees are used to ensure that credit
exposures remain within the company’s
defined risk appetite.
Credit Risk
Regulatory and
Compliance RiskOperational Risk
Technology
and Data Risk
Annual Report Mind Energy Management Review
Annual Report Mind Energy
p 24
SUSTAINABILITY
REPORT
Intro ___________________________________________________________________________________________________ 25
Environment ___________________________________________________________________________ 29
Social __________________________________________________________________________________________________ 31
Governance ______________________________________________________________________________ 33
Sustainability reporting _______________________________________ 35
p 25
Annual Report Mind Energy
Making sustainable
energy work for
everyone
Sustainability report
Mind Energy plays an impoant role in the
energy value chain without owning any ener-
gy producing assets, controlling infrastruc-
ture nor being a large consumer ourselves.
We do this by covering three major functions
in the energy market:
Firstly, assuming the role as trade balance
responsible, we take pa in directing energy
volumes to the markets that need them the
most. This helps ensure an ecient use of
the available resources, facilitating lower
average system prices for energy, reducing
price volatility, indirectly reducing the carbon
intensity of the grids, and more.
Secondly, we provide a route to market for
owners of energy-producing assets. We help
them feed their production volumes into
the energy grids as eciently as possible,
manage the daily auctions and administra-
tion that ensures a stable and reliable grid,
and pair them up with consumers to o-take
their production directly.
Lastly, we service large consumers of ener-
gy and big energy resellers in accessing the
energy markets, sourcing their desired type
of energy when they need it, at the optimal
price available in the market. Additionally,
we continuously strive to oer ambitious
solutions for our energy-consuming cus-
tomers to send the most precise signal to
the market about what energy they request,
with which sustainability requirements, and
at what price. This helps strengthen the
feedback loop to asset developers, who
provide the energy that large consumers
need to decarbonize and undeake the
energy transition that our society as a whole
needs to undergo.
Across these three functions, Mind Energy
works around the clock to improve overall
market eciency and suppo a liquid and
functioning energy market for the large
producers and consumers to interact in and
obtain the energy needed for their transition.
Everything in our modern society starts and ends
with the availability of energy. The transition to a
sustainable society rests upon the transition of our
energy system towards sustainable energy.
Mind Energy works for an efficient and reliable
energy market that promotes social and societal
benefits, while actively working to accelerate a
sustainable transition of the energy sector.
p 26
Annual Report Mind Energy
Interview with Andreas Wenshøj Gaur, Head of Sustainability
A significant focus of 2024 has been to embed our sustainability ambitions as an integral pa of
our new Switch28 corporate strategy. It was approved by the Board in December 2024.
Before diving into our strategy and initiatives on sustainability, we sit down with Head of Sustain-
ability, Andreas Wenshøj Gaur, to talk about Mind Energy’s approach to sustainability, from our
mission to help accelerate the energy transition to operating our business in a sustainable manner.
?
What does sustainability mean to Mind Energy?
Sustainability is embedded in how we do business every day; it's not in any ways a separate initi-
ative but a core element of our business strategy, and sustainability was given a central role in the
development of our new strategy. We continuously seek to conduct our business in a manner that
is both commercially viable and contributes to a more sustainable energy market that benefits
everyone.
” We firmly believe that energy trading
plays a vital role in helping to create
efficient and sustainable energy
systems. Moreover, it contributes to
more affordable energy access across
the entire system and promotes more
accurate pricing of commodities
across markets and time.”
Our approach
to sustainability
We do not own or operate energy-producing assets and have a relatively small operational foot-
print. The direct CO emissions from Mind Energy’s operations (scope 1) amount to roughly 23
tons, equivalent to that of just 3.4 average Danish citizens
1
. We are, however, impoant enablers
for those who hold significant keys to the sustainable transition of the energy sector. By eciently
connecting producers and large-scale consumers, we suppo the integration of renewable energy
sources, providing producers with a route to market and consumers with access to renewable
energy. Our trading activities also help balance supply and demand, stabilizing energy prices and
making energy more aordable and accessible.
1
Based on data from Statistics Denmark
Sustainability report
Andreas Wenshøj Gaur
Head of Sustainability
p 27
Annual Report Mind Energy
In total, we are involved in balancing 9.4 terawa hours of gas and 31.8 terawa hours of electricity
for large consumers and resellers. Add to that our market reach across production assets, and whole-
sale market trading. We are commied to using our scale to create a positive impact, and thus, focus
our sustainability eos on areas where we can make the most significant contribution. That is, our
focus will predominantly be on our ability to facilitate a reduction in the carbon intensity of the grid
by means of our trading and the products and services oered to market paicipants (producers and
o-takers) to promote the sustainable transition that is needed going forward.
Neveheless, we also remain commied to continuous improvement in our own operations, minimiz-
ing our environmental footprint and prioritizing the development and well-being of our employees
and those across our value chain.
?
What has been the key sustainability focus for 2024?
In 2024, we focused on two core areas to solidify our sustainability framework and establish clear
goals:
Integrating sustainability into our corporate strategy: We embedded sustainability into the devel-
opment of our Switch28 corporate strategy, ensuring that our sustainability focus and goals are fully
aligned with our overall business objectives – and the other way around. This anchors our ESG work
in the entire business, suppoed by top management and the Board of Directors.
Measuring and understanding our impact: In preparing for the coming CSRD repoing, we have
among other actions, conducted a comprehensive Double Materially Assessment. In doing so, we
have gained a profound and quantifiable understanding of the impact of our business across the
value chain. This has influenced our strategy development, set us up for eective goal seing going
forward, and prepared us for sustainability repoing.
For the first time ever, Mind Energy will deliver a fully scoped climate accounting record covering all
three scopes, and we are well prepared for sustainability repoing going into 2025.
?
What will the key sustainability focus for 2025 be?
In 2025, we will continue to implement our Switch28 strategy and deliver on our sustainability goals.
This includes conducting sustainability training for all employees. Another focus is to refine our
repoing framework as pa of our owners’ CSRD repoing.
Moreover, sustainability will be at the core of product development in 2025 and beyond. We are
witnessing a growing demand from large-scale energy consumers for solutions that go beyond
regulatory requirements in terms of sustainability; that go beyond being able to put a zero in their
repoing. Companies are increasingly seeking to source energy that is not only renewable but
verifiably sustainable. This is an extremely positive trend that aligns with our own ambitions and
presents a significant oppounity to fuher suppo our customers and the energy transition.
The increasing complexity of the energy market makes it challenging for companies to achieve
these ambitions alone. It requires deep expeise and market insights to accurately source, docu-
ment and balance the energy in the markets that sustainability frontrunners desire. Therefore, we
will be working to standardize these advanced product oerings of sustainable energy. Panering
with us will thus, hopefully enable any company to easily elevate their sustainability peormance,
regardless of their internal sustainability competences.
“ If we manage to deliver such a readily
available opportunity for consumers
to go beyond regulatory requirements,
I would be very proud of our impact on
the market dynamics as a whole.”
?
You mention suppoing large consumer customers in moving from
renewable to sustainable energy. What about Mind Energy’s
production customers?
Managing our production customer pofolio is very impactful in terms of reducing our overall
indirect environmental impact (even though lacking accounting standards means it is not reflected
in our climate accounting). Empowering consumer customers to set higher sustainability criteria
when sourcing energy is instrumental in achieving this, as it directly influences energy producers
through the demand signals sent.
Sustainability report
Annual Report Mind Energy
p 28
At the same time, wind, solar, biogas and
other production customers paner with us
for a route to market and to ensure liquidity
for their assets, ultimately strengthening
aractiveness of investments in renewable
energy.
Fuhermore, we are commied to estab-
lishing new and more ambitious direct
requirements for the production customers
we choose to paner with. This aligns with
our ambition to drive energy markets beyond
renewable energy and towards sustainable
energy, recognizing that the energy tran-
sition encompasses more than just limiting
carbon emissions.
Specifically, we are developing principles for
our current and future production custom-
ers. This means, for example, that we will
prioritize producers constructing new assets
that are aligned with the EU taxonomy.
Which competencies are impoant as a gas trader?
A deep understanding of market dynamics, the ability to set clear strategies through
complex data, and most impoantly, the discipline to execute them. It might sound easy,
but it’s very much a mind game. Traders are curious, fast-thinking, and constantly seeking
new insights into a constantly changing energy market. What was a winning strategy one
hour ago might be a losing one now.
What's the biggest misconception people have
about energy traders, and what would you tell them?
That we are just making money from the energy market without creating value. When in
essence, we move energy between those who have too much to those who need more.
What sets Mind Energy apa in the industry?
The teamwork is unique. Ideas and insights flow freely between trading desks, and we
genuinely suppo each other. I like to say, we’re hungry but humble. We’re ambitious per-
formers, always wanting to do beer than yesterday, while staying grounded and insisting
on honesty and respect. As traders, we can see in the numbers if it’s been a good or bad
day. But every day must be a good day in terms of the way we work together.
Mads Myrup
Head of Gas Trading,
Market Trading
Denmark
Meet our
people
Annual Report Mind Energy Sustainability report
Annual Report Mind Energy
p 29
The energy sector constitutes a significant
source of carbon emissions, accounting for
22% of total emissions in the Nordics
2
. Thus,
sustainable energy is crucial in achieving a
sustainable society.
Energy trading plays a pivotal role in facili-
tating the integration of sustainable energy
sources into the grid. The intermient nature
of renewables, such as solar and wind power,
requires an ecient and flexible system to
balance supply and demand.Energy trading
acts as a key mechanism for this balancing
act.
Puing our guiding star into play
Mind Energy is deeply involved in
balancing gas and electricity consumption;
for the laer we balance
38.7%
of consumption in Denmark
8.2%
of consumption in the Nordics.
We recognize the crucial role we play in
accelerating the energy transition and are
commied to leveraging our expeise and
market position to suppo the integration
and utilization of renewable energy sources.
Our Market Trading business is increasing
energy market eciency by coordinating en-
ergy volumes with energy needs; by moving
energy from where it is produced to where
it is needed at a given time. This allows the
energy market to harness the potential of
renewable energy production assets within
the capacity of existing physical infrastruc-
ture. We also trade emission allowances and
GoOs, the laer facilitating the development
and utilization of renewable energy sources
through a market-based approach.
Our Customer business is increasing energy
market flexibility by coordinating and balanc-
ing capacity and demand, connecting energy
producers with large-scale energy consum-
ers. It provides energy producers with a route
to market and provides consumers with
access to sustainable energy in an increas-
2
Data from the EEA (European Environmental Agency)
Environment
Our guiding star
Energy trading and flexibility in energy markets
are key to ensuring the transition to tomorrow.
Annual Report Mind Energy Sustainability report
Annual Report Mind EnergyAnnual Report
p 30
Examples of what we’ve done:
■
We are now delivering a full climate repo
for all 3 scopes, to measure and manage
our impact on the climate.
■
Exclusively sourcing renewable power
for our own energy consumption, we
have 0 emissions in scope 2 from our
market-based electricity consumption.
■
In 2024, we launched our ‘Green power
balance’ product which provides custom-
ers of all sizes with access to GoOs without
the need for power purchase agreements.
The GoOs are matched to electricity
consumption on a monthly basis, going
fuher than the annual basis as required
by existing accounting standards. This
helps democratize renewable energy by
reducing barriers to entry for all business-
es, increasing transparency, simplifying
adherence to regulation, and promoting
competition.
■
Our digital tool ’My Energy’ provides con-
sumer customers with statistics of their
energy consumption, helping them identify
possibilities for working actively with ener-
gy eciency and energy savings and with
tracking the eects of that work.
Examples of what we’re working on:
■
A key pa of our strategy is growing trade
and producer balance volumes to increase
our role in suppoing the transition to
tomorrow’s energy needs. Growth will
happen with our sustainability strategy as
a foundation, for example through defined
principles for current and future produc-
tion customers.
■
We are fuher decarbonizing our
operations to reach 0 scope 1 emissions.
Conveing our company car fleet to
electrical vehicles will be key in this.
■
We are introducing circularity with our IT
equipment, ensuring proper reuse and re-
cycling of critical materials and minerals to
reduce the environmental impact hereof.
■
For the future, our focus will be to
constantly improve our energy sourcing
products for customers with the goal of
oering the ability to source power that is
matched by physical production at quaer
of an hour intervals.
ingly complex market. We also handle GoOs,
helping producers capitalize on the value
of their renewable generation and enabling
consumers to make informed choices about
the source of their energy, hence paici-
pating actively in the energy transition by
expressing their preference for renewable
sources in a demand-driven process.
At the same time, we are commied to con-
tinuous improvement in our own
operations, implementing energy eciency
measures and reducing our environmental
footprint.
What
we do
Mind Energy action
■
Front-running trading-oce operations
■
Climate accounting – all 3 scopes > target seings
Partners
■
Oer leading sustainable energy sourcing products
■
Supplier code of conduct
Society
■
Continue trading and expand trading for eciency
■
Balancing services and sector coupling
Sustainability report
p 31
Annual Report Mind Energy
Energy is changing. The necessity to find
new ways to produce, move, store and use
energy in more sustainable ways while
maintaining security of supply is driving a
large transformation of the energy system
as a whole.
With deep roots in the Nordic energy land-
scape, currently trading across 34 power
markets and 22 gas markets every second
of the day, all year round, we have unique
competences, extensive market knowledge,
and progressive ambitions. We put this
foundation at the core of everything we do,
to drive high eciency in the energy markets
and accelerate the energy transformation.
We see ourselves as mindful achievers.
Working as such, we invest in developing
and suppoing our employees, stakeholders,
and society to be able to achieve their goals,
and be equipped to peorm in fast paced
markets with a requirement to deliver high
peormance.
Puing our guiding star into play
Everything we achieve is
ultimately about our people
and the competencies they
bring to the table.
Mind Energy’s future and the mark we put on
the sustainable energy transition depends on
our ability to continue to aract, develop and
motivate the best people for the job.
Mind Energy provides an inclusive learning
environment for professional and personal
skills where employees grow and become
beer both at work and beyond. We are
mindful that our culture places an emphasis
on innovation, personal growth and freedom,
and collective success, guided by low levels
of hierarchy and inspired leadership.
Parallel to our people focus
and looking outside our own
organization, we are conscious
of the positive contributions that
our trading activities also yield
to society.
Social
Our guiding star
Develop people and knowledge to handle the increasing complexity
of energy markets and be a role model for mindful leadership.
Annual Report Mind Energy Sustainability report
Annual Report Mind Energy
Annual Report
p 32
Cross-border trading is helping to reduce
average system prices and increases price
stability. It is estimated that cross-border
trading in the day-ahead-markets alone
contributes to around 34 bn EUR in societal
value annually across Europe
3
.
By utilising the physical system integration
installed throughout the system, we help im-
prove the resilience of energy markets and
ensure a secure and overall reliable supply of
energy.
Examples of what we’ve done:
■
Bringing on board new talented colleagues
is one of our greatest achievements of
the year. At the end of 2024, we were 312
people in Mind Energy, compared to 262
in 2023.
■
All employees have one week’s holiday
more than required. We call it ’Switch days’.
■
We now have an updated senior policy that
allows a flexible transition, where you can
work on reduced time, but still receive a
full pension.
■
We have panered with the parental
network ‘Inspired Beyond Babies’ to
establish bringing babies into the world
as a professional boost in competencies
and skills. Also, new colleagues get paid
maternity leave immediately.
■
A student community saw the light in 2024,
with the aim of suppoing talent develop-
ment, sharing knowledge and expanding
skills, increasing the sence of collective
success and – equally impoant – building
courage to question the status quo.
Examples of what we’re working on:
■
Ambitious learning and developing pro-
grams are being built for all employees,
based on deepening competencies in the
overlap between the needed high-per-
formance culture of energy trading and
individual interests and motivation.
■
We are establishing collaboration with
universities to broaden knowledge and
understanding of the energy sector and its
role in society.
■
In the process of updating our policies
and customer as well as supplier codes
of conduct, we will be establishing active
controls with them across contracts in our
value chains and in energy producer value
chains.
What
we do
Mind Energy action
■
People and talent development
■
Employee (mental-)health and well-being
Partners
■
Customer code of conduct
■
Supplier code of conduct
Society
■
34 bn Euro in societal value for trading Europe
3
■
Advocacy for a sustainable buildout of the system
3
ACER repo 2023
Sustainability report
Annual Report Mind Energy
p 33
Puing our guiding star into play
Our market position comes with great
responsibility to act responsibly and ensure
that our actions throughout our business
and operations help move the sector in the
right direction. We do this, among other
focus areas, by ensuring a liquid, trusted, and
transparent market, and by delivering docu-
mented, audited, and digitally available data
for our customers, authorities, and auditors.
Ensuring trust and transparency about the
function and actions of an energy trader
is instrumental in upholding the license to
operate for our business.
We are very proud to be the
largest independent energy
trader in the Nordics and to be
trusted by all our customers,
counterparties, and authorities,
and we will continue to work
hard to honor that trust.
We are continuously working to enhance
our governance eos even fuher and ma-
turing the integration of dierent business
practices in our governance structure. Mind
Energy is both ISO 9001 and ISO 14001 cei-
fied and we have been working to integrate
our continuous improvement setup with
the preparatory documentation work done
for the CSRD. Additionally, big strides have
been taken in our risk management, cyber
security, and compliance processes, the
laer of which is covered in the Risk section
of this repo.
As outlined in our strategy and
described in the initiatives
within environmental and social
efforts, most of our impact
and opportunity to enhance a
positive development arise in
our relationships throughout the
energy value chain.
To ensure the implementation and devotion
to these commitments, it is paramount that
they are codified and implemented in our
governance practices. As a pa of the men-
tioned policy review and preparations for
Governance
Our guiding star
Be the trusted partner of energy trading.
Annual Report Mind Energy Sustainability report
Annual Report Mind Energy
Annual Report
p 34
What
we do
Examples of what we’ve done:
■
We have introduced an internal risk
commiee in 2024.
