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Everfuel A/S
Consolidated Financial Statement
1 January – 31 December 2024
Ø. Høgildvej 4A, 7400 Herning Denmark
CVR NO: 38 45 66 95
Chairman of the general meeting
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Contents
Management’s Statement ............................................................................................................ 4
Independent auditor’s opinion .................................................................................................... 5
Company Information .................................................................................................................. 7
Management review ..................................................................................................................... 8
Five-year overview ....................................................................................................................... 9
Income statement – Group ......................................................................................................... 11
Statement of other comprehensive income ................................................................................ 11
Statement of financial position – Group ................................................................................... 12
Cash flow statement – Group .................................................................................................... 13
Statement of changes in equity – Group ................................................................................... 14
Notes to the consolidated financial statements ......................................................................... 16
Note 1 Basis of reporting .............................................................................................................17
Note 2 Critical estimates and judgements ................................................................................. 20
Note 3 Disaggregation of revenue .............................................................................................. 20
Note 4 Material loss items ......................................................................................................... 21
Note 5 Other operating income.................................................................................................. 21
Note 6 Operating cost ................................................................................................................ 22
Note 7 Staff expenses ................................................................................................................. 23
Note 8 Financial income and expenses ..................................................................................... 24
Note 9 Tax .................................................................................................................................. 25
Note 10 Intangible assets and Property, Plant and Equipment ................................................ 26
Note 11 Inventories ..................................................................................................................... 29
Note 12 Trade receivables and contract assets .......................................................................... 30
Note 13 Other receivables .......................................................................................................... 30
Note 14 Accrued grants .............................................................................................................. 30
Note 15 Cash and Cash equivalents ........................................................................................... 31
Note 16 Share Capital ................................................................................................................. 31
Note 17 Borrowings .................................................................................................................... 32
Note 18 Trade and other payables ............................................................................................. 33
Note 19 Deferred tax assets/liabilities ....................................................................................... 34
Note 20 Financial instruments and risk management objectives and policies ........................ 35
Note 21 Minority interest ........................................................................................................... 37
Note 22 Contingent liabilities ................................................................................................... 38
Note 23 Related party transactions ........................................................................................... 38
Note 24 Group matters .............................................................................................................. 38
Note 25 Share-Based payments .................................................................................................39
Note 26 Event occurring after the reporting period ................................................................. 40
Income statement – Parent ........................................................................................................ 43
Statement of other comprehensive income – Parent ................................................................ 43
Statement of financial position – Parent ...................................................................................44
Cash flow statement – Parent .................................................................................................... 45
Statement of changes in equity – Parent ...................................................................................46
Notes to the parent financial statements ................................................................................... 47
Note 1 General Information ...................................................................................................... 48
Note 2 Summary of significant accounting policies ................................................................. 48
Note 3 Critical accounting estimates and judgements ............................................................. 48
Note 4 Disaggregation of revenue ............................................................................................. 48
Note 5 Material loss items ..........................................................................................................49
Note 6 Other operating income ..................................................................................................49
Note 7 Operating costs ...............................................................................................................49
Note 8 Staff expenses ................................................................................................................ 50
Note 9 Financial income and expenses ...................................................................................... 51
Note 10 Income tax expense ....................................................................................................... 52
Note 11 Investments in subsidiaries ........................................................................................... 53
Note 12 Intangible assets and property, plant and equipment ................................................. 54
Note 13 Inventories .................................................................................................................... 57
Note 14 Trade receivables and contract assets .......................................................................... 57
Note 15 Other receivables ........................................................................................................... 57
Note 16 Cash and cash equivalents ............................................................................................ 57
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Note 17 Share capital .................................................................................................................. 58
Note 18 Borrowings .................................................................................................................... 58
Note 19 Trade and other payables ............................................................................................. 59
Note 20 Deferred tax assets/liabilities ...................................................................................... 59
Note 21 Financial Instruments and risk management objectives and policies......................... 60
Note 22 Contingent liabilities .................................................................................................... 62
Note 23 Related party transactions ........................................................................................... 62
Note 24 Group Matters .............................................................................................................. 62
Note 25 Share-based payments ................................................................................................. 62
Note 26 Events occurring after the reporting period ................................................................ 62
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Executive Board
Board of directors
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CVR No 33 77 12 31
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Company Information
The Company
CVR No: 38 45 66 95
Financial period: 1 January - 31 December
Municipality of reg. office: Herning
Board of Directors
Søren Eriksen, Chairman
Martin Skov Hansen
Christina Aabo
Michio Tanaka
Marc Alfred Schürch
Pierre-Etienne Louis Jérôme Franc
Executive Board
Jacob Bech Krogsgaard, CEO
Auditors
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Management review
Everfuel A/S – or the group of Everfuel companies – develops, owns and operates green
hydrogen infrastructure and partner with industry and vehicle OEMs to connect the entire
hydrogen value chain and seamlessly provide hydrogen fuel to enterprise customers under
long-term contracts. Green hydrogen is a 100% clean energy carrier made from renewable
solar and wind power and key to decarbonizing industry and transportation in Europe.
The Group is eco-conscious and works on a current basis to improve the environmental
impact of both its own operating activities as well as its customers.
Everfuel is an ambitious, rapidly growing company, headquartered in Herning, Denmark, and
with activities in Denmark, Germany and The Netherlands, and a plan to grow across Europe.
Everfuel used to be listed on Euronext Growth in Oslo under EFUEL but was delisted by the
end of 2024.
Today, Everfuel A/S is ultimately owned by a group of professional investors including E.F.
Holding ApS, Infrastructure investment funds managed or advised by Swiss Life Asset
Management AG ("Swiss Life AM"), HvVC ApS and Clean H2 Infra Fund S.L.P. via Faro
Bidco Aps.
Total Group income for 2024 was EUR 3,5 million, EBITDA was negative EUR 9.7 million
compared to negative EUR 18.5 million in 2023, and the EBITDA result thereby better than
the outlook of negative EUR 15 to 11 million projected in the 2023 annual report.
In line with previous year reporting structure comprises the following business activity to
provide increased transparency on business operations and value streams: Upstream
activities and Downstream activities. Although the Company is active in developing
commercial projects and maturing integrated related technologies, the Group does not have a
dedicated research department.
Upstream activities
Upstream activities include renewable energy and hydrogen project development and
hydrogen production and operations, including co-owned companies with external minority
investors. External revenues are generated from the production of green hydrogen sold under
long term hydrogen purchase agreements (HPAs). Internal Group revenues and value
creation stems from (i) project development, (ii) EPCM work on projects that have passed
FID and (iii) operating projects that have passed COD (commercial operating date). In 2024,
Upstream activities generated no revenue as flagship projects HySynergy 1 was not yet
operational. Reported other income is the value EPCM work, that is hours provided by the
organisation towards HySynergy 1.
For 2025 The Group expects to see first revenues from HySynergy1 to the cale of EUR 15-20
million. The 2025 EBITDA is expected to be in the range EUR 5 to 10 million.
Downstream activities
Downstream activities include distribution of hydrogen to, and or operation of, owned and
partner mobility solutions as well as supply of hydrogen to nonpipeline connected industry
customers. Downstream revenue from hydrogen sales is expected to grow with increased
activities at the bus station in Heinenoord, Netherlands and as the German bus depot stations
become operational in 2024.
Reported revenue include EUR 1.2 million sales of hydrogen as well as EUR 1.0 million
construction contract for Germany and EUR 0.7 million for other project contracts. Other
operating income includes public grants related to trailers.
For 2025, the revenues from sale of hydrogen to mobility is expected to increase to EUR 3.5
to 4.5 million as the stations in Germany become fully operational. EBITDA from the
downstream business is expected to improve compared to 2024, but still a minor negative
EBITDA result, in the range EUR -1.5 to -1.0 million.
