Annual Report 2024  
Ennogie Solar Group
A/S
Orebygårdvej 16, 7400 Herning  
CVR: 39703416  
1
 
Annual Report 2024  
Management’s Review  
Introduction  
4 About Ennogie Solar Group  
5 Words From The Chairman  
6 Important Events of 2024  
Corporate Governance and Shareholder Information  
10 Board of Directors  
11 Executive Management  
12 Business Management  
14 Risk Management  
15 Shareholder Information  
Table of Contents  
Corporate Social Responsibility  
17 Corporate Social Responsibility (CSR)  
Financial Performance  
19 Business Overview  
22 Financial Overview  
25 Financial Outlook  
26 Key Financial Indicators  
Financial Statements  
28 Consolidated Financial Statements  
54 Parent Company Financial Statements  
64 Management's Statement  
65 Independent Auditor’s report  
2
 
Annual Report 2024  
Introduction  
3
 
Annual Report 2024  
About Ennogie Solar Group  
Ennogie Solar Group was founded in 2010 in Herning,
Denmark
by Kristian Harley Lindholm, Lars  
Brøndum Petersen and Jan Aage Pedersen. Both Kristian Harley Lindholm and Lars Brøndum  
Petersen are still active in the company as CTO and CSO, respectively. In 2017, the first solar roofs  
were manufactured and sold. Since then production and sales of solar roofs have taken off. Today,  
the company has approximately 30 employees with
production in Denmark and sales in Germany
and Denmark
.  
Global climate change poses one of the greatest societal challenges of our time, requiring a rethink  
and restructuring of the entire global energy supply towards sustainable production methods. The  
task is enormous and will require a lot of time and resources.
Ennogie’s mission is to turn all
buildings into sustainable energy producers with solar technology in order support the change in  
energy supply with sustainable energy production.  
The solar roof generates renewable energy right where it is needed, reducing dependence on non-  
renewable sources and lowering energy costs. This decentralized approach means that energy is  
generated closer to where it is used, reducing transmission losses and creating a cleaner and more  
efficient energy system.  
The building-integrated solar roofs provide an aesthetic and robust whole, replacing a traditional  
roof and serving as the outer climate shell of the building. The solar roof transforms a previously  
unproductive roof into a productive asset that generates sustainable, self-produced electricity.  
Providing access to a significant degree of self-sufficiency and some level of energy security, the  
solar roof has a short payback period on the additional investment and provides customers with  
stability and predictability in their energy costs.  
Solar panels are a well-established technology, with technological and economic maturity, where  
the cells constitute a robust and proven energy source and a cost-effective alternative to traditional  
energy production. Solar technology continues to evolve, resulting in increased energy intensity  
over time, lower costs per produced kWh, and thus a more profitable solar roof.  
Ennogie’s ambition is to create a future where renewable energy in the built environment is the  
norm.  
You can read more about Ennogie Solar Group here:  
https://ennogiesolargroup.com/  
https://ennogie.com/da/  
https://ennogie.com/de/  
4
 
Annual Report 2024  
Words From The Chairman  
2024 – A turnaround year  
Ennogie Solar Group do not expect to be affected directly by the ongoing trade tariff situation. The  
effect of a long trade war is hard to judge, but we will be focused on driving sales and profits forward  
in our core markets in Europe.  
Ennogie Solar Group was operating in a challenging market in 2024. After high interest rates in 2023,  
order levels were low coming into 2024, and this affected turnover during the year. An early focus on  
trimming costs already late 2023 and again early 2024 has reduced the cost base with around DKK 8 Kim Haugstrup Mikkelsen  
million on an annual basis compared to 2023 and made it possible to reach an adjusted EBITDA close to Chairman of the Board  
breakeven in H2, despite turnover of only DKK 30 million.  
While navigating a tough market in 2024, we have focused on internal efficiency and prepared the  
company for new markets in 2025, especially France, Poland and in a minor way Italy. All three markets  
have a lot of focus on solar roofing, which support overall EU rules to implement more solar  
energy. We expect to explore ways to start up in all three countries without large cash investments,  
mainly through agents, partnerships or direct sales from our German operation.  
2025 – Growth to profitability and full year EBITDA break-even  
The board of directors finds it extremely important that Ennogie becomes profitable and cash  
generating from operations. 2025 must be a big step in that direction. We will build on the encouraging  
H2 2024, and the full effect of our reduced costs and efficiency improvements.  
Looking forward to 2025 we are expecting an increase in orders as well as turnover. Growing 20-30% in  
2025 will increase the net working capital, so during the first quarter of 2025 we have increased our  
cash reserves via a convertible loan and better amortization profile with our banking partners. We will  
continue to work on internal efficiency and improve our product range.  
Ennogie Solar Group is part of the European building-integrated photovoltaics (BIPV) market estimated  
at USD 9.6b in 2024 by analysts. The same analysts project the market to grow at a CAGR of 33.8%  
from 2025 to 2030.  
5
 
Annual Report 2024  
Important Events in 2024  
Signing MoU with Champions Park (January)  
Awarded ”Innovative Materialgarantie” (March)  
In the presence of His Royal Highness King Frederik the 10th and Minister of Climate  
and Energy Lars Aagaard, Ennogie signed a Memorandum of Intent (MoU) with  
Champions Park in Warsaw, Poland.  
Ennogie's solar roof received, as the first product, the newly introduced "Innovative  
Material Guarantee" of the ZVDH at the Dach und Holz fair in Stuttgart. The ZVDH is  
the main association of the German roofers' associations, which among other things,  
regulates he roofing products marketed in Germany. ZVDH has introduced this new  
material guarantee to give German roofers the security to use new innovative  
products in their work, especially in solar energy.  
Champions Park – Powered by Denmark, is a visionary and ambitious urban  
development project with a total area of 23 hectares to be developed towards 2030.  
The project foresees approx. 200,000 m2 in mixed use, including training facilities for  
Legia Warsaw (soccer club), hotel and mixed accommodation.  
The project is expected to be established as an energy community for maximum  
utilization of the self-produced power from the solar roofs.  
6
 
Annual Report 2024  
Important Events in 2024  
September  
Exclusive Distribution Agreement (March)  
Eurostars support for innovative ColourBIPV project  
Ennogie entered into an agreement with Dachdecker-Einkauf. Initially, the agreement  
covers three German regions, which together has 6,500 roofing companies. The entire  
Dachdecker-Einkauf has collected purchases for 13,500 roofing companies. The  
agreement gives a much greater exposure in the private sector than Ennogie can create  
alone.  
(June)  
Ennogie received commitments for support from the Eurostars program for the development of a  
new and innovative ColourBIPV project. The project will be another sustainable contribution to the  
building industry by developing and implementing colored BIPV modules that combine high  
performance with low cost.  
The agreement contains a two-sided exclusivity in Germany regarding the full roof  
solution from Ennogie, where Ennogie's solar roof is the only full roof solution offered to  
roofers through Dachdecker-Einkauf. At the same time, Ennogie does not sell to roofers  
outside Dachdecker-Einkauf. The exclusivity thus does not apply to Ennogie's other  
activities for developers, housing associations, etc.  
The project has a total budget of almost DKK 11 million, of which Ennogie's share is DKK 2.5 million.  
The project started on 1 October 2024 and runs for 36 months. The project is being developed in  
collaboration with DTU Electro, Sonnenkraft Energy, Habemax and OFI.  
7
 
Annual Report 2024  
Important Events in 2024  
September  
Order for Auning Svømmehal A/S (June)  
Order for B&O Gruppe (June & December)  
Ennogie entered into an agreement on roof replacement with Auning Svømmehal  
A/S. The order included delivery of more than 500 m2 of solar roof and installation.  
Ennogie was awarded a contract by B&O Group for roof replacement at a housing  
association in Hattingen, Germany. The project included a total delivery of 2,100 m2  
of solar roof.  
Swimming pools is an interesting segment as they have a very high electricity  
consumption all year round and can adapt their energy consumption to the hours of  
solar energy. This makes them ideal buildings for the Ennogie solution. There are  
388 public swimming pools in Denmark according to Statistics Denmark.  
The client has, among other things, chosen Ennogie's solution based on the static  
calculations, which did not allow traditional solar cell solutions without reinforcing  
and renovating the roof's substructure.  
8
 
Annual Report 2024  
Corporate Governance  
and Shareholder  
Information  
9
 
Annual Report 2024  
Board of Directors  
Kim Haugstrup Mikkelsen  
Male. Born 1968. Danish.  
Silke Weiss  
Female. Born 1980. German  
Klaus Lorentzen  
Male. Born 1964. Danish  
CIO Strategic Investments A/S and Strategic Wealth Management  
A/S  
CSO DACH+BLX & Global Systems at Knauf Insulation GmbH  
Board member at Ennogie Solar Group A/S since 2022  
SVP Products at VELUX A/S  
Board member at Ennogie Solar Group A/S since 2024  
Board member at Ennogie Solar Group A/S since 2022. Board  
member at Ennogie ApS since 2018. Board member at  
Porteføljeselskab A/S since 2022  
Indirectly holding 14,103,181 shares in Ennogie Solar Group through  
companies that he controls  
Owns 150 shares in Ennogie Solar Group A/S  
Owns 184.629 shares in Ennogie Solar Group A/S  
Non-Independent board member  
Independent board member  
Independent board member  
Skills  
Skills  
Skills  
Investments in small cap companies and trading with shares, bonds  
and derivatives  
International sales and marketing management, intercultural  
team leadership, and strategy development within energy  
efficiency  
Global supply chains, product development, and  
international experience from the construction industry  
Other management positions  
Other management positions  
Treasurer and board member at the European Industrial  
Insulation Foundation (EiiF)  
Other management positions  
None  
Chairman of Nord Insuretech Group AB  
Chairman of Acroud AB  
Board member of GreenMobility A/S  
10  
 
Annual Report 2024  
Executive Management  
Henrik Golman Lunde  
Martin Woldby Papsø  
Male. Born 1966. Danish  
Male. Born 1979. Danish  
CEO since 2024  
COO since 2022  
Owns 316,605 shares in Ennogie Solar Group  
Own no shares in Ennogie Solar Group A/S.  
Background  
Background  
2018 - Current CEO, KUBO Education ApS  
2014 - 2018 SVP Products & Technology Division, Semco Maritime A/S  
2013 - 2014 CEO, Ennogie ApS  
2017 - 2022 General Manager Kina -Jupiter Bach A/S  
2014 - 2017 Buying Director - Bach Composite Industry A/S  
2004 - 2013 Different jobs within Supply Chain - Vestas A/S  
2008 - 2013 Photonic Energy A/S  
1999 - 2007 CEO, COO & VP Sales & Marketing, Thrane & Thrane A/S  
Education  
Education  
MBA, The Wharton School  
Executive MBA, IMD  
Maser of Science, The Technical University of Denmark  
Business Development Engineer, Aarhus University  
11  
 
Annual Report 2024  
Business Management  
Ennogie's Board of Directors and management adhere to the latest recommendations for good corporate governance  
developed by the Committee on Corporate Governance. Generally, Ennogie follows the committee's  
recommendations, but due to the Group's limited size, its activities, and organization, the board has chosen wholly or  
partially to deviate from the committee's recommendations in the following areas:  
After the annual general meeting in 2024 Henrik Lunde was chosen as the chairman by the board, however, he was  
replaced by Kim Mikkelsen in November 2024. The chairman leads the board's work, convenes and organizes board  
meetings. The board conducts an annual evaluation of its work, composition, and the individual members'  
contributions to ensure the best leadership, effective decision-making processes, and the optimal foundation for the  
group's further development. In November 2024, the Board of Directors was reduced from four to three members –  
one female and two males.  
•
•
•
•
•
•
It is recommended that the company has a fixed contingency procedure in the event of takeover attempts.  
It is recommended that the company has a policy for social responsibility and tax policy.  
It is recommended to appoint a vice-chairman for the board.  
It is recommended to publish the terms of reference for the management committees on the website.  
It is recommended that members of the board are not remunerated in the form of stock and subscription options.  
It is recommended that the company establishes a whistleblower scheme.  
The Board of Directors also evaluates the executive management's work and results, as well as the collaboration  
between the board and the management, on an annual basis.  
The board has a separate audit committee consisting of three members of the board. Four meetings of the audit  
committee were held in 2024. Kim Mikkelsen and Silke Weiss replaced Henrik Lunde and Peter Ott in November  
2024. Hence, the entire board composes the audit committee with Klaus Lorentzen as chairman. Other management  
committees in the company, such as the nominating committee and remuneration committee, are composed of the  
entire board. Topics and decisions within these committees are addressed at the company's board meetings.  
Reference is made to the management's comprehensive reporting on the recommendations, which can be found.  
https://ennogiesolargroup.com/wp-content/uploads/2025/03/Report-Corporate-Governance-2024.pdf  
Ennogie's Board of Directors is responsible for the overall management of the company, including establishing the  
company's goals and strategies, risk management, compliance guidelines, communication policies, and dialogue with  
shareholders, as well as all matters related to mergers, acquisitions, and similar transactions.  
The attendance at board and committee meetings in 2024 was 100% and 92%, respectively.  
The overall guidelines for the board's work are established in a code of conduct, which includes procedures for  
organizing, summoning, and conducting board meetings. The division of responsibilities between the Board of  
Directors and the daily management, as well as the board's framework for the daily management's work and  
requirements for ongoing reporting, are outlined in a separate directive for the executive management.  
According to the articles of association, the company's board must consist of 3 to 7 members.  
Attendance at board and committee meetings in 2024  
Board  
Meetings  
Audit Committee  
Member  
Meetings  
Kim Haugstrup Mikkelsen  
Henrik Lunde  
Chair (Nov-)  
Chair (Jan-Nov)  
Member (Jan-Nov)  
Member  
n.a. n.a. n.a. n.a. n.a. n.a. n.a.  
•
•
n.a. n.a. n.a.  
•
n.a.  
n.a.  
•
Member  
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
n.a. n.a.  
n.a. n.a.  
•
•
•
•
•
•
•
•
•
Peter Ott  
Chair (Jan-Nov)  
Member/Chair (Nov-)  
Member  
Klaus Lorentzen  
Silke Weiss  
•
•
•
•
•
Member  
⎻
•
n.a. n.a. n.a.  
Attendance rate  
100%  
92%  
12  
 
Annual Report 2024  
Business Management  
The Board of Directors  
This section includes reporting on Ennogie's diversity in leadership in accordance with the Danish  
Financial Statements Act sections 107d.  
Both the board and management acknowledge the importance of diversity in leadership and are  
committed to promoting diversity in terms of gender, age, nationality, international experience, and  
skills. Therefore, the board assesses its and the executive management’s composition annually to ensure  
diversity and the representation of all relevant competencies among its members.  
The target is to have a gender balanced board of directors and management. As the board consists of  
three members the target for the number of members of the underrepresented gender is 33,33%.  
Starting 2024 the board had four members of which one represented the underrepresented gender. In  
November two members resigned and only one member was elected. Hence, as of the reporting date the  
board consisted of three members of which one represented the underrepresented gender. As a  
consequence, the target for the board of director was met.  
Throughout 2024 the management team had three members and was reduced in early 2025 to two  
members due to the resignation of the company’s CFO. It is the target to revert to a management team of  
three members. Therefore, the target for the number of management members of the underrepresented  
gender is 33,33%. During 2024 the management had tree members that all represented the  
overrepresented gender, hence, the target was not met in 2024. Currently there are two members of the  
executive management. Both are members of the overrepresented gender; hence, the target was not  
reached at the reporting date either.  
The board also targets to have a board that has competences within the building components industry,  
solar energy industry, German and Danish business, products, finance and capital attraction. The board  
evaluates that it has the required competences.  
Risks related to the financial reporting process  
The key risks related to the financial reporting process are identified and managed by the group's audit  
committee, where committee members, in collaboration with the management, discuss risks and internal  
controls. As the company's activities evolve, there is an ongoing reassessment of the risks of errors in the  
financial statements and the risk of fraud, along with discussions on how these risks are addressed and  
minimized. Due to the size of the company, the implemented internal controls are mainly of a manual  
nature.  
13  
 
Annual Report 2024  
Risk Management  
The Board of Directors of Ennogie continuously assesses the group's risk management processes to ensure that the  
risk profile, risk processes, and risk awareness are at an appropriate level. Effective risk management helps ensure  
that the risks undertaken by the company are consistently evaluated and addressed.  
Key employees  
Employees are one of the group’s most important resources, and due to Ennogie's size, there is a significant  
dependence on key individuals in the company.  
Risk management process  
Ennogie focuses on providing employees with a good and healthy workplace, emphasizing social and professional  
well-being. As part of the ongoing development and retention of key and critical skills, the allocation of stock options  
is included in the compensation package for employees who meet the criteria for allocation. Stock options typically  
vest over a period of three years, motivating employees to stay with the company.  
Risk management at Ennogie occurs at both strategic and operational levels. The Board of Directors has the overall  
responsibility for the group’s risk management and sets the framework for it. The management is responsible for  
implementing the systems and policies in relation to risk management and internal controls, with input from the  
Board of Directors.  
IT and system usage  
The group's main risks and preventive measures to address the risk are highlighted in the following. For financial  
risks, reference is made to note 1 and 26 in the consolidated financial statements, where these are described in more  
detail.  
Ennogie's daily business significantly relies on the group’s IT systems. Disruptions in the IT system, due to internal or  
external events, including cyber-attacks, can have significant impact for the group’s operations and business control.  
The group’s focus is to adapt the IT security area to the threat landscape, including keeping the system landscape  
updated and enhancing employees' skills and awareness of IT security. Another focus area is to reduce the number of  
systems used by standardizing and harmonizing across the group's companies.  
Capital resources  
Management has prepared a budget for 2025 that shows that the Group will be able to pay its liabilities as they  
become due. With a negative deviation in revenue outside the guided interval of DKK 62,000 – 55,000 thousands, a  
negative deviation from the budgeted gross margin, higher expenses than budgeted, higher cost for rectifying  
costumer complaints than expected or a combination thereof there is a material risk that the group may face  
difficulties due to liquidity pressure. And cannot pay its liabilities as they become due.  
Insurance covers all significant and insurable risks to the extent deemed appropriate.  
Compliance  
Regulation from authorities in areas such as sustainability, environment, personal data, competition, taxation, and  
listed companies is increasing.  
Warranty provisions  
A number of complaints were received from customers during 2024 due to lower power production from the  
customers’ roof than expected. Faulty solar panels supplied from a Chinese supplier are the cause. Some of the  
complaints were rectified in 2024 and the rest will be rectified in 2025. Provision for known replacements to be made  
in 2025 and for any future unknown customer complaints have been made. There is a risk that the provisions cannot  
cover all future cost related to rectifying all customer complaints.  
If the group is not compliant with relevant legislation - internally within the group or by some of the group's suppliers  
and partners - the group risks different sanctions and/or a negative impact on the company's reputation.  
The group uses external advisors to be updated on the various applicable legislation related to the group.  
Additionally, there is ongoing work to improve and strengthen collaboration agreements with the group's key  
partners, including efforts to ensure transparency in working conditions and compliance with human rights.  
Supplier Risks  
As a consequence of the customer claims received in 2024 regarding failing solar panels the group has booked a claim  
of DKK 1,991 thousand towards its solar panel supplier. Further claims are likely to arise going forward. This may  
increase the value of the claim if the panel supplier does not supply replacement panels at the same speed as new  
claims arise. There is a risk that the Chinese supplier cannot deliver on all claims  
Cost of components  
Ennogie has identified several factors that can effect the cost of components.  
Commodity prices, technological changes and regulatory/political changes are all areas where the development in  
pricing have an important impact. To address these risks, Ennogie has implemented a range of strategies, including:  
Market conditions  
The demand for Ennogie's products is exposed to three primary external market conditions: electricity prices, interest  
rates and the cost of labor. All three factors have correlated effects on the group's ability to execute on operations  
and growth. To create a more robust development in demand, Ennogie is working to increase the share of B2B sales,  
as B2B customers are more inclined to make long-term investments and are less affected by developments in the  
previously mentioned market conditions.  
•
Supplier diversification: Ennogie aims for dual sourcing to reduce our risk of exposure to price fluctuations from a  
single supplier.  
Market monitoring: Ennogie continuously monitor the market for commodities and technological changes to  
adapt our sourcing strategy accordingly.  
•
Access to raw materials  
Ennogie purchases several of its raw materials on the international market, which is exposed by the changes in  
geopolitical conditions and challenges in the supply chains. Lack of access to consumables for an extended period can  
impact the company's ability to fulfill its commitments to customers. The management continually monitors the  
market to identify potential suppliers of consumables, thereby minimizing the risk of being without the necessary  
raw materials.  
14  
 