■
We have begun the process of updating
and renewing internal policies, introducing
a new policy structure and aligning with
the CSRD.
■
Customers can access relevant data about
their products and energy consumption
online, in a readily available and digital
format.
■
We are trading, documenting, and cancel-
ling GoOs for our customers and providing
them with digital access to see consump-
tion data and purchased GoOs.
Examples of what we’re working on:
■
We are working to fuher embed sus-
tainability directly into the management
practices of our organisation, now that
the ambitions and strategic direction have
been approved by the board of directors.
■
We are updating our supplier code of
conduct and expanding the collaboration
with energy-producing assets to help them
drive a positive change towards sustain-
able energy. This cannot be done in a day
or two, but as a trusted paner in energy
trading, we take this ambition very seri-
ously and are looking forward to playing a
more active pa in facilitating feed-in of
sustainable energy to the grids.
■
We are actively preparing to secure Mind
Energy’s NIS 2 compliance.
■
Customers will be able to access a live
digital overview of the climate impact of
their energy sourcing and the associated
repoing of emissions hereof, subject to
the specific product they have purchased.
Mind Energy action
■
Cyber security & response plans
■
Policies and business conduct for full value chain
Partners
■
Customer code of conduct
■
Supplier code of conduct
Society
■
Compliance & transparency with regulation
■
Share data with TSOs & authorities for balancing
the CSRD, we will be working to update our
supplier code of conduct to beer manage
the environmental and social impacts that
can be derived from the energy value chain.
This commitment applies both to our direct
suppliers and to paners and customers
across the energy value chain.
Sustainability report
p 35
Annual Report Mind Energy
Sustainability reporting
Market characteristics
Market characteristics Flowed volumes [TWh]
Consumer volumesProducer volumes
31,754,720
■
Power
3,591,615
■
GoOs
Consumption [MWh]
■
2024
9,414,833
■
Consumer
gas volumes
307,704
■
Biogas
Consumption [MWh]
6,208,649
■
Denmark
148,495
■
Sweden
478,378
■
Norway
224,694
■
Finland
7,060,215
Production [MWh]
1,995,227
■
Denmark
0
■
Sweden
0
■
Norway
0
■
Finland
1,995,227
Production [MWh]
14,020,505
■
Denmark
4,474,460
■
Sweden
8,255,281
■
Norway
5,004,474
■
Finland
31,754,720
Consumer [MWh]
7,623,978
■
Denmark
1,790,855
■
Sweden
0
■
Norway
0
■
Finland
9,414,833
Consumer [MWh]
66%
■
Wind
16%
■
Solar
7%
■
Hydro
8%
■
CHP
0%
■
Other renewable
4%
■
Flexilbility and
balancing assets*
Production customers
47%
■
Biogas plants
without ceificates
11%
■
Biogas plants
with ceificates
42%
■
Natural gas
Production customers
88.7%
96.7%
Customer business
Power
Market trading
Gas
51.8
Power Gas Gas storage
15.4
3.1
34
Power markets
20
Gas markets
*Gas + other production
Sustainability report
p 36
Annual Report Mind Energy
■
Scope 1
■
Scope 2 - Market based
81
10
71
81
32
49
40
17
23
155
41
114
Mind Energy’s climate accounting scope 1 + 2
Tons CO
2
e
▼48%
▼51%
Our market trading team balances wholesale markets of power and gas across 34 and 20 markets
respectively and has been doing so successfully for the past 25 years. This highlights our compe-
tence level and ability to reliably and consistently deliver the peormance that the market desires,
subsequently delivering all the positive externalities outlined previously in the repo. Our volumes
in market trading increased to 15.4 TWh of power and 51.8 TWh of gas.
We had a strong year with our customer business, increasing our pofolio and facilitation of
energy transition. In the power business, we delivered 31.7 TWh for consumption across the Nor-
dics, making up 8.2% of all consumed electricity. Additionally, our production client pofolio was
comprised of over 7 TWh, consisting of 96.5% renewable energy production with wind, solar and
hydro production making up 88% of the total volumes. The final 3.5% of the production pofolio
Source: Consolidated climate accounting Mind Energy
2021 20232022 2024
consisted of gas peaker plants and other balancing assets that play a pivotal role in ensuring
grid stability. We are proud of being able to represent such a strong pofolio of energy assets
that directly contribute to the decarbonization of the Nordic grids. We will continue our work
to improve the positive impact from our production client pofolio and grow the size of this
pofolio in the coming years.
Equally impoant as our role across the power market is our role as an intermediary and
responsibility for balancing in the gas markets. In 2024, we delivered 9.4 TWh to consumption
in Denmark and Sweden. Of these volumes, a corresponding volume of 3.3% biogas ceifi-
cates were sold. There is currently a limited demand from Danish and Swedish gas consumers
from the grids to pay for biogas ceificates on top of their gas deliveries. However, looking at
our production client pofolio, all but one of our production clients are biogas facilities making
up 58% of our balanced volumes, while 11% are volumes from biogas plants where we also
balance the producers’ biogas ceificates.
Climate accounting
Mind Energy’s own operations (scope 1 + 2)
We have accelerated the decarbonization of our own operations in 2024 and managed to re-
duce the carbon emissions (scope 1+2) by 74% compared to 2022. This has mainly been driven
by the transition of company cars to electric vehicles, as well as improved energy eciency
in our oces. Additionally, the carbon intensity in district heating provided to our oces has
decreased.
With our new strategy, we will focus on fuher enhancing the positive impacts from our inter-
actions in the market, while continuing to decarbonize and improve the eciency of our own
operations.
Sustainability report
p 37
Annual Report Mind Energy
Mind Energy’s value chain operations (scope 3)
Due to the aggregate positive eects from trading (as outlined previously), we will continue to
oer our trading services to suppo a positive development of the energy transition at the system
level, despite the impact it has on our scope 3 accounting in the sho run. Our market transaction
contributes to driving down the carbon intensity at the system level and subsequently helps to
reduce everybody’s emissions from sourcing power. Increasing the positive externalities from
trading also calls for increasing trade volumes and market footprint, which may cause sho-term
increases in repoed scope 3 emissions due to decarbonizing eects not necessarily compensat-
ing for volume increases in the sho run.
Our focus when improving repoed Scope 3 emissions is subsequently on the scope 3 emissions
resulting from our direct operations (everything but 3.3.D and 3.11) in the sho to medium term,
while ensuring that we conduct our business in such a way that we are facilitating the decarbon-
ization of the energy markets to an extent where they will o-set volume increases in repoed
emissions in the long term.
Mind Energy is presenting the full scope 3 climate accounts in accordance with the GHG-protocol
for the first time in company history. This has been a key focus for our sustainability eos in
2024, and we are proud to be able to measure and monitor our impact across the full value chain of
our own operations going forward.
Our trading activities in the energy markets make up over 99% of our scope 3 emissions. While
the volumes are sizeable, they are a direct consequence of our position as a market intermediary
and the fact that we also conduct balancing services on behalf of final consumers as outlined
previously. However, for the non-energy trading scope 3, Mind Energy has emied 3,976 tons of
CO equivalents. 90% of these arise from purchases of products and services. As a pa of our
sustainability eos going forward, we will be implementing programs for responsible supply
chain management and procurement, which among other things will address the emissions related
to purchases of goods and services.
2,475,752
Tons CO
2
e
66.8%
■
Eletricity trading (Scope 3.3.D)
33.0%
■
Gas trading (3.11)
0.2%
■
Non-energy trading emissions
3.577
■
3.1 Products & services
49
■
3.2 Capital goods
36
■
3.3 (a+b+c)
138
■
3.6 Business travel
178
■
3.7 Employee commute
Non-energy
trading scope 3
Tons CO
2
e
Climate accounting scope 3
Sustainability report
Annual Report Mind EnergyAnnual Report
p 38
Tons CO
2
e Delta 2024 2023
Scope 1 ▼26 23 49
Scope 2 (Market based) ▼15 17 32
Scope 2 (Location based) ▲10 65 55
Total scope 3 – 2,475,752 –
3.1 Purchased goods and services – 3,577 –
3.2 Capital goods – 49 –
3.3 (a+b+c) – 36 –
3.3.d Generation of purchased electricity that is sold to end user – 1,654,213 –
3.6 Business travel – 138 –
3.7 Employee commuting – 178 –
3.11 Use of sold products – 817,562 –
Mind Energy provides our climate accounts across all three scopes in accordance with the Green House Gas
Protocol. All identified activities and emissions are accounted for. However, in this process it has been found that
Mind Energy does not have emissions to repo in the following scope 3 categories:
3.4, 3.5, 3.8, 3.9, 3.10, 3.12, 3.13, 3.14, and 3.15.
m
3
Water consumption 1,568 1,265
Water consumption pr. employee (m3 / FTE) ▼0.11 5.03 5.14
Denmark ▲239 1,311 1,072
Sweden ▲14 76 62
Norway ▲44 133 89
Finland ▲8 49 41
Sustainability report
p 39
Annual Report Mind Energy
2024 was a great year for Mind Energy in terms of growing and maturing our organisation. We
have 50 more colleagues than the previous year, across all our oces in the Nordics and Germany.
In addition to interacting with energy markets across the world, you can meet more than 16 nation-
alities in our oces, and people in all phases of their career.
Our people by the numbers:
268
■
Denmark
19
■
Sweden
12
■
Norway
10
■
Finland
3
■
Germany
312
Number of employees Age of employees
82
<30
80
>50
151
30−50
■
Women
■
Men
Gender distribution
Board of directors
Management team
All people leaders
All employees
Seen in the light of a comprehensive strategy review and transformation process in recent years,
we are very pleased to see that our arition rate is stabilising and returning to more normal levels
as the unceainty of the transformation process clears and directional focus on strategy imple-
mentation and execution takes place. Our employees are experiencing increasing satisfaction and
dedication with their work, while also experiencing increasing strategic clarity and the belief that
management is taking Mind Energy in the right direction.
Delta 2024 2023
Number of employees ▲50 312 262
Arition rate % ▼10.4% 15.7% 26.1%
Sick leave
Total days of sick leave - 1345 -
Average sick leave pr employee 0% 1.7% 1.7%
Employee satisfaction Dec-24 July-24
Overall score ▲ 0.2 3.2 / 4 3.0 / 4
Dedication about work ▲ 0.2 3.4 / 4 3.2 / 4
Last 3 months has top mngmt
pulled Mind Energy in right direction
▲ 0.2 3.2 / 4 3.0 / 4
Last 3 months has your closest manager
pulled Mind Energy in right direction
▲ 0.1 3.4 / 4 3.3 / 4
Gender distribution
(% underrepresented gender) Target Delta 2024 2023
Board of directors 33% by 2026 0% 17% 17%
Management team On target ▼4% 40% 44%
All people leaders 40% by 2033 ▲9% points 24% 15%
All employees ▼2% points 34% 36%
24% 76%
40% 60%
17% 83%
34%
66%
312
employees
+16
nationalities
Social reporting
Sustainability report
Annual Report Mind EnergyAnnual Report
p 40
Governance reporting
ISO ceification
In 2024 Energy Danmark was receified
across all our 6 locations within the frame-
work of ISO 9001 and 14001. As an integrated
pa of these ceifications, we are working
to improve and codify our management
process and integrate sustainability in the
formal decision-making process. Most
notably, we began the process of integrating
the process in our Sustainability team and
repoing as a pa of the documentation for
our 14001 ceification. The work with map-
ping our value chain and assessing impacts,
Whistelblower
cases
Delta 2024 2023
0 1 1
risks, and oppounities (IROs) has been used
to elaborate our 14001 process and ensure
that all material environmental considera-
tions are mapped and actions plans can be
developed accordingly.
Going forward, we will target receification
within both 9001 and 14001 across all our
locations.
Whistle blower
One incident was repoed to management
in 2024. In 2023, zero cases were repoed
through Mind Energy’s own whistle blower
scheme. A single case was repoed in Andel
Holding’s whistle blower scheme
in 2023, mentioning Mind Energy. Due
course has been taken for those two cases,
in accordance with the procedures for such
instances.
Work related injuries
We are pleased to repo that we have yet
to experience a work-related injury at Mind
Energy. However, just because we haven’t
experienced any, we are still continuously
working to prevent them from ever happen-
ing. Our AMU board is doing a great job in
preemptively finding and mitigating any risks
in the oce environment.
Value chain policies
Mind Energy has several policies addressing
our impact and exposures across the value
chain. These addresses focus areas like
market abuse, anti-corruption, human rights,
and environment and climate. In the past
year a review and update of our
human rights policy has been initiated and
is expected to come into eect in the first
half of 2025. Our work across all our policies
is fuher planned to be integrated and
subsequently reviewed and updated as a
pa of the CSRD implementation that will be
ongoing throughout 2025 in conjunction with
our owners.
Our policies are based on recognized inter-
national standards. In the case of our Human
rights policy, we expect our suppliers to ad-
here to one of the following frameworks: the
European Convention on Human rights, ILO
conventions, UN Guiding Principles, or OECD
guidelines. Our market abuse and anti-brib-
ery policies are compliant with EU regulation
on insider trading and market manipulation
(MAR & REMIT).
Through the year 2024 Mind Energy has
among others conducted training for the
relevant employees on market abuse and
how to appropriately respond in the event
of errors. Additionally, our counterpas and
suppliers are screened by our KYC setup
in relation to sanctions, financial risks and
sustainability risks, including human right
infringements to ensure that our transac-
tions are in line with current legislation, and
our own policies. The above measures are
instrumental in addressing our main social
and human rights exposures as these arise
high in the energy value chain during produc-
tion and extraction of energy sources, while
our internal policies, training and guidelines
address key risks in relation to market
manipulation and anti-bribery intrinsic in our
own operation.
Data Ethics Policy
The company currently does not have a for-
mal data ethics policy, but will be formulated
in 2025 as pa of our continuous work with
data management. However, we recognize
the critical impoance of managing both
energy-related and personal data respon-
sibly, transparently, and in compliance with
relevant regulations, including the GDPR
(General Data Protection Regulation). As an
energy trading company, we are commied
to ensuring that our data practices align with
the highest ethical standards, safeguarding
the integrity of our data handling processes,
and suppoing transparency in our opera-
tions. We are actively working on developing
and implementing a comprehensive data
ethics policy to guide our future practices.
Work related
injuries
Delta 2024 2023
0 0 0
Sustainability report
p 41
Annual Report Mind Energy
Ecovadis
Mind Energy was awarded a bronze medal
under the ECOVADIS ceification in 2024.
As a pa of our increased commitment to
sustainability, we are also restructuring
the process of our ECOVADIS ceification.
To provide the most recent data for the
underlying scoring of our sustainability
peormance, we have pushed back our
resubmission for the 2025 ceificate by two
months. This allows us to provide the most
recent climate accounts and other data from
the accounting year 2024 as the main source
of data, providing baseline numbers for our
coming ceification. We believe this rea-
lignment in the process will provide a more
accurate assessment of where Mind Energy
is currently at within the ECOVADIS seing.
Looking back at 2024, what are you proud of?
I’m proud that our customers are so satisfied. It’s impoant to us to deeply know our customers
and their energy needs, and we are proud that they feel they can trust us with their energy. We
are actively working to fuher leverage our knowledge for our customers, to an extent where we
proactively spot oppounities for them in their sustainable transition, not ‘just’ handle their power
consumption.
How are you experiencing Mind Energy’s transformation?
There’s real excitement about the changes happening in the organisation and with the new
strategy. It requires us to do some things dierently, and everyone is working together to make it
happen – not just within our own team or our own country, but as one joint company. It’s clear that
transparency and involvement are key values for Mind Energy’s management. We all know what’s
happening, and that makes it easy and motivating to take ownership.
Kristina Nybakken
Head of Customer Success,
Customer Business
Norway
Meet our
people
Sustainability report
p 42
Annual Report Mind Energy
Attrition
Percentage of employees that have le the Mind Energy Group for any reason during the year
Sick leave
Average percentage of sick leave per employee in the Mind Energy Group during the year. The
percentage only covers employees in Denmark and Sweden, as our Norwegian, German and
Finnish subsidiaries still does not register absenteeism in the Group sta management system “HR
Orcide”. The percentage is calculated in relation to the planned working hours. Employees who do
not register absences in connection with their employment, such as hourly paid student assis-
tants, are not included in the calculation.
Gender distribution in management
A head count has been taken how many men and women are on the Board of Directors, for Mind
Energy A/S. For each gender the share of total members has been calculated. The same approach
has been taken for members of our management team, employees with people responsibility “All
people leaders”, and lastly for all employees in the organization.
Supplier risk management
Suppliers being risk assessed for sustainability issues
Supplier Code of Conduct
Suppliers who have singed our Supplier Code of Conduct
ISO 14001 certified departments
Number of depament that have valid ISO 14001 Environmental ceification.
ISO 14001 – Internal audit
Audits peormed on our own sites via personnel in Mind Energy, who do not work on this site daily,
i.e. first pay audits.
ISO 14001 – External audit
Audits peormed on our own sites via people who do not work for Mind Energy, i.e. third-pay
audits. We use auditors from FORCE Ceification A/S
Water consumption
The amount of consumed water in cubic meters is listed for each site with more than 5 employees.
CO
2
e emissions
The carbon footprint of the Mind Energy Group is calculated based on the Green House Gas
Protocol, and cover all three scopes of repoing: Scope 1, Scope 2 both market-based and location
based, and scope 3.