As a result in the continued investment in making green hydrogen happen, the total Group
EBITDA for 2025 is expected to be in the range EUR -2.5 to -1.5 million, representing a
significant improvement from the reported loss of EUR -9.7 million in 2024.
Subsequent events and unusual matters having affected the financial statements
Following the delisting from Euronext, A decision was made 29.01.2025 to increase the
company’s share capital by a nominal amount of DKK 113,042.20 from a nominal amount of
DKK 862,799.60 to a nominal amount of DKK 975,841.80 by cash contribution.
Besides the delisting, no unusual matters have affected the groups asset or liabilities, financial
position or operational results.
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Five-year overview
In thousands EUR
2024
2023
2022
2021
2020
Revenue
3,511
5,572
2,761
193
69
Operating result before depreciation
and amortisation (EBITDA)
-9,729
-18,467
-11,643
-6,791
-1,110
Operating profit before financial income
and expenses and tax (EBIT)
-13,177
-28,197
-14,740
-7,771
-1,161
Net financials
-268
565
-2,060
1,132
574
Profit for the year
-13,445
-27,632
-16,542
-6,514
-511
Balance sheet
Property, plant and equipment
80,013
69,539
51,294
19,054
2,693
Additions to property, plant and
equipment
16,464
23,020
35,241
16,685
2,723
Total Balance
101,121
111,191
102,716
83,792
27,068
Total equity
59,658
70,289
59,308
77,242
25,760
Cash and cash equivalents
9,732
28,630
31,915
59,296
23,410
Cash flow statement
Cash flow from operating activities
59
-18,653
3,133
5,771
-399
Cash flow from investing activities
-4,200
-28,579
3,320
-14,548
-2,333
Cash flow from property plant &
Equipment
-23,957
-22,439
-32,941
-16,336
-1,341
Cash flow from financing activities
4,500
43,962
9,531
54,954
25,328
Changes in cash and cash equivalents
-18,898
3,285
27,381
35,886
22,596
Financial ratios
2024
2023
2022
2021
2020
Gross margin
34%
-43%
2%
205%
1378%
Profit margin
-226%
-506%
-534%
-4026%
-1683%
Solvency ratio
59%
63%
58%
92%
95%
Return on equity (ROE)
-23%
-43%
-25%
-9%
-1%
Employees
Average number of employees
71
82
64
36
11
Financial Highlights
Explanation of financial ratios
Gross Margin
Profit margin
Solvency ratio
Return on equity
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Consolidated financial statements for the
year ended 2024
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Income statement – Group
1 January – 31 December
In thousands EUR
Notes
2024
2023
Revenue
3
Other operating income
5
Total income
Raw materials and consumables
-3,950
-8,596
Gross profit
-2,408
Operating costs
6
-4,863
-7,491
Staff expenses
7
-6,860
-8,568
Operating result before
depreciation and amortisation
(EBITDA)
-9,729
-18,467
Depreciation and amortisation
-3,448
-9,730
Operating profit before financial
income and expenses (EBIT)
-13,177
-28,197
Financial income
8
Financial expenses
8
-499
-167
Loss before tax
-13,445
-27,632
Tax on profit / loss for the year
9
Net loss for the year
-13,445
-27,632
Statement of other comprehensive income
1 January – 31 December
In thousands EUR
Notes
2024
2023
Loss for the year
-13,445
-27,632
Items that may be reclassified to profit
or loss:
Exchange differences on translation of
foreign operations
-235
Exchange difference on translation from
functional currency to presentation
currency
-123
Other comprehensive income for
the period, net of tax
-358
Total comprehensive income
-13,140
-27,990
Total comprehensive income for the
period is attributable to:
Equity holders of the parent
-12,829
-27,850
Non-controlling interests
-311
-140
Total
-13,140
-27,990
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Statement of financial position – Group
As at 31 December
In thousands EUR
Notes
2024
2023
Assets
Property, plant and equipment
10
Intangible assets
10
Other assets
Total non-current assets
Inventories
11
Trade receivables
12
Contract assets
12
Other receivables
13
Accrued grants
14
Prepayments
Cash and cash equivalents
15
Total current assets
Total assets
In thousands EUR
Notes
2024
2023
Share capital
Translation reserve
-249
Retained earnings
Equity attributable to equity
holders of the parent
Non-controlling interests
Total equity
16
Other provisions
Total provisions
Borrowings
17
Deferred income
6
Total non-current liabilities
Trade and other payables
18
Borrowings
17
Deferred income
6
Contract liabilities
13
Total current liabilities
Total liabilities
Total equity and liabilities
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Cash flow statement – Group
1 January – 31 December
In thousands EUR
2024
2023
Result of the year
-13,445
-27,632
Income taxes in the income statement
Financial items, net
-565
Depreciation, amortisation and impairment losses
Other non-cash items
-2,219
Change in working capital
-3,181
Interest paid
Cash flow from operating activities
-9,398
-18,653
Payments related to addition/disposal of subsidiaries,
net of cash acquired.
-57
-3,033
Payments for property, plant and equipment
-13,627
-22,439
Payments for financial assets at amortized cost
-8
Payment of intangible assets
-3,626
-5,604
Proceeds from sale of property, plant and equipment
Received grants relating to property, plant and
equipment
Cash flow from investing activities
-15,060
-28,579
Proceeds from issues of shares and other equity
securities
Proceeds from borrowings
Repayment of borrowings
-16,506
-10,414
In thousands EUR
2024
2023
Transactions with non-controlling interests
Sales of shares to non-controlling interests
Cash flow from financing activities
Cash flow for the year
-18,758
-3,270
Cash and cash equivalents at the beginning of the
financial year
Effects of exchange rate changes on cash and cash
equivalents
-140
-15
Cash and cash equivalents at end of year
§ Accounting policies
The cash flow statement is presented under the indirect method based on net profit/loss for the
year. The cash flow statement shows cash flows for the year, changes for the year in cash and
cash equivalents as well as cash and cash equivalents at the beginning and end of the year.
Cash flows from operating activities
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted
for non-cash operating items, and corporate taxes as well as changes in working capital.
Working capital comprises current assets less short-term debt excluding items included in
cash and cash equivalents
Cash flows from investing activities
Cash flows from investing activities comprise acquisitions and disposals of intangible assets,
property, plant and equipment as well as fixed asset investments. Government grants that
relate to acquisitions of property, plant and equipment are also classified and presented as
cash flows from investing activities.
Cash flows from financing activities
Cash flows from financing activities comprise of expenses received and paid and financial
income, the raising and repayment of long-term debt, dividend paid and proceeds from share
capital increases.
Cash and cash equivalents
Cash and cash equivalents comprise cash holdings and withdrawals from the overdraw facility.
Cash flows in foreign currencies are translated at the average monthly exchange rates which do
not deviate materially from the exchange rates at the date of payment.
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Statement of changes in equity – Group
1 January – 31 December 2024
In thousands EUR
Share capital
Translation Reserve
Retained earnings
Total
Non-controlling
interests
Total equity
At 1 January 2024
-249
Loss for the period
-13,445
-13,445
-13,445
Other comprehensive income
Total comprehensive income
-13,445
-13,186
-13,186
Contributions of equity, net of transaction costs
Non-controlling interests on acquisition of subsidiary
Management and employee Warrant Program – value of
services
Other equity movements
Total equity transactions
As at 31 December 2024
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Statement of changes in equity – Group
1 January – 31 December 2023
In thousands EUR
Share capital
Translation Reserve
Retained earnings
Total
Non-controlling
interests
Total equity
At 1 January 2023
Loss for the period
-27,498
-27,498
-134
-27,632
Other comprehensive income
-352
-352
-6
-358
Total comprehensive income
-352
-27,498
-27,850
-140
-27,990
Contributions of equity, net of transaction costs
Non-controlling interests on acquisition of subsidiary
Management and employee Warrant Program – value of
services
Other equity movements
Total equity transactions
As at 31 December 2023
-249
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Notes to the consolidated financial
statements
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Note 1 Basis of reporting
Introduction
The principal accounting policies applied in the preparation of these consolidated financial
statements are set out below. These policies have been consistently applied to all the years
represented, unless otherwise stated.