Annual Report 2024  
Shareholder Information  
Share price performance  
The purpose of the company's Investor Relations (IR) activities is to ensure that current and potential investors, as  
well as other relevant stakeholders, have equal access to comprehensive, objective, and reliable information about  
all significant and market-influencing matters. Additionally, the aim is to contribute to ensuring that market prices for  
the company's shares reflect the fundamental value of the shares.  
Ennogie Solar Group A/S opened the year with a share price of DKK 16,50 and closed the year with a share price of  
DKK 7,80, representing a decrease of 53%. By the end of 2024, the market value of the company was DKK 245 million.  
Share information  
Ennogie aims for reliability, transparency, and accessibility and will continually work to enhance the level of  
information and communication with investors.  
Stock  
IS IN c ode  
Nas daq Copenhagen  
DK0010305077  
ESG  
31.359.652  
DKK 1 per s hare  
31.359.652  
Tic ke r s ymbol  
No. of s hares  
Nom. value per s hare  
Share Capital  
Votes  
The company seeks to make its general meetings an active forum for dialogue and discussion with the company's  
owners regarding the company's affairs and its ongoing development.  
IR-activity  
1 vote per share  
-
-
-
Financial reports, including quarterly interim reports.  
Composition of Shareholders  
Announcement of significant new orders in accordance with the company's principles for order disclosure.  
An informative investor relations website serving as a comprehensive resource for all significant investor-related  
information from the company.  
As of 31 December, 2024, Ennogie Solar Group A/S had 2,766 registered shareholders, compared to 2,903 as of 31  
December, 2023. The majority of the registered shareholders are Danish investors, constituting 97% of the total  
number of registered shareholders.  
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-
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Ongoing participation in investor meetings and presentations.  
Accessibility for investor inquiries, with contact information available on the website.  
Support for liquidity, spread, and trading in the company's shares through the company's market maker  
arrangement with ABG Sundal Collier Denmark.  
Major shareholders with more than 5% ownership as of 31 December, 2024 are:  
Major shareholders  
Registered office  
Ownership  
Finance calendar  
Strategic Capital ApS  
Copenhagen  
>10%  
Trailblaze A/S  
Agerskov  
Frederiksberg  
Copenhagen  
n.a.  
>10%  
>10%  
>5%  
Event  
Date  
Nordic Sports Management ApS  
Strategic Investment A/S  
Kristian Harley Lindholm  
Annual report 2024  
Ordinary general assembly  
Q1 2025 report  
Q2 2025 report  
Q3 2025 report  
25 April, 2025  
30 April, 2025  
26 May, 2025  
25 August, 2025  
25 November, 2025  
>5%  
Investor relations  
Ennogie aims to have relevant, accurate, and timely communication of financial information as well as other  
significant information about the group. The group emphasizes that all market-influencing information is disclosed in  
a systematic and comprehensive manner in accordance with the group’s policy and applicable regulations.  
15  
 
Annual Report 2024  
Corporate Social  
Responsibility  
16  
 
Annual Report 2024  
Corporate Social Responsibility (CSR)  
This section constitutes the group's reporting on corporate social responsibility in accordance with the Danish Financial Statements  
Act section 99a.  
Social and personnel matters  
Policy:  
Ennogie considers its employees as one of the its greatest assets and places great emphasis on ensuring a safe and healthy working  
environment. Ennogie is a modern company that views employees as whole individuals with different backgrounds, needs, and  
desires in their professional lives. The company identifies the risk of workplace accidents, workplace dissatisfaction, and direct or  
indirect discrimination as the most significant risks related to social and personnel matters.  
Business model  
Ennogie's business model is based on making it economically and aesthetically attractive for building owners to invest in Ennogie's  
integrated solar roof solutions. By generating energy from the sun, the solutions aim to over time repay the initial investment  
through reduced costs for energy supply from the grid and sale of surplus electricity back to the grid.  
All main areas have been summarized in our internal Ennogie Employee handbook.  
There was no HSE related incidents in 2024.  
Ennogie's mission is to make green and clean energy from the sun accessible to more and sustainable for all. Ennogie develops and  
delivers aesthetic and smart solar energy solutions for the built environment, aiming to transform buildings into sustainable  
producers of solar energy. Ennogie's solutions provide sustainable comfort for people and enable future generations to meet their  
energy needs sustainably and through self-sufficiency.  
Ennogie embraces diversity among its employees and nine nationalities have been represented in its workforce during 2024.  
Ennogie will continue to focus on equality and diversity in hiring situations and assess the need for measures to address the risk of  
Ennogie has initiated a process to mature the company's sustainability initiatives and reporting towards the release of the 2025  
annual report in 2026, where the group shall follow new reporting requirements in this area. The sustainability agenda is crucial for  
the group.  
workplace accidents.  
Human rights  
Policy:  
Climate and environment  
Ennogie supports the protection of human rights. Due to the current size of the company, there are limited written policies for  
human rights, but it is a matter taken seriously in the dialogue with suppliers and partners and will be incorporated into the  
upcoming ESG strategy.  
Policy:  
The green and sustainable agenda is the central focus of the company’s strategy and business model. By enabling the  
transformation of passive roof surfaces into small, decentralized power plants that generate sustainable and emission-free  
electricity for self-sufficiency and further distribution, Ennogie and its roof solutions contribute positively to reducing global CO2  
Ennogie assesses that the greatest risk of human rights violations may occur through the use of suppliers, especially outside the EU,  
emissions.  
who do not respect individual rights in relation to their employees. Ennogie is not aware of any of its suppliers acting in violation of  
human rights and works to improve transparency in this area.  
Ennogie's largest climate and environmental impact comes from the production of components purchased and used in the  
manufacturing of solar modules. The primary impact arises from the production of solar panels, which involve resource- and  
energy-intensive processes, including the use of crystalline silicon and glass.  
As part of supplier assessments Ennogie performs a screening of the suppliers for their handling of human rights, child labor and  
freedom organization. The screening is used on both direct suppliers and suppliers’ supplier.  
In 2023 Ennogie obtained an Environmental Product Declaration (EPD). The life cycle assessment quantifies the environmental  
impact of solar modules and serves as a basis for the company's ongoing efforts to reduce the climate and environmental impact of  
production, use, and recycling/disposal of solar modules.  
Management did not identify any violations of human rights in 2024.  
Anti-corruption and bribery  
Policy:  
In 2024 Ennogie changed the design of its solar panels from using 3.2mm glass on both sides to using 3.2 mm on one side and 2.0  
mm on the other side.
This minimizes resource material consumption for a solar panel and saves weight. This reduces the CO2  
footprint during transport as there can be 13% more solar panels in a container when solar panels are shipped from China to  
Denmark.  
Ennogie does not tolerate corruption and money laundering. Ennogie assesses that the risk of breaches is highest for suppliers  
situated outside Northern Europe. When selecting new suppliers or partners, Ennogie performs a thorough due diligence to ensure  
they adhere to high standards of ethics and compliance. It is fixed part of meeting agendas to communicate the policy in our  
company introduction when meeting with suppliers and partners  
Furthermore, in 2024 Ennogie started the development of a new roof mounting system that will reduce the materiel usage and,  
hence, reduce the environmental footprint. In addition, Ennogie started investigated the possibilities of procuring solar panels with  
higher output, and, thereby, increase the energy produced per square meter Ennogie roof.  
Management did not identify any violations in 2024.  
Data Ethics  
The board has assessed that the group's handling of sensitive data has not reached a level that makes it relevant for the group to  
formulate specific policies in this area. The board continuously monitors developments and assesses the need on an ongoing basis.  
17  
 
Annual Report 2024  
Financial  
Performance  
18  
 
Annual Report 2024  
Business Overview  
Order intake  
The 2024 order intake was DKK 42 million compared to DKK 72 million in 2023. Ennogie faced a downturn in the  
market attributed to external factors. Higher interest rates and inflation on building materials have resulting in  
shrinking construction markets and introduced a degree of uncertainty into the market. Similarly, was demand  
affected by the normalization of energy prices.  
In Germany Ennogie was over two stages awarded a contract by B&O Group for roof replacement at a housing  
association in Hattingen, Germany. The project includes a total delivery of 2,100 m2 of solar roof. The deciding  
factor for B&O Group was that Ennogie’s solution could be installed without reinforcing and renovating the roof's  
substructure, which was required in the case of a traditional solar cell solutions. B&O Group is a returning  
customer. Deliveries started in Q4 2024 and are expected to conclude in Q2 2025.  
Ennogie won 92 orders in Germany in 2024 bringing the 2024 order intake in Germany to DKK 36 million.  
In Denmark Ennogie is grappling with the ramifications of regulations imposed by lawmakers. These changes have  
disrupted the stability of the solar industry in Denmark, contributing to a downturn in order uptake in Denmark  
coming to 19 orders in 2024 totaling DKK 6 million. On the positive side, Ennogie entered into an agreement on  
roof replacement with Auning Svømmehal A/S. The order included delivery of more than 500 m2 of solar roof and  
installation in 2024. Swimming pools is an interesting segment as they have a very high electricity consumption all  
year round and can adapt their energy consumption to the hours of solar energy. This makes them ideal buildings  
for the Ennogie solution. There are 388 public swimming pools in Denmark according to Statistics Denmark.  
Market activities  
In March 2024 Ennogie's solar roof received, as the first product, the newly introduced "Innovative Material  
Guarantee" of the ZVDH, which is the main association of the German roofers' associations. ZVDH has introduced  
this new material guarantee to give German roofers the security to use new innovative products in their work,  
especially in solar energy. For Ennogie, this means access to the large market for roofers in Germany, where both  
the full roof solution and Sun Spot are brought into play.  
In continuation with the "Innovative Material Guarantee", Ennogie entered into an agreement with Dachdecker-  
Einkauf covering initially three German regions totaling 6,500 roofing companies. The entire Dachdecker-Einkauf  
has collected purchases for 13,500 roofing companies. The agreement gives a much greater exposure, especially  
in the private sector. The agreement contains a two-sided exclusivity in Germany regarding the full roof solution  
from Ennogie, where Ennogie's solar roof is the only full roof solution offered to roofers through Dachdecker-  
Einkauf. At the same time, Ennogie does not sell to roofers outside Dachdecker-Einkauf. As a result of the signed  
agreement with Dachdecker-Einkauf several deliveries via Dachdecker-Einkauf took place in 2024.  
19  
 
Annual Report 2024  
Business Overview  
To facilitate growth, Ennogie is expanding into new international markets, including France and Poland, as well as Austria and  
Switzerland, which are logical extensions of its activities in Germany. The first order from Austria has been secured from a BtC  
customer. In France, the certification process is ongoing, and in Poland, Ennogie is participating in several promotional initiatives  
under the Trade Council.  
In February 2024 Ennogie signed a Memorandum of Understanding for a big, potential flagship project with the Polish Developer  
Champions Park, with the purpose of creating a new urban environment focusing on a healthy lifestyle. Champions Park is a  
visionary and ambitious urban development project with a total area of 23 hectares to be developed towards 2030. The project  
foresees approx. 200,000 m2 in mixed use. The project is expected to be established as an energy community for maximum  
utilization of the self-produced power from the solar roofs.  
Development activities  
Ennogie is in process of developing of a façade solution based on its roof solution. Current activities focus on the documentation of  
the solution. An initial order for the solution is planned for H1 delivery. During 2024 there has also been battery development  
activities.  
In June 2024 Ennogie received commitments for support from the Eurostars program for the development of a new and innovative  
ColourBIPV project. The project will be another sustainable contribution to the building industry by developing and implementing  
colored BIPV modules that combine high performance with low cost. The project has a total budget of almost DKK 11 million, of  
which Ennogie's share is DKK 2.5 million. The project started on 1 October 2024 and runs for 36 months. The project is being  
developed in collaboration with DTU Electro, Sonnenkraft Energy, Habemax and OFI.  
The functionality of the SmartMeter has been upgraded so that it is now able to limit input into the grid. This is an increasing  
demand from German grid providers. The development cost has been capitalized as part of the ongoing development project of  
the SmartMeter.  
Ennogie has changed the design of its solar panels from using 3.2mm glass on both sides to using 3.2 mm on one side and 2.0 mm  
on the other side. Thereby there can be 13% more panels in a container when panels are shipped from China to Denmark. The  
change has no impact on quality and life time of the solar panel.  
Margin improvement & cost saving initiatives  
While navigating a tough market in 2024, Ennogie has focused on internal efficiency and trimming cost – especially improving the  
gross margin and lowering expenditures – in a chase for EBITDA break-even.  
In 2024 the gross margin was successfully improved by 7.6 percentage points based on increased price focus in the sales process  
and lowering the production cost of our solar roof solution.  
20  
 
Annual Report 2024  
Business Overview  
The gross margin was, however, negatively affected by a number of customer complaints received during 2024  
due to lower power production from the customer's roof than expected. The cause was failing solar panels. Some  
of the customer complaints were rectified in 2024 and the rest will be rectified in 2025. Part of the costs for  
replacing the failing solar panels are recovered from Ennogie’s solar panel supplier in form of replacement solar  
panels and insurance companies in Germany and Denmark covering the cost of the craftsmen doing the  
replacements. The net cost for Ennogie was DKK 0.9 million. In addition, a provision of DKK 1.0 million is made to  
account for any future unknown customer complaints. In total the failing solar panels has impacted the gross  
profit negatively with DKK 1.9 million.  
Ennogie has succeeded in lowering spending on staff cost and other expenses during 2024 to a quarterly average  
of DKK 6.5 million in Q3 and Q4 2024 from a quarterly average of DKK 7.9 million in H1 2024 and DKK 8.4 million in  
2023. Specifically, staff costs have been reduced by 36% from quarterly average of DKK 4.9 million in 2023 to DKK  
3.1 million in Q4 2024. The reduction originates from a reduction of eight employees in Denmark and six  
employees in Germany. Moreover, most expense accounts have shrunk when comparing 2024 with 2023 with  
administration being the largest contributor.  
Encouraging, the initiatives made it possible to reach an EBITDA of DKK -0.1 million in H2 when ignoring the DKK  
1.9 million in cost for rectifying failing solar panels, despite turnover of only DKK 30.1 million in the period.  
Quarter  
First  
5.1  
Second  
11.0  
Third  
14.1  
0.0  
Fourth  
16.0  
Revenue, MDKK  
EBITDA, MDKK  
-5.3  
-2.2  
-2.0  
Management changes  
After Q3 the board of directors carried out a major management change. Lars Brøndum Petersen, who had been  
CEO since 2019 assumed the role of international sales director with responsibility for Germany and Denmark  
sales as well as business development including the penetration of the new markets. At the same time, Henrik  
Lunde took over as CEO and Ennogies’s main shareholder Kim Mikkelsen took over from Henrik Lunde as  
chairman of the board of directors.  
The changes were implemented in order to grow revenue through further internationalization and business  
development initiatives as well as to secure operational efficiency and lower cost of goods.  
In addition, CFO Leif Arnbjerg turned in his resignation in November 2024 with a wish to slow down working  
activities. He stepped down as CFO end January 2025 and has provided Ennogie with consulting service  
thereafter. A search for a replacement is ongoing.  
21  
 