Non-financial KPIs
Sustainability report
p 43
Annual Report Mind Energy
Annual Report
p 43
FINANCIAL
REPORT
Consolidated Financial Statements _____________________________________________ 44
Consolidated Balance Sheet __________________________________________________________________ 45
Consolidated Statement of Changes in Equity ________________ 47
Consolidated Statement of Cash Flows __________________________________ 48
Notes to the Consolidated Financial Statements _______ 49
Parent Financial Statements ____________________________________________________________________ 77
Parent Balance Sheet ________________________________________________________________________________________ 78
Parent Statement of Changes in Equity ___________________________________ 80
Notes to the Parent Financial Statements ______________________________ 81
Statement by the Board of Directors
and the Executive Board ________________________________________________________________________ 102
Independent Auditor’s Report _______________________________________________________ 103
p 44
Annual Report Mind Energy
Notes DKK '000 2024 2023
4 Revenue - Sales of power and gas etc. 76,615,161 119,576,579
Purchase of power and gas etc. -75,958,671 -118,451,142
Net income/loss from derivatives held for trading 150,848 -980,344
Gross profit 807,338 145,093
5 Sta costs -294,633 -286,686
6, 8 Other external costs -257,491 -259,951
7 Depreciation -82,066 -66,425
Operating profit 173,148 -467,969
9 Finance income 216,196 288,702
10 Finance costs -13,357 -46,340
Profit before tax 375,987 -225,607
11 Ta x -83,801 22,671
Profit for the year 292,186 -202,936
Aributable to:
Shareholders of Mind Energy A/S 292,186 -202,936
292,186 -202,936
Statement of other comprehensive income
Items that may be reclassified to profit or loss in subsequent periods
Exchange dierences on translation of foreign operations -7,649 -3,797
Cash flow hedge 78,036 -35,165
Tax on cash flow hedge -17,168 7,736
Net other comprehensive income to be reclassified to profit or loss in subsequent periods 53,219 -31,226
Total comprehensive income for the year, net of tax 345,405 -234,162
Aributable to:
Shareholders of Mind Energy A/S 345,405 -234,162
Income statement and other comprehensive income
Financial reportConsolidated financial statements
p 45
Annual Report Mind Energy
Notes DKK '000 2024 2023
Non-current assets
12 Intangible assets 66,638 119,608
13 Tangible assets 61,724 78,457
11 Deferred tax assets 39,775 150,742
Total non-current assets 168,137 348,807
Current assets
15 Inventory 350,196 442,410
18 Trade receivables 6,008,193 7,215,356
11 Tax receivable 35,044 54,245
Receivables from related paies 367,391 998,667
18, 19 Derivative assets 1,540,569 2,743,785
Deposits 1,836,867 2,710,732
Other receivables 131,788 94,045
Cash 3,266,604 3,262,970
Total current assets 13,536,652 17,522,210
Total assets 13,704,789 17,871,017
Balance sheet – assets
Consolidated financial statements Financial report
p 46
Annual Report Mind Energy
Notes DKK '000 2024 2023
Equity
16 Share capital 500,000 500,000
Exchange rate reserve -50,422 -42,773
Retained earnings 8,410,337 8,118,151
Cash flow hedge -10,339 -71,207
Total equity 8,849,576 8,504,171
Non-current liabilities
18 Lease liabilities 45,322 55,549
Prepayments 0 5,142
Other payables 13,216 34,923
11 Deferred tax 7,320 789
Total non-current liabilities 65,858 96,403
Current liabilities
18 Lease liabilities 9,664 6,172
Trade payables 2,641,444 3,678,470
Debt to related paies 12,166 438,629
18, 19 Derivative liabilities 1,244,612 4,109,133
Deposits 226,404 61,550
Other payables 642,703 976,489
Total current liabilities 4,789,355 9,270,443
Total liabilities 4,855,213 9,366,846
Total equity and liabilities 13,704,789 17,871,017
14 Interest in subsidiaries
17 Pledges, collateral and contingent liabilities
20 Related pay disclosures
21 Subsequent events
Balance sheet – liabilities
Consolidated financial statements Financial report
p 47
Annual Report Mind Energy
Notes DKK '000
Share
capital
Exchange
ratereserve
Retained
earnings
Cash flow
hedge Total
Equity 1 January 2024 500,000 -42,773 8,320,451 -71,207 8,706,471
Adjustment to prior year 0 0 -202,300 0 -202,300
Adjusted equity 1 January 2024 500,000 -42,773 8,118,151 -71,207 8,504,171
Profit for the year 0 0 292,186 0 292,186
Other comprehensive income in 2024
Cash flow hedge before tax 0 0 0 78,036 78,036
Foreign currency translation adjustment 0 -7,649 0 0 -7,649
Tax on other comprehensive income 0 0 0 -17,168 -17,168
Comprehensive income for the period 0 -7,649 0 60,868 53,219
Equity 31 December 2024 500,000 -50,422 8,410,337 -10,339 8,849,576
Equity 1 January 2023 500,000 -38,976 11,321,087 -43,778 11,738,333
Profit for the year 0 0 -202,936 0 -202,936
Dividends provided for or paid 0 0 -3,000,000 0 -3,000,000
Other comprehensive income in 2023
Cash flow hedge before tax 0 0 0 -35,165 -35,165
Foreign currency translation adjustment 0 -3,797 0 0 -3,797
Tax on other comprehensive income 0 0 0 7,736 7,736
Comprehensive income for the period 0 -3,797 0 -27,429 -31,226
Equity 31 December 2023 500,000 -42,773 8,118,151 -71,207 8,504,171
During the year dividend of DKK 0 per share was paid (2023:DKK6).
Statement of changes in equity
Consolidated financial statements Financial report
p 48
Annual Report Mind Energy
Notes DKK '000 2024 2023
Operating profit 173,148 -467,969
Cash flow hedge 78,036 -35,165
Depreciation and amoisation etc. 82,066 66,425
Net foreign exchange dierences -7,649 -3,797
Finance income, received 216,196 288,702
Finance costs, paid -13,357 -46,340
Changes in inventory 92,214 375,303
Changes in trade and other receivables 3,877,777 14,608,204
Changes in trade and other payables -4,511,113 -12,087,759
Income taxes paid 35,411 -1,970,672
Cash flow from operating activities 22,729 726,932
Purchase of intangible assets -13,934 -52,312
Disposal of intangible assets -1 1,317
Purchase of tangible assets -1,258 -8,457
Disposal of tangible assets 6,496 2,045
Cash flow from investing activities -8,697 -57,407
Instalments on leases -10,398 -9,343
Paid dividend 0 -3,000,000
Cash flow from financing activities -10,398 -3,009,343
Net increase/decrease in cash and cash equivalents 3,634 -2,339,818
Cash and cash equivalents at 1 January 3,262,970 5,602,788
Cash and cash equivalents at 31 December 3,266,604 3,262,970
Statement of cash flows
Consolidated financial statements Financial report
p 49
Annual Report Mind Energy
Notes to the consolidated financial statements
Note 1 Accounting policies
Basis of preparation
Mind Energy A/S (the Company) is a limited company in corporated and domiciled in Denmark.
Mind Energy A/S’ primary activity is trading in energy and commodities such aselectricity and
gas as well as carbon contracts.
The consolidated financial statements at 31 December 2024 for Mind Energy A/S is presented in
accordance with the International Financial Repoing Standards (IFRS accounting standards) as
adopted bythe European Union and additional requirements in the DanishFinancial Statements
Act.
The consolidated financial statements of Mind Energy A/S andits subsidiaries (collectively, Mind
Energy or the Group) forthe year ended 31 December 2024 were authorized for issue inaccord-
ance with the directors on 3 April 2025.
The consolidated financial statements are presented in Danish Kroner (DKK) and all values are
rounded to the nearest thousand (DKK 000’s), except when otherwise indicated.
The format for presenting the income statement is based on thetype of expenditure to beer
reflect the activities provided byMind Energy A/S.
For more information regarding the group structure, please refer toNote 14.
The consolidated financial statements have been prepared on a historical cost basis, except where
otherwise indicated in the belowstated accounting policy.
For other changes to accounting policies, see Note 2.
Recognition and measurement
Revenues are recognised in the income statement as earned. Fuhermore, value adjustments of
financial assets and liabilities measured at fair value or amoised cost are recognised. Moreover,
all expenses incurred to achieve the earnings for the year are recognised in the income statement,
including depreciation, amoisation, 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
aributable to the asset will flow to the Company, and the value of the asset can be measured
reliably.
Liabilities are recognised in the balance sheet when it is probable that future economic benefits
will flow out of the Company, and the value of the liability can be measured reliably.
Restatement of prior year
Aer submission of the financial statements for 2023, the Group identified account balances that
had been measured incorrectly in 2023.
The restatement is due to the following situations causing wrong measurement at year-end 2023:
■
Wrong tagging in our trade registration of a few but material
trades causing use of wrong measurement method.
■
Calculation error regarding accrual of a gas position.
■
Lack of updated prices for material gas capacity contracts.
As a result, the comparative figures for 2023 have been restated with the following impact.
Consolidated financial statements Financial report
p 50
Annual Report Mind Energy
Restatement of 2023
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries as at 31 December 2024.
The consolidated financial statements cover the parent company Mind Energy A/S and subsidiar-
ies in which Mind Energy A/S has control. The Group has control over an entity, when the Group is
exposed to or has rights to variable returns from its involvement with the entity, and has the ability
to aect those returns through its power over the entity.
Only potential voting rights that are considered to be substantive at the balance sheet date are
included in the control assessment.
The consolidated financial statements are prepared by combin ing uniform items. On consolida-
tion, intra-group income and expenses, intra-group accounts and dividends as well as profits and
losses on transactions between the consolidated entities areeliminated.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceas-
es when the Group loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are
included in the consolidated financial statements from the date the Group gains control until the
date the Group ceases to control the subsidiary.
Subsidiaries’ financial statement items are recognised in full in theconsolidated financial statements.
For more information regarding the Group structure, please refer toNote 14.
Foreign currency translation
The Group’s consolidated financial statements are presented in Danish Kroner (DKK), which is also
the parent company’s functional currency. For each entity, the Group determines the functional
currency and items included in the financial statements of each entity are measured using that
functional currency. Receivables, debt and other monetary items denominated in foreign curren-
cies are translated using the exchange rate at the balance sheet date. Dierences between the
exchange rate at the balance sheet date and the date on which the receivable or debt arose or
was included in the latest annual repos are recognised inthe income statement under financial
income and costs.
Foreign currency transactions are translated during initial recognition, applying the exchange rate
on the transaction date. Exchange rate dierences that arise between the rate at the transaction
date and the rate in eect at the payment date are recognised in the income statement as finan-
cial items. Where foreign exchange transactions are considered hedging of future cash flows, the
value adjustments are recognised directly in equity.
Dierences in exchange rates arising from the translation of foreign subsidiaries’ equity at the
beginning of the year at the exchange rates at the balance sheet date and from the translation
of income statements from the average exchange rates for the currency exchange rates at the
balance sheet date are recognised directly in other comprehensive income.
Offsetting
Financial assets and financial liabilities are oset and the net amount is repoed in the consol-
idated statement of financial position if there is a currently enforceable legal right to oset the
recognised amounts and there is an intention to sele ona net basis, or to realise the assets and
sele the liabilities simultaneously.
Consolidated financial statements
DKK '000
Profit & Loss Statement
Decrease in Revenue - Sales of power and gas etc 52,930
Increase in Purchase of power and gas etc 43,695
Decrease in Net income/(loss) from derivatives held for trading 162,735
Increase in Tax on profit for the year 57,059
Decrease in Profit for the year 202,300
Assets, liability and equity
Increase in Deferred tax assets 57,059
Decrease in Derivative assets 52,930
Increase in Derivative liabilities 162,735
Increase in Other Payables 43,695
Decrease in Equity 202,300
Financial report
p 51
Annual Report Mind Energy
Income statement
Revenue - sale of power and gas etc.
Sales of power and gas to customers and counterpaies are included and accrued in full aer
delivery, we therefore act as a principal according to IFRS 15. Revenue is measured at the contrac-
tually agreed price, exclusive of VAT and taxes.
We only consider that transferring sale of power, gas or ceificates as the sole peormance
obligation in our contracts. Revenue is recognised when control of the power, gas or ceificates
is transferred to the buyer simultaneously with fulfilment of the related services, that being when
the power, gas and ceificates are delivered, hence we consider that all revenue is recognised at a
point in time.
Payment terms is sho-term (whitin 12 months) for transactions measured under revenue and is
either seled as net position or in cash.
Purchase of power and gas etc.
Purchases of physical and financial power and gas from customers and counterpaies are includ-
ed and accrued in full aer delivery.
Net income/loss from derivatives held for trading
Net income/loss from derivatives held for trading comprises realised and unrealised fair value
changes arising from trading within energy commodity derivatives. The energy commodity deriv-
atives make up the Group’s trading pofolio which includes futures, swaps, transpo capacities,
ceificates and ceain forward sales/purchase commodity contracts that are either financially or
physically seled.
Sta costs
Sta costs include salaries and wages, as well as social benefits, pensions, etc. for the company’s
sta.
Other external costs
Other external costs include expenditure for sales, marketing, adveising, IT, administration and
facilities, etc.
Depreciation
Depreciation includes impairment and amoisation on completed development projects, technical
facilities, operating equipment, vehicles, buildings and leasehold improvements. Depreciation is
recognised based on the amoisation and depreciation profiles determined forthe assets.
Finance income and costs
“Finance income” and “Finance costs” respectively include interest, capital gains and losses con-
cerning securities as well as surcharges and refunds under the Danish Tax Prepayment Scheme etc.
Tax and deferred tax
The Danish group companies are jointly and severally liable for tax on the Group’s jointly taxed
income. The total corporate tax payable appears in the annual repo for Andel A.M.B.A. Andel
Holding A/S acts as the management company in relation to the joint tax. The Group companies
are jointly and severally liable for both withholding taxes on dividends, interest and royalties. Any
subsequent corrections in relation to the corporate taxes and withholding taxes may result in the
company’s liability amounting to a larger amount.
Deferred taxes are measured based on all temporary dierences between the carrying amount
and taxable value of assets and liabilities. However, deferred taxes based on temporary dierenc-
es concerning items on which temporary dierences, other than acquisitions, have arisen at the
time of acquisition without aecting profit andloss or taxable revenue are not recognised.
An adjustment is made to deferred tax resulting from elimination of unrealised intercompany profit
and losses.
Realisation of the assets at their carrying amount will not cause tax liabilities or tax receivables
other than those mentioned in note 11.
Balance sheet
Intangible assets
Costs for completed development projects include costs, wages and salaries that can be directly
or indirectly aributed to these activities. Development projects recognised in the balance sheet
are measured at cost less any accumulated amoisation and accumulated impairment losses.
Recognised costs for completed development projects are measured at cost less any accumulated
amoisation and accumulated impairment losses.
Consolidated financial statements Financial report
p 52
Annual Report Mind Energy
The cost includes the purchase price and any costs directly associated with the acquisition until
the asset is ready for use.
Costs for completed development projects are amoised on a straight-line basis over the estimat-
ed useful life, based on the expected service life up to a maximum of 10 years.
Intangible assets are assessed for impairment whenever events or changes in circumstances sug-
gest that the carrying value may not be recoverable. The primary factors considered by manage-
ment to determine the presence of external or internal impairment indicators for intangible assets
include market outlook, changes in commodities and internal business needs.
An impairment loss is recognized if the carrying amount of the asset exceeds its recoverable
amount. The recoverable amount is defined as the greater of an asset’s fair value less disposal
costs and its value in use. For impairment assessment, assets are grouped at the lowest levels
where cash inflows can be identified independently, separate from other assets or groups of
assets (cash-generating units). Intangible assets that have been impaired are examined at the end
of each repoing period for the possibility of reversing the impairment.
Tangible assets
Technical facilities, operating equipment and fixtures as well as leasehold improvements etc. are
measured at cost less accumu lated depreciations. Wind turbines acquired for the purpose of be-
ing included in the Group’s operating activities are listed as non-current assets. The cost includes
the purchase price and any costs directly associated with the acquisition until the asset is ready
for use.
Where individual components of an item of tangible assets have dierent useful lives, they are
depreciated separately. Depreciation is provided on a straight-line basis over the expected useful
lives of the assets/components.
Depreciation is linear over the expected useful lives of the assets based on the following assess-
ments of the expected service life ofthe assets:
Operating equipment, fixtures etc ........3–5 years
Leasehold improvements ......................10 years
Buildings ................................................lease period
Land is not depreciated unless there is a future obligation to return it to a third pay.
Profits or losses from the sale of tangible assets are determined as the dierence between the
sales price less sales costs and the carrying amount at the time of the sale.
Tangible assets with definite useful lives are tested for impairment whenever there is an indica-
tion that the carrying amount may not be recoverable. If an asset’s carrying amount exceeds its
recoverable amount, an impairment loss is recognized. The recoverable amount is the higher of the
asset's fair value less the cost of disposal and its value in use.
For impairment assessments, assets are grouped at the lowest level for which there are separately
identifiable cash flows. This ensures a comprehensive evaluation of impairment needs across the
Group's tangible assets.
Inventory
Inventories are measured at the lower of cost according to weighted average and net realisable
value. The net realisable value of inventories is calculated at the amount expected to be generated
by sales during normal operations less selling expenses.
Leases
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the following lease payments:
■
fixed payments
■
amounts expected to be payable by the group under residual value guarantees
The Group measures the lease assets at an amount equal to the lease liability adjusted for any
prepaid or accrued lease payments that existed at the date of transition.
The lease payments are discounted using the Group’s incremental borrowing rate, being the rate
that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of
similar value to the lease asset in a similar economic environment with similar terms, security and
conditions.
Subsequent to initial measurement, the liability will be reduced with payments made and in-
creased with interest. When the lease liability is remeasured, the corresponding adjustment is
reflected in the lease asset of profit and loss if the lease asset is already reduced to zero.
Consolidated financial statements Financial report
p 53
Annual Report Mind Energy
Lease payments are allocated between principal and finance cost. The finance cost is charged to
profit or loss over the lease period to produce a constant periodic rate of interest on the remaining
balance of the liability for each period. Lease assets are measured at cost comprising the following:
■
the amount of the initial measurement of lease liability
■
any lease payments made at or before the commencement date less any lease incentives received
■
restoration costs.