Basis of preparation
The Consolidated and Parent Company Financial Statements of Everfuel A/S have been
prepared in accordance with IFRS Accounting Standards as adopted by the EU (IFRS) and
additional Danish disclosure requirements applying to enterprises of disclosure requirements
applying to medium-sized enterprises of reporting class C, cf. IFRS notification issued
according to the Danish Financial Statements Act.
The consolidated financial statements have been prepared on a historical cost, except for
certain items with alternative measurement bases, which are identified in these accounting
policies. The Group has prepared the financial statements on the basis it will continue to
operate as going concern.
Applying Materiality
Material items are presented individually in the financial statements as required by IAS 1.
Items that are not individually material but support the understanding of the Everfuel
Group’s business model and performance in the reporting period, are also presented in the
financial statements.
Currency
Consolidated and Parent Company Financial Statements are presented in Euro (EUR) and are
rounded to the nearest thousand EUR, unless otherwise stated. The Group uses EUR as
presentation currency as it is considered to be beneficial for potential and current
shareholders in Everfuel.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the parent
company Everfuel A/S and entities controlled by Everfuel A/S. Control exists when Everfuel
A/S has effective power over the entity and has the right to variable returns from the entity.
Where necessary, adjustments are made to bring the financial statements of subsidiaries in line
with the Everfuel Group’s accounting policies. All intra-Group transactions, balances, income
and expenses are eliminated in full when consolidated.
The results of subsidiaries acquired or disposed of during the year are included in the
consolidated income statement from the effective date of acquisition and up to the effective
date of disposal.
Translation of foreign currency
A functional currency is determined for each of the reporting entities of the Group. The
functional currency of the Parent Company is Danish kroner (DKK). Transactions denominated
in currencies other than the functional currency are considered transactions denominated in
foreign currencies. On initial recognition, transactions in foreign currencies are translated to
the functional currency at the exchange rates at the dates of transaction.
Gains and losses arising due to differences between the transaction date rates and the rates at
the dates of payment are recognised in financial income and expenses in the income statemen.
Receivables, payables and other monetary items in foreign currencies that have not been settled
at the balance sheet date are translated at the exchange rates at the balance sheet date. Gains
and losses arising due to differences between the exchange rates at the balance sheet date and
the transaction date rates are recognised in financial income and expenses in the income
statement
On recognition in the consolidated financial statements of entities with a functional currency
other than the presentation currency (EUR), the income statement and statement of cash flows,
are translated at the exchange rates prevailing at the transaction date, and the statement of
financial position items are translated at the exchange rates prevailing at the reporting date.
Business combinations
Identified assets and liabilities of the entity being acquired must be measured at fair value at
the time of acquisition. The significant assets are mostly goodwill, tangible and intangible
assets, receivables, and inventories. For most of the assets and liabilities being acquired there
are no active markets which can be used when determining the fair value. Methods usually used
are based on the present value of future cash flows relating to the asset or cost method.
Therefore, management makes estimates and judgments in relation to the measurement at fair
value for the acquired assets and liabilities
Depending on the nature of the items these measurements at fair value can be subject to
uncertainty and may be subject to subsequent adjustment.
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Valuation of deferred tax assets
Deferred income tax assets are recognised to the extent that the realisation of the tax benefit
to offset future tax liabilities is probable. In this period and in prior periods, the Danish
Companies within the Group incurred net operating losses which forms part of carried-
forward tax losses of these companies. Management has concluded that the deferred tax
assets from these cannot be recognised due to timing of realisation estimated future taxable
income based on the approved business plans and budgets. The losses can be carried forward
indefinitely and have no expiry date.
Government grants
Grants for the government are recognised where there is a reasonable assurance that the
grant will be received, and the Group will comply with all attached conditions.
Implementation of new accounting standards,
amendments and interpretations
The IASB has issued the following new standards, amendments and new interpretations
which could be relevant to Everfuel A/S.
Some standards and amendments are adopted by the EU with an effective date later than that
established by the IASB. The summary below presents these changes and the impact to the
Group.
The Company has implemented the following amendments or new standards
(IFRS) for financial year 2024:
The amendments came into effective for financial years beginning on or after 1 January 2024:
• IAS 1, Presentation of Financial Statements: Clarify that the definition of current
liabilities must be based on the rights existing on the balance sheet date. The
requirement for an unconditional right to postpone payment for 12 months from
the balance sheet date is therefore changed to a right to defer payment for 12
months from the balance sheet date.
• IAS 7 Cash Flow Statement and IFRS 7 Financial Instruments: Disclosures: The
amendment introduces disclosure requirements for supplier finance arrangements
(reverse factoring), regarding terms and conditions in the arrangements, including
payment terms for both the liabilities comprised by the agreements and similar for
those not covered by the arrangements. Significant variances must be explained.
The amendment also requires disclosure of recognised values at both the beginning
and the end of the year for the liabilities comprised by the arrangements.
• IFRS 16, Leasing: The amendment to IFRS 16 clarifies that the leased share in a
sale and leaseback transaction should be measured in such a way that no gain or
loss arises from recognition of the lease asset. Furthermore, it is clarified that the
lease liability should be measured to reflect the present value of the expected future
lease payments. The illustrative examples in IFRS 16 have been updated to reflect
these changes. Early adoption of the amendment is permitted. If the amendment is
applied for an earlier period, this fact shall be disclosed.
Everfuel A/S has assessed the effect of the new standards, amendments, and interpretations.
Everfuel A/S has concluded that all standards, amendments, and interpretations effective for
financial years beginning on or after 1 January 2024 are either not relevant to Everfuel A/S or
have no significant effect on the Financial Statements of Everfuel A/S.
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New standards, amendments, and interpretations adopted but not yet effective
The following new standards, amendments, and interpretations of relevance to Everfuel A/S
have been adopted by the IASB and adopted by the EU. The standards are not yet effective and
will therefore not be implemented in the Annual Reports until they take effect.
• IAS 21, Foreign exchange rates: The amendment clarifies the procedures
relating to the assessment of whether a currency is exchangeable into another
currency, and when it is not, how to determine the exchange rate to use and
which disclosures to provide. The amendment will be effective for financial
years beginning on or after 1 January 2025. Early adoption of the amendment
is permitted.
The IASB has issued the following new standards, amendments and new interpretations which
could be relevant to Everfuel A/S, but which have not yet been adopted by the EU:
• IFRS 7 and IFRS 9, Classification and measurement of financial instruments:
The amendment clarifies the requirements for the timing of derecognition of
some financial asset and financial liability. The amendment clarifies it is the
date of settlement which determines the derecognition of a financial asset or a
financial liability, although financial liabilities settled by electronic transfer
under certain circumstance may be derecognized earlier. Furthermore, the
amendment contains an assessment of how to determine whether a payment
for financial assets satisfies the SPPI test, when the instrument is linked to the
achievement of sustainability targets.
The amendment will be effective for financial years beginning on or after 1
January 2026. Early adoption of the amendment is permitted, when approved
by the EU.
• Annual improvements volume 11, IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7:
Minor amendments and clarifications to IFRS 1 and IFRS 7, and guidance to
implementation of IFRS 7, IFRS 9, IFRS 10 and IAS 7 to clarify wording or
correct minor unintended consequences, oversights or conflicts between the
listed standards.
The amendment will be effective for financial years beginning on or after 1
January 2026. Early adoption of the amendment is permitted, when approved
by the EU.
• IFRS 7 and IFRS 9, Contracts referencing nature-dependent electricity: The
amendments introduces application guidance on when the ‘own use’
requirements have been complied for contracts referring to nature-dependent
electricity. The amendments also introduce guidance for the application of
hedge accounting for such contracts when the actual production differs from
the expected production. The amendments also introduce additional disclosure
requirements for entities using such contracts.