Annual Report 2024  
Financial Overview  
Statement of comprehensive income  
Revenue broken down by quarter (DKKm)  
Revenue  
The group revenue in 2024 amounted to DKK 46.2 million compared to DKK 98.8 million in 2023, representing a  
decrease of 53%. The realized revenue was in accordance with Ennogie's latest published revenue expectations  
between DKK 45 million and DKK 46 million. Initial revenue expectation was DKK 70-90 million. The changed  
expectation was driven by lower order intake in 2024 reflecting the change in market conditions compared to  
previous years.  
29,6  
26,0  
24,6  
22,5  
22,0  
88% of the 2024 group revenue was generated from the German market compared to 74% in 2023 and 60% in 2022.  
12% of the 2024 group revenue was generated from the Danish market compared to 26% in 2023 and 40% in 2022.  
The increasing importance of the German market reflects the company's strategy focusing on the German market and  
the worsen market conditions in Denmark relative to Germany.  
16,0  
14,1  
13,3  
10,8  
11,0  
11,0  
Gross Profit  
The gross profit amounted to DKK 16.3 million in 2024 compared to DKK 27.2 million in 2023. The decrease is caused  
by the drop in revenue compared to 2023. The gross margin (gross profit divided by revenue) came to 35.2%  
compared to 27.6% in 2023. The margin increase reflects the bigger price focus in the sales process and the lowering  
of the production cost of the solar roof solution.  
5,1  
Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-24 Q1-24 Q2-24 Q3-24 Q4-24  
A number of complaints were received from customers during 2024 due to lower power production from the  
customers’ roof than expected effected gross profit negatively. Some of the complaints were rectified in 2024 and  
the rest will be rectified in 2025. Part of the costs for replacing failing solar panels are recovered from Ennogie’s solar  
panel supplier and insurance companies. The net cost for Ennogie in 2024 was DKK 1.9 million of which DKK 0.4  
million related to replacement done in 2024, DKK 0.5 million relates to replacements for 2024 complaints to be  
rectified in 2025 and DKK 1.0 million relates to future unknown customer complaints.  
Revenue broken down by marked  
100% = DKK 46.7m  
100% = DKK98.7.1m  
2024  
2023  
EBITDA  
Denmark  
2024 EBITDA amounted to DKK -9.5 million compared to DKK -2.7 million in 2023. The decrease is driven by the lower  
gross profit. The realized EBITDA was lower than Ennogie's latest published EBITDA expectations between DKK -7  
million and DKK -9 million. The deviation is primarily driven by the cost of DKK 1.9 million for failing solar panels.  
Initial expectations were an EBITDA of DKK-5 to 0 million. This was lowered due to the decrease in revenue  
expectations.  
12%  
Denmark  
26%  
74%  
Germany  
EBITDA was negatively affected by the decrease in revenue compared to 2023. The lower revenue was counter  
effected by the increase in gross margin and reduced cost. Other external expenses and staff cost was reduced with  
DKK 4.5 million compared to 2023.  
88%  
Germany  
Result  
2024 depreciation and financial expenses came to DKK 3.1 million and DKK 1.3 million, respectively. With no tax this  
brings the 2024 result to DKK -13.9 million compared to DKK -8.0 million in 2023.  
22  
 
Annual Report 2024  
Financial Overview  
Balance sheet  
Working capital at 31. December 2024  
The group's equity as of December 31, 2024 amounted to DKK 15.2 million compared to DKK 29.1 end 2023 million.  
The group's interest-bearing debt as of December 31, 2024, amounted to DKK 15.7 million compared to DKK 19.4  
million end December 2023. The development in interest-bearing debt is the result of a normal debt repayment  
throughout the year. During the year DKK 3.0 million of the loans were converted to an overdraft facility.  
5.163  
7.603  
Cash flow statement  
4.384  
The group's net cash flow in 2024 were DKK -10.9 million compared to DKK 1.9 million in 2023. The difference is  
driven by cash flow from operating activities has improved by DKK 10.6 million from DKK -13.8 million in 2023 to DKK  
-3.2 million in 2024 and a capital increase of DKK 25.5 million in 2023.  
-4.113  
6.132  
-4.749  
12.987  
The operating cash flows before changes in working capital amounted to DKK -6.6 million in 2024 compared to DKK -  
4.5 million in 2023.  
13.773  
Working capital  
Working capital amounted to DKK 13.0 million at the end of 2024 compared to DKK 16.3 million end of 2023. This  
development can largely be attributed to the lower activity level, which is reflected in an inventory balance that was  
DKK 5.5 million lower at the end of 2024 compared to end 2023, contract assets that are 5.5 million lower in 2024  
compared to 2023 and trade payables that are DKK 4.7 million lower in 2024 compared to 2023. The decreased  
capital allocation to inventories and contract assets combined with a drop-in account receivables, prepayments and  
other liabilities, lowers the working capital by 3.3 million.  
Inventories  
Contract assets  
Account  
Other receivables Trade payables  
Prepayments  
from customers  
Other liabilities  
Working capital  
receivables  
Working capital at 31. December 2023  
2.837  
4.520  
-12.498  
Cash flow from investing  
Cash flow from investing activities amounted to DKK -3.3 million in 2024 compared to DKK -4.5 million in 2023,  
primarily consisting of investments in development projects and fixed assets. For further information on  
development projects, please refer to note 14 to the consolidated financial statements.  
-3.934  
11.628  
-5.580  
-9.910  
-3.929  
-7.553  
16.284  
Cash flow from financing  
Cash flow from financing activities in 2024 amounted to DKK -4.4 million compared to DKK 20.3 million in 2023. In  
2023 two capital increases totaling DKK 25.5 million took place. In 2024 DKK 3.7 million of debt was repaid and there  
was a decrease in lease liabilities of DKK 0.7 million.  
19.306  
Inventories  
Contract assets  
Account  
receivables  
Other receivables Trade payables  
Prepayments  
from customers  
Other liabilities  
Working capital  
23  
 
Annual Report 2024  
Financial Overview  
Impairment of equity interests in investments in the parent company  
During the financial year, an impairment of equity interests in investments of DKK 160.1 million was made based on  
an impairment test. See note 6 in the parent company accounts.  
complaint than expected including that the solar panel supplier does supply replacement solar panels as  
compensation for failing solar panels or a combination thereof indicates that material uncertainty exists that may  
cast significant doubt on the group’s ability to continue as a going concern.  
Material uncertainty related to going concern  
The consolidated financial statements have been prepared on a going concern basis, which assumes that the Group  
will be able to discharge its liabilities as they become due.  
See note 5 for information about cost of goods, note 21 for information about failing solar panels, note 23 and 26 for  
information about the rescheduled loans, note for 26 for information financials risks and note 31 for information  
about the new loans.  
The Group has recognized a loss for the year of DKK -13,889 thousand the year ended 31 December 2024 and, as at  
that date, current assets exceeds current liabilities by DKK 11,343 thousand. The equity amount to DKK 15,238 at  
December 31, 2024. A loan amounting to DKK 3,061 thousands at 31 December 2024 has been breached. The lender  
has subsequently waived the covenants.  
Subsequent events  
In March 2025 Ennogie Solar Group took out loans for DKK 5,000 thousands from a number of lenders with the aim  
of securing liquidity for ongoing operations. Strategic Investments A/S and Trailblaze A/S were among the lenders.  
The companies, which are major shareholders in Ennogie Solar Group, provided loans of DKK 2,500 thousands and  
DKK 500 thousands respectively. Chairman of the Board Kim Haugstrup Mikkelsen is the major shareholder in  
Strategic Investments A/S through 100% ownership of Strategic Capital ApS, while Sales Director Lars Brøndum  
Petersen owns 100% of Trailblaze A/S.  
Management has taken actions to secure the necessary liquidity for 2025. Interest bearing loans amounting to DKK  
15,683 thousands on December 31, 2024 were rescheduled in March 2025 in order to postpone installments until  
February 2026 improving liquidity – see note 23 and 31 for details. New loans totalling DKK 5,000 thousand were  
entered in March 2025 – see note 32 details. Management anticipates that the new loans will be converted to shares  
and an additional capital increase of DKK 4,000 thousands from issue of new shares no later than following the Q3  
report in November 2025.  
The loans bear interest at 10% p.a. and remain without installments until maturity on 30 April 2026, after which the  
company must repay the loans including interest. It is the intention of the Board of Directors to request  
authorization to make the loans convertible at the Annual General Meeting on April 30, 2025. It is further the  
intention of the Board of Directors that the loans should be convertible for a period of at least 20 days, starting on  
the date of publication of the company’s Q3 report for 2025. The conversion price will be determined by the Board  
of Directors in accordance with any authorization from the General Meeting and will be a price that at least  
corresponds to the market price of the company's shares at the time of the decision  
Management has prepared a budget for 2025 including consolidated income statement, balance sheet and cash flow  
statement. The budget shows that the Group will be able to pay its liabilities as they become due. The main  
assumptions in the budget are:  
•
Revenue is expected to grow by 17-33% in 2025 compared to 2024. This is based on an order book at the end of  
2024 of DKK 20,000 thousand and an increase in incoming orders compared to 2024.  
•
•
No major changes in market conditions.  
Ennogie ApS has three loans with variable interest rates with Kompasbank and EIFO with a total value of DKK 15,482  
thousands at 31 December, 2024. The interest rates were 8.4%, 8.6% and 7.9% as of March 2025, respectively. In  
addition, Ennogie ApS has an overdraft facility with a variable interest rate with Kompasbank. The interest rate as of  
March 2025 was 8.6%. The loans were rescheduled in March 2025 in order to postpone installments until February  
2026. Installments in 2025 amount to DKK 1,260 thousands and expected interest payments in 2025 amount to  
approximately DKK 1,400 thousands. DKK 600 thousands of the installment is funded by an increase in the overdraft  
facility. The repayment schedule was extended one year for two of the loans.  
The 2025 gross margin is on the similar level to the H2 2024 gross margin when subtracting cost for rectifying  
customer complaints due to failing solar panels.  
•
•
Ennogie has succeeded in lowering personnel costs and other expenses significantly in the second half of 2024  
from H1 2024 and 2023. The lower cost level is expected to be maintained in 2025.  
The cost of rectifying customer complaints does not deviate material from the provision made for rectifying the  
2024 complaint that are to be rectified in 2025 including the importance of the supplier of solar panels complying  
with its obligations in relation to the delivery of replacement panels for defective panels.  
Capital increase of DKK 9,000 thousands no later than following the release of the Q3 2025 report consisting of  
DKK 4,000 thousands in cash payment and DKK 5,000 thousands debt conversion into shares as stated in note 31.  
Successfully re-negotiation of Kompasbank overdraft facility of DKK 3,600 thousand in November 2025.  
•
•
The EIFO loan agreement contains financial covenants that have been breached in 2024. The lender has subsequent  
waived the covenants. The financial covenants are also expected to be breached in 2025. See note 26 for information  
about covenants.  
With a negative deviation in revenue of outside the guided interval of DKK 62,000 – 55,000 thousands, a negative  
deviation from the budgeted gross margin, higher expenses than budgeted, higher cost for rectifying costumer  
Ringkjøbing Landbobank has terminated the overdraft facility of DKK 1,000 thousand by 13 June 2025.  
24  
 
Annual Report 2024  
Financial Outlook  
A turnover in the range of DKK 55 to 62 million and a profit before depreciation and amortization (EBITDA) in the  
range of DKK 0 to 2m is expected for 2025.  
Assumptions for 2025 financial outlook  
The financial outlook for 2025 are based on a number of assumptions. The management assesses that the most  
significant prerequisites relate to the following:  
Skift foto  
1. Revenue is expected to grow by 17-33% in 2025 compared to 2024. This is based on an order book at the end of  
2024 of DKK 20m and an increase in incoming orders compared to 2024. Individual orders and the timing of this,  
particularly within the B2B segment, can have a major both positive and negative influence on order intake and  
turnover.  
2. Changes in market conditions, especially related to the development of interest rates, the price of electricity, the  
price of and access to tradesmen and framework conditions, may have an impact on order intake in 2025.  
3. The 2024 gross margin of 35.2% is significantly higher than the gross margin in 2023 at 27.6%. The solid  
improvement is driven by a greater focus on achieving higher margins in the sales process and lowering  
production costs for the solar roof solution. It is expected that the 2025 gross margin is on the similar level to  
the 2024 gross margin when subtracting cost for rectifying customer complaints due to failing solar panels.  
4. Ennogie has succeeded in lowering personnel costs and other expenses significantly in the second half of 2024  
from the first half of 2024 and 2023. The lower cost level is expected to be maintained in 2025.  
5. A number of complaints were received from customers during 2024 due to lower power production from the  
customers’ roof than expected effected gross profit negatively. Some of the complaints were rectified in 2024  
and the rest will be rectified in 2025. Part of the costs for replacing failing solar panels are recovered from  
Ennogie’s solar panel supplier and insurance companies. The net cost for Ennogie in 2024 was DKK 1.9 million of  
which DKK 0.5 million relates to replacements for 2024 complaints to be made in 2025. In addition, a provision  
of DKK 1.0 million was made to account for any future unknown customer complaints. Deviations from assumed  
number of replacements and cost of replacement can have both positive and negative influence on the result. In  
addition, an important prerequisite is that the solar panel supplier complies with its obligations and delivers the  
required replacement panels.  
25  
 
Annual Report 2024  
Key Financial Indicators  
2024  
2023  
2022  
2021  
2020  
Profit n' Loss, DKK '000  
Revenue  
46.182  
98.775  
27.229  
61.116  
15.739  
16.554  
Gross profit  
16.278  
(9.473)  
15.394  
(7.893)  
2.569  
(46.615)  
(48.789)  
(448)  
5.016  
(2.527)  
(4.795)  
(389)  
Operating result bef. depreciations and amortizations (EBITDA)  
(2.741)  
(6.164)  
(1.810)  
(7.974)  
Operating result (EBIT)  
Financial items net  
Result  
(12.608)  
(1.281)  
(10.175)  
(1.543)  
(13.889)  
(11.705)  
(49.236)  
(5.168)  
Balance, DKK '000  
Total assets  
52.565  
15.162  
12.985  
805  
73.190  
29.064  
16.284  
3.367  
57.258  
11.925  
6.978  
829  
39.796  
15.001  
(2.969)  
382  
20.027  
3.989  
Equity  
Working capital  
Investment in tangible assets  
(3.615)  
1.830  
KPI's  
Gross margin, %  
35,2%  
-20,5%  
(0,44)  
(0,45)  
31.360  
29%  
27,6%  
-2,8%  
(0,28)  
(0,25)  
31.360  
40%  
25,2%  
-12,9%  
(0,43)  
(0,38)  
27.784  
21%  
16,3%  
-296,2%  
(2,20)  
(1,83)  
26.250  
38%  
30,3%  
-15,3%  
(0,25)  
(0,21)  
20.625  
20%  
EBITDA, %  
Earnings per share, DKK  
Earnings per share, diluted DKK  
Circulating number of shares at the end of the period, 1,000 units  
Solvency ratio  
Liquidity ratio  
136%  
201%  
169%  
154%  
88%  
2024  
2023  
2022  
2021  
2020  
CSR  
Average full-time employees  
Number  
33  
9
44  
9
32  
9
21  
6
15  
-
Cultural diversity for all employees  
Gender diversity for all employees  
Gender diversity for group management  
Number of nationalities  
Percentage of women  
Percentage of women  
23%  
0%  
23%  
0%  
24%  
33%  
16%  
0%  
-
0%  
Work-related accidents with at least one day of absence  
Number  
0
0
3
0
-
Governance - Responsible Leadership  
Gender diversity on the board of directors  
Percentage of women  
25%  
25%  
40%  
0%  
0%  
26  
 
Annual Report 2024  
Consolidated  
Financial Statements  
27  
 
Annual Report 2024  
Consolidated financial statements  
Primary Statements  
Notes  
Statement of comprehensive income  
Balance sheet  
29  
30  
1. Material uncertainty related to going concern  
2. Key accounting estimates and judgements  
Equity statement  
Cash flow statement  
31  
32  
3. Segment information  
4. Revenue / Revenue over time  
5. Cost of goods sold  
6. Fees to independent auditor  
7. Staff cost  
8. Share-based compensation  
9. Other operating income  
10. Financial income  
11. Financial expenses  
12. Taxes  
13. Earnings per share  
14. Intangible assets  
15. Tangible assets  
16. Other financial assets  
17. Inventories  
18. Accounts receivables  
19. Other receivables  
20. Treasury shares  
21. Provisions  
22. Expected contractual cash flows for lease liabilities  
23. Expected contractual cash flows for interest-bearing debt  
24. Change in debt  
25. Deferred income  
26. Financial risks and financial instruments  
27. Contractual obligations and contingent liabilities  
28. Pledges and collateral  
29. Related parties  
30. Company overview  
31. Subsequent events  
32. Material accounting policies  
33. Definition of Key Figures and KPI’s  
34. New accounting policies and disclosures effective in 2024 or later  
28  
 
Annual Report 2024  
Statement of comprehensive income  
DKK '000  
Note  
2024  
2023  
98.775
(71.545)
27.229
3,4  
5
Revenue  
Cost of goods sold  
Gros s profit  
46.182
(29.904)
16.278
Work performed by the entity and capitalized  
Other external expenses  
Staff cost  
Other operating income  
1.623
(10.871)
(18.309)
1.805
2.442
(13.559)
(20.203)
1.350
6
7,8  
9
Earnings before interes t, tax, depreciation and amortization (EBITDA)  
(9.473)
(2.741)
14,15  
Depreciation and amortization  
(3.135)
(3.423)
Profit/los s before financial items and tax (EBIT)  
(12.608)
(6.164)
10  
11  
Financial income  
Financial expenses  
Profit/los s before tax  
0
(1.281)
(13.889)
44
(1.854)
(7.974)
12  
Corporation tax for the year  
0
0
Profit/los s for the year  
(13.889)
(7.974)
Other comprehens ive income  
Items that are or may be reclas s ified s ubs equently to profit or los s  
Currency adjustment foreign entities  
(14)
(14)
Comprehens ive income for the year  
(13.902)
(7.987)
13  
13  
Earnings per share, DKK  
Earnings per share, diluted, DKK  
(0,44)
(0,44)
(0,28)
(0,25)
29  
 
Annual Report 2024  
Balance sheet  
DKK '000  
Note  
2024  
2023  
DKK '000  
Note  
2024  
2023  
Intangible assets  
Tangible assets  
Deposits  
14  
16.785
15.603
Share capital  
31.360  
31.360  
15  
1.835
201
2.626
201
Tresury shares  
Currency adjustments  
Retained earnings  
Equity  
20  
(561)  
(30)  
(561)  
(16)  
Other financial assets  
Non-current assets  
16  
2.162
20.982
2.629
21.060
(15.607)  
15.162
(1.719)  
29.064
Inventories  
17  
13.773
19.306
Provisions  
21  
22  
23  
3.786
459
603
1.015
Lease liabilities  
Other borrowings  
Prepayments  
Accounts receivable  
Contract assets  
Other receivables  
Prepayments  
18  
4
4.384
6.132
4.120
1.043
15.678
4.520
11.628
2.165
671
8.651  
1.267
14.164  
14.652  
1.895
Non-current liabilities  
18.165  
19  
Receivables  
18.985
Other borrrowings  
Bank debts, incl. overdraft facility  
Lease liabilities  
23  
23  
22  
4
4.003  
3.029  
1.010
4.113  
7.603
2.855  
627  
4.396  
307  
Cash & cash equivalents  
Current assets  
2.132
31.583
52.565
13.840
52.131
73.190
1.147
5.580  
12.498
1.392  
642  
Prepayments from customers  
Trade payables  
Total assets  
Other liabilities  
Deferred income  
25  
Current liabilities  
23.240  
37.404
52.565  
25.961  
44.126
73.190  
Total liabilities  
Total equity and liabilities  
30  
 