Lease assets are generally depreciated over the shoer of the asset’s useful life and the lease
term on a straight-line basis. If the group is reasonably ceain to exercise a purchase option, the
lease asset is depreciated over the underlying asset’s useful life.
Payments associated with sho-term leases of equipment and vehicles and all leases of low-value
assets are recognised on a straight-line basis as an expense in profit or loss. Sho-term leases are
leases with a lease term of 12 months or less.
Financial Assets
Non-derivative financial assets are in accordance with IFRS 9 Financial Instruments classified
into the categories financial assets measured at fair value through profit or loss, fair value through
other comprehensive income or amoised costs.
Receivables
The Group classifies receivables, including trade receivables, as financial instruments measured at
amoised costs, when both ofthe following conditions are met:
■
The asset is held within a business model whose objective is tohold assets in order to collect
contractual cash flows; and
■
The contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
Financial assets within this category are measured at amoised cost using the eective interest
method, less any impairment losses.
Impairment of financial assets
The Group recognises a provision for impairment for expected credit loss (ECL) on financial assets
measured at amoised costs. The provision for impairment for trade receivables are measured
at an amount equal to lifetime ECL. For fuher information on the Group’s impairment of financial
assets refer to Note 18.
Own use of contracts
The Group enters into ceain power contracts that meet the criteria for the own use exemption.
For these contracts the Group generally applies the fair value option, as the measurement of both
the physical contracts and the related hedging instrument at the fair value through profit or loss
reduces or eliminates an accounting asymmetry.
Derivative financial instruments
The Group uses derivative financial instruments, such as forward currency contracts, interest rate
swaps and forward commodity contracts, to hedge its foreign currency risks, interest rate risks
and commodity price risks, respectively. Such derivative financial instruments are initially recog-
nised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative.
The sales and purchase contracts that qualify for accounting as derivatives held for trading are
recognised in the statement of profit or loss as net income/loss from financial instruments.
Consequently, any gains or losses arising from changes in the fair value of derivatives are taken
directly to profit or loss.
If, at time of inception, a dierence arises between the model value of a financial instrument or
physical contract accounted for as a derivative, and the transaction price (day-one profit or loss),
the dierence is recognised in the income statement over the delivery period.
Unrealised gain and losses on derivatives designated as cash flow hedges of the price risk related
to the sale of power and gas are recognised in other comprehensive income and recycled to the
income statement along with realisation of the hedged transactions.
Consolidated financial statements Financial report
p 54
Annual Report Mind Energy
Liabilities
Financial liabilities, including payables to suppliers, corporate bonds and debt to credit institutions,
are initially recognised at fair value (typically the amount of the proceeds received), net of trans-
action costs incurred. In subsequent periods, the financial liabilities are measured at amoised
cost; any dierence between the cost (the proceeds) and the nominal value is recognised in the
income statement over the period of the borrowings using the eective interest method.
Other liabilities are measured at net realisable value.
Equity
Foreign currency translation reserve
The exchange rate translation reserve in the consolidated financialstatements comprises ex-
change dierences arising on thetranslation of the financial statements of foreign enterprises
from their functional currencies into Danish kroner. On realisation, accu mulated translation adjust-
ments are reclassified from equity to financial items in the income statement.
Dividends
The proposed dividend is recognised as a liability on the date ofadoption by the Annual General
Meeting (date of declaration). Theexpected dividend payment for the year is disclosed as a sepa-
rate item under equity.
Cash flow hedge
Changes in the fair value of derivative financial instruments that are designated and qualify as
hedges of highly probable future transactions are recognised aer tax in retained earnings in
equity as regards the eective poion of the hedge. The ineective poion is recognised in the
income statement. The Group uses hedge accounting for buying the production of power at spot
prices and for hedging of fixed price sale of gas. As the hedged transaction results in an income or
an expense, the amount deferred in equity is transferred from equity to the income statement in
the period in which the hedged transaction is recognized. The amount is recognised in the same
item as the hedged transaction.
Fair value measurement
The Group measures financial instruments such as derivatives, atfair value at each balance sheet
date. Fair-value related disclosures for financial instruments and non-financial assets thatare
measured at fair value or where fair values are disclosed, are summarised in note 19.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market paicipants at the measurement date. The fair value meas-
urement is based on the presumption that the transaction to sell the asset or transfer the liability
takes place either in the principal market or, if not available, in the most advantageous market.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market paicipants
would use when pricing theasset or liability, assuming that market paicipants act in theireco-
nomic best interest.
The Group uses valuation techniques that are appropriate in the circumstances and for which suf-
ficient data are available to measure fair value, maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or dis closed in the financial statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a whole:
Level 1 : Quoted (unadjusted) market prices in active markets foridentical assets or liabilities
Level 2: Valuation techniques for which the lowest level input thatis significant to the fair value
measurement is directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input thatis significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the financial state ments at fair value on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy
byre-assessing categorisation (based on the lowest level input that is significant to the fair value
measurement as a whole) at theend of each repoing period.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities
on the basis of the nature, charac teristics and risks of the asset or liability and the level of the fair
value hierarchy, as explained above.
Consolidated financial statements Financial report
p 55
Annual Report Mind Energy
Gross margin ratio =
Gross profit x 100
Net revenue
Profit ratio (EBIT) =
Profit from ordinary
operating activities x 100
Net revenue
Equity ratio (solvency)
=
Equity, excluding non-controlling
interests, end of year x 100
Total assets, end of year
Return on equity before tax =
Profit before tax x 100
Average equity, excluding
non-controlling interests
Return on equity after tax =
Profit after tax x 100
Average equity, excluding
non-controlling interests
Cash flow statement
The cash flow statement shows the Group’s cash flow for the year divided into operating, investing
and financing activities during the year, as well as the year’s changes in cash and cash equivalents
and the company’s cash and cash equivalents at the beginning andend of the year.
Cash flow from operating activities
Cash flow from operating activities is presented using the indirect presentation form and is stated
as the year’s operating profit plus depreciation and impairment losses and with adjustments for
changes in working capital, finance income/costs and paid corporate tax.
Cash flow from investing activities
Cash flow from investing activities includes payments in connection with the purchase and sale of
non-current assets.
Cash flow from financing activities
Cash flow from financing activities includes cash flows provided byand dividends paid to share-
holders as well as raising of loans and repayments on interesting-bearing debt.
Cash
Cash comprises liquid assets that can be conveed without hindrance and for which there isonly
limited risk of changes invalue.
Cash in foreign currency are measured at the average rate of TheNational Bank of Denmark on the
balance sheet date.
Bank overdras which form pa of the Group’s cash management and which are repayable on
demand are classified as negative cash in the cash flow statement.
Key Ratios
The key ratios were calculated in accordance with the recom mendations of the Danish Society of
Financial Analysts. The key ratios listed in the overview of financial highlights were calculated as
follows:
Consolidated financial statements Financial report
p 56
Annual Report Mind Energy Consolidated financial statements
Note 2 Effects of new and amended accounting standards
Management has assessed that new or amended IFRS Accounting Standards and interpretations
issued by the IASB and endorsed by the EU eective on or aer 1 January 2024 has not had a
significant eect on the Consolidated financial statements. Fuhermore, new or amended IFRS
Accounting Standards and interpretations issued by the IASB that have not yet become eective
are generally not adopted until they become eective and endorsed by the EU. Management does
not anticipate any significant impact on the Consolidated financial statements in the period of
initial application from the adoption of these new standards and amendments, apa from IFRS 18
‘Presentation and Disclosure in Financial Statements’ which replaces IAS 1 eective from 1 Jan-
uary 2027. The new IFRS 18 is expected to change the presentation of the Income statement and
to dierentiate between earnings from operating activities, investment activities and financing
activities. IFRS 18 will also add additional disclosures but will not change any accounting policies
on recognition and measurement, hence it will not change repoed net results.
Note 3 Significant accounting judgements,
estimates and assumptions
The preparation of the Group’s consolidated financial state ments requires management to make
judgements, estimates and assumptions that aect the repoed amounts of revenues, expenses,
assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabili-
ties. Unceainty about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities aected in future periods.
Management continuously reassesses these estimatesand judge ments based on a number of
factors in the given circumstances. The following accounting estimates are considered significant
for the financial repoing.
The key assumptions concerning the future and other key sources of estimation unceainty at
the repoing date, that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, are described in the following. The
Group based its assumptions and estimates on parameters available when the consolidated finan-
cial statements were prepared. Existing circumstances and assumptions about future develop-
ments, however, may change due to market changes or circumstances arising that are beyond the
control of the Group. Such changes are reflected in the assumptions when they occur.
In the process of applying the Group’s accounting policies, man age ment has made the following
estimates and assumptions, which have the most significant eect on the amounts recognised in
the consolidated financial statements.
Other disclosures relating to the Group’s exposure to risks and unceainties includes capital
management, note 16. financial instrument risk management, liquidity risk and sensitivity analysis
disclosures, note 18 and 19.
Fair value of financial and physical contracts
The Group measures its financial and physical contracts at fair value in accordance with the ac-
counting policies as summarised innote 1.
Mind Energy’s strategy for measuring the fair value of these energy contracts is to utilise quoted
prices in an active trading market.
In the absence of quoted prices for identical or similar energy contracts, general acceptable valu-
ation models are applied and ob servable market data is used as input to the fair value calculations.
Where the instruments are complex combinations of standard or non-standard products, unob-
servable market data may be used in the valuation models in order to calculate the fair value.
To ensure the validity and accuracy of the models all assumptions and inputs are approved and
continuously tested.
Financial report
p 57
Annual Report Mind Energy
Note 4 Revenue - sale of power and gas etc.
The operating segments are divided on commodity types, including Power, Gas and Ceificates.
These segments reflects the Group's primary business activity, and the segment repoing is in line
with the monthly repoing provided to management.
DKK '000 2024 2023
External revenue
Sale of power 26,144,196 37,967,928
Sale of gas 49,794,640 80,452,094
Sale of ceificates 676,325 1,156,557
76,615,161 119,576,579
Revenue is allocated to the country of domicile for the customer.
No single customer accounts for more than 10% of consolidated revenue.
Governments grants: DKK 0 m (2023: DKK 0 m)
Consolidated financial statements
The assumptions within the models used to determine the fair value of the physical and financial
energy contracts in accordance with IFRS 13 are central, since any changes in assumptions could
have a significant impact on the fair values and movements which are reflected in the consolidat-
ed income statement and balance sheet.
The physical contracts in the balance sheet as derivate assets or liabilities are valued based on
expected future consumption or production of energy to which there is some unceainty aached
as the expectations may deviate from what will be realized.
More detail on the assumptions used in the fair value measure ment of the Group’s energy con-
tracts and related sensitivities are fuher described in note 19.
On physical fixed price contracts the fair value is comprised by the financial element of the
contract, which at initial recognition is zero.
At 31 December 2024, the carrying amount of derivative assets and liabilities amounts to DKK
1,541 m (2023: DKK 2,744 m) and DKK 1,245 m (2023: DKK 4,109 m), respectively.
Financial report
p 58
Annual Report Mind Energy
DKK '000 2024 2023
Note 5
Staff costs
Wages and salaries 259,028 258,697
Pensions, defined contribution plans 26,836 19,639
Other expenses for social security 8,769 8,350
294,633 286,686
Of this amount:
Board of Directors, wages and salaries 1,071 0
Key Management, wages and salaries 12,608 19,445
Key Management, pensions 22 1,470
Key Management, other expenses for social security 4 8
13,705 20,923
Average number of full time employees 276 246
The Key Management has a bonus scheme that is based on achieved Group peormance.
During the year, key management personnel consisted of the CEO and CFO.
Note 6
Development project costs
Relationship between costs and expensed research and development:
Incurred IT-development costs
IT-development costs accounted for under intangible assets 13,934 52,312
IT-development costs for the year in the income statement 0 0
Consolidated financial statements Financial report
p 59
Annual Report Mind Energy
DKK '000 2024 2023
Note 7
Depreciation
Amoisation of intangible assets 18,318 51,026
Impairment loss of intangible assets 48,587 0
Depreciation of tangible assets 4,538 5,024
Depreciations of leased assets 10,623 10,375
82,066 66,425
Note 8
Fees paid to auditors appointed at the annual general meeting
Statutory audit 1.561 1,402
Tax assistance 604 471
Assurance engagements 59 0
Other assistance 3,483 4,006
Consultancy 16,655 7,848
22,362 13,727
Note 9
Finance income
Interest income, credit institutions 205,919 195,804
Interest on late payments 7,164 6,455
Interest rate swaps 0 66,862
Other interest income 3,113 19,581
216,196 288,702
Note 10
Finance costs
Interest expenses, credit institutions 6,636 26,695
Leasing 879 1,002
Other interest expenses 5,842 18,643
13,357 46,340
Consolidated financial statements Financial report
p 60
Annual Report Mind Energy
DKK '000 2024 2023
Note 11
Tax
Tax for the year is composed as follows:
Tax on profit for the year in the income statement 83,801 -22,671
Tax on other comprehensive income 17,168 -7,736
Tax on profit for the year has been calculated as follows:
Current tax for the year 20,445 21,468
Change of deferred tax 63,354 -45,889
Adjustment of prior-year current tax 2 1,750
83,801 -22,671
Specification of the tax on the profit for the year:
Calculated 22% tax of the profit for the year 82,717 -49,634
Adjustment of calculated tax in foreign subsidiaries -706 236
Non-deductible costs and non-taxable income 1,788 24,977
Adjustment of tax, previous years 2 1,750
Eective tax 83,801 -22,671
Income tax receivable/payable
Income tax receivable/payable at 1 January 54,245 -2,133,559
Foreign currency translation adjustments, income tax -138 84
Adjustment of tax, previous years 174 0
Transferred from deferred tax 36,619 238,516
Current tax for the year -20,445 -21,468
Income tax received -106,493 -7,406
Income tax paid 71,082 1,978,078
Income tax receivable/payable at 31 December 35,044 54,245
Income tax is recognised in the balance sheet:
Income tax receivable 35,044 54,245
Income tax payable 0 0
35,044 54,245
DKK '000 2024 2023
Deferred tax
Deferred tax, 1 January -149,952 -336,673
Foreign currency translation, adjustments, deferred tax 180 80
Transferred to income tax 36,619 238,516
Adjustment of deferred tax, previous year 176 1,750
Deferred tax for the year recognised in profit for the year 63,354 -45,889
Deferred tax for the year recognised in other comprehensive income 17,168 -7,736
Deferred tax 31 December -32,455 -149,952
Deferred tax relates to:
Intangible assets 8,114 11,045
Tangible assets -2,581 -2,228
Loss allowance on trade receivables -6,905 -26,200
Foreign accounting policies -10,278 -2,895
Tax losses carryforward -11,381 -98,551
Leasing -374 -319
Provision and hedge -9,050 -30,804
Carrying amount 31 December -32,455 -149,952
Deferred tax is recognised as follows in the balance sheet:
Deferred tax asset -39,775 -150,741
Deferred tax liability 7,320 789
-32,455 -149,952
Deferred tax assets 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-o against deferred tax liabilities.
The group excpects to realise the deferred tax assets in the future earnings in coming years.
The carryforward tax losses are expected to be utilized against the anticipated taxable profits
in the next fiscal year.
Consolidated financial statements Financial report
p 61
Annual Report Mind Energy
DKK '000 2024 2023
Note 12
Intangible assets
Completed
development
projects
Development
projects
in progress
Total
Completed
development
projects
Development
projects
in progress
Total
Cost 1 January 409,275 0 409,275 435,075 0 435,075
Foreign currency translation adjustment -109 0 -109 15 0 15
Additions 0 13,934 13,934 0 52,312 52,312
Transfers 13,934 -13,934 0 52,312 -52,312 0
Disposals -18,118 0 -18,118 -78,127 0 -78,127
Cost 31 December 404,982 0 404,982 409,275 0 409,275
Accumulated amoisations 1 January 289,667 0 289,667 315,384 0 315,384
Foreign currency translation adjustment -110 0 -110 13 0 13
Amoisations for the year 18,318 0 18,318 51,078 0 51,078
Impairment loss 48,587 0 48,587 0 0 0
Amoisations, disposals for the year -18,118 0 -18,118 -76,808 0 -76,808
Accumulated amoisations 31 December 338,344 0 338,344 289,667 0 289,667
Carrying amount 31 December 66,638 0 66,638 119,608 0 119,608
Development projects in progress includes development and test of IT-systems, which suppo the daily operation of the Group. The costs consists of internal
costs, e.g. salary and external costs, e.g. assistance from external IT developers. Thedevelopment of the ITsystems is expected to lead to beer service of customers.
Pillar II - Global Minimum Top-up Tax
In March 2022, the Organisation for Economic Co-operation and Development (OECD) issued
technical guidance and overview of the potential impact of the OECD Pillar II expansion on the
financial statements in accordance with IAS 12 Income Taxes.
The expansion of Pillar II aims to address Base Erosion and Profit Shiing (BEPS) by introducing a
global minimum tax rate of 15 % and implementing tax legislation for the allocation of taxing rights.
Mind Energy is subject to the OECD Pillar II legislation (global minimum top-up tax), eective from
1 January 2024.
Mind Energy has prepared a preliminary Transitional country-by-country repoing (CbCR) Safe
Harbour assessment concluding on the financial period ending on 31 December 2024, based on
which it expects to be eligible for the Transitional CbCR Safe Harbour in the majority of jurisdic-
tions in which the Group is present during FY2024.
At 31 December 2024, there are no indications that the top-up tax will have material impact to the
Group in 2025.