The amendment will be effective for financial years beginning on or after 1
January 2026. Early adoption of the amendment is permitted, when approved
by the EU.
• IFRS 18, Presentation and Disclosure in Financial Statements: This new
standard replaces IAS 1 and it implements set of new requirements for
presentation and disclosures in the financial statements. The new standard
requires the income statement to be structured into five categories, while also
introducing two new subtotals. Furthermore, the new term “Management
Performance Measures (MPM)” is introduced, which must be disclosed in the
notes of the financial statements. The new requirements for presentation and
disclosures are applicable for all financial statements, including consolidated
financial statements, separate financial statements and interim financial
statements.
The amendment will be effective for financial years beginning on or after 1
January 2027. Early adoption of the amendment is permitted, when approved
by the EU.
• IFRS 19, Subsidiaries without Public Accountability: Disclosures: This new
standard is voluntary and allows subsidiaries which forms part of a group and
do not have listed instruments, in certain circumstance to prepare their
financial statements with a reduced number of disclosures. The subsidiaries will
apply the recognition, measurement, and presentation requirements from the
other active IFRS accounting standards, but must apply the reduced disclosure
requirement as listed in IFRS 19. IFRS 19 is a voluntary standard for eligible
subsidiaries.
The amendment will be effective for financial years beginning on or after 1
January 2027. Early adoption of the amendment is permitted, when approved
by the EU.
Everfuel A/S expects to implement these new standards, amendments, and
interpretations when they take effect.
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Note 2 Critical estimates and judgements
The preparation of financial statements in conformity with IFRS requires management to use
estimates and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates. Areas where significant
judgment has been applied are:
• Note 11: intangible assets and property, plant and equipment and
• Note 13: trade receivables and contract balances
Note 3 Disaggregation of revenue
The group derives revenue from the sale of hydrogen in Denmark, Netherlands and Norway.
The revenue is recognised at a point in time. The group also derives revenue from construction
contracts which is recognised over time.
In thousands EUR
2024
2023
Business activities - Recognised point in time
Upstream
0
0
Downstream
2,879
5,572
Total
2,879
5,572
In thousands EUR
2024
2023
Hydrogen - Recognised point in time
Netherland
411
628
Norway
0
106
Denmark
0
246
Germany
745
0
Total
1,156
980
In thousands EUR
2024
2023
Construction Contracts - Recognised over
time
Germany
1,012
4,097
Denmark
711
495
Total
1,723
4,592
§ Accounting policies
Disaggregation of revenue and constructing contracts
Sale of hydrogen:
Sale of hydrogen Revenue from contracts with customers is recognised when control of the
goods and services are transferred to the customer and is recognised by the amount that
reflects the consideration to which the Group expects to be entitled in exchange for those
goods or services.
This normally corresponds to the amount as specified in the contract.
Construction contracts:
Construction contracts are recognised at degree of completion. Losses on construction
contracts are written off in full when identified
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Note 4 Material loss items
The Group has identified a number of items which are material due to the significance of their
nature and/or amount. These are listed separately here to provide a better understanding of
the financial performance of the Group.
In thousands EUR
2024
2023
Impairment of assets
Completed development projects
0
3,202
Plant and machinery
642
2,960
Assets under construction
0
57
Total
642
6,219
The results of the impairment test was that all affected assets were valued at EUR 0 million.
Note 5 Other operating income
In thousands EUR
2024
2023
Other operating income
Government grants
1,367
248
Gain on disposal of assets
773
120
Other non-recurring operating income
0
10
Other items
925
238
Total
3,065
616
Deferral and presentation of government grants Government grants relating to costs are
deferred and recognised in profit or loss over the period necessary to match them with the
costs that they are intended to compensate.
There are no unfulfilled conditions or other contingencies attached to the government grants
recognised as income during the year.
Government grants relating to the purchase of property, plant and equipment are included in
current and non-current liabilities as deferred income and they are credited to profit or loss
on a straight-line basis over the expected lives of the related assets.
In thousands EUR
2024
2023
Deferred grants at 1 January
1,084
1,306
Received during the year
1,140
23
Released to the statement of profit or loss
-1,356
-245
Deferred grants at 31 December
868
1,084
Current liabilities
160
215
Non-current liabilities
708
869
§ Accounting policies
Other operating income
Other operating income are secondary to the principal activities of the Group and include
income relating to government grants, consulting services and consortium income.
Government grants
Government grants relating to costs are deferred and recognised in profit or loss over the
period necessary to match them with the costs that they are intended to compensate.
Government grants relating to the purchase of property, plant and equipment are included in
the current and non-current liabilities as deferred income and they are credited to profit or
loss on a straight-line basis over the expected lives of the related assets.
The cash flows from government grants relating to purchase of property, plant and equipment
are presented and classified as cash flows from investing activities.
Deferred income
Deferred income comprises payments received in respect of income in subsequent years.
22 | P a g e
Note 6 Operating cost
In thousands EUR
2024
2023
Distribution and marketing costs
96
177
Premises costs
469
281
IT-related costs
689
814
Consultancy and professional services
1,857
2,408
Operating costs refuelling stations and trailers
678
896
Other operating costs
1,074
2,915
Total
4,863
7,491
§ Accounting policies
Raw materials and consumables
Raw materials and consumables comprises cost of purchased finished goods and raw materials
and point-of-sale materials includes the purchase cost and costs directly related to bringing
inventories to the relevant place of sale and getting them ready for sale, for example insurance,
freight and duties.
Operating costs
Sales costs comprise costs relating to general sales activities and write-downs for bad debt
losses. Distribution costs comprise costs incurred in distributing goods. Distribution and
marketing costs comprise expenses relating to sales and distribution of the Group’s products
and services, including advertising and exhibition costs. Administrative costs comprise costs
for offices.
23 | P a g e
Note 7 Staff expenses
In thousands EUR
2024
2023
Wages and salaries
5,319
6,070
Defined contribution plans
850
1,507
Share-based remuneration (note 25)
552
820
Other social security expenses
139
171
Total
6,860
8,568
Average number of employees
Key management personnel compensation
The Board of Directors and Executive Management team are not covered by any pension
schemes. The compensation paid or payables to key management personnel for employee
services is shown below. Key Management is defined as the Executive Board, the Board of
directors and the Management Group.
Refer to note 26 for more information on the share-based payment program.
In thousands EUR
Executive
board
Board of
directors
Other key
manage-
ment
Total
2024
Wages and salaries
494
106
484
1,084
Defined contribution plans
64
0
60
124
Share-based payments
97
0
42
42
Total
655
106
586
1,250
In thousands EUR
Executive
board
Board of
directors
Other key
manage-
ment
Total
2023
Wages and salaries
483
101
969
1,553
Defined contribution plans
61
0
690
751
Share-based payments
421
0
127
548
Total
965
101
1,786
2,852
§ Accounting policies
Wages, salaries, social security contributions, pension contributions, paid annual leave and
sick leave, bonuses, and non-monetary benefits are accrued in the year in which the associated
services are rendered by employees of the Group. Where the Group provides long-term
employee benefits, the costs are accrued to match the rendering of the services by the
employees.
Employee benefits - Pensions
For defined contribution plans, the Company pays contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual or voluntary basis. The
Company has no further payment obligations once the contributions have been paid. The
contributions are recognized as employee benefit expense when they are due. Prepaid
contributions are recognized as an asset to the extent that a cash refund or a reduction in the
future payments is available.