Annual Report 2024  
Equity Statement  
Treasury  
shares  
Currency  
Retained  
earnings  
adjustments  
Amounts in DKK '000  
Share capital  
31.360
Total  
Equity at 1 January 2024  
(561)
(16)
(1.719)
29.064
Result for the period  
0
0
0
0
0
(14)
(30)
(30)
(13.889)
0
(13.889)
(14)
Other comprehensive income  
Total comprehensive income  
Equity at 31 December 2024  
(15.607)
(15.607)
(13.902)
15.162
31.360
(561)
Treasury  
shares  
Currency  
adjustments  
Retained  
earnings  
Amounts in DKK '000  
Share capital  
27.784
Total  
Equity at 1 January 2023  
(561)
(2)
(15.296)
11.925
Result for the period  
0
0
0
0
0
(14)
(16)
0
(7.987)
34
(7.987)  
20
Other comprehensive income  
Total comprehensive income  
Capital increase  
(23.249)
21.598
(67)
3.958  
25.173
(67)
3.575
0
0
Share-based payments  
Cancellation of warrants  
Equity at 31 December 2023  
0
0
0
0
0
0
0
31.360
(561)
(16)
(1.719)
29.064
The company's share capital is nominally DKK 31,359,652. The share capital is fully paid up. The company's shares are issued in units of DKK 1.00. Each share  
amount of DKK 1.00 gives one vote at general meetings of the company. No shares have special rights in the company. No new shares were issued in 2024.  
31  
 
Annual Report 2024  
Cash flow statement  
DKK '000  
2024  
2023  
Profit of the year  
(13.889)
(7.987)  
Depreciation, amortization and impairment  
Net finance costs  
3.135
1.281
88
3.423
1.854
Share-based payments  
(138)
Operating cash flow before changes in working capital  
(9.385)
(2.849)
- Change in inventories  
5.533
5.633
(3.663)
(5.339)
(913)
- Change in receivables  
- Change in other receivables  
- Change in trade payables, etc.  
- Change in prepayments from customers  
- Change in other liabilities  
- Change in provision  
(2.326)
(4.895)
(1.467)
821
8.564
(4.331)
(3.640)
163
3.183
Cash flow from operating activities  
(2.904)
(12.007)
Interests paid  
(1.323)
(1.854)
Net cash flow from operations  
(4.226)
(13.861)
Acquisition of property, plant and equipment  
Investment in intangible assets  
Change in financial assets  
(805)
(2.719)
391
(358)
(3.611)
(572)
Cash flow from investments  
(3.132)
(4.541)
Free cash flow  
(7.359)
(18.402)
Proceeds from capital increase  
Proceeds from borrowings  
Repayment of borrowings  
0
0
25.490
(215)
(3.672)
(693)
(4.365)
(3.574)
(1.414)
20.287
Change in leasing liabilities  
Cash flow from financing activities  
Net cash flow for the period  
(11.724)
1.885
Cash and cash equivalent at the beginning of the period  
Exchange rate adjustments on cash  
13.840
16
11.966
(12)
Net cash flow for the period  
(11.724)
2.132
1.885
13.840
Cash and cash equivalent at the end of the period  
32  
 
Annual Report 2024  
Notes to the consolidated financial statements  
1. Material uncertainty related to going concern  
The consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will be able to  
discharge its liabilities as they become due.  
The Group has recognized a loss for the year of DKK -13,889 thousand the year ended 31 December 2024 and, as at that date,  
current assets exceeds current liabilities by DKK 11,343 thousand. The equity amount to DKK 15,238 at December 31, 2024. A loan  
amounting to DKK 3,061 thousands at 31 December 2024 has been breached. The lender has subsequently waived the covenants.  
Management has taken actions to secure the necessary liquidity for 2025. Interest bearing loans amounting to DKK 15,683  
thousands on December 31, 2024 were rescheduled in March 2025 in order to postpone installments until February 2026 improving  
liquidity – see note 23 and 31 for details. New loans totalling DKK 5,000 thousand were entered in March 2025 – see note 32 details.  
Management anticipates that the new loans will be converted to shares and an additional capital increase of DKK 4,000 thousands  
from issue of new shares no later than following the Q3 report in November 2025.  
Management has prepared a budget for 2025 including consolidated income statement, balance sheet and cash flow statement.  
The budget shows that the Group will be able to pay its liabilities as they become due. The main assumptions in the budget are:  
•
Revenue is expected to grow by 17-33% in 2025 compared to 2024. This is based on an order book at the end of 2024 of DKK  
20,000 thousand and an increase in incoming orders compared to 2024.  
•
No major changes in market conditions.  
•
The 2025 gross margin is on the similar level to the H2 2024 gross margin when subtracting cost for rectifying customer  
complaints due to failing solar panels.  
•
Ennogie has succeeded in lowering personnel costs and other expenses significantly in the second half of 2024 from H1 2024  
and 2023. The lower cost level is expected to be maintained in 2025.  
•
The cost of rectifying customer complaints does not deviate material from the provision made for rectifying the 2024 complaint  
that are to be rectified in 2025 including the importance of the supplier of solar panels complying with its obligations in relation  
to the delivery of replacement panels for defective panels.  
•
Capital increase of DKK 9,000 thousands following the release of the Q3 2025 report consisting of DKK 4,000 thousands in cash  
payment and DKK 5,000 thousands debt conversion into shares as stated in note 31.  
•
Successfully re-negotiation of Kompasbank overdraft facility of DKK 3,600 thousand in November 2025.  
With a negative deviation in revenue of outside the guided interval of DKK 62,000 – 55,000 thousands, a negative deviation from the  
budgeted gross margin, higher expenses than budgeted, higher cost for rectifying costumer complaint than expected including that  
the solar panel supplier does supply replacement solar panels as compensation for failing solar panels or a combination thereof  
indicates that material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.  
See note 5 for information about cost of goods, note 21 for information about failing solar panels, note 23 and 26 for information  
about the rescheduled loans, note for 26 for information financials risks and note 31 for information about the new loans.  
33  
 
Annual Report 2024  
Notes to the consolidated financial statements  
2. Key accounting estimates and judgements  
Deferred tax assets:  
The estimation uncertainty relates to the Group having a significant unrecognized tax assets, primarily relating to tax loss carry  
forwards and losses in the Group's Danish companies.  
The deferred tax assets are not recognized as of 31 December, 2024 due to uncertainty with respect to utilization within a  
foreseeable future. See note 12 for details.  
In the preparation of the Group’s consolidated financial statements management is required to make judgements, estimates and  
assumptions that effect the reported amounts of revenue, expenses, assets and liabilities, the accompanying disclosures, and the  
disclosures of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a  
material adjustment to the carrying amount of assets or liabilities affected in future periods.  
Accounting estimates and the assumptions are continuously reassessed. Changes to made accounting estimates are recognized in  
the accounting period in which the change occurs, and in future accounting periods if the change affects both the current and  
future accounting periods.  
The accounting estimates and assessments that management considers significant for the preparation and understanding of the  
consolidated financial statements are described in more detail in the following section.  
Impairment test of intangible assets:  
The estimation uncertainty relates to the valuation of the group’s capitalized costs for product development projects. Initial  
capitalization of costs is based on management’s judgement that technological and economic feasibility is confirmed, usually when  
a product has reached a defined milestone according to an established project management model. In determining the amount to  
be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be  
applied and the expected period of benefits. At 31 December, 2024, the carrying amount of capitalized development cost was TDKK  
16.785. See note 14 for details.  
Material uncertainty to going concern  
The estimation uncertainty relates to the budget for 2025 including projected cash flow, which is based on a number of assumptions  
and actions taken in March 2025. See note 1 and 31 for details.  
Net realisable value of inventory:  
The estimation uncertainty relates to the provision for inventories as is based on the expected sales for the individual types of  
product and components on inventory. See note 17 for details.  
Inventory includes passive panels and replacement panels amounting to DKK 1,106 thousands. Refer to note 21 for warranty  
provisions.  
Warranty provision:  
The estimation uncertainty relates to a warranty provision for customer claims received in 2024 and a general provision for claims  
not received yet.  
A provision is recognized for the customer claims received in 2024 to be rectified in 2025. The provision is calculated using an  
estimated replacement cost and failure rates based on the experience from 2024 as well as management expectations. In addition,  
a general provision is recognized for expected future warranty claims on products sold. This is based on estimated replacement cost  
and historical failure rates as well as management estimates.  
In the estimate it is a significant assumption that the solar panel supplier complies with its obligations in relation to the delivery of  
replacement panels for identified defective panels and that defective panels can be used as passive panels in future installations. In  
addition, it is assumed that the insurance companies will continue to cover the installation cost.  
See note 21 for details.  
Provision for bad debts (IFRS 9):  
The estimation uncertainty relates to the provision for bad debt. When estimating the level of receivables that in the future is  
expected not to be collected we take the following information into account; historical losses on receivables, ageing of the  
receivables, access to payment securities and possibilities to off-set assets against claims. When making the assessment we also  
evaluate the expected development in macro-economic and political environments that could impact the recoverability.  
We have made estimates of our expectation to the future losses on receivables by applying a consistent methodology. The  
calculation of expected credit losses (ECL) incorporate forward looking estimates. These estimates are mainly based on historical  
experience on losses and adjusted to reflect the current situation. See note 18 for details.  
Other receivables:  
The estimation uncertainty relates to the estimation of receivables with the group’s the solar panel as well as the estimated value of  
solar panels returned when rectifying customer claims. The uncertainty arises from the estimation of number of solar panel failures.  
Other receivables should be evaluated in conjunction with warranty provision.  
34  
 
Annual Report 2024  
Notes to the consolidated financial statements  
3. Segment information
The group only has one operating segment as it only sells solar roof and associated products and services. The group operated in  
both Denmark and Germany but the two market have the same characteristic, hence, management do not separate the two market  
when making decisions. Moreover, all decisions and ongoing management monitoring are based on consolidated figures.  
The group has no customers that account for more than 10% of revenue, 10% of reported loss or 10% of combined assets.  
)  
The following overview provides information about contract assets and prepayments from customers, distributed across balances  
related to contracts delivered over time and at a specific point in time.  
Contract assets relate to the group's right to receive payment for goods and services delivered but not yet invoiced as of the balance  
sheet date. Contract assets are transferred to accounts receivable from sales and services when the group invoices the customer.  
The group's contracts typically involve a prepayment upon contract inception as well as payment upon delivery. Advance payments  
received are recognized as revenue when the group's obligations related to the sold goods or services are fulfilled. An amount of  
DKK 5,580 thousand recognized as prepayments as of 31 December, 2023, has been recognized as revenue in 2024. Management  
expects that the full amount recognized as prepayments as of 31 December, 2024, of DKK 4,113 thousand, will be recognized as  
revenue during 2025.  
4. Revenue / Revenue over time  
Ennogie generates revenue from the sale of integrated solar roofs, battery solutions and their installation. The customers primarily  
consist of individuals, installation businesses, and contractors. The price for a solar roof is fixed, however, minor deviations may  
arise as the customers roof normally is not ready for installation of the solar roof at the time that the agreement is entered. Hence,  
minor deviations will arise once the final roof measurement and packaging list are completed.  
Normally the customer makes a prepayment at the time of sales agreement, another payment once the delivery takes place and a  
final payment once the roof is installed and connected to the grid. Private individuals are required to prepay whereas installer and  
contractors may get credit.  
5. Cost of goods sold
35  
Geographical information  
Amounts in DKK '000  
2024  
2023  
Revenue, geographical s egments  
Denmark  
5.586  
25.786  
Germany  
40.474  
72.990  
Other  
122  
(
0
Total revenue  
46.182  
98.775  
Non-current as s ets , geographical s egments  
Denmark  
19.229  
18.803  
Germany  
1.829  
2.257  
Total non-current as s ets  
21.058  
21.060  
Amounts in DKK '000  
2024  
2023  
Revenue types  
Contract base revenue  
46.182  
98.775  
Total revenue  
46.182  
98.775  
Timing of revenue recognition  
At a point in time  
44.136  
86.764  
Over time  
2.046  
12.011  
Revenue from contracts with cus
tomers  
46.182  
98.775  
Amounts in DKK '000  
2024  
2023  
Contract balances  
Contract assets  
6.132  
11.628  
Prepayments from customers  
(4.113)  
(5.580)  
To tal  
2.019  
6.048  
Amounts in DKK '000  
2024  
2023  
Change in inventories of
finished goods and work in progress  
(5.533)  
3.663  
Raw material and consumable used  
35.436  
67.882  
To tal  
29.904  
71.545  
 
Annual Report 2024  
Notes to the consolidated financial statements  
6. Fees to independent auditor  
7. Staff cost  
KPMG is the general meeting-elected auditor for Ennogie Solar Group A/S. KPMG audits the consolidated financial statements as  
well as other financial statements of the group's subsidiaries subject to audit. In addition, KPMG has conducted other assurance  
engagements.  
Amounts in DKK '000  
2024  
2023  
Salary  
15.956  
17.879  
Share-based compensation  
88  
(138)  
Contribution-based pension schemes  
272  
446  
Other social security expenses  
1.993  
2.016  
Total s taff cos t  
18.309  
20.203  
Ave rage
numbe r of e mploye e s  
33  
44  
Remuneration for Executive Management:  
Salary  
2.931  
1.654  
Share-based compensation  
0
0
Executive management  
2.931  
1.654  
Remuneration key managent personnel:  
Salary  
0
1.303  
Contribution-based pension schemes  
0
0
Share-based compensation  
0
0
Ke y
manag e me nt pe rs o nne l  
0
1.303  
Board remuneration  
113  
294  
Share-based compensation  
0
0
Board remuneration  
113  
294  
Total  
3.044  
3.251  
The remuneration of the board and management is carried out in accordance with Ennogie Solar Group A/S' remuneration policy.  
36  
Amounts in DKK '000  
2024  
2023  
Statutory audit  
713  
587  
Other assurance engagements  
0
16  
Other services  
0
13  
Total fee to auditor  
713  
616  
 
Annual Report 2024  
Notes to the consolidated financial statements  
8. Share-based compensation  
On 30 September, 2022, the group established a warrant program for the group’s board of directors, key management personnel,  
and employees. Under this program, warrant holders can exercise vested warrants at a price equal to the market value at the time  
of grant plus 15%. The vesting period for the granted warrants is 6 months for the Board of Directors, between 36 and 24 months for  
key management personnel, and 36 months for employees. If the warrant holder leaves the group during the vesting period, the  
granted warrants are forfeited.  
The condition for being granted warrants as an employee was that the employee had been employed one year before Ennogie ApS  
was acquired by Ennogie Solar Group on November 11, 2021. Warrants was granted to board and management members as part of  
the compensation policy.  
In 2023 69% of the warrants from the 2022 program has been forfeited. As some of the vested shares was forfeited in 2023 the  
impact ends up as a profit in 2023.  
No warrants were allocated in 2024.  
Ennogie ApS, a subsidiary of Ennogie Solar Group A/S, established a warrant program for shareholders as well as members of the  
board and management in December 2019. The program included 60,000 warrants, of which 39,663 warrants were exercised in  
December 2023 and immediately exchanged for shares in Ennogie Solar Group A/S at an exchange ratio of 1:75. Warrants granted in  
December 2019 are converted using this exchange ratio in the table below. There will be no warrants programs in Ennogie ApS in  
the future.  
24  
a s
The fair value of the warrant program is recognized as staff cost over the vesting period.  
Based on a Black-Scholes option calculation the value of a warrant is DKK 0. At the establishment of the warrant program the value  
of a warrant was DKK 3.05.  
The number of fully vested warrants as of 31 December, 2024, amounts to 186,505 (31 December, 2023: 186,505).  
The exercise of warrants granted in September 2022 can occur during open subscription windows, which run for 14 days after the  
publication of full-year or interim financial reports.  
37  
Weighted average  
Outs tanding
warrants  
exercise price  
Ve s ting
pe riod  
Exercise period  
2024  
2023  
From Sep-22 to  
From Sep-25 to  
Warrants granted Sep-22  
25,88  
Aug-25  
Dec-26  
186.505  
186.505  
Outs tanding
as of
December 31s t  
186.505  
186.505  
Board of  
Executive  
Other  
Number of warrants  
directors  
management  
Staff  
s hareholder  
To tal  
Outs tanding
as of
01.01.2022  
918.750  
375.000  
112.500  
3.093.750  
4.500.000  
Alloca te d
2022  
282.943  
175.000  
181.250  
0
639.193  
Exercised 2022  
(393.750)  
0
(37.500)  
(1.103.100)  
(1.534.350)  
Outs tanding
as of
31.12.22  
807.943  
550.000  
256.250  
1.990.650  
3.604.843  
Transferred 2023  
(293.175)  
(281.475)  
(46.875)  
621.525  
0
Forfeited 2023  
(188.628)  
(175.000)  
(80.000)  
0
(443.628)  
Exercised 2023  
(231.825)  
(93.525)  
(37.185)  
(2.612.175)  
(2.974.710)  
Outs tanding
as of
31.12.2023  
94.315  
0
92.190  
0
186.505  
Alloca te d
/ Exe
rcis e d
2
0
0
0
0
0
0
Outs tanding
as of
31.12.2024  
94.315  
0
92.190  
0
186.505  
2024  
2023  
Ave ra ge
re ma ining
ma turity
of outs ta nding
wa rra nts
of De ce mbe r 31s t (ye a rs )  
1,0  
2,0  
Exercise price of
outstanding warrants as of December 31st (DKK)  
25,88  
25,88  
 
Annual Report 2024  
Notes to the consolidated financial statements  
9. Other operating income  
11. Financial expenses  
10. Financial income  
38  
Amounts in DKK '000  
2024  
2023  
Public grants  
1.092  
789  
Refunds  
714  
561  
Total other operating
1.806  
1.350  
Amounts in DKK '000  
2024  
2023  
Other financial income  
0
44  
To tal
financ ial
inc o me  
0
44  
Amounts in DKK '000  
2024  
2023  
Interest expenses  
749  
1.039  
Interest expenses on lease obligations  
42  
40  
Foreign Exchange loss  
income  
79  
343  
Other financial expenses  
411  
432  
Total financial expens es  
1.281  
1.854  
 