Consolidated financial statements Financial report
p 62
Annual Report Mind Energy
DKK '000 2024
Note 13
Tangible assets
Leasehold
improvements
Vehicles
Tools and
equipment
Buildings Total
Cost 1 January 4,849 7,871 24,685 88,873 126,278
Foreign currency translation adjustment -17 -52 -116 0 -185
Additions 0 1,155 103 3,663 4,921
Disposals 0 -2,030 -8,071 0 -10,101
Cost 31 December 4,832 6,944 16,601 92,536 120,913
Accumulated depreciation 1 January 1,381 2,272 15,170 28,998 47,821
Foreign currency translation adjustment -13 -24 -108 0 -145
Depreciations for the year 467 1,328 2,740 10,623 15,158
Depreciations, disposals for the year 0 -1,160 -2,485 0 -3,645
Accumulated depreciations 31 December 1,835 2,416 15,317 39,621 59,189
Carrying amount 31 December 2,997 4,528 1,284 52,915 61,724
In the carrying amount of Buildings, DKK 52.9 m is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) were DKK10.6 m.
For assets pledged as security, please refer to Note 17.
The Group has no significant contractual commitment to invest in tangible assets in future years.
Leases
The Group leases various oces. Extension and termination options are included in a number of
propey and equipment leases across the Group. The majority of extension and termi nation options
held are exercisable only by the Group and not bythe respective lessor.
Interests on lease debt expensed in profit (loss) were DKK 0.9 m in 2024 (2023: DKK 1.0 m) .
There are no expenses related to leases of low-value assets.
Total cash outflows for leases were DKK 11.3 m in 2024.
Consolidated financial statements Financial report
p 63
Annual Report Mind Energy
In the carrying amount of Buildings, DKK 59.9 m is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) were DKK10.4 m.
For assets pledged as security, please refer to Note 17.
The Group has no significant contractual commitment to invest in tangible assets in future years.
DKK '000 2023
Note 13
Tangible assets (continued)
Leasehold
improvements
Vehicles
Tools and
equipment
Buildings Total
Cost 1 January 4,843 7,439 21,279 88,873 122,434
Foreign currency translation adjustment -10 -41 -51 0 -102
Additions 16 4,984 3,457 0 8,457
Disposals 0 -4,511 0 0 -4,511
Cost 31 December 4,849 7,871 24,685 88,873 126,278
Accumulated depreciation 1 January 918 3,438 11,999 18,623 34,978
Foreign currency translation adjustment -8 -21 -42 0 -71
Depreciations for the year 471 1,352 3,213 10,375 15,411
Depreciations, disposals for the year 0 -2,497 0 0 -2,497
Accumulated depreciations 31 December 1,381 2,272 15,170 28,998 47,821
Carrying amount 31 December 3,468 5,599 9,515 59,875 78,457
Consolidated financial statements Financial report
p 64
Annual Report Mind Energy
Note 14
Interest in subsidiaries
Name Address
Country of
incorporation
Voting
right and
ownership
share
Energi Danmark Securities A/S Knud Højgaards Vej 2, 2. 2860 Søborg Denmark 100%
Energi Försäljning Sverige AB Hyllie Stationstorg 31, 21532 Malmö Sweden 100%
Energia Myynti Suomi Oy Teknoboulevardi 7, 01530 Vantaa Finland 100%
Energi Salg Norge AS Drammensveien 123, Skøyen, 0277 Oslo Norway 100%
Energie Verieb Deutschland EVD GmbH Christoph-Probst-Weg 4, 20150 Hamburg Germany 100%
Energi Danmark Anadolu Elektrik Enerjisi Toptan Ticaret Limited Sirketi Esentepe Mahallesi Ecza Sokak Polcenter Ismerkezi C Blok No: 4/1 Levent Sisli Istanbul Turkey 100%
Disam Nm Dooel Skopje Str. 8-ma Udarna Briada no. 43/3, Skopje - Centar Macedonia 100%
DISAM BH d.o.o. Maglajska 1, 71000 Sarajevo Bosnia-Herzegovina 100%
DISAM Australia Pty. Ltd. Market Street 1, 2000 Sydney NSW Australia 100%
DISAM US LLC Lile Falls Drive 251, Wilmingtong, Delaware 19808−1674 New Castle County USA 100%
DISAM GE LLC Vazha-Pshavela Ave., N71, Tbilisi Georgia 100%
Notes DKK '000 2024 2023
Note 15
Inventory
Finished goods 350,196 442,410
Inventories comprise of gas and ceificates for resale.
Costs related to inventories expensed in the income statement amounts to DKK 1,525,076 thousands.
Impairment losses related to inventories recognized in the income statement amounts to DKK 28,673 thousands.
At the time of editing this annual repo, the company is undergoing a name change process. We anticipate that the subsidiaries in Norway, Finland, and Sweden, as well as Energi Danmark Securities, will
change their names in alignment with the new company name of the group. This is expected to take place during April and May 2025.
Consolidated financial statements Financial report
p 65
Annual Report Mind Energy
Note 16 Share capital
Capital management
The capital structure is managed by Mind Energy on behalf of the Group. This applies to managing
capital used in daily operation as well as planning and deciding dividends to Mind Energy.
The Group uses own funding, bank facilities and suppo from owners to finance working capital
requirements.
The overall objective when managing capital is to ensure a con tinued development and strength-
ening of the Group’s capital structure to suppo profitable growth.
The solvency ratio at 31 December 2024 amounts to 64.6 % (31December 2023: 47.6 %).
Share capital
The share capital as of 31 December 2024 consists of 500,000,000 shares of a nominal value of
1 DKK. (2023: 500,000,000 shares of a nominal value of 1 DKK).
All shares have the same voting rights.
Notes DKK '000 2024 2023
Note 17
Pledges, collateral and contingent liabilities
The following recognized assets are pledged as collateral for trading on power
exchanges as well as balances with counterpaies:
Power exchange Nord Pool Spot, EEX, APX , Nasdaq OMX
and other counterpaies etc. Deposited cash
1,190,893 1,490,932
Contingent liabilities
The group has entered into agreements for the future purchase
of gas capacities with an unrecognized obligation
66,508 454,000
Guarantees
Guarantees provided by a financial institute to counterpaies 1,678,814 2,235,460
The company has placed payment guarantees (1,679 mdkk) and cash deposits (1,191 mdkk) to meet standard requirements related to credit risk.
Gas capacities agreements expire in 2027.
Consolidated financial statements Financial report
p 66
Annual Report Mind Energy
Note 18 Risks, financial instruments and recognised transactions
The Mind Energy Group is exposed to market risks – including price, volume, currency exchange
rate & interest rate risks – as well as credit and liquidity risks. The Board of Directors holds
ultimate responsibility for the oversight of both financial and non-financial risks. The Group’s
Management Team is suppoed by a Risk Management function, which provides independent
monitoring, assessment, and repoing of risks across the organisation. The function ensures
that risk management practices align with the company's risk appetite, policies, and strategic
objectives, provides advice on financial risks to senior management, and challenges the business
on risk-related maers.
The Board of Directors reviews and agrees policies for managing each of these risks, which are
summarised below.
Credit risk
Mind Energy is exposed to credit risks from our trading paners and customers.
Customers
Our customers primarily operate within the public sector, utility sector, and business markets
(B2B). All customers are subject to a credit rating assessment before initiating trading, and exist-
ing customers are re-evaluated on an ongoing basis, especially when new contracts are due to be
signed. Mind Energy uses an external credit rating score model to assess creditwohiness. If
the external credit score falls below a predefined threshold, a manual credit rating is conducted,
assessing the need for additional security before a contract can be signed. Following the credit
rating, a credit line is assigned, expressing the maximum tolerated exposure. When oering prod-
ucts such as price fixings, the assigned credit line must cover the potential value development of
the product under various market scenarios.
Trading paners
Trading counterpas are typically established companies engaged in commodity trading. Our
trading activities with these companies are governed by standard agreements, such as EFET and
ISDA, which include provisions for credit ratings, neing, and risk mitigation. All trading counter-
pas undergo a credit rating assessment before trading begins, and existing counterpas are
re-evaluated regularly. Each counterpay is assigned a credit line defining the maximum tolerated
exposure. Daily exposure calculations and monitoring are conducted by the Risk Management
depament, with credit exposure towards each counterpay influenced by trading activity, posi-
tions, and market price fluctuations.
The maximum exposure for credit risk on financial assets is re flected in the carrying amounts of
financial assets in the balancesheet, without deducting the received deposits.
Consolidated financial statements Financial report
p 67
Annual Report Mind Energy
DKK '000 2024 2023
Trade receivable and provisions for impairment
Carrying amount
before impairment
Provision for
impairment
Carrying amount
before impairment
Provision for
impairment
Customers not due 6,009,872 24,580 7,309,337 100,000
Customers in dunning process 29,124 6,223 23,763 19,010
Insolvent customers 6,453 6,453 6,331 5,065
Total 6,045,449 37,256 7,339,431 124,075
Trade receivables are subject to impairment, where the actual provision is made based on a predefined percentage dependent onthe numbers of
outstanding days. If the customer enters into bankruptcy or equivalent procedure a full writeo of the receivable is peormed.
Liquidity risk
Liquidity risk refers to the potential risk that Mind Energy may not be able to obtain the necessary
funds to meet its obligations as they fall due. This risk also includes the possibility of being unable
to secure external financing when needed to meet immediate obligations.
Mind Energy is exposed to liquidity risk from its dual focus: supplying clients with energy while
actively paicipating in power and gas trading markets. Customer payment terms allow energy to
be supplied on credit, meaning that rising market prices significantly increase upfront costs, tying
up more working capital until customer payments are received. As prices rise, additional liquidity is
required to fulfil energy delivery obligations ahead of payment collection.
In trading operations, liquidity risk is fuher compounded by exposure to margin calls on derivative
positions. Market fluctuations can lead to significant margin requirements, and failure to meet
these could result in forced liquidation of positions, disrupted hedging strategies, and heightened
financial exposure.
Eective liquidity management is critical for Mind Energy. This involves maintaining sucient
cash reserves, building robust liquidity buers, ensuring access to external funding, and conduct-
ing stress testing to assess the resilience of liquidity buers under adverse scenarios. Liquidity
risk is monitored daily, and a cash flow forecast detailing expected future cash movements is
maintained to ensure financial stability.
When trading electricity on exchanges, margin call requirements must be covered by collateral in
the form of guarantees or cash. The required guarantees are recalculated daily by the exchange
and communicated to Mind Energy. Back Oce monitors and ensures that sucient collateral is
always in place. The details of these guarantees are disclosed in Note 17.
Mind Energy estimates that there is sucient liquidity and collateral lines to suppo its
business in the coming year, also in stressed scenarios.
Note 18 (continued)
Consolidated financial statements Financial report
p 68
Annual Report Mind Energy
DKK '000 2024
31 December 2024
Non-derivative financial instruments
Contractual maturity analysis of financial liabilities
Carrying amount Total < 1 year 1−5 years > 5 years
Lease liabilities 54,986 54,986 9,664 29,281 16,041
Other non-current liabilities 13,216 13,216 0 13,216 0
Trade payables 2,641,444 2,641,444 2,641,444 0 0
Debt to related paies 12,166 12,166 12,166 0 0
Deposits 226,404 226,404 226,404 0 0
Other liabilities 642,703 642,703 642,703 0 0
Derivative financial instruments
Derivatives 1,244,612 1,244,612 880,192 315,103 49,317
Total financial instruments 4,847,893 4,847,893 4,424,935 357,600 65,358
DKK '000 2023
31 December 2023
Non-derivative financial instruments
Contractual maturity analysis of financial liabilities
Carrying amount Total < 1 year 1−5 years > 5 years
Lease liabilities 61,721 61,721 6,172 46,871 8,678
Other non-current liabilities 34,923 34,923 0 34,923 0
Trade payables 3,678,470 3,678,470 3,678,470 0 0
Debt to related paies 438,629 438,629 438,629 0 0
Deposits 61,550 61,550 61,550 0 0
Other liabilities 976,489 976,489 976,489 0 0
Derivative financial instruments
Derivatives 4,109,133 4,109,133 3,714,493 276,248 118,392
Total financial instruments 9,360,915 9,360,915 8,875,803 358,042 127,070
The contractual maturity analysis is based on the expected contractual cash flows.
Consolidated financial statements Financial report
Note 18 (continued)
p 69
Annual Report Mind Energy
Market risk
Market risk refers to the potential financial impact arising from fluctuations in energy prices,
production and consumption volumes, interest and foreign exchange rates. As an active paic-
ipant in energy markets, Mind Energy is inherently exposed to market volatility driven by supply
and demand dynamics, regulatory changes, geopolitical developments, and weather conditions.
To mitigate price risk associated with fixed-price energy contracts, the Group engages in financial
hedging, ensuring a stable margin by oseing market fluctuations.
Energy price risk is primarily managed through fixed-volume contracts. However, volume risk
arises when actual customer consumption or production deviates from the hedged volume. In the
electricity market, the correlation between production volumes and electricity prices is oen neg-
ative, which can have an adverse financial impact. For instance, if actual consumption falls below
the hedged volume and the hedged price exceeds the spot price, this results in a financial loss.
To address volume risk, Mind Energy considers the negative correlation when applying hedging
strategies as well as continuously monitors customer consumption paerns, enabling proactive
adjustments to hedging positions.
Operating across multiple markets with exposure to various currencies – primarily DKK, NOK,
SEK, EUR, and GBP – Mind Energy is subject to foreign exchange risk. The Group actively monitors
currency exposures on a daily basis and mitigates risks through financial instruments.
Interest Rate Risk refers to the risk of financial loss resulting from fluctuations in interest rates.
Changes in interest rates are influenced by factors such as central bank policies, inflation
expectations, macroeconomic conditions, and global financial market trends. Changes may aect
Mind Energy's cost of borrowing, the value of financial instruments, cash flows and the financial
result of the group.
Consolidated financial statements Financial report
Note 18 (continued)
p 70
Annual Report Mind Energy
DKK '000 2024 2023
Sensitivity analysis
Reasonably
possible change
in variable%
P/L eect
before tax
Equity eect
Reasonably
possible change
in variable%
P/L eect
before tax
Equity eect
Power +40% 62,078 48,421 40% 28,871 22,519
Power -40% -62,078 -48,421 -40% -28,871 -22,519
Gas +40% 74,272 57,932 N/A N/A N/A
Gas -40% -74,272 -57,932 N/A N/A N/A
Currency exchange rate, EUR +0.1% 1,302 1,016 1% 5,272 4,112
Currency exchange rate, EUR -0.1% -1,302 -1,016 -1% -5,272 -4,112
Currency exchange rate, other currency +3% 5,975 4,661 N/A N/A N/A
Currency exchange rate, other currency -3% -5,975 -4,661 N/A N/A N/A
Interest rate +1% 58,958 45,987 1% 21,600 16,848
Interest rate -1% -58,958 -45,987 -1% -21,600 -16,848
Consolidated financial statements
Sensitivity analysis
The sensitivity shown is based on positions open on the balance date and shows the eect of rea-
sonable possible changes in our market environment. The illustrated sensitivities only comprise
the impact on our financial instruments and the assumed sensitivities for the respective catego-
ries is considered reasonable, given the current market conditions.
The sensitivity analysis is not discounted due to the sho maturity of the underlying instruments
and therefore deemed insignificant.
Financial report
Note 18 (continued)
p 71
Annual Report Mind Energy
2024 2023
Derivative assets
Financial 559,376 350,936
Physical 981,193 2,392,849
1,540,569 2,743,785
Derivative liabilities
Financial 277,849 576,672
Physical 966,763 3,532,461
1,244,612 4,109,133
DKK '000
Note 19
Information about financial instruments
Categories of financial instruments 2024 2023
Carrying amount Fair value Carrying amount Fair value
Trade receivables 6,008,193 6,008,193 7,215,356 7,215,356
Receivables from related paies 367,391 367,391 998,667 998,667
Other receivables and deposits 1,968,655 1,968,655 2,804,777 2,804,777
Cash 3,266,604 3,266,604 3,262,970 3,262,970
Financial assets measured at amoised cost 11,610,843 11,610,843 14,281,770 14,281,770
Derivative assets 1,540,569 1,540,569 2,743,785 2,743,785
Financial assets measured at fair value through profit or loss 1,540,569 1,540,569 2,743,785 2,743,785
Other non-current liabilities 13,216 13,216 34,923 34,923
Trade payables 2,641,444 2,641,444 3,678,470 3,678,470
Debt to related paies 12,166 12,166 438,629 438,629
Lease liabilities 54,986 54,986 61,721 61,721
Other payables and deposits 869,107 869,107 1,038,039 1,038,039
Financial liabilities measured at amoised costs 3,603,281 3,603,281 5,251,782 5,251,782
Derivative liabilities 1,244,612 1,244,612 4,109,133 4,109,133
Financial liabilities measured at fair value through profit or loss 1,244,612 1,244,612 4,109,133 4,109,133
Consolidated financial statements Financial report
p 72
Annual Report Mind Energy
DKK '000 2024
Fair value measurement of financial instruments
Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Derivative financial assets:
Foreign exchange forward 0 18,123 0 18,123
Commodity derivative 24,415 1,064,314 433,717 1,522,446
Total 24,415 1,082,437 433,717 1,540,569
Financial assets measured at fair value
Derivative financial liabilities:
Foreign exchange forward 0 2,545 0 2,545
Commodity derivative 3,304 834,361 404,402 1,242,067
Total 3,304 836,906 404,402 1,244,612
2023
Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Derivative financial assets:
Foreign exchange forward 0 33,893 0 33,893
Commodity derivative 20,939 2,237,665 451,288 2,709,892
Total 20,939 2,271,558 451,288 2,743,785
Financial assets measured at fair value
Derivative financial liabilities:
Foreign exchange forward 0 22,381 0 22,381
Commodity derivative 61,372 3,745,491 279,889 4,086,752
Total 61,372 3,767,872 279,889 4,109,133
Note 19 (continued)
Consolidated financial statements Financial report
p 73
Annual Report Mind Energy
Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market paicipants at the measurement date. The fair value meas-
urement is based on the presumption that the transaction to sell the asset or transfer the liability
takes place either in the principal market or, if not available, in the most advantageous market.