24 | P a g e
Note 8 Financial income and expenses
In thousands EUR
2024
2023
Financial income
Net exchange gains on foreign currency
7
0
Other financial income
225
732
Total
232
732
In thousands EUR
2024
2023
Financial expenses
Net exchange losses on foreign currency
6
339
Interest and finance charges paid/payable for lease
liabilities and
62
45
financial liabilities not at fair value through profit or
loss
81
-217
Total
499
167
Financial items, net
-267
565
Lease liabilities are presented in note 18. Right of use assets are presented in note 11
Capitalized interest costs amounts to 715 t.eur for the financial year
§ Accounting policies
Financial income and expenses
Financial income and expenses comprise interest, amortisation addition and deduction, fair
value adjustments and realised and unrealised exchange adjustment
25 | P a g e
Note 9 Tax
In thousands EUR
2024
2023
Current tax
Current tax on profits for the year
0
0
Adjustments for current tax of prior periods
0
0
Total current tax expense
0
0
Deferred income tax
Decrease/(increase) in deferred tax assets
0
0
(Decrease)/increase in deferred tax liabilities
0
0
Total deferred tax expense/(benefit)
0
0
Income tax expense
0
0
Deferred tax related to items recognised in
OCI during in the year:
Exchange differences on translation of foreign
operations
0
0
Exchange differences on translation from functional
currency to
0
0
presentation currency
0
0
Deferred tax charged to OCI
0
0
In thousands EUR
2024
2023
Numerical reconciliation of income tax
expense to prima facie tax payable
Tax rate of 22%
-2,958
-6,079
Tax effect of amounts which are not deductible
(taxable)
0
0
in calculating taxable income:
0
0
Transactions cost for increase in share capital etc
0
0
Adjustments for current tax of prior periods
17
0
Adjustments for deferred tax of prior periods
0
564
Unrecognised deferred tax asset
2,867
5,466
Previously unrecognised tax losses used to reduce
deferred tax expense
0
0
Other permanent adjustments
74
49
Total
0
0
§ Accounting policies
Income Tax Expense
The tax expense for the period comprises current and deferred tax. It also includes
adjustments to previous years and changes in provisions for uncertain tax positions. Tax is
recognised in the income statement except to the extent that it relates to items recognised in
equity or other comprehensive income. Provisions for ongoing tax disputes are included as
part of deferred tax assets, tax receivables and tax payables. Deferred income taxes arise from
temporary differences between the accounting and tax values of the individual consolidated
companies and from realisable tax loss carry-forwards. The tax value of tax loss carry forwards
is included in deferred tax assets to the extent that these are expected to be utilised in future
taxable income. The deferred income taxes are measured according to current tax rules and at
the tax rates assumed in the year in which the assets are expected to be utilised.
26 | P a g e
Note 10 Intangible assets and Property, Plant
and Equipment
In thousands EUR
Patents,
trademarks
and other
rights
Develop-
ment
projects
Develop-
ment
projects in
progress
Total
intangible
assets
Land and
buildings
Plant and
machinery
Other fixt.
and fit.,
tools and
equipment
Assets
under con-
struction
Total
property
plant and
equipment
Cost at 1 January 2024
112
5,260
1,861
7,233
3,199
18,850
860
55,746
78,655
Additions
0
0
768
768
5
615
194
15,650
16,464
Disposals for the year
23
0
0
23
-375
-2,132
-124
0
-2,631
Transfers
-13
3,013
-707
2,293
7,289
2,778
181
-12,553
-2,305
Foreign exchange adjustments etc.
-5
-1
0
-6
-14
-156
-1
-259
-430
Cost at 31 December 2024
122
8,268
1,921
10,311
10,104
19,955
1,110
58,584
89,753
Amortisation, depreciation and
impairment losses at 1 January
11
3,894
0
3,905
329
8,048
492
247
9,116
Amortisation and depreciation
6
784
0
790
256
2,104
169
0
2,529
Impairment losses
0
0
0
0
0
0
0
0
0
Reversal of impairm. and deprec. of
sold assets
0
0
0
0
-7
-1,771
-115
0
-1,893
Foreign exchange adjustments etc.
0
-4
0
-4
0
-493
-1
-92
-686
Amortisation, depreciation and
impairment at 31 December
2024
17
4,674
0
4,691
578
7,888
545
55
9,066
Carrying amount 31 December
2024
105
3,594
1,921
5,620
9,526
11,393
565
58,529
80,013
27 | P a g e
Note 10 Intangible assets and Property, Plant
and Equipment
In thousands EUR
Patents,
trademarks
and other
rights
Develop-
ment
projects
Develop-
ment
projects in
progress
Total
intangible
assets
Land and
buildings
Plant and
machinery
Other fixt.
and fit.,
tools and
equipment
Assets
under con-
struction
Total
property
plant and
equipment
Cost at 1 January 2023
102
714
3.559
4,375
3.085
14,010
812
37,544
55,451
Additions
51
0
5.552
5,603
1.213
2,979
127
18,701
23,020
Disposals for the year
-41
0
0
-41
-1.041
-757
-77
-400
-2,275
Transfers
0
4,548
-7,242
-2,694
0
2,709
0
-15
2,694
Foreign exchange adjustments etc.
0
-2
-8
-10
-58
-91
-2
-84
-235
Cost at 31 December 2023
112
5,260
1.861
7.233
3,199
18,850
860
55,746
78,655
Amortisation, depreciation and
impairment losses at 1 January
6
179
0
185
370
3,448
0
0
4,158
Amortisation and depreciation
5
514
0
519
189
2,423
203
0
2,815
Impairment losses
0
3,202
0
3,202
0
2,960
0
247
3,207
Reversal of impairm. and deprec. of
sold assets
0
0
0
0
-226
-730
-50
0
-1,006
Foreign exchange adjustments etc.
0
-1
0
-1
-4
-53
-1
0
-58
Amortisation, depreciation and
impairment at 31 December
2023
11
3,894
0
3.905
329
8,048
492
247
9,116
Carrying amount 31 December
2023
101
1,366
1.861
3.328
2,870
10,802
368
55,499
69,539
28 | P a g e
Note 10 Intangible assets and Property, Plant
and Equipment
In thousands EUR
Patents,
trademarks
and other
rights
Develop-
ment
projects
Develop-
ment
projects in
progress
Total
intangible
assets
Land and
buildings
Plant and
machinery
Other fixt.
and fit.,
tools and
equipment
Assets
under con-
struction
Total
property
plant and
equipment
2024
Assets in Denmark
105
3,594
1,921
5,620
9,282
7,376
381
58,796
75,835
Assets in the Netherlands
0
0
0
0
670
4,016
6
57
4,749
Right-of-use assets
Amortisation and depreciation
0
0
0
0
165
0
77
0
242
Carrying amount at 31 December
0
0
0
0
2,037
0
123
0
2,160
2023
Assets in Denmark
101
1,366
1,861
3,328
2,199
6,147
367
55,499
64,212
Assets in the Netherlands
0
0
0
0
671
4,655
1
0
5,327
Right-of-use assets
Amortisation and depreciation
0
0
0
0
54
0
70
0
16
Carrying amount at 31 December
0
0
0
0
2,581
0
156
0
2,737
Development costs not capitalised and therefore recognised in the consolidated income
statement amounts to EUR 0.9 million (EUR 0.6 million). Interest DKK 0.7 million EUR
recognised in Assets under construction arising from 2 separate loans with annual interest of
4% and 8% respectively (EUR 0.4 million). The interest and finance charger paid for lease
liabilities are presented in note 9.
29 | P a g e
Note 11 Inventories
In thousands EUR
2024
2023
Hydrogen
46
34
Total Inventories
46
34
Spare parts inventories are initial recognised at cost and subsequently measured at the lower
of cost or net realisable value. During the year, there were no inventory write-down. The
projects to which the inventories will be utilised are currently in-progress and no impairment
indicators were evaluated in these development projects.
§ Accounting policies
Intangible assets and property, plant and equipment
Intangible assets and property, plant and equipment are initially recognised at cost and
subsequently measured at cost less accumulated amortisation or depreciation and impairment
losses. Cost comprises the purchase price and costs directly attributable to the acquisition until
the date when the asset is available for use. The cost of self-constructed assets comprises direct
and indirect costs of materials, components, sub-suppliers, wages and salaries, and capitalised
borrowing costs on specific or general borrowings attributable to the construction of the asset.