Annual Report 2024  
Notes to the consolidated financial statements  
12. Taxes  
13. Earnings per share  
23  
54.483  
The deferred tax assets of DKK 57,617 thousands are not recognized as of 31 December 2024 due to material uncertainty with  
respect to utilization within a foreseeable future (3-5 years)  
39  
Reconciliation of the effective tax rate  
DKK '000  
2024  
2023  
Result before tax  
(13.889)  
(7.974)  
Calculated tax at danish tax rate  
22,0
%  
(3.055)  
22,0
%  
(1.754)  
The effect of differences in tax rates for foreign enterprises  
2,3
2,9
(318)  
(231)  
%  
%  
Unrecognized tax assets  
-24,3
-24,9
%  
3.373  
%  
1.986  
Corporation tax for the year  
0,0
0,0
%  
0
%  
0
Unrecognized tax assets  
Amounts in DKK '000  
2024  
20
The value of unrecognized tax assets  
57.617  
2024  
2023  
Average number of shares  
31.359.652  
28.336.314  
Average number of treasury shares  
(10.453)  
(10.453)  
Average number of circulated shares  
31.349.199  
28.325.861  
Average number of outstanding warrants  
186.505  
3.259.377  
Average number of circulated shares, diluted  
31.535.704  
31.585.237  
Result (DKK '000)  
(13.889)  
(7.974)  
Earning per share, DKK  
(0,44)  
(0,28)  
Earning per share, diluted, DKK  
(0,45)  
(0,25)  
 
Annual Report 2024  
Notes to the consolidated financial statements  
14. Intangible assets  
Completed development projects  
Consists of internally developed solar roof modules and other components related to the solar roof solutions.  
An impairment test of the completed development projects has been performed, A five years (2025-2029)  
discounted cash flow model was used. The revenue was modelled based on the 2025 budget and a  
development in revenue based on  
a
market report for the BIPV industry and management’s own  
expectorations for growth in the five year period. The WACC was based on a capital structure similar to  
European suppliers of building components. The cost of debt was similar to the interest rate on Ennogie’s  
current loans and the cost of equity rate incorporates a risk premium in order to reflect uncertainties as to the  
revenue growth rate in the first five years. The used WACC was 13.3%. As of the end of 2024 the value of the  
assets has a higher value than the value of the completed development project of DKK 3.1 million.  
Development projects in progress  
Includes the development of a battery, a SmartMeter solution compatible with Ennogie's solar roof and a new  
solar roof solution. Development costs primarily comprise development hours from internal and external  
development resources.  
An impairment test of the completed development projects in progress has been performed, A five years  
(2025-2029) discounted cash flow model was used. The revenue was modelled based on the 2025 budget and  
a development in revenue based on a market report for the BIPV industry and management’s own  
expectorations for growth in the five year period. The WACC was based on a capital structure similar to  
European suppliers of building components. The cost of debt was similar to the interest rate on Ennogie’s  
current loans and the cost of equity rate incorporates a risk premium in order to reflect uncertainties as to the  
revenue growth rate in the first five years. The used WACC was 13.3%.
The value of future net cash flows from  
battery and the SmartMeter sales exceeds the recognized value of the development project.  
The impairment test is sensitive to changes in revenue and expected gross margin. Tests have been done to  
test the sensitity in the table below.  
Recognized yearly development costs include an amount of DKK 712 thousand (2023: DKK 514 thousand)  
related to capitalized borrowing costs, corresponding to an interest rate of 5.9%. In 2024, an amount of DKK  
149 thousand related to development projects has been expensed in the income statement.  
40  
2024  
Completed  
In ta n g ib le  
development  
Ac quire d  
as s ets
under  
DKK '000  
projects  
intangible as
s ets  
development  
To tal  
Cos t at 1 January  
15.359  
481  
10.920  
26.760  
Additions  
0
0
2.719  
2.719  
Cos t at 31 December  
15.359  
481  
13.639  
29.479  
Amortis ation at 1 January  
(10.702)  
0
(455)  
(11.157)  
Amortisa tion  
(1.536)  
0
0
(1.536)  
Amortis ation at 31 December  
(12.238)  
0
(455)  
(12.693)  
Carrying amount at 31 December  
3.121  
26  
13.639  
16.785  
2023  
Completed  
In ta n g ib le  
development  
Ac quire d  
as s ets
under  
DKK '000  
projects  
intangible as
s ets  
development  
To tal  
Cos t at 1 January  
15.359  
481  
7.309  
23.149  
Additions  
0
0
3.611  
3.611  
Cos t at 31 December  
15.359  
481  
10.920  
26.760  
Amortis ation at 1 January  
(9.166)  
0
(445)  
(9.611)  
Amortisa tion  
(1.536)  
(10)  
0
(1.546)  
Amortis ation at 31 December  
(10.702)  
0
(455)  
(11.157)  
Carrying amount at 31 December  
4.657  
26  
10.920  
15.603  
Reduction in forecasted revenue  
-50
%  
-25%  
0
%  
Book value, tDKK  
13,639  
13,639  
13,639  
Reduction in gross profit  
-50
%  
-25%  
0
%  
Book value, tDKK  
13,639  
13,639  
13,639  
 
Annual Report 2024  
Notes to the consolidated financial statements  
16. Other financial assets  
Other financial assets relate to deposited funds of DKK 2,162 thousand (2023: DKK 2,629  
thousand), pledged as security under sales agreements. The funds are restricted and are  
expected to be gradually released in line with the fulfillment of contractual obligation.  
41  
15.
Tangible
assets  
2024  
Operating  
equipment, fixtures  
Leasehold  
DKK '000  
and fittings  
improvements  
Right-of-use assets  
Total  
Cost at 1 January  
678  
210  
4.981  
5.869  
Additions  
0
0
805  
805  
Disposals  
0
0
(67)  
(67)  
Cost at 31 December  
678  
210  
5.719  
6.608  
Depreciation and impairment at 1 January  
(306)  
(104)  
(2.833)  
(3.243)  
Depreciation  
(91)  
(1)  
(1.507)  
(1.599)  
Disposals  
0
0
69  
69  
Depreciation and impairment at 31 December  
(397)  
(105)  
(4.271)  
(4.773)  
Carrying amount at 31 December  
281  
105  
1.448  
1.835  
2023  
Operating  
equipment, fixtures  
Leasehold  
and fittings  
improvements  
Right-of-use assets  
Total  
Cost at 1 January  
666  
239  
2.157  
3.062  
Other adjustments  
66  
(103)  
0
(37)  
Additions  
115  
243  
3.009  
3.367  
Dispposals  
0
(185)  
(338)  
(523)  
Cost at 31 December  
678  
210  
4.981  
5.869  
Depreciation and impairment at 1 January  
(272)  
(74)  
(1.595)  
(1.941)  
Other adjustments  
96  
0
(123)  
(27)  
Depreciation  
(130)  
(245)  
(1.423)  
(1.798)  
Disposals  
0
338  
185  
523  
Depreciation and impairment at 31 December  
(306)  
(104)  
(2.833)  
(3.243)  
Carrying amount at 31 December  
372  
106  
2.148  
2.626  
 
Annual Report 2024  
Notes to the consolidated financial statements  
17. Inventory  
An obsolescence assessment has been carried out on the inventory, which has lead to a write down to net realisable value of DKK  
384 thousands (2023: DKK 279 thousands).  
18. Accounts receivables  
Amounts in DKK '000  
2024  
2023  
Account receivables  
5.055  
5.323  
Provisions  
(671)  
(803)  
Account receivables - net  
4.384  
4.520  
Provision for losses are based on concrete assessments of the due date and other relevant information, including macro-economic  
conditions.  
19. Other receivables  
Other receivables include receivables with group’s the solar panel supplier arising from the supplier guaranteeing failing solar panel.  
The amount is DKK 1,991 thousands. The supplier will deliver replacement solar panels.  
42  
Amounts in DKK '000  
2024  
2023  
Raw materials  
6.486  
6.250  
Work in progress  
22  
0
Finished goods  
6.923  
6.041  
Goods in transit  
0
2.495  
Floating goods  
342  
4.520  
Total inventories  
13.773  
19.306  
Account receivables – aging  
Receivable  
Provision for  
DKK '000  
(Gross)  
losses  
Receivable (net)
Loss percentage  
31.12.2024  
Not due  
1.436  
(27)  
1,6
1.409  
%  
Due 1-30 days  
1.631  
(26)  
1,6
1.605  
%  
Due 31-60 days  
376  
337  
(40)  
10,6
%  
Due 61-90 days  
0
0
0
19,8
%  
Due 91-120 days  
117  
76  
(41)  
35,1
%  
Due more than 120 days  
1.494  
957  
(537)  
40,0
%  
Total  
5.055  
(671)  
13,3
%  
4.384  
31.12.2023  
Not due  
1.093  
(26)  
2,4
1.067  
%  
Due 1-30 days  
1.213  
(65)  
5,4
1.147  
%  
Due 31-60 days  
334  
307  
(26)  
7,9
%  
The realized loss on debtors amounts to DKK 89 thousands (2023:DKK 0 thousands).  
Due 61-90 days  
274  
238  
(36)  
13,1
%  
Due 91-120 days  
849  
584  
(265)  
31,3
%  
Due more than 120 days  
1.561  
(384)  
24,6
%  
1.177  
Total  
5.323  
(803)  
15,1
%  
4.520  
 
Annual Report 2024  
Notes to the consolidated financial statements  
20. Treasury shares  
22. Expected contractual cash flows for lease liability  
The holding of treasury shares includes the cost price of treasury shares in Ennogie Solar Group A/S. As of 31 December 2024, the  
company's holding of treasury shares consisted of 10,453 shares (31 December 2023: 10,453 shares). The shares has a nominal  
value of DKK 10,453 corresponding to 0.033% of the contributed capital.  
The market value of the company's holding of treasury shares amounted to DKK 82 thousand as of 31 December, 2024 (31  
December, 2023: DKK 171 thousand). The shares stem from the period before Ennogie became part of the group, and the board is  
considering whether the shares should be exchanged for liquidity or used for share-based compensation.  
The lease liability includes the group's lease contracts for offices and vehicles. The office leases are normal office lease with no  
specified end date but they can be terminated by both parties. It is not possible to extend leases for vehicles.  
In the calculation of the lease liability, a discount rate of 1.6% is used for office leases, corresponding to the mortgage interest rate  
at the inception of the leases. For vehicles, interest rates ranging from 0.4% to 4.5% are applied.  
Interest expenses related to lease liabilities are specified in note 11 financial expenses, and depreciation costs related to lease  
assets are specified in note 15 tangible assets.  
For payments related to entered lease contracts, refer to the cash flow statement. The group has chosen not to recognize lease  
assets with low value and short-term lease agreements on the balance sheet. Instead, lease payments for these lease agreements  
are recognized on a straight-line basis in the income statement.  
21. Provisions  
Ennogie sells solar modules with a 10 year product guarantee. During 2024 Ennogie received a number of customer complaints.  
Some of the customer complaints were rectified already in 2024 and in Q1 2025. The rest will be rectified in 2025. Part of the costs  
for replacing the failing solar panels are recovered from Ennogie’s solar panel supplier committed to deliver replacement solar  
panels and from insurance companies in Germany and Denmark covering the cost of the craftsmen doing the replacement.  
A provision at 31 December 2024 for the replacements in 2025 was calculated using an estimated replacement cost and failure  
rates based on the experience from 2024 as well as management’s expectations. A significant assumption is that defective solar  
panels amounting to DKK 897 thousand can be used as passive or replacement modules in future installations. Hereafter the  
provision amounts to DKK 2,157 thousands.  
In addition, a general provision is recognized for expected future warranty/performance guarantee claims on products sold on or  
before 31 December 2024.  
This is based on estimated replacement cost and historical failure rates as well as management’s estimates. A significant  
assumption in the provision is that part of the costs for replacing failing solar panels in the future is recovered from Ennogie’s solar  
panel supplier who is contractually committed to a 10-years product guarantee to deliver replacement solar panels estimated to  
DKK 5,641 thousands and that insurance companies in Germany and Denmark cover the cost of the craftsmen doing the  
replacement and that defective solar panels amounting to DKK 2,350 thousand can be used as passive modules in future  
installations. The
provision amounts to DKK 1,629 thousand.  
43  
Amount in DKK’000  
2024  
2023  
Provision at 1 January  
603  
440  
Used  
0
0
Additions  
3,183  
163  
Provision at 31 December  
3,786  
603  
Amounts in DKK '000  
2024  
2023  
Due within 1 year  
1.010  
1.152  
Due within 1-5 years  
459  
1.015  
Total leas e
liabilities  
1.469  
2.167  
 
Annual Report 2024  
Notes to the consolidated financial statements  
debt  
24. Change in debt  
Ennogie ApS has three loans with variable interest rates with Kompasbank and EIFO amounting to DKK 12,454 thousands. The  
interest rates as of March 20205 were 8.4%, 8.6% and 7.9%, respectively. Moreover, Ennogie Deutschland GmbH has a loan of EUR  
26,648 with a 3.0% interest rate with Magdeburg Sparekasse.  
In addition, Ennogie ApS has an overdraft facility with a variable interest rate with Kompasbank amounting to DKK 3,000 thousands  
whereof DKK 3,000 thousand has been drawn om 31 December, 2024. The interest rate as of March 2025 was 8.6%. The overdraft  
facility is evaluated once a year – next time in November 2025.  
The three
loans with Komasbank and EIFO were rescheduled in March 2025 in order to postpone installments until February 2026.  
Installments in 2025 amount to DKK 1,260 thousands and expected interest payments in 2025 amount to approximately DKK 1,400  
thousands. DKK 600 thousands of the installment is funded by an increase in the overdraft facility.  
One loan agreement contains financial covenants that have been broken in 2024. The lender has subsequent waived the covenants.  
The financial covenants are also expected to be broken in 2025.  
In March 2025 Ennogie Solar Group entered five new loan agreements totaling of DKK 5 million. The interest rate on the loans are  
fixed at 10%. The are no interest payments on the loans in 2025.  
25. Deferred income  
Deferred income includes grants received related to development activities that pertain to completed development projects. The  
grants are recognized as revenue as the relevant development projects are depreciated.  
In 2024, a total of DKK 1.806 thousand was recognized as other operating income (2023: DKK 1,350 thousand).  
44  
23.
Expected
contractual
cash
flows
for
interest-bearing
Amounts in DKK '000  
2024  
2023  
Due within 1 year  
7.755  
5.418  
Due within 1-5 years  
11.031  
17.025  
Due after 5 years  
0
0
Total bank debts  
18.786  
22.443  
Cash flow from  
Addition  
DKK '000  
2023  
financing  
leasing  
2024  
Non-current bank debts  
19.048  
(7.397)  
0
11.651  
Lease liabilities  
2.162  
0
(693)  
1.469  
Current bank debts  
307  
3.725  
0
4.032  
Total  
21.517  
(4.365)  
0
17.152  
Cash flow from  
Addition  
DKK '000  
2022  
financing  
leasing  
2023  
Non-current bank debts  
22.450  
(3.402)  
0
19.048  
Lease liabilities  
566  
(1.413)  
3.009  
2.162  
Current bank debts  
479  
0
(172)  
307  
Total  
23.494  
(4.987)  
3.009  
21.517  
 
Annual Report 2024  
Notes to the consolidated financial statements  
26. Financial risks and financial instruments  
45  
Overview of Loans and overdraft facilities as of 31 December 2024  
Description  
EIFO  
Kompasbank Covid-19 Annuity loan  
Kompasbank Annuity loan  
Kompasbank overdraft facility  
Magdeburg Sparekasse loan  
Ringkøbing Landbobank overdraft  
facility  
Lender  
Ennogie ApS  
Ennogie ApS  
Ennogie ApS  
Ennogie ApS  
Ennogie Deutschland GmbH  
Porteføljeselskab A/S  
Loan amount on  
DKK 3,061,025  
DKK 6,574,937  
DKK 2,818,122  
•
DKK 3,029,607  
EUR 26,648  
•
DKK 0  
December 31, 2024  
•
Increased to DKK 3,600,000 in March  
•
DKK 995,000 on reporting day  
2025. The additional DKK 600,000  
were transferred immediately after  
execution to reduce the Covid-19  
loan  
Interest rate (March 2025)  
7.928% (variable)  
8.4% (variable)  
8.6% (variable)  
8.6% (variable)  
3.0%  
5,275
%  
Collateral  
•
Business mortgage (refer to note 28)  
•
Covid-19 guarantee from EIFO  
•
Business mortgage (refer to note  
•
Business mortgage (refer to note 28)  
•
No collateral  
•
No collateral  
•
Self-obligor guarantee from Ennogie  
•
Self-obligor guarantee from Ennogie  
28)  
•
Self-obligor guarantee from Ennogie  
Solar Group for Ennogie ApS debt to  
Solar Group of DKK 10,000,000 for  
•
Self-obligor guarantee from Ennogie  
Solar Group of DKK 3,600,000 for  
EIFO  
Ennogie ApS debt to Kompasbank  
Solar Group of DKK 8,000,000 for  
Ennogie ApS debt to Kompasbank  
Ennogie ApS debt to Kompasbank  
Instalments in DKK  
•
Total 2025 instalments of 942,000 as  
•
Total 2025 instalments 2,052,000 as  
•
Total 2025 instalments 838,000 as of  
•
Total 2025 instalments EUR 19,440  
(see note 23 for details on  
of 31.12.2024  
of 31.12.2024  
31.12.2024  
as of 31.12.2024  
loan restructuring in  
•
Changed in March 2025 to no  
•
Changed in March 2025 to no  
•
Changed in March 2025 to no  
March 2025)  
instalments in the period 01.01.2025  
instalments in the period 01.05.2025  
instalments in the period 01.02.2025  
to 01.04.2026  
to 30.01.2026  
to 30.01.2026  
End date  
•
01.01.2028 as of 31.12.2024  
•
01.06.2028 as of 31.12.2024  
•
01.06.2028 as of 31.12.2024  
•
The drawing right is assessed  
•
30 June 2026  
•
Terminated by 13.06.2025  
(see note 23 for details on  
•
Extended to 01.04.2029 in March  
•
Extended to 01.06.2029 in March  
annually  
loan restructuring in  
2025  
2025  
•
Next assessment takes place in  
March 2025)  
November 2025  
Covenants  
•
DSCR key figure at 1.3 (EBITDA  
divided by instalments on interest  
bearing debt)  
•
NIBD/EBITDA at
maximum 4  
•
Lender has waived breached 2024  
covenants  
•
2025 covenants will be evaluated  
based on the annual report for 2025  
•
The financial covenants are also  
expected to be breached in 2025  
 