The Group uses valuation techniques that are appropriate in the circumstances and for which suf-
ficient data are available to measure fair value, maximising the use of relevant observable inputs
and minimising the use of unobservable inputs.
Foreign exchange forwards
Foreign exchange forwards are measured using generally accepted valuation techniques based on
relevant observable swap-curves and foreign exchange rates.
Commodity derivatives
Commodity derivatives are measured using generally accepted va luation techniques based on
relevant observable energy price curves, foreign exchange rates etc.
Since there are no active markets for the long-term prices of electricity, the fair value has been
determined through an estimate of the future prices. The most impoant parameter resulting in
the commodity contracts being classified as level 3 is the electricity price. Normally, the price can
be observed for 5 years in the electricity market, aer which an active market no longer exist. For
periods beyond five years, where observable market prices are no longer available, forward prices
are modelled using the latest available annual prices. These prices are adjusted by applying a
factor to create a monthly price profile, ensuring a consistent and structured approach to
long-term price projections.
All assets and liabilities for which fair value is measured or dis closed in the financial statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a whole:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
If energy prices changes with 5% the net level 3 value will change with DKK 3.4 m.
(2023: DKK 7.6 m.)
The transfers from level 3 to level 2 consists primarily of wind contracts, where the terms of the
contract is less than 5 year at the year end. Besides this DKK 7.8 m in new transactions related
tolevel 3.
Trade receivables, trade receivables from associates, otherreceivables and deposits, credit
institutions, trade- andother payables
Trade receivables, trade receivables from associates, other receivables and deposits, credit insti-
tutions, trade- and other payables with a sho credit time is assessed to have a fair value, which
equals the carrying amount.
DKK '000 2024 2023
Level 3
Opening balance 1 January 168,298 404,505
Gains/loss recognised 5,788 50,220
Transferred to quoted prices and observable input -144,773 -286,427
Total 29,313 168,298
Consolidated financial statements
Note 19 (continued)
Financial report
p 74
Annual Report Mind Energy
Cash flow hedge
As pa of managing the price risk related to power and gas, The Group enters into cash flow hedges.
The hedging strategy has been eective in 2024.
As of 31 December 2024, the Group has the following contracts designated as cash flow hedges:
Offsetting
Financial assets and financial liabilities are oset and the net amount is repoed in the consolidated
balance sheet if there is a currently enforceable legal right to oset the recognised amounts and
there is an intention to sele on a net basis, or to realise the assets and sele the liabilities
simultaneously.
Fair value 2024 Selement 2025 Selement 2026 Selement 2027
DKK '000 MWh MWh MWh
Power -997 37,700
Gas -9,342 60,426 15,617 1,054
Total -10.339
As of 31 December 2023, the Group had the following
contracts designated as cash flow hedges:
Fair value 2023
DKK '000
Power -9,962
Gas -61.245
Total -71.207
Consolidated financial statements
Note 19 (continued)
Financial report
p 75
Annual Report Mind Energy
DKK '000 2024 2023
Offsetting of current derivatives
Derivative
assets
Derivative
liabilities
Total
Derivative
assets
Derivative
liabilities
Total
Gross 11,096,558 -9,513,757 1,582,801 20,378,707 -21,701,307 -1,322,600
Neing -9,555,989 8,269,145 -1,286,844 -17,634,922 17,592,174 -42,748
Financial assets/liabilities in the balance sheet 1,540,569 -1,244,612 295,957 2,743,785 -4,109,133 -1,365,348
Collateral 209,564 -17,228 192,336 0 -124,463 -124,463
Net 1,750,133 -1,261,840 488,293 2,743,785 -4,233,596 -1,489,811
The sales contracts and the associated hedging contracts can only be oset to a limited extent, as the transactions are made with dierent counterpaies. As a consequence, the net value of the derivatives
will be aected by the dierence between the average sales price, the price of the hedging and the current market price atthe balance sheet date as well as the size of the open positions.
Note 19 (continued)
Consolidated financial statements Financial report
p 76
Annual Report Mind Energy
Management
The Group’s related paies fuher includes members of the Board of Directors and Executive
Management. Remuneration tothe Board of Directors and Executive Management is disclosed
innote5.
The Group has had the following transactions and balances with related paies:
Related-pay transactions are made on arm’s length terms. Intra-group transactions have been
eliminated in theconsolidated financial statements.
DKK '000 2024 2023
Andel Energi A/S and Andel Holding A/S
Sale of power 1,893,627 2,479,471
Sale of gas 802,854 1,150,006
Purchase of power 74,303 109,102
Purchase of gas 30,676 482,994
Purchase of acitivty 0 27,200
Receivables at 31 December 367,391 998,667
Debt at 31 December 12,166 438,629
NRGI A.m.b.a.
Sale of power 755,557 625,088
Purchase of power 561,891 27,018
Receivables at 31 December 11,313 0
Debt at 31 December 24,528 3,444
Transactions with other related paies
Purchase of power from key personnel 0 1,473
Note 21 Subsequent events
No events have occurred aer the repoing date of impoance to the consolidated financial
statements.
Consolidated financial statements
Note 20 Related party disclosures
Mind Energy’s related paies include the following:
Controlling interest
Andel-Group has controlling interest.
Ownership
The following shareholders are noted in the company's shareholder list and are considered to
have significant influence over Mind Energy A/S:
% ownership
Andel A.m.b.a. and Andel Energi A/S (Andel-Group),
Hovedgaden 36, Svinninge
63.65
NRGi A.m.b.a.,
Dusager 22, Aarhus N
36.35
100.00
Financial report
p 77
Annual Report Mind Energy
Notes DKK '000 2024 2023
3 Revenue - Sales of power and gas etc. 76,397,926 119,882,249
Purchase of power and gas etc. -75,848,894 -118,828,664
Net income/loss from derivatives held for trading 150,848 -980,874
Gross profit 699,880 72,711
4 Sta costs -245,136 -243,610
Other external costs -257,975 -246,550
5 Depreciation and amoisation -77,750 -58,604
Operating profit 119,019 -476,053
Profit on investments in subsidiaries, net of tax 57,924 23,054
6 Finance income 216,163 285,480
7 Finance costs -32,544 -66,556
Profit before tax 360,562 -234,075
8 Ta x -68,376 31,139
Profit for the year 292,186 -202,936
Income statement
Parent financial statements Financial report
p 78
Annual Report Mind Energy
Notes DKK '000 2024 2023
Non-current assets
9 Intangible assets 66,618 119,582
10 Tangible assets 56,046 71,541
Total intangible and tangible assets 122,664 191,123
11 Investments in subsidiaries 786,017 735,742
14 Deferred tax assets 19,798 141,646
Total financial assets 805,815 877,388
Total non-current assets 928,479 1,068,511
Current assets
15 Inventory 350,196 442,410
17 Trade receivables 4,294,191 4,440,464
12 Tax receivable 44,000 60,060
Receivables from related paies 367,391 998,667
Receivables from subsidiaries 958,866 1,823,348
Derivative assets 1,315,151 2,198,786
Deposits 1,669,193 2,525,411
Other receivables 88,693 52,303
17,18 Total receivables 9,087,681 12,541,449
Cash 3,356,924 3,112,214
Total current assets 12,444,605 15,653,663
Total assets 13,373,084 16,722,174
Balance sheet – assets
Parent financial statements Financial report
p 79
Annual Report Mind Energy
Notes DKK '000 2024 2023
Equity
13 Share capital 500,000 500,000
Reserve for development costs 51,962 93,274
Reserve for net revaluation according to the equity method 475,224 424,949
Retained earnings 7,832,729 7,557,155
Cash flow hedge -10,339 -71,207
Total equity 8,849,576 8,504,171
Non-current liabilities
Lease liabilities 43,343 50,139
Other payables 13,216 34,923
Total non-current liabilities 56,559 85,062
Current liabilities
Lease liabilities 6,590 5,571
Trade payables 2,443,716 3,146,255
Debt to related paies 12,166 438,629
Debt to subsidiaries 193,454 177,086
Derivative liabilities 1,123,689 3,726,086
Deposits 226,404 61,550
Other payables 460,930 577,764
Total current liabilities 4,466,949 8,132,941
17, 18 Total liabilities 4,523,508 8,218,003
Total equity and liabilities 13,373,084 16,722,174
16 Pledges, collateral and contingent liabilities
19 Subsequent events
20 Related pay transactions
Balance sheet – liabilities
Parent financial statements Financial report
p 80
Annual Report Mind Energy
Notes DKK '000 Share capital
Development
Reserve
Reserve for
net revaluation
according to the
equity method
Retained
earnings
Cash flow
hedge Total
Equity 1 January 2024 500,000 93,274 299,719 7,884,685 -71,207 8,706,471
Adjustment to prior year 0 0 0 -202,300 0 -202,300
Adjusted equity 1 January 2024 500,000 93,274 299,719 7,682,385 -71,207 8,504,171
Foreign currency translation adjustment 0 0 -7,649 0 0 -7,649
Cash flow hedge aer tax 0 0 0 0 60,868 60,868
Transferred through distribution of net profit 0 -41,312 57,924 275,574 0 292,186
Equity 31 December 2024 500,000 51,962 349,994 7,957,960 -10,339 8,849,576
Equity 1 January 2023 500,000 33,995 366,144 10,881,972 -43,778 11,738,333
Dividends provided for or paid 0 0 0 -3,000,000 0 -3,000,000
Foreign currency translation adjustment 0 0 -3,797 0 0 -3,797
Cash flow hedge aer tax 0 0 0 0 -27,429 -27,429
Transferred through distribution of net profit 0 6,726 23,054 -232,716 0 -202,936
Transferred by merger 0 52,553 -85,682 33,129 0 0
Equity 31 December 2023 500,000 93,274 299,719 7,682,385 -71,207 8,504,171
Statement of changes in equity
Parent financial statements Financial report
p 81
Annual Report Mind Energy
Notes to the parent financial statements
Note 1 Accounting policies
The parent financial statements at 31 December 2024 for Mind Energy A/S is presented in
accordance with the provisions of the Danish Financial Statements Act regarding Class C (large)
companies.
Restatement of prior year
Aer submission of the financial statements for 2023, the Group identified account balances that
had been measured incorrectly in 2023.
The restatement is due to the following situations causing wrong measurement at year-end 2023:
■
Wrong tagging in our trade registration of a few but material
trades causing use of wrong measurement method.
■
Calculation error regarding accrual of a gas position.
■
Lack of updated prices for a few but material gas capacity contracts.
As a result, the comparative figures for 2023 have been restated with the following impact.
Parent financial statements
DKK '000
Profit & Loss Statement
Decrease in Revenue - Sales of power and gas etc 52,930
Increase in Purchase of power and gas etc 43,695
Decrease in Net income/(loss) from derivatives held for trading 162,735
Increase in Tax on profit for the year 57,059
Decrease in Profit for the year 202,300
Assets, liability and equity
Increase in Deferred tax assets 57,059
Decrease in Derivative assets 52,930
Increase in Derivative liabilities 162,735
Increase in Other Payables 43,695
Decrease in Equity 202,300
The parent financial statements are presented in Danish kroner (DKK) and all values are rounded
to the nearest thousand (DKK 000’s), except when otherwise indicated.
Reserve for development cost
The reserve for development costs comprises recognised development costs. The reserve cannot
be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the
recognised development costs are no longer pa of the Group’s operations by a transfer directly
to the distributable reserves under equity. Fuhermore the reserve will be reduced inaccordance
with the depreciations of the development costs.
Financial report
p 82
Annual Report Mind Energy
IFRS for financial instruments
Following the Danish Financial Statements Act §37,5 the financial assets and financial liabilities
are recognised and measured in accordance with the International Financial Repoing Standards.
Please refer to the accounting policies for the Group for fuher description.
Pooling of interests
Intragroup business combinations are accounted for under the pooling-of-interests method.
Under this method, Mind Energy A/S and Energi Danmark Business Suppo A/S are combined at
carrying amounts, and no dierences are identified. Any consideration which exceeds the carrying
amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests meth-
od is applied as if the two enterprises had always been combined by restating comparative figures.
Additional accounting principles for the parent company
The parent company accounting policies are consistent with the accounting policies described for
the consolidated financial statements, with the following exceptions.
Profit on Investments in Subsidiaries
The propoionate share of the profit aer tax of subsidiaries is recognised in the income state-
ment of the parent company aer elimination of the propoionate share of internal profit/loss.
Investments in Subsidiaries
Investments in subsidiaries are measured according to the equity method. Investments in subsid-
iaries are measured at the propo ionate share of the companies’ equity calculated in accordance
with the Group’s accounting policies, minus or plus unrealised intercompany profit and loss, with
the remaining value of positive or negative goodwill added or subtracted in accordance with the
acquisition method.
Net revaluation of investments in subsidiaries is transferred to the reserve for net revaluation
according to the equity method in equity to the extent that the carrying amount exceeds the
acquisition cost. Dividends from subsidiaries expected to be adopted before the adoption of the
annual repo of Mind Energy A/S are not bound to the revaluation reserve.
Cash flow statements
The consolidated financial statements contain a cash flow state ment for the whole group, why a
separate statement for the parent company is not included, cf. the exception clause section 86 of
the Danish Financial Statements Act.
IFRS for revenue and leases
Revenue and lease assets and lease liabilities are recognised and measured in accordance with
the International Financial Repoing Standards.Please refer to the accounting policiesfor the
Group for fuherdescription.
Note 1 (continued)
Parent financial statements Financial report
p 83
Annual Report Mind Energy
Note 2 Significant accounting judgements,
estimates and assumptions
The preparation of the parent’s consolidated financial state ments requires management to make
judgements, estimates and assump tions that aect the repoed amounts of revenues, expen ses,
assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabili-
ties. Unceainty about these assump tions and estimates could result in outcomes that require a
ma terial adjustment to the carrying amount of assets or liabilities aected in future periods.
Management continuously reassesses these estimates and judge ments based on a number of
factors in the given circum stances. The following accounting estimates are considered significant
for the financial repoing.
The key assumptions concerning the future and other key sources of estimation unceainty at
the repoing date, that have a signi ficant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year, are described in the following.
Mind Energy based its assumptions and es timates on parameters available when the financial
statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control
of the Company. Such changes arereflected in the assumptions when they occur.
In the process of applying the Company’s accounting policies, manage ment has made the follow-
ing estimates and assumptions, which have the most significant eect on the amounts recognised
inthe financial statements.
Other disclosures relating to the Company’s exposure to risks and unceainties includes capital
management, financial instrument risk management, liquidity risk and sensitivity analysis disclo-
sures (note 17 and 18).
Fair value of financial and physical contract
Mind Energy measures its financial and physical contracts at fair value in accordance with the
accounting policies as summarised innote 1.
Mind Energy’s strategy for measuring the fair value of these energy contracts is to utilise
quoted prices in an active trading market.
Inthe absence of quoted prices for identical or similar energy con tracts, general acceptable valu-
ation models are applied and ob servable market data is used as input to the fair value calculations.
Where the instruments are complex combinations ofstandard or non-standard products, unob-
servable market datamay be used in the valuation models in orderto calculate thefair value.
To ensure the validity and accuracy of the models all assumptions and inputs are approved and
continuously tested.
The assumptions within the models used to determine the fair value of the physical and financial
energy contracts in accordance with IFRS 13 are central, since any changes in assumptions could
have a significant impact on the fair values and movements which are reflected in the income
statement and balance sheet.
The physical contracts in the balance sheet as derivate assets or liabilities are valued based on
expected future consumption or production of energy to which there is some unceainty aached
as the expectations may deviate from what will be realized.
More detail on the assumptions used in the fair value measure ment of the energy contracts and
related sensitivities are fuher described in note 18.
On physical fixed price contracts the fair value is comprised by the financial element of the con-
tract, which at initial recognition is zero.
At 31 December 2024, the carrying amount of derivative assets and liabilities amounts to
DKK 1,315 m (2023: DKK 2,199 m) and DKK 1,124 m (2023: DKK 3,726 m), respectively.
Parent financial statements Financial report
p 84
Annual Report Mind Energy
DKK '000 2024 2023
Note 3
Revenue - Sales of power and gas etc.
Sale of power 25,968,547 38,350,184
Sale of gas 49,828,875 80,474,449
Sale of ceificates 600,504 1,057,616
76,397,926 119,882,249
Denmark 69,409,576 108,700,346
Sweden 2,068,921 2,242,978
Finland 1,978,748 256,170
Germany 313,538 2,253,071
Norway 2,488,697 3,940,571
Turkey 0 35,287
Macedonia 138,446 2,453,826
76,397,926 119,882,249
Note 4
Staff costs
Wages and salaries and remuneration 220,143 225,689
Pensions, defined contribution plans 22,199 15,590
Other expenses for social security 2,794 2,331
245,136 243,610
Of this amount:
Board members’ fees 0
Executive Board, wages and salaries 20,923
20,923
Average number of full time employees 219 196
Remuneration to the Executive Board and Board of Director has not been disclosed for 2024
in accordance with section 98 B(3.2) of the Danish Financial Statements Act.