Research and development costs are recognised in the income statement as incurred.
Development costs are recognised under other intangible assets if the costs are expected to
generate future economic benefits. Where individual components of an item of property, plant
and equipment have different useful lives, they are accounted for as separate items.
Subsequent costs, for example in connection with replacement of components of property,
plant and equipment, are recognised in the carrying amount of the asset if it is probable that
the costs will result in future economic benefits for the Group. The replaced components are
derecognised from the statement of financial position and recognised as an expense in the
income statement. Costs incurred for ordinary repairs and maintenance are recognised in the
income statement as incurred.
Useful life, amortisation, depreciation and impairment losses
Useful life and residual value are determined at the acquisition date and reassessed annually.
If the residual value exceeds the carrying amount, depreciation is discontinued. Amortisation
and depreciation are recognised over the expected useful life of the assets, taking into account
any residual value. The expected useful life and residual value are determined based on past
experience and expectations of the future use of assets. Goodwill and other intangible assets
with an indefinite lifetime are not amortised but instead impairment tests are carried out on a
yearly basis. For other intangible assets and property, plant and equipment impairment tests
are performed when indications of recoverable amounts lower than the carrying amount.
Depreciation is calculated on the basis of the cost less the residual value and impairment
losses.
The following expected useful lives are applied:
• Development projects (under construction): Amortised from the time of
completion. Projects under construction are tested annually for impairment.
• Development projects (completed): 2-6 years, or the remaining term of intellectual
property right if shorter.
• Patents, trademarks and other rights: Land: 2-6 years, or the remaining term of
intellectual property right if shorter.
• Land and buildings: Land: None Buildings: 30-40 years for installation 10 years
• Plant and machinery: Single purpose: 3-10 years Other plant and machinery: 3-10
years
• Other fixtures and fittings, tools and equipment: 3-10 years
• Leasehold improvements: Over term of lease on a straight-line basis.
• Right-of-use assets Leases: Over term of lease on a straight-line basis, or the asset’s
useful life if shorter
30 | P a g e
Note 12 Trade receivables and contract assets
In thousands EUR
2024
2023
Trade receivables from contracts with customers
218
912
Loss allowance
-300
-322
Net trade receivables
188
590
Contract assets
-154
1,776
Note 13 Other receivables
These amounts generally arise from transactions outside the usual operating activities of the
group. Interest may be charged at commercial rates where the terms of repayment exceed six
months. Collateral is not normally obtained. The non-current other receivables are due and
payable within three years from the end of the reporting period.
Fair values of other receivables
Due to the short-term nature of the other current receivables, their carrying amount is
considered to be the same as their fair value. For the majority of the non-current receivables,
the fair values are also not significantly different from their carrying amounts.
Note 14 Accrued grants
Accrued grants comprise accrued receivables of Government grants awarded relating to
purchase of property, plant and equipment. Grants for the government are recognised where
there is a reasonable assurance that the grant will be received, and the Group will comply with
all attached conditions.
§ Accounting policies
Trade receivables from contracts with customers
Trade receivables are amounts due from customers for goods sold or services performed in the
ordinary course of business. They are generally due for settlement within 14 days and are
therefore all classified as current. Trade receivables are recognised initially at the amount of
consideration that is unconditional, unless they contain significant financing components,
when they are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them subsequently at
amortised cost using the effective interest method.
Contract assets
Contract assets relate to revenue earned from ongoing services provided to our customers. The
balance of this account relates to a single contract with a customer that is ongoing as at the end
of the year.
Fair values of trade receivables
Due to the short-term nature of the current receivables, their carrying amount is considered to
be the same as their fair value.
Accounting estimates and judgements
Trade receivables are initially recognised at transaction price and other receivables are
recognised initially at fair value. Subsequently they are measured at amortised cost using the
effective interest method, less allowance for doubtful receivables.
Impairment and risk exposure
Information about the impairment of trade receivables and contract assets and the group’s
exposure to credit risk and foreign currency risk can be found in note 20.
31 | P a g e
Note 15 Cash and Cash equivalents
In thousands EUR
2024
2023
Current assets
Cash at bank and in hand
9,732
28,630
Total
9,732
28,630
In thousands EUR
2024
2023
Reconciliation to cash flow statement
The above figures reconcile to the amount of cash
shown in the statement of cash flows at the end of the
financial year as follows
Balances as above
9,732
28,630
Balances per statement of cash flows
9,732
28,630
Note 16 Share Capital
Number of shares
In thousands DKK
2024
2023
Balance at 1 January
86,280
78,000
Increase in share capital
0
8,280
Other comprehensive income
0
0
Balance at 31 December
86,280
86,280
Nominal value
In thousands EUR
2024
2023
Balance at 1 January
116
104
Increase in share capital
0
12
Balance at 31 December
116
116
Ordinary shares
Ordinary shares have a par value of DKK 0.01. They entitle the holder to participate in
dividends. All ordinary shares have been issued and fully paid.
Dividend
For the purpose of the Group’s capital management, capital includes issued capital, share
premium and all other equity reserves attributable to the equity holders of the parent. The
primary objective of the Group’s capital management is to maximise the shareholder value.
Capital management
The Group manages its capital structure and adjust in light of changes in economic conditions
and the requirements of the financial covenants. To maintain or adjust the capital structure,
the Group may adjust the dividend payment to shareholders, return capital to shareholders or
issue new shares. There are no changes in the objectives, policies or processes for managing
capital during the years ended 31 December 2024 and 2023.
§ Accounting policies
Dividend
Dividend is disclosed as a separate equity item.
32 | P a g e
Note 17 Borrowings
In thousands EUR
2024
2023
Non-current
Borrowings from non-controlling interests
22,901
17,209
Lease liabilities
1,738
2,330
Total
24,639
19,539
In thousands EUR
2024
2023
Current
Lease liabilities
275
246
Total
275
246
Total borrowings
24,914
19,785
The interest and finance charges paid for lease liabilities are presented in note 9.
Reconciliation between the opening and closing balances for liabilities arising from financing
activities:
In thousands EUR
2024
2023
Balance at 1 January
19,785
12,552
Lease payments
-238
-349
New leases
49
1,059
Terminated leases
-374
-875
New credit institution loans
0
0
Repaid credit institution loans
0
-9,811
New other loans
21,638
17.209
Repaid other loans
-15,946
0
Balance at 31 December
24,914
19,785
§ Accounting policies
Borrowings
Borrowings are initially measured at fair value less transaction costs incurred. Subsequently,
they are measured at amortised cost by applying the effective interest rate method.
Non closely related embedded derivatives, if any, are separated from the loan and accounted
for separately as derivatives. For borrowings comprising royalty based payments, an estimate
of the payments is made on inception and included in determining the effective interest rate
The effect of subsequent changes in the estimated payments is recognised in the income
statement.
33 | P a g e
Note 18 Trade and other payables
In thousands EUR
2024
2023
Balance at 1 January
Trade payables
1,646
2,589
Payroll tax and other statutory liabilities
943
1,118
Prepayments grants
11,438
15,760
Other payables
0
566
Balance at 31 December
14,027
20,033
Trade payables
Trade payables are unsecured and are usually paid within 30 days of recognition.
Fair values of trade and other payables
The carrying amounts of trade and other payables are considered to be the same as their fair
values, due to their short-term nature.
34 | P a g e
Note 19 Deferred tax assets/liabilities
In thousands EUR
2024
2023
The balance comprises temporary differences
attributable to:
Property, plant and equipment
2,300
1,330
Right-of-use assets
-158
0
Intangible assets
-1,153
-752
Lease liabilities
313
233
Other
714
559
Tax losses
11,676
9,713
Total deferred tax assets/liabilities
13,692
11,083
Balance at 1 January
0
0
Tax expense during the period recognised in profit or
loss
0
0
Tax income/(expense) during the period recognised
in OCI
0
0
Deferred taxes acquired in business combinations
0
0
Balance at 31 December
0
0
§ Accounting policies
Deferred tax and corporation tax
Current tax payable and receivable are recognised in the statement of financial position as tax
computed on the taxable income for the year, adjusted for tax on the taxable income of prior
years and for tax paid on account respectively. Deferred tax on all temporary differences
between the carrying amount and the tax base of assets and liabilities is measured using the
balance sheet liability method.