Annual Report 2024  
Notes to the consolidated financial statements  
The EIFO loan agreement contains financial covenants that have been broken in 2024. The lender has subsequent waived the  
covenants. See note 26 for information about covenants.  
Liquidity is constantly monitored to ensure that the group has adequate. See note 1 for additional information on liquidity risk.  
26. Financial risks and financial instruments (Continued)  
Management of Financial Risks  
The group is exposed to various financial risks as a result of its operational and financing activities, including risks related to the  
capital structure, such as changes in interest rates, liquidity risks, as well as market risks related to fluctuations in currency exchange  
rates and commodity prices.  
The group's risk assessment and management are continuously updated in line with the development of the group's activities,  
driven by the significant growth it experiences.  
3  
Capital Management  
The group are capital consuming. It is the target to make the group capital neutral and thereafter capital generating.  
Share options programs are used for board of directors, management and employees.  
Capital Structure and Interest Rate  
Ennogie ApS has four loans with variable interest rates with Kompasbank and EIFO totalling DKK 15,482 thousand at 31 December,  
2024. The
interest rates as of March 2025 were 8.4%, 8.6%, 8.6% and 7.9%, respectively. Moreover, Ennogie Deutschland GmbH has  
a loan of EUR 26,648 with a 3.0% interest rate with Magdeburg Sparekasse. See previous page for overview of the loans.  
The EIFO loan agreement contains financial covenants that have been breached in 2024. The lender has subsequent waived the  
covenants. The financial covenants are also expected to breached in 2025.  
A 1% point increase/decrease in interest rates will have an annual impact on the group's interest expense of an increase/decrease  
of DKK 150 thousand. A 2% point increase/decrease in interest rates will have an annual impact on the group's interest expense of  
an increase/decrease of DKK 300 thousand.  
Ennogie does not use interest rate swaps to hedge against interest rate fluctuations.  
Credit Risks  
Ennogie is exposed to credit risk based on customers' ability to pay for the group's products. Ennogie's customers primarily consist  
of individuals, carpentry businesses, and contractors.  
It is the group's policy that customers, in most cases, pay in advance to minimize the risk of losses. Management's assessment is that  
the group is only exposed to a limited extent to significant credit risk.  
Currency Risks  
The group consists of Danish and German companies, so all sales are conducted in DKK or EUR. Ennogie makes a significant portion  
of its material purchases in CNY, making the group exposed to fluctuations in these currencies. Hence, Ennogie most exposed to CNY  
and a change in CNY/DKK of 20% will have 5% impact on cost of sales.  
Ennogie has continuously implemented various measures to ensure that customer contracts are made with the option to adjust  
prices in case there are cost increases related to the delivery of the agreed sales order. Management monitors the development of  
the currencies the company is exposed to and continually assesses the need for further risk mitigation.  
The group does not use forward contracts to hedge currency risks.  
Liquidity Risks  
Effort have been made to secure liquidity for 2025 through obtaining new loans (see Capital Structure and Interest Rate section on  
this note and note 30) and entering agreements with EIFO and Kompasbank about postponement of instalments.  
There is seasonality in the group’s business with Q1 typically representing a low period of business with low incoming payments as  
result and other periods with a high level of business increasing the working capital need.  
In March 2025 Ennogie Solar Group took out loans for DKK 5,000 thousands from a number of lenders with the aim of securing  
liquidity for ongoing operations. Se note 31 for details.  
Ennogie ApS has three loans with variable interest rates with Kompasbank and EIFO. The interest rates as of March 20205 were  
8.4%, 8.6% and 7.9%, respectively. In addition, Ennogie ApS has an overdraft facility with a variable interest rate with Kompasbank.  
Then interest rate as of March 20025 was 8.6%. The loans were rescheduled in March 2025 in order to postpone installments until  
February 2026. Se note 1 and 31 for details.  
Commodity Price Risk  
Commodity risk is the risk of significant fluctuations in the price of the components that the group purchases for the production of  
its solar solutions. The group is exposed to commodity price risks for the components used in the production of its solar solutions,  
including solar panels, mounting brackets, and other electronic components.  
Ennogie has continuously implemented various measures to ensure that customer contracts are made with the option to adjust the  
price if there are cost increases related to the delivery of the agreed sales order.  
Historically, the group has not hedged commodity risks due to the associated costs.  
46  
The group's liabilities become due as follows as of December 31, 2024  
Within  
tDKK  
1 year  
2 to 3 years  
4 to 5 years  
Beyond 5 years  
Lease liabilities  
459  
1.010  
0
0
Other borrowings  
4,003  
7.524  
1.127  
0
Bank  
3,029  
0
0
0
Trade debt  
7.6
0
0
0
0
Total  
15.645  
7.983  
1.127  
0
 
Annual Report 2024  
Notes to the consolidated financial statements  
27. Contractual obligations and contingent liabilities  
30. Company overview  
The group's Danish companies are jointly and severally liable for tax on the group's previously consolidated income and for certain  
contingent taxes such as dividend tax and royalty tax until the withdrawal date. The combined net obligation of the previously  
consolidated companies to SKAT (the Danish Tax Authority) amounts to DKK 0 as of 31 December, 2024. Any subsequent  
adjustments to the taxable consolidated income or taxes on dividends, etc., may result in the companies' liability amounting to a  
larger sum.  
The group is involved in a few legal cases. It is the opinion of the Managements that, apart from the liabilities recognized in the  
consolidated financial statements, the outcome of these cases will not affect the Company's financial positions. Management  
continuously assesses the risks associated with the cases and disputes and their likely outcome.  
28. Pledges and securities  
To secure Ennogie ApS' debt to banks and other lenders of debt, pledges or other security have been provided in the company's  
assets for a total value of DKK 14,500 thousand (as of 31 December, 2023: DKK 14,500 thousand). The total carrying amount of the  
assets pledged or secured amounts to DKK 14,146 thousand (as of 31 December, 2023: DKK 16,536 thousand).  
31. Subsequent events  
In March 2025 Ennogie Solar Group took out loans for DKK 5,000 thousands from a number of lenders with the aim of securing  
liquidity for ongoing operations. Strategic Investments A/S and Trailblaze A/S were among the lenders. The companies, which are  
major shareholders in Ennogie Solar Group, provided loans of DKK 2,500 thousands and DKK 500 thousands respectively. Chairman  
of the Board Kim Haugstrup Mikkelsen is the major shareholder in Strategic Investments A/S through 100% ownership of Strategic  
Capital ApS, while Sales Director Lars Brøndum Petersen owns 100% of Trailblaze A/S.  
The loans bear interest at 10% p.a. and remain without instalments until maturity on 30 April 2026, after which the company must  
repay the loans including interest. It is the intention of the Board of Directors to request authorization to make the loans convertible  
at the Annual General Meeting on April 30, 2025. It is further the intention of the Board of Directors that the loans should be  
convertible for a period of at least 20 days, starting on the date of publication of the company’s
Q3 report for 2025. The conversion  
price will be determined by the Board of Directors in accordance with any authorization from the General Meeting and will be a  
price that at least corresponds to the market price of the company's shares at the time of the decision.  
Ennogie ApS has three loans with variable interest rates with Kompasbank and EIFO with a total value of DKK 15,482 thousands at  
31 December, 2024. The interest rates were 8.4%, 8.6% and 7.9% as of March 2025, respectively. In addition, Ennogie ApS has an  
overdraft facility with a variable interest rate with Kompasbank. The interest rate as of March 2025 was 8.6%. The loans were  
rescheduled in March 2025 in order to postpone instalments until February 2026. Instalments in 2025 amount to DKK 1,260  
thousands and expected interest payments in 2025 amount to approximately DKK 1,400 thousands. DKK 600 thousands of the  
instalment is funded by an increase in the overdraft facility. The repayment schedule was extended one year for two of the loans.  
The EIFO loan agreement contains financial covenants that have been breached in 2024. The lender has subsequent waived the  
covenants. The financial covenants are also expected to be breached in 2025. See note 26 for information about covenants.  
Ringkjøbing Landbobank has terminated the overdraft facility of DKK 1,000 thousand by 13 June 2025.  
29. Related parties  
The group has one related party with significant influence. This is the company’s chairman Kim Haugstrup Mikkelsen  
who indirectly holds 14,103,181 shares in Ennogie Solar Group through companies that he controls.  
Related parties include the parent company's Board of Directors and management as they constitute the primary management. Also  
included are close family members of these individuals and companies over which these individuals have control.  
Transactions of DKK 1 million has been conducted with Indiko ApS, which former CEO and current CSO and major shareholder Lars  
Brøndum Petersen indirectly owns 40% of through Trailblaze ApS .  
Kim Haugstrup Mikkelsen and Lars Brøndum Petersen have indirectly provided loans to the group, which is disclosed in disclosure  
31.  
No other transactions with related parties have been conducted. Management remuneration is disclosed in note 7.  
47  
Pledge (DKK thousands)  
2024  
2023  
Accounts receivable  
1,357  
915  
Inventory  
13,149  
18,621  
Immaterial assets  
0
0
Tangible assets  
104  
196  
Total  
14,610  
19,732  
Parent company  
Ennogie Solar Group A/S, Herning, Denmark  
Subsidiaries  
Registered office  
Country  
Ownership  
Ennogie ApS  
Herning  
Denmark  
100
%  
Ennogie Deutschland GmbH, owned by Ennogie ApS  
Magdeburg  
Germany  
100
%  
Ennogie Produktion GmbH, owneed by Ennogie ApS  
Schwäbisch Hall  
Germany  
100
%  
Porteføljeselskab A/S  
Herning  
Denmark  
100
%  
 
Annual Report 2024  
Notes to the consolidated financial statements  
Foreign Currency Translation  
Transactions in foreign currency are translated at the exchange rate prevailing on the transaction date. Exchange rate differences  
between the transaction date and the payment date are recognized in the income statement as a financial item. Receivables,  
liabilities, and other monetary items in foreign currency are translated at the exchange rate on the balance sheet date. The  
difference between the balance sheet date's exchange rate and the rate at the time the receivable or liability arose or was  
recognized in the previous year's financial statements is recognized in the income statement as financial income and expenses.  
When foreign subsidiaries are consolidated in the consolidated financial statements and have a functional currency other than DKK,  
the income statement and other comprehensive income are translated into the average exchange rates for the period, while  
balance sheet items are translated into the exchange rates on the balance sheet date. Exchange rate differences arising from the  
translation of foreign subsidiaries' balance sheet items at the beginning of the year into the exchange rates on the balance sheet  
date and from the translation of income statement items into average exchange rates for the period are recognized in other  
comprehensive income.  
32. Material accounting Policies  
The consolidated financial statements of Ennogie Solar Group A/S for 2024 have been prepared in accordance with International  
Financial Reporting Standards (IFRS) as adopted by the EU, and additional requirements in the Danish Financial Statements Act.  
The consolidated financial statements are presented in DKK '000.  
The accounting policies are unchanged from 2023.  
The Group has implemented all new standards and interpretations that were applicable in the EU as of 1 January, 2024. The IASB  
has continuously issued various amendments to existing standards and new interpretations. Management's assessment is that  
these changes will not have a significant impact on the consolidated financial statements.  
The Board of Directors and the management approved the annual report for 2024 for Ennogie Solar Group A/S on 25 April, 2025.  
The annual report will be presented to the company's shareholders for approval at the ordinary general meeting on 30 April, 2025.  
Income Statement  
Net Revenue  
Income from the sale of trading goods and finished products, as well as their assembly, including the supply and installation of  
roofing solutions, is recognized in net revenue when control is transferred to the buyer, revenue can be reliably measured, and  
payment is expected to be received. Recognition typically occurs upon the final delivery of roofing solutions (point in time).  
However, it has been assessed that for some contracts, revenue can be recognized as work is performed or based on stages (over  
time). This primarily occurs in the case of larger projects where there is an ongoing transfer of control.  
Contract-based revenue may contain promises to deliver to the customer more than one product and service (roof, battery and  
installation). Each of these are considered as separate performance obligations and independent of each other. The Group acts as  
the sole risk bearer in connection with the performance obligation, which is why all contract revenue is treated as principal. For  
further details, please refer to the description under the accounting policy for contract assets.  
Net revenue is measured at the fair value of the agreed consideration, excluding taxes and duties collected on behalf of third  
parties. All types of discounts granted are included in net revenue.  
Consolidated Financial Statements  
The consolidated financial statements include the parent company and subsidiaries in which the Company has controlling influence.  
During consolidation, intra-group revenues and expenses, shareholdings, intra-group balances, dividends, and realized and  
unrealized gains and losses on transactions between the consolidated entities are eliminated.  
General Principles of Recognition and Measurement  
Assets are recognized in the balance sheet when it is probable that future economic benefits will flow to the entity and the asset's  
value can be measured reliably. Liabilities are recognized in the balance sheet when they are probable and can be measured  
reliably.  
At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for  
each individual accounting item.  
Certain financial assets and liabilities are measured at amortized cost, recognizing a constant effective interest rate over the term.  
Amortized cost is calculated as the initial cost, minus any repayments, plus/minus the accumulated amortization of the difference  
between the initial cost and the nominal amount. When recognizing and measuring, consideration is given to gains, losses, and risks  
that arise before the financial statements are prepared and that confirm or negate conditions that existed at the balance sheet  
date. Revenues are recognized in the income statement as they are earned, including the recognition of value adjustments to  
financial assets and liabilities measured at fair value or amortized cost. Furthermore, expenses incurred to earn income for the year  
are recognized, including depreciation, impairment, and provisions, as well as reversals due to changes in accounting estimates for  
amounts previously recognized in the income statement.  
Public Grants  
Public grants are recognized when it is reasonably certain that the grant conditions will be meet and the grant will be received.  
Grants that compensate for incurred expenses are recognized directly in the income statement under other operating income as the  
eligible costs are incurred. If the conditions for receiving the grant are only met after the associated expenses have been recognized,  
the grant is recognized in the income statement when the conditions are met, and it is reasonably certain that the grant will be  
received. Grants for the acquisition of assets are recognized in the balance sheet as deferred income/deferred income recognition  
items and transferred to other operating income in the income statement as the assets to which the grants relate are depreciated.  
Grants for the acquisition of assets are recognized in the balance sheet as deferred income/deferred income recognition items and  
transferred to other operating income in the income statement as the assets to which the grants relate are depreciated.  
48  
 
Annual Report 2024  
Notes to the consolidated financial statements  
Balance Sheet
32. Material accounting Policies (Continued)  
Intangible Assets  
Development Projects  
Development costs include external expenses, salaries, and depreciation that can be directly and indirectly attributed to  
development activities. Development projects that are clearly defined and identifiable, where technical feasibility, sufficient  
resources, and a potential future market or development opportunity can be demonstrated, and where the intention is to produce,  
market, or use the project, are recognized as intangible assets if the cost can be reliably measured, and there is sufficient assurance  
that future earnings can cover production, sales, and administrative costs, as well as development costs. Other development costs  
are recognized in the income statement as they are incurred.  
Development costs that are recognized in the balance sheet are measured at cost, less accumulated depreciation and impairments.  
Following the completion of development work, development costs are depreciated using the straight-line method over their  
estimated useful life. The usual depreciation period is typically 10 years.  
Other Operating Income  
Other operating income includes grants received for incurred expenses during the year as well as accrued public grants that are  
recognized in line with the depreciation of completed development projects.  
Cost of goods sold  
The cost of goods sold calculation includes direct cost associated with the production or purchase of goods sold. This typically  
includes the cost of raw material and cost of subcontractors. Cost of goods sold will be recorded as an expense in the income  
statement in the same period in which the related revenue is recognized.  
Other External Costs  
Other external costs are expenses related to the group's primary activities that are incurred during the year. This includes costs for  
advertising, administration, premises, and other related expenses and impairments  
.
Patents, Licenses, and Trademarks  
Patents and licenses are measured at cost, less accumulated depreciation and impairments. Patents are depreciated using the  
straight-line method over the remaining patent period, while licenses are depreciated over the agreement period, with a maximum  
of 5 years.  
Staff costs  
Staff costs include salaries and wages, including vacation pay, pension contributions, and other social security costs, etc., for the  
company's employees, net of refunds from public authorities.  
Share-Based compensation  
Agreements for share-based compensation (warrants) have been entered into with certain employees as part of the Group's  
incentive compensation program. The warrant program is accounted for as an equity arrangement since it is settled in shares. The  
cost, determined as the fair value of warrants at the grant date, is recognized in the income statement over the vesting period and  
in the balance sheet under equity.  
Tangible Assets  
Other fixed assets, operating equipment, and fixtures, as well as the leasehold improvements, are measured at cost, less  
accumulated depreciation and impairments.  
The cost price includes the purchase price and expenses directly attributable to the acquisition until the asset is ready for use. Loan  
costs on loans used to finance the production of tangible assets are included in the cost price if they relate to the production period.  
Other loan costs are recognized in the income statement.  
The cost price of an asset is divided into separate components, each of which is depreciated separately if the useful lives of the  
individual components differ. The depreciation base is determined as the cost price less any expected residual value after the end of  
the useful life.  
The depreciation basis is allocated linearly over the expected useful life, as estimated, as follows:  
- Other fixed assets, operating equipment, and fixtures:  
1-5 years  
- Leasehold improvements are depreciated over the remaining lease period, with a maximum of 10 years.  
The useful life and residual value are reassessed annually. Any changes are treated as accounting estimates, and the impact on  
depreciation is recognized prospectively.  
Profit and loss from the sale of tangible assets are calculated as the difference between the selling price, net of selling expenses,  
and the accounting value at the time of sale. Gains or losses are recognized in the income statement under other operating income  
or other operating expenses, respectively.  
Financial Income and Expenses  
Financial income and expenses comprises of interest, gains and losses on foreign currency transactions, as well as impairments on  
financial securities. Additionally, it includes the amortization of financial assets and liabilities. Loan costs related to general  
borrowing or loans directly associated with the acquisition, construction, or development of qualifying assets are allocated to the  
cost of such assets.  
Income Tax Expense  
Income tax expense for the year includes both the current income tax for the year and the year's change in recognized deferred tax  
assets and liabilities, as well as any adjustments related to prior years.  
The Danish group companies are subject to mandatory national group taxation under Danish rules. Ennogie Solar Group A/S serves  
as the administrative company in the Danish group taxation, which includes its subsidiary companies Porteføljeselskab A/S and  
Ennogie ApS. The administrative company for group taxation settles all corporate tax payments with the tax authorities. The current  
corporate tax is allocated when settling the group taxation contribution among the group-taxed companies based on their taxable  
income. In connection with this, companies with taxable losses receive group taxation contributions from companies that have been  
able to use these losses to reduce their own taxable income.  
49  
 