Parent financial statements Financial report
p 85
Annual Report Mind Energy
DKK '000 2024 2023
Note 5
Depreciation and amortisation
Amoisation of intangible assets 18,311 47,608
Impairment loss of intangible assets 48,587 0
Depreciation of tangible assets 4,108 4,330
Depreciation of leased assets 6,744 6,666
77,750 58,604
Note 6
Finance income
Interest income, credit institutions 203,185 191,577
Interest income, subsidiaries 5,607 4,875
Interest income, on late payments 4,838 3,016
Interest income, rate swaps 0 66,862
Other interest income 2,533 19,150
216,163 285,480
Note 7
Finance costs
Interest expenses, credit institutions 6,633 26,694
Interest expenses, subsidiaries 19,557 20,468
Other interest expenses 5,614 18,560
Interest expense, lease liability 740 834
32,544 66,556
Note 8
Tax
Current tax -315 -4,288
Adjustment of prior year deferred tax -174 0
Deferred tax -67,887 35,427
-68,376 31,139
Specified as follows:
Tax on profit from ordinary activities 68,376 -31,139
Eective tax 22.6% 29.8%
Income tax, received/paid 44,315 1,933,852
Parent financial statements Financial report
p 86
Annual Report Mind Energy
DKK '000 2024 2023
Note 9
Intangible assets
Completed
development
projects
Development
projects
in progress
Total
Completed
development
projects
Development
projects
in progress
Total
Cost 1 January 399,252 0 399,252 428,531 0 428,531
Additions 0 13,934 13,934 0 47,52 9 47,529
Transfers 13,934 -13,934 0 47,5 29 - 47,52 9 0
Disposals -18,118 0 -18,118 -76,808 0 -76,808
Cost 31 December 395,068 0 395,068 399,252 0 399,252
Accumulated amoisation 1 January 279,670 0 279,670 308,873 0 308,873
Amoisations for the year 18,311 0 18,311 47,605 0 47,605
Impairment loss 48,587 0 48,587 0 0 -76,808
Amoisations, disposals for the year -18,118 0 -18,118 -76,808 0 0
Accumulated amoisation 31 December 328,450 0 328,450 279,670 0 279,670
Carrying amount 31 December 66,618 0 66,618 119,582 0 119,582
Development projects in progress includes development and test of IT-systems, which suppo the
daily operation of the parent company. The costs consist of internal costs, e.g. salary, and external
costs, e.g. assistance from external IT developers. Thedevelopment of the IT systems is expected
to lead to beer service of customers.
Parent financial statements Financial report
p 87
Annual Report Mind Energy
DKK '000 2024
Note 10
Tangible assets
Leasehold
improvements
Vehicles
Tools and
equipment
Buildings Total
Cost 1 January 4,403 6,097 20,981 75,252 106,733
Additions 0 832 103 718 1,653
Disposals 0 -1,297 -8,027 0 -9,324
Cost 31 December 4,403 5,632 13,057 75,970 99,062
Accumulated depreciation 1 January 1,008 1,495 11,695 20,994 35,192
Depreciations for the year 440 1,033 2,635 6,744 10,852
Depreciations, disposals for the year 0 -587 -2,441 0 -3,028
Accumulated depreciations 31 December 1,448 1,941 11,889 27,738 43,016
Carrying amount 31 December 2,955 3,691 1,168 48,232 56,046
In the carrying amount of Buildings, DKK 48.2 m (2023: DKK 54.2 m) is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) were DKK 6.7 m (2023: DKK 6.7 m).
DKK '000 2023
Leasehold
improvements
Vehicles
Tools and
equipment
Buildings Total
Cost 1 January 4,403 5,570 17,597 75,252 102,822
Additions 0 4,551 3,384 0 7,935
Disposals 0 -4,024 0 0 -4,024
Cost 31 December 4,403 6,097 20,981 75,252 106,733
Accumulated depreciation 1 January 567 2,624 8,779 14,328 26,298
Depreciations for the year 441 973 2,916 6,666 10,996
Depreciations, disposals for the year 0 -2,102 0 0 -2,102
Accumulated depreciations 31 December 1,008 1,495 11,695 20,994 35,192
Carrying amount 31 December 3,395 4,602 9,286 54,258 71,541
Parent financial statements Financial report
p 88
Annual Report Mind Energy
DKK '000 2024 2023
Cost 1 January 436,023 446,023
Net eect from merger 0 -10,000
Cost 31 December 436,023 436,023
Value adjustments 1 January 299,719 366,144
Regulation on equity in subsidiaries -7,649 -3,797
Profit for the year 57,924 23,054
Adjustment, due to merger 0 -85,682
Value adjustments 31 December 349,994 299,719
Carrying amount 31 December 786,017 735,742
Name and address
Country
of incorporation
Voting right and
ownership
Energi Danmark Securities A/S, Knud Højgaards Vej 2, 2., 2860 Søborg Denmark 100%
Energi Försäljning Sverige AB, Hyllie Stationstorg 31, 21532 Malmö Sweden 100%
Energia Myynti Suomi Oy, Teknoboulevardi 7, 01530 Vantaa Finland 100%
Energi Salg Norge AS, Drammensveien 123, 0277 Oslo Norway 100%
Energie Verieb Deutschland EVD GmbH, Christoph-Probst-Weg 4, 20150 Hamburg Germany 100%
Energi Danmark Anadolu Elektrik Enerjisi Toptan Ticaret Limited Liability company,
Esentepe Mahallesi Ecza Sokak Polcenter Ismerkezi C Blok No: 4/1 Levent Sisli Istanbul
Turkey 100%
Disam Nm Dooel Skopje, Str. 8-ma Udarna Briada no. 43/3, Skopje - Centar Macedonia 100%
DISAM BH d.o.o., Maglajska 1, 71000 Sarajevo Bosnia-Herzegovina 100%
DISAM Australia Pty. Ltd., Market Street 1, 2000 Sydney NSW Australia 100%
DISAM US LLC, Lile Falls Drive 251, Wilmingtong, Delaware 19808−1674 New Castle County USA 100%
DISAM GE LLC, Vazha-Pshavela Ave., N71, Tbilisi Georgia 100%
The subsidiaries are autonomous legal entities.
Note 11 Investments in subsidiaries
Parent financial statements Financial report
At the time of editing this annual repo, the company is undergoing a name change process. We anticipate that the subsidiaries in Norway, Finland, and
Sweden, as well as Energi Danmark Securities, will change their names in alignment with the new company name of the group. This is expected to take
place during April and May 2025.
p 89
Annual Report Mind Energy
Notes DKK '000 2024 2023
Note 12
Income tax receivable/payable
Income tax receivable/payable 1 January 60,060 -2,108,020
Income tax for the year -315 -4,288
Income tax received -96,679 0
Income tax paid 44,315 1,933,852
Transferred from deferred tax 36,619 238,516
Income tax receivable/payable 31 December 44,000 60,060
Note 13
Share capital
For information in regards to the share capital, please refer to Note 15
in the Consolidated Financial Statements.
Proposal for the distribution of net profit
Reserve for net revaluation according to the equity method 57,924 23,054
Reserve for development costs -41,312 6,726
Retained earnings 275,574 -232,716
Total 292,186 -202,936
Parent financial statements Financial report
p 90
Annual Report Mind Energy
Deferred tax assets are measured at the value at which the asset is expected to be realized.
Eitherby elimination in tax on future earnings or by set-o against deferred tax liabilities.
Mind Energy expects to realise the deferred tax assets in the future earnings in coming years.
The carryforward tax losses are expected to be utilized against the anticipated taxable profits in
the next fiscal year.
Pillar II - Global Minimum Top-up Tax
Mind Energy is subject to the OECD Pillar II legislation (global minimum top-up tax), eective from
January 1, 2024.
The expansion of Pillar II aims to address Base Erosion and Profit Shiing (BEPS) by introducing a
global minimum tax rate of 15 % and implementing tax legislation for the allocation of taxing rights.
Mind Energy has prepared a preliminary Transitional country-by-country repoing (CbCR) Safe
Harbour assessment concluding on the financial period ending on 31 December 2024, based on
which it expects to be eligible for the Transitional CbCR Safe Harbour in the majority of jurisdic-
tions in which the Group is present during FY2024.
At 31 December 2024, there are no indications that the top-up tax will have material impact to
Mind Energy in 2025.
Mind Energy has applied a temporary mandatory relief from deferred tax accounting for the im-
pact of the top-up tax and accounts for it as a current tax when it is incurred.
Notes DKK '000 2024 2023
Note 14
Deferred tax
Deferred tax, 1 January 141,646 336,999
Adjustments of deferred tax, previous years -174 0
Transferred to income tax -36,619 -238,516
Deferred tax for the year recognised in profit for the year -67,887 35,427
Deferred tax for the year recognised in equity for the year -17,168 7,736
Deferred tax 31 December 19,798 141,646
Deferred tax relates to:
Intangible assets -8,502 -11,544
Tangible assets 2,552 2,173
Bad debt provision 4,943 21,343
Tax losses carryforward 11,381 98,551
Leasing 374 319
Provision 19,622 6,942
Hedge -10,572 23,862
Carrying amount 31 December 19,798 141,646
Parent financial statements Financial report
p 91
Annual Report Mind Energy
The company has placed payment guarantees (1,679 mdkk) and cash deposits (1,033 mdkk) to meet standard requirements related to credit risk.
Gas capacities agreements expire in 2027.
Contingent liabilities for joint and several liabilities for corporate tax etc.
The parent company is included as a pa of group taxation with Danish subsidiaries and Andel-Group. The companies are jointly and severally liable to
pay Danish corporate tax and tax at source on dividends, interest and royalties within the sphere of joint taxation. The joint taxation amount for the com-
pany amount to DKK 0 m as at 31 December 2024 (2023: DKK 0 m). Any subsequent correction of the joint taxable income or tax at source on dividends
etc. may lead to thecompany being liable to pay alarger amount.
Notes DKK '000 2024 2023
Note 16
Pledges, collateral and contingent liabilities
The following recognized assets are pledged as collateral for trading on
power exchanges as well as balances with counterpaies:
Power exchange Nord Pool Spot, EEX, APX, Nasdaq OMX
and other counterpaies etc. Deposited cash
1,032,989 1,264,861
Contingent liabilities
The group has entered into agreements for the future purchase
of gas capacities with an unrecognized obligation
66,508 454,000
Guarantees
Guarantees provided by a financial institute to counterpaies 1,678,814 2,235,460
Notes DKK '000 2024 2023
Note 15
Inventory
Finished goods 350,196 442,410
Inventories comprise of gas and ceificates for resale.
Parent financial statements Financial report
p 92
Annual Report Mind Energy
Note 17 Risks, financial instruments and recognised transactions
The Mind Energy Group is exposed to market risks – including price, volume, currency exchange
rate & interest rate risks – as well as credit and liquidity risks. The Board of Directors holds
ultimate responsibility for the oversight of both financial and non-financial risks. The Group’s
Management Team is suppoed by a Risk Management function, which provides independent
monitoring, assessment, and repoing of risks across the organisation. The function ensures
that risk management practices align with the company's risk appetite, policies, and strategic
objectives, provides advice on financial risks to senior management, and challenges the business
on risk-related maers.
The Board of Directors reviews and agrees poli cies for managing each of these risks, which are
summarised below.
Credit risk
Mind Energy is exposed to credit risks from our trading paners and customers.
Customers
Our customers primarily operate within the public sector, utility sector, and business markets
(B2B). All customers are subject to a credit rating assessment before initiating trading, and exist-
ing customers are re-evaluated on an ongoing basis, especially when new contracts are due to be
signed. Mind Energy uses an external credit rating score model to assess creditwohiness. If
the external credit score falls below a predefined threshold, a manual credit rating is conducted,
assessing the need for additional security before a contract can be signed. Following the credit
rating, a credit line is assigned, expressing the maximum tolerated exposure. When oering
products such as price fixings, the assigned credit line must cover the potential value development
of the product under various market scenarios.
Trading paners
Trading counterpas are typically established companies engaged in commodity trading. Our
trading activities with these companies are governed by standard agreements, such as EFET and
ISDA, which include provisions for credit ratings, neing, and risk mitigation. All trading counter-
pas undergo a credit rating assessment before trading begins, and existing counterpas are
re-evaluated regularly. Each counterpay is assigned a credit line defining the maximum tolerated
exposure. Daily exposure calculations and monitoring are conducted by the Risk Management
depament, with credit exposure towards each counterpay influenced by trading activity, posi-
tions, and market price fluctuations.
The maximum exposure for credit risk on financial assets is re flected in the carrying amounts of
financial assets in the balancesheet, without deducting the received deposits.
Trade receivable and provisions for impairment:
DKK '000 2024 2023
Carrying amount
before impair-
ment
Provision for
impairment
Carrying amount
before impair-
ment
Provision for
impairment
Customers not due 4,293,157 15,330 4,539,337 100,000
Customers in dunning process 21,493 5,129 3,498 2,798
Insolvent customers 2,010 2,010 2,136 1,709
Total 4,316,660 22,469 4,544,971 104,507
Trade receivables are subject to impairment, where the actual provision made is based on a predefined percentage dependent on the outstanding days
sent to the customer. If the customer enters into bankruptcy or equivalent procedure a full writeo of the receivable is peormed.
Parent financial statements Financial report
p 93
Annual Report Mind Energy
Liquidity risk
Liquidity risk refers to the potential risk that Mind Energy may not be able to obtain the necessary
funds to meet its obligations as they fall due. This risk also includes the possibility of being unable
to secure external financing when needed to meet immediate obligations.
Mind Energy is exposed to liquidity risk from its dual focus: supplying clients with energy while
actively paicipating in power and gas trading markets. Customer payment terms allow energy to
be supplied on credit, meaning that rising market prices significantly increase upfront costs, tying
up more working capital until customer payments are received. As prices rise, additional liquidity is
required to fulfil energy delivery obligations ahead of payment collection.
In trading operations, liquidity risk is fuher compounded by exposure to margin calls on derivative
positions. Market fluctuations can lead to significant margin requirements, and failure to meet
these could result in forced liquidation of positions, disrupted hedging strategies, and heightened
financial exposure.
Eective liquidity management is critical for Mind Energy. This involves maintaining sucient
cash reserves, building robust liquidity buers, ensuring access to external funding, and conduct-
ing stress testing to assess the resilience of liquidity buers under adverse scenarios. Liquidity
risk is monitored daily, and a cash flow forecast detailing expected future cash movements is
maintained to ensure financial stability.
When trading electricity on exchanges, margin call requirements must be covered by collateral in
the form of guarantees or cash. The required guarantees are recalculated daily by the exchange
and communicated to Mind Energy. The Back Oce monitors and ensures that sucient collateral
is always in place. The details of these guarantees are disclosed in Note 16.
Mind Energy estimates that there is sucient liquidity and collateral lines to suppo its business in
the coming year, also in stressed scenarios.
Parent financial statements
Note 17 (continued)
Financial report
p 94
Annual Report Mind Energy
DKK '000 Contractual maturity analysis of financial liabilities
Carrying amount Total < 1 year 1−5 years > 5 years
31 December 2024
Non-derivative financial instruments
Lease liabilities 49,933 49,933 6,590 27,302 16,041
Other non-current liabilities 13,216 13,216 0 13,216 0
Debt to related paies 12,109 12,109 12,109 0 0
Deposits 226,404 226,404 226,404 0 0
Trade payables 2,443,773 2,443,773 2,443,773 0 0
Other liabilities 654,384 654,384 654,384 0 0
Derivative financial instruments
Derivatives 1,123,689 1,123,689 772,395 301,977 49,317
Total financial instruments 4,523,508 4,523,508 4,115,655 342,495 65,358
31 December 2023
Non-derivative financial instruments
Lease liabilities 55,710 55,710 7,340 36,190 12,180
Other non-current liabilities 34,923 34,923 0 34,923 0
Trade payables 438,629 438,629 438,629 0 0
Debt to related paies 61,550 61,550 61,550 0 0
Deposits 3,146,255 3,146,255 3,146,255 0 0
Other liabilities 754,850 754,852 754,852 0 0
Derivative financial instruments
Derivatives 3,726,086 3,726,086 3,369,751 249,435 106,901
Total financial instruments 8,218,003 8,218,005 7,778,377 320,548 119,081
Parent financial statements Financial report
Note 17 (continued)
p 95
Annual Report Mind Energy
Market risk
Market risk refers to the potential financial impact arising from fluctuations in energy prices, pro-
duction and consumption volumes, and foreign exchange rates. As an active paicipant in energy
markets, Mind Energy is inherently exposed to market volatility driven by supply and demand
dynamics, regulatory changes, geopolitical developments, and weather conditions. To mitigate
price risk associated with fixed-price energy contracts, the Group engages in financial hedging,
ensuring a stable margin by oseing market fluctuations.
Energy price risk is primarily managed through fixed-volume contracts. However, volume risk
arises when actual customer consumption or production deviates from the hedged volume. In the
electricity market, the correlation between production volumes and electricity prices is oen neg-
ative, which can have an adverse financial impact. For instance, if actual consumption falls below
the hedged volume and the hedged price exceeds the spot price, this results in a financial loss.
To address volume risk, Mind Energy considers the negative correlation when applying hedging
strategies as well as continuously monitors customer consumption paerns, enabling proactive
adjustments to hedging positions.
Operating across multiple markets with exposure to various currencies – primarily DKK, NOK, SEK,
EUR, and GBP– Mind Energy is subject to foreign exchange risk. The Group actively
monitors currency exposures on a daily basis and mitigates risks through financial instruments.
Interest Rate Risk refers to the risk of financial loss resulting from fluctuations in interest rates.
Changes in interest rates are influenced by factors such as central bank policies, inflation
expectations, macroeconomic conditions, and global financial market trends. Changes may aect
Mind Energy's cost of borrowing, the value of financial instruments, cash flows and the
financial result of the group.
Sensitivity analysis
The sensitivity shown is based on positions open on the balance date and shows the eect of
reasonable possible changes in our market environment. The illustrated sensitivities only comprise
the impact on our financial instruments and the assumed sensitivities for the respective catego-
ries is considered reasonable, given the current market conditions.
The sensitivity analysis is not discounted due to the sho maturity of the underlying instruments
and therefore deemed insignificant.