However, deferred tax is not recognised on temporary differences relating to goodwill that is
not deductible for tax purposes or on office premises and other items where temporary
differences, apart from business combinations, arise at the acquisition date without affecting
either profit/loss for the year or taxable income. Where alternative tax rules can be applied to
determine the tax base, deferred tax is measured based on the planned use of the asset or
settlement of the liability. Deferred tax is recognised on expected dividend payments from
subsidiaries, associates and joint ventures in countries levying withholding tax on
distributions.
Deferred tax assets related to tax loss carry forwards are recognised under other non-current
assets at the expected value of their utilisation, either as a set-off against tax on future income
or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.
Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to
offset current tax liabilities and tax assets or intends either to settle current tax liabilities and
tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets
are recognised only to the extent that it is probable that the assets will be utilised
Deferred tax is measured according to the tax rules at the reporting date and at the tax rates
applicable when the deferred tax is expected to materialise as current tax.
The change in deferred tax as a result of changes in tax rates is recognised in the income
statement. Changes to deferred tax on items recognised in other comprehensive income are,
however, recognised in other comprehensive income and equity.
35 | P a g e
Note 20 Financial instruments and risk
management objectives and policies
This note explains the Group’s exposure to financial risks and how these risks could affect the
Group’s future financial performance. Current year profit and loss information has been
included where relevant to add further context.
The Company’s principal financial liabilities are limited to trade and other payables and lease
liabilities classified under borrowings. The main purpose of these financial liabilities is to
finance Company’s operations as part of its working capital. The Company’s principal
financial assets are limited to cash and cash equivalents, trade receivables, and other
receivables that derive directly from its operations.
The Company is exposed to market risk (more particularly, currency risk), credit risk and
liquidity risk. The Group’s management oversees the management of these risks.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate based because of changes in market prices. Financial instruments affected by
market risk include all the Company’s financial assets and liabilities described above.
Interest rate risk
During the year and as at the year end, the Group has two main interest rate risk exposures
arising from the Group’s loans from credit institution and deposits at bank. The table below
demonstrates the sensitivity to a reasonably possible change in interest rates on these two
exposures.
Increase/
decrease in
basis points
Effect on
profit before
tax
2024
Cash at banks
+/-1%
0,1
2023
Cash at banks
+/-1%
0,3
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of
changes in foreign exchange rates relates primarily to the Company’s operating activities
(when revenue or expense is denominated in a foreign currency) and the Company’s net
investments in foreign subsidiaries.
The Group manages its foreign currency risk as part of its normal budget and forecast
planning. For the year-ended 31 December 2024 and 2023, the Group does not hedge this
foreign currency risks by entering into forward contracts.
The information below describes the net exposure of the Company from the relevant foreign
currencies
Monetary items in foreign currencies in the balance sheet at the end of the year
In thousands EUR
Assets
Liabilities
Net
Currency payment
At 31 December 2024
DKK
18,322
15,737
2,585
NOK
375
916
-541
SEK
2,306
5
2,301
Other
0
0
0
At 31 December 2023
DKK
12,750
15,194
-2,444
NOK
3,222
3,115
107
SEK
5,870
12,401
-6,531
Other
0
0
0
Monetary items are cash at bank and in hand and similar, receivables as well as payables
which are settled in cash
36 | P a g e
The following table demonstrate the sensitivity to a reasonably possible change of +/-10% in
SEK/EUR and NOK/EUR exchange rates, with all other variables held constant.
In thousands EUR
2024
2023
2024
2023
Impact on post tax profit
Impact on equity
Currency Risk
NOK/EUR increase 10 %
-54
11
-54
11
NOK/EUR decrease 10 %
54
-11
54
-11
SEK/EUR increase 10 %
-230
653
-230
653
SEK/EUR decrease 10 %
230
-653
230
-653
We consider that the currency exposure arising from DKK/EUR is immaterial since
Denmark’s firm rates policy towards EUR only allows very marginal fluctuations.
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. Risk is managed at Group level.
The Company is exposed to credit risk from its (i) operating activities (primarily trade
receivables), (ii) cash at banks and other receivables and (iii) loans given to related parties /
intercompany debt.
The Company manages credit risk through its established policy, procedures, and control.
Outstanding receivables are regularly monitored.
In relation to credit risk associated with operating activities, each debtor is independently
rated. Due to the low number of debtors, loss rates are no applied, instead the credit quality of
the individual debtor is assessed, taking into account its financial position, past experience
and other factors.
In relation to credit risk associated with cash at banks the Company evaluates the credit
rating of the banks with whom the Company enters into business with. The risk is minimised
by securing that the Company only enters into business with banks with high credit ratings.
Liquidity risk
The Company monitors its risk of a shortage of funds based on its financial forecasts. To the
extent necessary to fund expansion or other liquidity needs, management will consider
offerings of debt, equity or a combination thereof, depending on the cost of capital and the
status of financial markets at that time.
At the time of disclosure, a plan has been presented that provide the group with the
headroom to finance the current approved investments well into 2025 before requiring
additional equity.
The table below summarises the maturity profile of the Company’s financial liabilities based
on contractual undiscounted payments:
In thousands EUR
On
demand
Less
than 3
months
3 to 12
months
1 to 5
years
More
than 5
years
Total
Year ended 31
December 2024
Trade and other
payables
0
1,646
0
0
0
1,646
Lease liabilities
0
65
210
889
849
2,013
Other loans
0
0
0
20,939
0
20,939
Put option over non-
controlling interests
0
0
0
0
0
0
Total
0
1,711
210
21,828
849
24,598
In thousands EUR
On
demand
Less
than 3
months
3 to 12
months
1 to 5
years
More
than 5
years
Total
Year ended 31
December 2023
Trade and other
payables
0
2,590
0
0
0
2,590
Lease liabilities
0
90
156
1,140
1,190
2,576
Other loans
0
0
18,283
0
0
18,283
Put option over non-
controlling interests
0
0
0
0
0
0
Total
0
2,680
18,439
1,140
1,190
23,449
37 | P a g e
Note 21 Minority interest
Everfuel Hy24 Group
Everfuel Greenstat
Production 1 AS
In thousands EUR
2024
2023
2024
2023
Summarised balance
sheet
Non-current assets
31,023
45,667
0
Currents assets
23,072
5,958
0
102
Assets
54,095
51,625
0
102
Debt
23,275
24,698
0
347
Net Assets
30,820
26,927
0
-245
Accumulated NCI
15,102
13,194
0
-120
In thousands EUR
2024
2023
2024
2023
Summarised statement
of comprehensive
income
Revenue
0
6
0
0
Profit /loss for the period
-633
-445
0
-230
Profit allocated to NCI
-310
-218
0
-113
Dividend paid to NCI
0
0
0
0
In thousands EUR
2024
2023
2024
2023
Summarised cash flow
Cash flow from operating
activities
59
-26,354
0
-4
Cash flow from investing
activities
-4.200
-37,749
-57
59
Cash flow from financing
activities
4.500
65,249
0
0
Net change in cash and
cash equivalents
359
1,146
-57
55
Minority interest:
In February 2023, Everfuel and Hy24 (Clean H2 Infra Fund S.L.P) finalised a strategic
collaboration agreement and created the joint business entity ‘Everfuel Hy24 A/S’ with
Everfuel as the majority owner with a controlling stake of 51%.