Annual Report 2024  
Notes to the consolidated financial statements  
The cost for manufactured goods and works in progress comprises the cost for raw materials,  
consumables, direct wages, and indirect production costs. Indirect production costs comprise indirect  
materials and wages, maintenance of and depreciation on machinery, factory buildings and equipment  
applied during the production process, and costs for factory administration and factory management.  
32. Material accounting Policies (Continued)  
Financial Assets  
Financial assets include deposits for the group's leases and guarantee accounts where the group deposits amounts corresponding to  
guarantees agreed with customers.  
Financial assets are recognized at amortized cost.  
Borrowing costs are not recognised in cost.  
The net realisable value for inventories is recognised as the market price with deduction of completion  
costs and selling costs. The net realisable value is determined taking into consideration the negotiability,  
obsolescence, and development of the expected market price.  
Impairment of Non-current assets  
The Group assesses at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or  
when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s  
recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount  
is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from  
other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is  
considered impaired and is written down to its recoverable amount.  
In assessing value in use, the recoverable amount is determined as the higher of the net selling price or value in use. Value in use is  
calculated as the present value of expected net cash flows from the use of the asset or asset group, including expected net cash  
flows from the sale of the asset or asset group after the end of its useful life.  
Previously recognized impairments are reversed when the reason for impairment no longer exists.  
Receivables  
Receivables are initially measured at fair value and subsequently at amortized cost, usually equal to the nominal value less  
allowances for expected losses. Allowances for expected losses are made using a simplified expected loss model, where the  
expected loss over the asset's lifetime is recognized immediately in the income statement, based on a historically derived loss rate.  
Additionally, further allowances may be made based on knowledge of underlying customer relationships and general market  
conditions. Allowances are made at the portfolio level and individually. Allowances for expected losses become actual losses when  
receivables are written off due to a debtor's bankruptcy or similar events.  
Contract Assets  
Contract asset is initially recognised for revenue earned from deliverables of the goods and services related to the solar roof  
solution (roof, battery and installation). Contract assets are measured as the selling price of each performance obligations upon  
deliverables.  
A contract liability is recognised if a payment is received or a payment is due (whichever is earlier) from a customer before the  
Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the  
contract (i.e., transfers control of the related goods or services to the customer).  
The revenue recognition model is generally based on the transfer of control as work progresses, which can be determined using  
milestones or other appropriate methods. This approach ensures that revenue is recognized as control over the asset is transferred  
to the customer.  
Inventory  
Inventories are measured at cost according to the FIFO method. In cases when the net realizable value of  
the inventories are lower than the cost, the latter is written down for impairment to this lower value.  
The cost for trade goods, raw materials, and consumables comprises the acquisition cost with the  
addition of the delivery costs.  
The cost for manufactured goods and works in progress comprises the cost for raw materials,  
Consumables and direct wages.  
Borrowing costs are not recognised in cost.  
The net realisable value for inventories is recognised as the market price with deduction of completion  
Inventories are measured at cost according to the FIFO method. In cases when the net realisable value of  
the inventories is lower than the cost, the latter is written down for impairment to this lower value.  
The cost for trade goods, raw materials, and consumables comprises the acquisition cost with the  
addition of the delivery costs.  
Prepayments  
Prepayments, included under current assets, comprise prepayments for expenses related to subsequent financial years.  
50  
 
Annual Report 2024  
Notes to the consolidated financial statements  
32. Material accounting Policies (Continued)  
Cash and Cash Equivalents  
Cash and cash equivalents include cash in hand and bank balances.  
Corporate Tax and Deferred Tax  
Current tax liabilities and receivables are recognized in the balance sheet as the estimated tax on the taxable income for the year,  
adjusted for corrections of tax regarding previous years' taxable income and paid estimated taxes.  
Deferred tax is measured using the balance sheet liability method for all temporary differences between the accounting and tax  
value of assets and liabilities. In cases where the tax value can be calculated according to different tax rules, deferred tax is  
measured based on the management's planned use of the asset or settlement of the liability.  
Deferred tax is measured based on tax rules and rates that will be in effect with the current legislation when the deferred tax is  
expected to be triggered as current tax. Changes in deferred tax due to changes in tax rates are recognized in the income statement  
or equity.  
Right-of-use assets  
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for  
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any  
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct  
costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use  
assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as  
follows:  
- Plant and machinery 1 to 3 years  
- Other equipment 3 to 5 years  
Liabilities  
Financial liabilities are measured at amortized cost. Other liabilities are measured at net realizable value.  
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase  
option, depreciation is calculated using the estimated useful life of the asset.  
The right-of-use assets are also subject to impairment. Refer to the accounting policies in section.  
Lease liabilities are measured at amortized cost.  
Cash Flow Statement  
The cash flow statement shows cash flows categorized into operating, investing, and financing activities for the year, the change in  
cash and cash equivalents during the year, and cash and cash equivalents at the beginning and end of the year.  
Operating Activities  
Cash flows from operating activities are calculated using the indirect method as profit after tax adjusted for non-cash operating  
items, changes in working capital, interest received and paid, dividends received, and corporate income tax paid.  
Treasury Shares  
The acquisition cost of treasury shares is deducted directly from equity. The selling price upon any subsequent disposal will be  
recognized directly in equity. The tax effect of the disposal of treasury shares is accounted for in equity.  
Investing Activities  
Cash flows from investing activities include purchases and sales of intangible, tangible, and other long-term assets.  
Dividends  
Proposed dividends are recognized as a liability at the time of approval at the annual general meeting. Dividends expected to be  
paid for the year are presented as a separate item under equity.  
Financing Activities  
Cash flows from financing activities include changes in the size or composition of share capital and associated costs, as well as  
borrowing, repayment of interest-bearing debt, and payment of dividends to shareholders.  
Warranty provision  
The group offers customers a warranty on the product sold. The warranty program includes a product guarantee and a performance  
guarantee. As the group’s product is “young” it is not possible to make an empiric analysis of the claim ratio over the warranty  
period, and, therefore, the general warranty provision is based on historical experience and external studies regarding the  
performance of solar cells over time. In addition, a separate warranty provision is made for known claims.  
Cash and Cash Equivalents  
Cash and cash equivalents include liquid assets.  
Other Provisions  
Other provisions are recognized when the company, due to a past event, has a legal or constructive obligation, and it is probable  
that settling the obligation will result in an outflow of the company's economic resources.  
Provisions are measured as the best estimate of the costs necessary to settle the obligations at the balance sheet date. Provisions  
with an expected maturity of more than one year from the balance sheet date are measured at present value.  
51  
 
Annual Report 2024  
Notes to the consolidated financial statements  
33. Definition of Key Figures and KPI’s  
34. New accounting policies and disclosures effective in 2024 or later  
Net Working Capital (NWC)  
Inventories, receivables from sales, other receivables, and accrued income (assets) minus received prepayments, accounts payable,  
other liabilities, and accrued expenses (liabilities).  
Gross Margin (%)  
Gross Profit / Revenue  
EBITDA margin (%)  
Earnings before interest, tax, depreciation and amortization (EBITDA) / Revenue  
Earnings per share  
Profit/loss for the year/ Weighted-average number of ordinary shares outstanding  
The IASB has issued a number of new standards and updated some existing standards, the majority of which are effective for  
accounting periods beginning on 1 January, 2025 or later. Therefore, they are not incorporated into these consolidated financial  
statements. There are no standards presently known that are not yet effective and that would be expected to have a material  
impact on Ennogie Solar Group in current or future reporting periods and on foreseeable future transactions.  
52  
 
Annual Report 2024  
Parent Company  
Financial Statements  
53  
 
Annual Report 2024  
Parent company financial statements  
Primary Statements  
Notes  
Income Statement 55  
1. Key accounting estimates and judgements  
2. Fees to independent auditor  
3. Staff costs  
4. Financial income  
5. Financial expenses  
6. Subsidiaries  
Balance Sheet  
Equity Statement  
Cash Flow  
56  
57  
58  
7. Treasury shares  
8. Warrants  
9. Contingent liabilities and intercompany financial  
guarantee contracts  
10. Related parties  
11. Subsequent events  
12. Accounting policies  
54  
 
Annual Report 2024  
Statement of comprehensive income  
DKK '000  
Note  
2024  
2023  
Revenue  
4.472  
346  
Other external expenses  
(2.176)  
(3.383)  
(1.087)  
(1.273)  
(698)  
Staff cost  
3
Earnings before interest, tax, depreciations and amortization  
(1.625)  
Earnings before interes and tax (EBIT)  
(1.087)  
(1.625)  
Result from investment in subsidiaries  
Financial income  
(160.144)  
1.295  
(36)  
655  
4
5
Financial expenses  
(1.408)  
(258)  
(1.264)  
Loss before tax  
(161.345)  
Tax for the year  
0
0
Loss for the year / Comprehensive income for the year  
(161.345)  
(1.264)  
Distribution of profit/loss for the year:  
Retained earnings  
(161.345)  
(161.345)  
(1.264)  
(1.264)  
Comprehensive income for the year  
(161.344)  
(1.264)  
55  
 
Annual Report 2024  
Balance Sheet  
DKK '000  
Note  
2024  
149.037  
2023  
309.302  
Investment in subsidiaries  
Receivable from subsidiaries  
Non-current assets  
6
20.335  
19.857  
169.373  
329.160  
Varebeholdninger  
Prepayments  
417  
58  
58  
Receivables  
417  
Cash & cash equivalents  
Current assets  
200  
200  
902  
902  
Total assets  
169.990  
330.120  
Share capital  
Tresury shares  
Retained earnings  
Equity  
31.360  
(561)  
31.360  
(561)  
7,8  
134.915  
165.714  
296.259  
327.058  
Debt to group subsidiaries  
988  
988  
Non-current liabilities  
988  
988  
Financial guarantee  
Trade payable  
9
1.698  
672  
927  
560  
Other payables  
918  
587  
Current liabilities  
Total liabilities  
3.288  
4.276  
169.990  
2.074  
3.062  
330.120  
Total equity and liabilities  
56  
 
Annual Report 2024  
Equity Statement  
2024  
Treasury shares  
Retained  
earnings  
DKK '000  
Share capital  
Total  
Equity at 1 January  
31.360  
(561)  
296.259  
327.058  
Loss for the year  
0
0
0
(161.344)  
(161.344)  
Other comprehensive income  
Total compprehensive income  
Capital increase  
0
31.360  
0
0
134.915  
0
0
165.714  
0
(561)  
0
Share-based payment  
Equity at 31 December  
0
0
0
0
31.360  
(561)  
134.915  
165.714  
2023  
Retained  
earnings  
DKK '000  
Share capital  
Treasury shares  
Total  
Equity at 1 January  
27.784  
(561)  
276.063  
303.287  
(1.264)  
0
Loss for the year  
0
0
0
(1.264)  
0
Other comprehensive income  
Total comprehensive income  
Capital increase  
0
(561)  
0
27.784  
3.575  
0
274.800  
21.598  
(138)  
302.023  
25.173  
(138)  
Share-based payment  
0
Equity at 31 December  
31.360  
(561)  
296.259  
327.058  
57  
 
Annual Report 2024  
Cash Flow Statement  
DKK '000  
2024  
2023  
Operating result (EBIT)  
(1.087)  
(1.625)  
Share-based payments  
0
(150)  
Operating cash flows before changes in working capital  
(1.087)  
(1.775)  
- Changes in intercompany receivables  
- Changes in prepayments  
(479)  
(349)  
112  
(14.564)  
(58)  
- Changes in account payables  
- Changes in financial guarantees  
- Changes in other liabilities  
Operating cash flows  
560  
771  
331  
33  
(701)  
(1.241)  
Interests received  
0
0
398  
0
Income taxes paid  
Cash flows from operations  
(701)  
(843)  
Investment in intangible assets  
Investment in subsidiaries  
0
0
0
0
(12.280)  
(26.844)  
Cash flows from investments  
Free cash flows  
(701)  
(27.687)  
Proceeds from capital increase  
0
0
0
0
25.387  
(215)  
Transaction costs charged to equity  
Transactions on debts to subsidiaries  
Cash flows from financing activities  
(23)  
25.150  
Net cash flows for the period  
(701)  
(2.537)  
Cash and cash equivalents at the beginning of the period  
Net cash flows for the period  
902  
(701)  
200  
3.439  
(2.537)  
902  
Cash and cash equivalents at the end of the period  
58  
 
Annual Report 2024  
Notes to the parent company financial statements  
1. Key accounting estimates and judgements  
2. Fees to independent auditor  
DKK '000  
In the preparation of the company’s financial statements management is required to make judgements, estimates and assumptions  
that effect the reported amounts of revenue, expenses, assets and liabilities, the accompanying disclosures, and the disclosures of  
contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material  
adjustment to the carrying amount of assets or liabilities affected in future periods.  
2024  
2023  
Statotury Audit  
214  
0
214  
16  
Other assurance engagements  
Other services  
The made estimates and the underlying assumptions are continuously reassessed. Changes to made accounting estimates are  
recognized in the accounting period in which the change occurs, and in future accounting periods if the change affects both the  
current and future accounting periods.  
0
0
Total fee to KPMG  
214  
230  
KPMG is the general meeting-elected auditor for Ennogie Solar Group A/S. KPMG audits the consolidated financial statements as  
well as other financial statements of the group's subsidiaries subject to audit. In addition, KPMG has conducted other assurance  
engagements.  
The accounting estimates and assessments that management considers significant for the preparation and understanding of the  
consolidated financial statements are described in more detail in the following section.  
Please refer to note 13 for further description and to note 32 in the notes for the consolidated financial statements.  
Investments in subsidiaries:  
Investments in subsidiaries are measured at cost in the parent company's annual financial statements. If there are indications of  
impairment, an impairment test is performed. The indication of Ennogie ApS’ impairment is based on the stock market value of the  
shares of Ennogie Solar Group. As of the end of 2024 they represent a lower value than the acquisition cost, hence an impairment  
has been conducted.  
The estimated future cash flows used in the impairment tests are based on the internal budgets drawn up. They are determined  
using key assumptions and assessments including market reports on the BIPV industry. The forecasts reflect the management’s best  
estimates. A perpetuity growth rate is used for periods beyond those covered in the budgets. The cash flows are discounted using a  
WACC specific to Ennogie. The WACC is based on capital structure similar to European suppliers of building components. The cost of  
debt is similar to the interest rate on Ennogie’s current loans. The cost of equity rate incorporates a risk premium in order to reflect  
uncertainties as to the revenue growth rate.  
The net present value is then compared to the investment cost. Details about the impairment can be found in note 6.  
Deferred tax asset:  
The estimation uncertainty relates to the parent company having a significant unrecognized tax asset, primarily relating to tax loss  
carry forwards and losses in the Group's Danish companies.  
The deferred tax assets amounting to ## are not recognized as of 31 December 2024, due to uncertainty about future utilization (3-5  
years).  
59  
 
Annual Report 2024  
Notes to the parent company financial statements  
3. Staff costs  
5. Financial expenses  
DKK '000  
2024  
2023  
DKK '000  
2024  
2023  
Salary  
3.313  
0
69  
3.382  
826  
(150)  
22  
Other financial expenses  
Expense on financial guarantee  
Total financial cost  
405  
1.003  
1.408  
0
Share-based compensation  
Other staff cost  
Total s taff cos t  
258  
258  
698  
Average number of employees  
3
1
Remuneration for Executive Management:  
Salary  
Executive management  
2.931  
2.931  
486  
486  
Board remuneration  
Share-based compensation  
Board remuneration  
To tal  
113  
0
113  
3.044  
294  
(150)  
144  
630  
4. Financial income  
DKK '000  
2024  
2023  
Income financial guarantee  
Interest income from subsidiaries  
Total financial income  
232  
0
1.063  
655  
1.063  
655  
60  
 
Annual Report 2024  
Notes to the parent company financial statements  
6. Subsidiaries  
Subsidiaries  
Registered office  
Herning  
Country  
Denmark  
Germany  
Germany  
Denmark  
Ownership  
100%  
Ennogie ApS  
2024  
Ennogie Deutschland GmbH, owned by Ennogie ApS  
Magdeburg  
Schwäbisch Hall  
Herning  
100%  
Inves tment in  
s ubs idiaries  
Ennogie Produktion GmbH, owned by Ennogie ApS  
Porteføljeselskab A/S  
100%  
DKK '000  
100%  
Cost at 1 January  
Additions  
458.183  
0
An impairment test of Ennogie Solar Group’s investment in Ennogie Aps has been carried out due to indication of impairment  
A five years (2025-2029) discounted cash flow model was used. The revenue was modelled based on the 2025 budget and a  
development in revenue based on a market report for the BIPV industry and management’s own expectorations for growth in the  
five year period. The average annual growth during the five years was 27.8% .Development in cost of goods sold, expenses and  
Cos t at 31 December  
458.183  
Impairment at 1 January  
Impairment this year  
(148.881)  
(160.144)  
investments also took a starting point the 2025 budget and a development based on management expectations. Beyond the five  
years period steady state was assumed with a growth rate considerable lower than in the initial fives years forecast period.  
Impairment at 31 december  
(309.025)  
149.158  
Carrying amount at 31 December  
The WACC was based on a capital structure similar to European suppliers of building components. The cost of debt was similar to  
the interest rate on Ennogie’s current loans and the cost of equity rate incorporates a risk premium in order to reflect uncertainties  
as to the revenue growth rate in the first five years. The used WACC was 13.3%.  
2023  
The model showed and enterprise value of DKK 164 million. The interest bearing debt of Ennogie ApS was subtracted from the  
enterprise to get to a book value of the Ennogie ApS shares of DKK 149 million.  
Inves tment in  
s ubs idiaries  
DKK '000  
Sensitivity analysis  
Cost at 1 January  
Additions  
445.001  
13.182  
WACC %  
11.3  
205  
2
13.3  
149  
4
15.3  
114  
6
Cos t at 31 December  
458.183  
Impairmment at 1 January  
Impairment this year  
(148.881)  
0
Enterprise value less interest  
bearing debt, MDDK  
Terminal growth rate %  
Impairment at 31 december  
(148.881)  
309.302  
Enterprise value less interest  
bearing debt, MDKK  
Carrying amount at 31 December  
126  
149  
183  
61  
 