DKK '000 2024 2023
Reasonably possible
change in variable%
P/L eect
before tax
Equity eect
Reasonably possible
change in variable%
P/L eect
before tax
Equity eect
Power +40% 73,749 57,524 40% 28,691 22,379
Power -40% -73,749 -57,524 -40% -28,691 -22,379
Gas +40% 74,272 57,932 N/A N/A N/A
Gas -40% -74,272 -57,932 N/A N/A N/A
Currency exchange rate, EUR +0.1% 1,305 1,018 1% 4,973 3,879
Currency exchange rate, EUR -0.1% -1,305 -1,018 -1% -4,973 -3,879
Currency exchange rate, other currency +3% 5,594 4,363 N/A N/A N/A
Currency exchange rate, other currency -3% -5,594 -4,363 N/A N/A N/A
Interest rate +1% 54,909 42,829 N/A N/A N/A
Interest rate -1% -54,909 -42,829 N/A N/A N/A
The equity will be aected with the P/L eect less tax of approximately22%
Parent financial statements
Note 17 (continued)
Financial report
p 96
Annual Report Mind Energy
2024 2023
Derivative assets
Financial 428,665 143,013
Physical 886,486 2,055,773
1,315,151 2,198,786
Derivative liabilities
Financial 237,523 522,935
Physical 886,166 3,203,151
1,123,689 3,726,086
DKK '000
Note 18
Information about financial instruments
Categories of financial instruments 2024 2023
Carrying amount Fair value Carrying amount Fair value
Trade receivables 4,294,191 4,294,191 4,440,464 4,440,464
Trade receivables from associates and subsidiaries 958,866 958,866 1,823,348 1,823,348
Receivables from related paies 367,391 367,391 998,667 998,667
Other receivables and deposits 1,757,886 1,757,886 2,577,714 2,577,714
Cash 3,356,924 3,356,924 3,112,214 3,112,214
Financial assets measured at amoised cost 10,735,258 10,735,258 12,952,407 12,952,407
Derivative assets 1,315,151 1,315,151 2,198,786 2,198,786
Financial assets measured at fair value through profit or loss 1,315,151 1,315,151 2,198,786 2,198,786
Other non-current liabilities 13,216 13,216 34,923 34,923
Trade payables 2,443,716 2,443,716 3,146,255 3,146,255
Lease liabilities 49,933 49,933 55,710 55,710
Debt to related paies 12,166 12,166 438,629 438,629
Other payables and deposits 880,788 880,788 816,400 816,400
Financial liabilities measured at amoised costs 3,399,819 3,399,819 4,456,994 4,456,994
Derivative liabilities 1,123,689 1,123,689 3,726,086 3,726,086
Financial liabilities measured at fair value through profit or loss 1,123,689 1,123,689 3,726,086 3,726,086
Parent financial statements Financial report
p 97
Annual Report Mind Energy
DKK '000 2024
Fair value measurement of financial instruments
Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Derivative financial assets:
Foreign exchange forward 0 18,254 0 18,254
Commodity derivative 24,415 858,230 414,252 1,296,897
Total 24,415 876,484 414,252 1,315,151
Financial assets measured at fair value
Derivative financial liabilities:
Foreign exchange forward 0 4,179 0 4,179
Commodity derivative 3,304 722,895 393,311 1,119,510
Total 3,304 727,074 393,311 1,123,689
Note 18 (continued)
Parent financial statements Financial report
p 98
Annual Report Mind Energy
If electricity prices changes with 5% the net level 3 value will change with DKK 3.4 m
(2023: DKK 7.6 m).
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market paicipants at the measurement date. The fair value meas-
urement is based on the presumption that the transaction to sell the asset or transfer the liability
takes place either in the principal market or, if not available, in the most advantageous market.
The principal or the most advantageous market must be accessible by Mind Energy.
The fair value of an asset or a liability is measured using the as sumptions that market paicipants
would use when pricing theasset or liability, assuming that market paicipants act in theireco-
nomic best interest.
A fair value measurement of a non-financial asset takes into account a market paicipant’s ability
to generate economic benefits by using the asset in its highest and best use or by sellingit to
another market paicipant that would use the assetinits highest and best use.
Mind Energy uses valuation techniques that are appropriate in the circumstances and for which
sucient data are available to measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.
Commodity derivative are measures using generally accepted valuation techniques based on rele-
vant observable electricity price cures, foreign exchange rates ect. and manual calculated chang-
es. Since there are no active markets for the long term prices of electricity, the fair value has been
determined through an estimate of the future prices. The most impoant parameter resulting in
commodity contracts being classified as level 3 in the electricity price. Normally the price can be
observed for a maximum of 2−3 years in the electricity market, aer which an active market no
longer exist. Beyond this horizon the electricity prices are based on the known prices.
All assets and liabilities for which fair value is measured or dis closed in the financial statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level
input that is significant to the fair value measurement as a whole:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.
Level 3: Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
Parent financial statements
Note 18 (continued)
Financial report
p 99
Annual Report Mind Energy
DKK '000 2023
Fair value measurement of financial instruments
Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Derivative financial assets:
Foreign exchange forward 0 39,314 0 39,314
Commodity derivative 20,939 1,690,346 448,187 2,159,472
Total 20,939 1,729,660 448,187 2,198,786
Financial liabilities measured at fair value
Derivative financial liabilities:
Foreign exchange forward 0 22,901 0 22,901
Commodity derivative 61,372 3,361,924 279,889 3,703,185
Total 61,372 3,384,825 279,889 3,726,086
DKK '000 2024 2023
Level 3
Opening balance 1 January 143,755 356,307
Gains recognised 2,123 31,017
Transferred to quoted prices and observable input -124,937 -243,569
Total 20,941 143,755
Note 18 (continued)
Parent financial statements Financial report
p 100
Annual Report Mind Energy
Offsetting
Financial assets and financial liabilities are oset and the net amount is repoed in the statement
of financial position if there is a currently enforceable legal right to oset therecognised amounts
and there is an intention to sele ona net basis, or to realise the assets and sele the liabilities
simultaneously.
Note 19 Subsequent events
No events have occurred aer the repoing date of impoance to the financial statements.
DKK '000 2024 2023
Offsetting of current derivatives
Derivative
assets
Derivative
liabilities
Total
Derivative
assets
Derivative
liabilities
Total
Gross 8,975,711 -7,678,223 1,297,488 19,493,335 -20,913,543 -1,420,208
Neing -7,660,559 6,554,534 -1,106,025 -17,294,549 17,187,457 -107,092
Financial assets/liabilities in the balance sheet 1,315,152 -1,123,689 191,463 2,198,786 -3,726,086 -1,527,300
Collateral 209,564 -17,228 192,336 0 -124,463 -124,463
Net 1,524,716 -1,140,917 383,799 2,198,786 -3,850,549 -1,651,763
The sales contracts and the associated hedging contracts can only be oset to a limited extent, as the transactions are made with dierent counterpaies. As a consequence, the net value of the derivatives
will be aected by the dierence between the average sales price, the price of the hedging and the current market price at the balance sheet date as well as the size of the open positions.
Parent financial statements
Note 18 (continued)
Financial report
p 101
Annual Report Mind Energy Parent financial statements
Mind Energy A/S has had the following transactions and balances with related paies:
Related-pay transactions are made on arm’s length terms. Intra-group transactions have been
eliminated in theconsolidated financial statements.
DKK '000 2024 2023
Andel Energi A/S and Andel Holding A/S
Sale of power 1,893,627 2,479,471
Sale of gas 802,854 1,150,006
Purchase of power 74,303 109,102
Purchase of gas 30,676 482,994
Purchase of acitivty 0 27,200
Receivables at 31 December 367,391 998,667
Debt at 31 December 12,166 438,629
NRGI A.m.b.a.
Sale of power 755,557 625,088
Purchase of power 561,891 27,018
Receivables at 31 December 11,313 0
Debt at 31 December 24,528 3,444
Transactions with subsidiaries
Sale of power 6,347,176 10,551,571
Sale of gas 596,503 350,964
Purchase of power 138,393 545,973
Receivables at 31 December 1,584,526 1,811,892
Debt at 31 December 115,608 175,599
Transactions with other related paies
Purchase of power from key personnel 0 1,473
Note 20 Related party disclosures
Controlling interest
Andel-Group has controlling interest.
Consolidated Financial Statements
The Company is included in the Group Annual Repo of the Parent Company of the largest and
the smallest Group.
Andel A.m.b.a. , Hovedgaden 36, Svinninge.
Ownership
The following shareholders are noted in the company's shareholder list and are considered to
have significant influence over Mind Energy A/S:
Mind Energy A/S’s related paies fuher includes members of the Board of Directors and
Executive Management. Remuneration tothe Board of Directors and Executive Management is
disclosed innote5.
% ownership
Andel A.m.b.a. and Andel Energi A/S (Andel-Group),
Hovedgaden 36, Svinninge
63.65
NRGi A.m.b.a.,
Dusager 22, Aarhus N
36.35
100.00
Financial report
p 102
Annual Report Mind Energy
Statement by the Board of Directors
and the Executive Boards
Jesper Hjulmand
Chair of the Board
Morten Bryder Pedersen
Jacob Vittrup
Deputy Chair
Anne Broeng
Ole Hillebrandt Jensen
Torben Möger Pedersen
Louise Hahn
CEO
The Board of Directors and the Executive Board have today considered and approved the Annual
Repo of Mind Energy A/S for the financial year 1 January – 31 December 2024.
The consolidated financial statements have been prepared in accordance with International
Financial Repoing Standards as adopted by the EU and additional requirements in the Danish
Financial Statements Act. The financial statements of the parent company, Mind Energy A/S, have
been prepared in accordance with the Danish Financial Statements Act.
It is our opinion that the consolidated financial statements and parent company financial
statement give a true and fair value of the Group’s and the Parent Company’s assets, liabilities and
financial position at 31 December 2024 and of the results of the Group’s and the Parent Company’s
operations and the Group cash flows for the financial year 1 January – 31 December 2024.
In our opinion the executive review provides a true and fair account of the development in the
Group’s and the Parent Company’s operations and financial circumstances, of the result for the
year and of the overall financial position of the Group and the Parent Company as well as a
description of the most significant risks and elements of unceainty facing the Group and the
Parent Company.
We recommend that the annual repo is approved at the annual general meeting.
Executive Board
3 April 2025
Board of Directors
Financial report
p 103
Annual Report Mind Energy
p 103
Annual Report Mind Energy
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s finan-
cial 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 fuher 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 Compa-
ny’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 State-
ments of Mind Energy A/S 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 fuher described in the “Auditor’s Responsibilities for the Audit of the Finan-
cial Statements” section of our repo. We are independent of the Group in accordance with the
International Ethics Standards Board for Accountants’ International Code of Ethics for Profession-
al Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and
Independent
Auditor’s Report
To the Shareholders of Mind Energy A/S
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 sucient 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 informa-
tion required under the Danish Financial Statements Act.
Based on the work we have peormed, 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 fuher
requirements in the Danish Financial Statements Act and for the preparation of Parent Compa-
ny 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, maers
Financial report
p 104
Annual Report Mind Energy
p 104
Annual Report Mind Energy
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.
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
repo 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 ap-
plicable 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 pa of an audit conducted in accordance with ISAs and the additional requirements applicable
in Denmark, we exercise professional judgement and maintain professional scepticism throughout
the audit. We also:
■
Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, design and peorm audit procedures responsive to those risks, and obtain audit
evidence that is sucient and appropriate to provide a basis for our opinion. The risk of not de-
tecting 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 proce-
dures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the eectiveness 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.
■
Conclude on the appropriateness of Management’s use of the going concern basis of account-
ing in preparing the financial statements and, based on the audit evidence obtained, whether a
material unceainty 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 unceainty exists, we are required to draw aention in our auditor’s repo 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
repo. 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 peorm the group audit to obtain sucient 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 and the Parent Company Financial State-
ments. We are responsible for the direction, supervision and review of the audit work peormed
for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other maers, 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, 3 April 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspanerselskab
CVR No 33 77 12 31
Henrik Kragh
State Authorised Public Accountant
mne26783
Keld A. M. Nielsen
State Authorised Public Accountant
mne40037
Financial report
Annual Report Mind Energy
ORGANISATION
Management team ___________________________________________________ 107
Board of directors ____________________________________________________ 108
Annual Report
p 105
We mind
p 106
Annual Report Mind Energy
Company information
Company information
Mind Energy A/S
Tangen 29
DK-8200 Aarhus N
Tel. +45 87 42 62 62
.mindenergy.com
CVR no.: 17 22 58 98
Established: The 1st of July 1993
Domicile: Aarhus Municipality
Financial year: 1st of January - 31st of December
Board of Directors
■
Chairman, CEO Jesper Hjulmand, Andel
■
Deputy chairman, CEO Jacob Virup, NRGi
■
CFO Ole Hillebrandt Jensen, Andel
■
CFO Moen Bryder Pedersen, NRGi
■
External board member Anne Broeng
■
External board member Torben Möger Pedersen
Auditor
PricewaterhouseCoopers
State Authorised Public Accountants
Jens Chr. Skous Vej 1
DK-8000 Aarhus C
The Management Team
■
Louise Hahn, CEO
■
Søren Lindgaard, CFO
■
Mia Hansson, SVP International Sales and Origination
■
Dohe Rømer Frost, SVP, Brand, People & Sustainability
■
Moen Sønderby Hansen, VP Trading Services, Cross Commodity and Renewables
■
Peter Nikolaj Krebs, VP Customer Trading
■
Sidse Mogensen, VP Commercial Excellence
■
Henrik Holst, CTO, since February 2025
■
Rasmus Reichhardt Svendsen, Group General Counsel
■
Philip Hardø, Head of Group Strategy
Ownership
Mind Energy is owned by three electricity companies, which in turn are owned by private
shareholders, The shareholders are Andel, NRGi and Andel Energi
%
ownership
Share capital
(DKK '000)
■ Andel a.m.b.a.,
Svinninge, Denmark
45.54 227,700.00
■ NRGI a.m.b.a.,
Aarhus N, Denmark
36.35 181,750.00
■ Andel Energi A/S,
Svinninge, Denmark
18.11 90,550.00
100.00 500,000.00
Organisation
Annual Report Mind EnergyAnnual Report
p 107
The Management Team
Henrik Holst
Mia Hansson
Sidse Mogensen
Søren Lindgaard
Dorthe Rømer Frost
Morten Sønderby Hansen Philip Hardø
Peter Nikolaj Krebs
Louise Hahn
Rasmus Reichhardt Svendsen
Organisation
p 108
Annual Report Mind Energy
Jesper Hjulmand
CEO of Andel
MSc (Business Administration)
Born in 1963
Member of the Board since 2005
Board memberships, honorary oces:
■
Green Power Denmark (Chairman)
■
Fibia P/S (Chairman)
■
Employer’s Association for Danish Energy
and Utility Companies, DEA (Chairman)
■
Dansk Industri Hovedbestyrelse
(Executive commiee)
■
Andel Energi A/S (Chairman)
■
Was A/S (Chairman)
Commiee memberships:
■
DI Executive Commiee
■
Green Power Denmark
Executive Commiee
■
Supervisory board in Dansk Energi
■
Supervisory board in Forenet Kredit
Jacob Vittrup
CEO of NRGi
MSc in Economics
Born in 1971
Member of Board since 2018
Board memberships, honorary oces:
■
NRGi Holding A/S (Chair)
■
NRGi Renewables A/S
(including subsidiaries) (Chair)
■
NRGi Elhandel A/S (Chair)
■
ELCON A/S (Chair)
■
NRGi Rådgivning A/S (Chair)
■
Kuben Management A/S (Chair)
■
Scanenergi A/S (Chair)
■
Zapp Aps (Chair)
■
Fibia P/S (Deputy Chair)
■
Dansk Energi
■
Dansk Industri – Energi
Ole Hillebrandt Jensen
CFO of Andel
Graduate Diploma in Business Administration
(Financial and Management Accounting)
Born in 1962
Member of board since 2021
Board memberships, honorary oces:
■
Nexel A/S (Deputy Chair)
■
Andel Lumen A/S (Chair)
■
Rødsand A/S (Chair)
■
Andel Ratio A/S (Chair)
■
Tryggevælde Solar Park ApS (Chair)
■
Klimafonden
■
Klimafonden Invest A/S
■
Beer Energy Andel P/S
■
Impagt Invest Sjælland A/S
■
Fibia P/S
Morten Bryder Pedersen
CFO of NRGi
Msc. Business Economics and Auditing
Born in 1969
Member of the Board since 2021
Board memberships, honorary oces:
■
NRGi Holding A/S
■
NRGi Renewables A/S
(including subsidiaries)
■
NRGi Rådgivning A/S
■
Kuben Management A/S
■
Fibia P/S
■
Clever A/S
Board of directors
Organisation
p 109
Annual Report Mind Energy
Anne Broeng
Professional Board Member
M.Sc. in Economic Science
Born in 1961
Member of the board since 2023
Board memberships, honorary oces:
■
Velliv (Chair)
■
SleepCycle AB (Chair)
■
Børns Vilkår (Deputy Chair)
■
Rambøll Gruppen A/S
(Chair of Risk and Audit Commiee)
■
VKR Holding A/S
(Chair of Audit Commiee)
■
Aquaporin A/S (Chair of Audit Commiee)
Commiee memberships:
■
NASDAQ Nordic (special advisor)
Torben Möger Pedersen
M.Sc. Economics
Born in 1955
Member of the board since 2023
Board memberships, honorary ocies:
■
Denmark's National Defence
Technology Centre (Chair)
■
Copenhagen Business School (Chair)
■
The CIP Foundation (Chair)
■
The Danish Society for Education
and Business (Chair)
■
Gefion Gymnasium (Chair)
■
Hedo’s Foundation (Chair)
■
The Danish Foreign Policy Society (Chair)
■
UN PRI
■
The Danish Foreign Policy Society
■
Ambassador for Danmarks Tekniske
Museum
■
Stop Wasting Food (Boardmember)
Louise Hahn
CEO of Mind Energy A/S
since 2023.14.08.
MSc in Engineering and Graduate Diploma
in Business Administration (Finance)
Born in 1976
Board memberships, honorary oces:
■
Energi Danmark Securities A/S
■
Energi Försäljning Sverige AB
■
Energia Myynti Suomi Oy
■
Energi Salg Norge AS
Executive board
Organisation
Want to
know more? Visit www.mindenergy.com
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