Annual Report 2024  
Notes to the parent company financial statements  
7. Treasury shares  
10. Related parties  
The holding of treasury shares includes the cost price of treasury shares in Ennogie Solar Group A/S. As of 31 December 2024, the  
company's holding of treasury shares consists of 10,453 shares (31 December 2023: 10,453 shares). The shares has a nominal value  
of DKK 10,453 corresponding to 0.033% of the contributed capital.  
Ennogie Solar Group A/S has one related party with significant influence. This is the company’s chairman Kim Haugstrup Mikkelsen  
who indirectly holds 14,103,181 shares in Ennogie Solar Group through companies that he controls.  
Related parties include the parent company's Board of Directors and management, as they constitute the primary management.  
Also included are the close family members of these individuals and companies where this group of people has control.  
The market value of the company's holding of treasury shares amounted to DKK 82 thousand as of 31 December, 2024 (31  
December, 2023: DKK 171 thousand). The shares stem from the period before Ennogie became part of the group, and the board is  
considering whether the shares should be exchanged for liquidity or used for share-based compensation.  
Related parties also include the company's subsidiaries and their subsidiaries in Denmark and Germany. Please refer to note 6 for a  
list of subsidiaries.  
Transactions with related parties can be specified as follows.  
8. Warrants  
The company established a warrant program for the group's Board of Directors, key management personnel, and employees in  
September 2022. For warrants granted to individuals employed in one of the company's subsidiaries, the value of the share-based  
compensation is recorded as an increase in the capital shares with a corresponding entry in other reserves in equity.  
Board of directors & Executive  
management  
Subsidiaries  
DKK '000  
2024  
2023  
2024  
2023  
In addition to the established program from 2022, the subsidiary Ennogie ApS established a warrant program in 2019, for former  
shareholders, including the management and Board of Directors, where a total of 60,000 warrants were granted. The granted  
warrants could be exercised in whole or in part until December 31, 2023. In 2023, 39,663 of the granted warrants were exercised,  
which were immediately exchanged for shares in Ennogie Solar Group A/S at a conversion ratio of 1:75.  
Salary and remuneration  
Interest, net (-/cost)  
Receivables to subsidiaries  
Securities and guarantees  
3.044  
630  
0
0
0
1.063  
655  
0
19.348  
22.450  
18.870  
23.377  
For information regarding share-based compensation and an overview of outstanding warrants, please refer to note 8 in the  
consolidated statements.  
0
9. Contingent liabilities and intercompany financial guarantee contracts  
11. Subsequent events  
Ennogie Solar Group A/S has provided joint and several guarantees for loans taken out by its subsidiary Ennogie ApS. As of 31  
December 2024, the loan amount is DKK 15,484 thousand. The current value end 2024 of the guarantee amounts to DKK 1,698,320.  
Additionally, the company has provided joint and several guarantees for the subsidiary Porteføljeselskab A/S' obligations to its  
primary banking relationship. As of 31 December, 2024, Porteføljeselskab A/S has no bank debt. The current value set off as  
provision for this guarantee amounts to DKK 0.  
In March 2025 Ennogie Solar Group took out loans for DKK 5,000,000 from a number of lenders with the aim of securing liquidity for  
ongoing operations. Strategic Investments A/S and Trailblaze A/S where among the lenders. The companies, which are major  
shareholders in Ennogie Solar Group, provided loans of DKK 2,500,000 and DKK 500,000 respectively. Chairman of the Board Kim  
Haugstrup Mikkelsen is the major shareholder in Strategic Investments A/S through 100% ownership of Strategic Capital ApS, while  
Sales Director Lars Brøndum Petersen owns 100% of Trailblaze A/S.  
Ennogie Solar Group A/S is the administration company in a Danish tax consolidation with its Danish subsidiaries. The consolidated  
companies are jointly and severally liable for taxes on the consolidated income of the group and for certain potential withholding  
taxes such as dividend tax and royalty tax. The consolidated companies' net obligation to SKAT (Danish Tax Authority) amounts to  
DKK 0 as of 31 December 2024. Any subsequent adjustments to the taxable consolidated income or withholding taxes on dividends,  
etc., may result in the company's liability amounting to a larger sum.  
The loans bear interest at 10% p.a. and remain without installments until maturity on 30 April 2026, after which the company must  
repay the loans including interest. It is the intention of the Board of Directors to request authorization to make the loans convertible  
at the Annual General Meeting on April 30, 2025. It is further the intention of the Board of Directors that the loans should be  
convertible for a period of at least 20 days, starting on the date of publication of the company’s Q3 report for 2025. The conversion  
price will be determined by the Board of Directors in accordance with any authorization from the General Meeting and will be a  
price that at least corresponds to the market price of the company's shares at the time of the decision.  
62  
 
Annual Report 2024  
Notes to the parent company financial statements  
12. Accounting policies  
The annual financial statements of the parent company are prepared in accordance with International Financial Reporting  
Standards (IFRS) as adopted by the EU and additional requirements of the Danish Financial Statements Act.  
The financial statements are presented in DKK '000.  
The accounting policies applied are unchanged from 2023, and the description in the note has been clarified.  
The parent company applies essentially the same accounting policies for recognition and measurement as the group. Reference is  
made to the consolidated financial statements for a description thereof.  
Investments in subsidiaries are measured at cost in the parent company's annual financial statements. If there are indications of  
impairment, impairment tests are performed. If the cost exceeds the recoverable amount of the investments, they are impaired to  
this amount. Dividends from subsidiaries are recognized in the year in which the dividends are declared.  
A financial guarantee provided for a subsidiary is recognised at fair value.  
63  
 
Annual Report 2024  
Management’s Statement  
Today, the Board of Directors and Executive Management have reviewed and approved the annual report for Ennogie Solar  
Group A/S for the financial year 1 January – 31 December 2024.  
The annual report is prepared in accordance with International Financial Reporting Standards as adopted by the EU and  
additional requirements of the Danish Financial Statements Act.  
In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of  
the 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 consolidated cash flows for the financial year 1 January – 31 December  
2024.  
Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent  
Company's activities and financial matters, of the results for the year and of the Group's and the Parent Company's financial  
position.  
We believe that the annual report for Ennogie Solar Group A/S for the financial year January 1 - December 31, 2024, with the  
filename "EnnogieSolarGroup-2024-12-31-en.zip“, has been prepared in all material respects in accordance with the ESEF  
Regulation.  
We recommend that the annual report be approved at the annual general meeting.  
Herning, 25 April 2025  
Executive Management  
Henrik Golman Lunde  
CEO  
Martin Woldby Papsø  
COO  
Board of Directors  
Kim Haugstrup Mikkelsen, Chairman  
Klaus Lorentzen  
Silke Weiss  
64  
 
Annual Report 2024  
Independent auditor's report
To the shareholders of Ennogie Solar Group A/S  
Independent auditor's report  
We declare, to the best of our knowledge and belief, that we have not provided any prohibited non-audit services, as referred to in  
Article 5(1) of the Regulation (EU) 537/2014 and that we remained independent in conducting the audit.  
Report on the audit of the consolidated financial statements and parent  
company financial statements  
We were appointed auditors of Ennogie Solar Group A/S for the first time on 24 April 2017 for the financial year 2017. We have  
been re-appointed by resolutions passed by the annual general meeting for a total uninterrupted engagement period of 8 years up  
to and including the financial year ending 31 December 2024.  
Opinion  
Material uncertainty related to going concern  
In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view 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 Parent Company's operations and cash flows for the financial year 1 January – 31 December 2024 in accordance with the IFRS  
Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.  
We draw attention to notes 1, 21, 26 and 31 to the consolidated financial statements in which Management has described  
significant budget assumptions for 2025, warranty provisions, financial position, liquidity risk, financing arrangements agreed with  
the lenders and subsequent events which indicate that material uncertainty exists that may cast significant doubt on the Group’s  
and the Parent Company’s ability to continue as a going concern.  
Our opinion is consistent with our year-end report to the Board or Directors and the Audit Committee.  
Our opinion is not modified in respect of this matter.  
Audited financial statements  
Key audit matters  
Ennogie Solar Group A/S' consolidated financial statements and parent company financial statements for the financial year 1  
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial  
statements for the 2024 financial year. These matters were addressed in the context of our audit of the financial statements as a  
whole, and in the forming of our opinion thereon. We do not provide a separate opinion on these matters. In addition to the matter  
described in the “Material uncertainty related to going concern” section, we have determined the matters described below to be  
key audit matters to be communicated in our report.  
January – 31 December 2024 comprise the income statement, statement of comprehensive income, balance sheet, statement of  
changes in equity, statement of cash flows and notes, including summary of material accounting policy information, for the Group  
as well as for the Parent Company (the financial statements). The financial statements are prepared in accordance with the IFRS  
Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable  
in Denmark.  
Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of  
the financial statements" section of our report.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.  
Independence  
We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code  
of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have  
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.  
65  
 
Annual Report 2024  
Independent auditor's report  
Key audit matters (continued)  
Key audit matters  
How our audit addressed the key audit matter  
Key audit matters  
How our audit addressed the key audit matter  
Valuation of investments in Ennogie ApS in the parent company For the purpose of our audit, the procedures we carried out  
Revenue recognition (Cut-off risk)  
For the purpose of our audit, the procedures we carried out  
included the following:  
financial statements  
included the following:  
Revenue for 2024 amounted to DKK 46 million, which is  
recognised upon transfer of control to the buyer.  
Investments in Ennogie ApS measured at cost of DKK 149.2  
million. The value of the investments is deemed to be significant  
for the parent company financial statements.  
•
•
•
We have obtained an understanding of the business  
processes related to revenue recognition including applied  
accounting policy.  
•
•
•
•
We obtained an understanding of the estimate and its  
elements.  
The determination of the correct timing of revenue recognition  
is, in many cases, complex due to the design of the respective  
sales contracts including differing delivery terms. As the amount  
of revenue recognised in the relevant period around year-end is  
also material, we considered the cut-off of revenue recognition  
to be a key audit matter for the consolidated financial  
statements.  
We assessed the valuation methodology against the  
requirements of IFRS.  
Management has identified impairment indicators regarding the  
We have assessed whether the selected accounting policy  
for revenue recognition is appropriate for the Group’s  
business model and the Group’s contracts with customers.  
investment in Ennogie ApS and performed the respective  
impairment test by calculating the value in use based on a  
discounted cashflow model.  
We evaluated the reasonableness of the projected future  
cash flows with reference to internal and market data.  
We have tested the design and implementation of key  
Revisionspåtegning på koncernregnskabet og årsregnskabet  
The discounted cashflow model includes the use of numerous  
controls associated with the timing of revenue recognition.  
We assessed the reasonableness of the assumptions subject  
to significant uncertainty and subjectivity, such as growth  
rates, by benchmarking them against those of other  
comparable industry participants and independent market  
data.  
assumptions associated with a high level of uncertainty,  
subjectivity and complexity: i.e. applied future growth rate and  
discount rate as well as projected future cash flows.  
We refer to note 4 to the consolidated financial statements,  
regarding the disclosures related to revenue and note 32 to the  
consolidated financial statements for the Group’s accounting  
policy.  
•
We have, on a sample basis, tested the revenue  
transactions recognised before and after the balance sheet  
date and assessed the timing of recognition based on the  
underlying documentation such as contracts, delivery notes,  
etc.  
Due to the uncertainty described above, subjectivity and  
Konklusion  
complexity of applied assumptions and the financial significance  
of the investments, we considered the valuation of investments  
in Ennogie ApS to be a key audit matter for the parent company  
financial statements.  
•
•
We performed a sensitivity analysis for the significant  
assumptions in order to assess the impact of the changes on  
these assumptions on the valuation of investments in  
Ennogie ApS.  
•
We have evaluated whether revenue is appropriately  
disclosed and in accordance with the Group’s accounting  
policy.  
We refer to note 6 to the parent company financial statements  
regarding accounting estimate and the assessment of the  
valuation and to note 12 for the Parent Company’s accounting  
policies.  
We also assessed the adequacy of the disclosures regarding  
the impairment test of the investments in the parent  
company financial statements to determine whether they  
are in accordance with IFRS.  
66  
 
Annual Report 2024  
Independent auditor's report  
Key audit matters (continued)  
Statement on the Management's review  
Management is responsible for the Management's review.  
Key audit matters  
How our audit addressed the key audit matter  
Warranty provisions  
For the purpose of our audit, the procedures we carried out  
included the following:  
Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance  
conclusion thereon.  
The Group’s products are sold with a 10-year product warranty.  
At the same time, the Group received a warranty from the  
vendor of the solar panels.  
•
•
•
We have obtained an understanding of the warranty  
provision estimate and its elements.  
In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so,  
consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained  
during the audit, or otherwise appears to be materially misstated.  
Warranty provisions of DKK 3.8 million have been recognised to  
cover reported and expected future warranty claims for sold  
products. The determination of the balance of the warranty  
provisions is based on assumptions derived from actual claims  
case data, historical experience and studies regarding the  
performance of solar cells over time. In the warranty provision,  
it is assumed that the third-party supplier of the panels will fulfil  
its obligations to replace defective panels, defective modules  
replaced can be used an passive modules in future installations,  
and any installation costs will be covered by the Group’s  
insurance companies.  
We assessed the valuation methodology regarding the  
warranty provision against the requirements of IFRS.  
Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law  
and regulations.  
We have tested the reliability of the warranties report  
used as basis for the assumption of future claims by  
comparing actual claims data against the sales of solar  
panels and other supporting documentation on a sample  
basis.  
Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements  
and has been prepared in accordance with relevant law and regulations. We did not identify any material misstatement of the  
Management's review.  
Management's responsibility for the financial statements  
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the IFRS  
Accounting Standards as adopted by the EU and additional requirements in the Danish Financial Statements Act and for such  
internal control that Management determines is necessary to enable the preparation of financial statements that are free from  
material misstatement, whether due to fraud or error.  
•
We assessed the appropriateness of the method and  
assumptions applied including failure rate of the solar  
panels and their replacement cost. The third-party  
supplier of the panels will fulfil its obligations to replace  
defective panels, and defective modules replaced can be  
used as passive modules in future installations.  
These assumptions are subject to high levels of uncertainty and  
complexity.  
In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to  
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of  
accounting 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.  
We refer to note 21 to the consolidated financial statements  
regarding the disclosures related to warranty provision and note  
32 to the consolidated financial statements for the Group’s  
accounting policy.  
•
•
We have reviewed the Group's insurance terms and  
conditions to assess whether the costs related to the  
reinstallation of defective panels are covered by the  
Group’s insurance policies.  
We also assessed the adequacy of the disclosures  
regarding warranty provisions in the consolidated  
financial statements to determine whether they are in  
accordance with IFRS.  
67  
 
Annual Report 2024  
Independent auditor's report  
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit  
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.  
Auditor's responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material  
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a  
high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements  
applicable in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and  
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements  
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to  
bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.  
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.  
From the matters communicated to those charged with governance, we determine those matters that were of most significance in  
the audit of the financial statements of the current period and therefore the key audit matters. We describe these matters in our  
auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we  
determined that a matter should not be communicated in our report because the adverse consequences of doing so would  
reasonably be expected to outweigh the public interest benefits of such communication.  
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise  
professional judgement and maintain professional scepticism throughout the audit. We also:  
•
identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and  
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a  
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting  
from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.  
Report on compliance with the ESEF Regulation  
As part of our audit of the consolidated financial statements and parent company financial statements of Ennogie Solar Group A/S,  
we performed procedures to express an opinion on whether the annual report of Ennogie Solar Group A/S for the financial year 1  
•
•
obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the  
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's  
internal control.  
January – 31 December 2024 with the file name Ennogiesolargroup-2024-12-31-en.zip is prepared, in all material respects, in  
compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation),  
which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated  
financial statements.  
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related  
disclosures made by Management.  
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes:  
•
•
policies used and the reasonableness of accounting estimates and related disclosures made by Management.  
•
•
•
The preparing of the annual report in XHTML format;  
conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial  
statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions  
that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude  
that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the  
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit  
The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof  
to elements in the taxonomy, for financial information required to be tagged using judgement where necessary;  
Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable  
format; and  
evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the  
Parent Company to cease to continue as a going concern.  
•
For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant  
with the ESEF Regulation.  
•
•
evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the  
financial statements represent the underlying transactions and events in a manner that gives a true and fair view.  
plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the  
entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements and the  
Parent Company financial statements. We are responsible for the direction, supervision and review of the audit work  
performed for purposes of the group audit. We remain solely responsible for our audit opinion.  
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Annual Report 2024  
Independent auditor's report  
Report on compliance with the ESEF Regulation continued  
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in  
compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The  
nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of  
material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include:  
•
•
•
•
Testing whether the annual report is prepared in XHTML format;  
Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process;  
Evaluating the completeness of the iXBRL tagging of the consolidated financial statements;  
Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of  
extension elements where no suitable element in the ESEF taxonomy has been identified;  
•
•
Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and  
Reconciling the iXBRL tagged data with the audited consolidated financial statements.  
In our opinion, the annual report of Ennogie Solar Group A/S for the financial year 1 January – 31 December 2024 with the file name  
Ennogiesolargroup-2024-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.  
Non-compliance with the provisions of the Danish Companies Act  
In violation of section 99 of the Danish Companies Act, the Company has not provided the shareholders with the signed and audited  
financial statements within three weeks before the general meeting. The Company's Management may incur liability in this respect.  
Aarhus 25. april 2025  
KPMG  
Statsautoriseret Revisionspartnerselskab  
CVR-nr. 25 57 81 98  
Mikkel Trabjerg Knudsen  
State Authorised  
Ilhan Dogan  
State Authorised  
Public Accountant  
mne34459  
Public Accountant  
mne47842  
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