Management judgement
Management has assessed that Everfuel A/S has control over Everfuel Hy24 group due to the
special relationship arising from the following:
1. Key Management of Everfuel Hy24 group is also part of Key Management in Everfuel
A/S
2. Everfuel Hy24 group is dependent on technology in the form of software etc. controlled
by Everfuel A/S
3. All operating activities performed in Everfuel Hy24 group are performed under a service
level agreement with Everfuel A/S.
In September, the transaction was completed when Everfuel Denmark A/S sold Everfuel
Production A/S to Everfuel Hy24 A/S. At the group level, this transaction contributed with
EUR 13.2 million in cashflow, but the transaction had no impact on the balance sheet as all
related entities are fully consolidated.
In the accounts of Everfuel Denmark A/S, an intercompany debt of EUR 21.5 million (DKK 160
million) was cancelled and the shares in the subsidiary was sold at book value resulting in an
operational loss
38 | P a g e
Note 22 Contingent liabilities
The group companies are jointly and severally liable for tax on the jointly taxed incomes etc.
of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of
Faro BidCo ApS, which is the management company of the joint taxation purposes.
Moreover, the group companies are jointly and severally liable for Danish withholding taxes
by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent
adjustments of corporation taxes and withholding taxes may increase the Company’s liability
Other contingent liabilities
The group entity, HyPro Denmark ApS, has provided a bank guarantee of DKK 12,503,704 to
the Danish Energy Agency as security for any retention fines that might arise in accordance
with the contract for the production and delivery of green hydrogen (the Danish Power-to-X
tender).
Note 23 Related party transactions
There are no one with controlling interest.
The related parties with significant influence in the Company are the Executive Board and
some senior employees as well as their related family members. Related parties also comprise
companies in which these persons have material interests.
Executive Board and senior employees
Besides what follows from the employment, there have been no transactions with the
Executive Board or senior employees. Salary and remuneration appear in note 8
Trade with related parties with controlling interest has comprised the following:
The payment terms for normal trade is current month plus 30 days. No security has been
provided for the accounts, and there has been no need to make provisions for expected bad
debt concerning these accounts
Moreover, no losses have been realised concerning these accounts in 2024
Note 24 Group matters
The Company has no controlling shareholder.
39 | P a g e
Note 25 Share-Based payments
The Company has previously implemented warrant programs to support long-term employee
alignment, commitment and motivation to unlock hydrogen at scale through potential shared
ownership. Alle warrant was forfeited by the end of the year due to buy back by the company.
Management and other employees warrant programs (MEWP)
Warrants in the parent company have been granted to executive management and other
employees. Each warrant gives the right to subscribe for one share which can be exercised
within exercise period between 1 May 2024 and 30 April 2027. It is a vesting condition that
the employee has not resigned before start of the exercise period the expected dividend yield,
the risk-free interest rate for the term of the warrant, and the correlations and volatilities of a
peer group companies. These are disclosed in the tables on next page
CEO warrant program (CWP)
An additional warrant program in the parent company have been granted to the CEO. Each
warrant gives the right to subscribe for one share which can be exercised within exercise
period between 1 May 2029 and 30 April 2031. Vesting of the warrants is dependent on the
achievement of a predetermined increase in the average share price measured for a period of
three consecutive months compared to the exercise price.
The fair value at grant date is independently determined using an adjusted form of the Black-
Scholes model which includes a Monte Carlo simulation model that takes into account the
exercise price, the term of the warrant, the share price at grant date and expected price
volatility of the underlying share, the expected dividend yield, the risk-free interest rate for
the term of the warrant, and the correlations and volatilities of a peer group companies. These
are disclosed in the tables on next page
Movements during the year
The following table below illustrates the number and weighted average exercise prices
(WAEP) of, and movements in, share options during the year:
2024
2023
Number
WAEP
Number
WAEP
Outstanding at 1 January
3,401,559
4,706
2,526,246
3,538
Granted during the year
0
0
964,101
1,313
Forfeited during the year
-3,401,559
-4,706
-88,788
-145
Exercised during the year
0
0
0
0
Expired during the year
0
0
0
0
Outstanding at 31
December
0
0
3,401,559
4,706
Exercisable at 31
December
0
0
0
0
40 | P a g e
MEWP
2024
2023
2022
2021
Weighted average
fair values at the
measurement date
EUR
0.00
0.63
3.16
4.32
NOK
0.00
7.35
32.37
43.53
Dividend yield (%)
0.00%
0.00%
0.00%
0.00%
Expected volatility
(%)
0.00%
70.00%
70.00%
70.00%
Risk-free interest
rate (%)
0.00%
3.75%
2.64%
0.98%
Weighted average
share price
EUR
0.00
1.28
5.75
8.23
NOK
0.00
15.00
59.50
83.00
Weighted average
exercise price
EUR
0.00
1.58
5.61
7.88
NOK
0.00
18.57
58.02
79.46
Model used
Black-
Scholes
Black-
Scholes
Black-
Scholes
Black-
Scholes
Note 26 Event occurring after the reporting
period
After the reporting date, the following events occurred:
Following the delisting from Euronext, A decision was made 29.01.2025 to increase the
company’s share capital by a nominal amount of DKK 113,042.20 from a nominal amount of
DKK 862,799.60 to a nominal amount of DKK 975,841.80 by cash contribution.
§ Accounting policies
Deferred tax and corporation tax
The fair value of the Warrant Program is estimated using a stochastic (quasi-Monte Carlo)
valuation model of market conditions and a Black-Scholes call option-pricing model of other
conditions, taking into account the terms and conditions upon which the performance shares
were granted.
Warrant Program (equity-settled programs)
On initial recognition of warrants, an estimate is made of the number of awards expected to
vest and subsequently revised for any changes. Accordingly, recognition is based on the
number of awards that ultimately vest.
41 | P a g e
Note 27 Companies of the Everfuel group
Company name
Place of
registered
office
Currency
Local
currency
Owner-
ship
Denmark
Everfuel A/S
Herning,
Denmark
DKK
862.800
100%
Everfuel Denmark A/S
Herning,
Denmark
DKK
500.000
100%
Everfuel Hy24 A/S
Herning,
Denmark
DKK
400.000
51%
Everfuel Production
Fredericia A/S
Herning,
Denmark
DKK
400.000
51%
Hypro Denmark ApS
Herning,
Denmark
DKK
40.000
51%
Europe
Everfuel Netherlands B.V
Amstelveen, The
Netherlands
EUR
10
100%
Everfuel NL 2020-I B.V
Amstelveen, The
Netherlands
EUR
10
100%
Everfuel Norway AS
Oslo, Norway
NOK
30.000
100%
Everfuel Greenstat
Production 1 AS
Arendal, Norway
NOK
30.000
51%
Everfuel GmbH
Köln, Germany
EUR
25.000
100%
Everfuel Sweden AB
Stockholm,
Sweden
SEK
25.000
100%
Everfuel Retail Sweden AB
Stockholm,
Sweden
SEK
25.000
100%
Everfuel Production
Karlstad AB
Stockholm,
Sweden
SEK
50.000
100%
42 | P a g e
Parent company financial statements for
the year ended 2024
Contents
Income statement – Parent........................................................................................................ 43
Statement of other comprehensive income – Parent ................................................................ 43
Statement of financial position - Parent .................................................................................... 44
Cash flow statement - Parent ..................................................................................................... 45
Statement of changes in equity - Parent .................................................................................... 46
Notes to the parent financial statements ................................................................................... 47
Note 1 General Information ....................................................................................................... 48
Note 2 Summary of significant accounting policies .................................................................. 48
Note 3 Critical accounting estimates and judgements .............................................................. 48
Note 4 Disaggregation of revenue .............................................................................................. 48
Note 5 Material loss items .......................................................................................................... 49
Note 6 Other operating income ................................................................................................. 49
Note 7 Operating costs ............................................................................................................... 49
Note 8 Staff expenses ................................................................................................................. 50
Note 9 Financial income and expenses ...................................................................................... 51
Note 10 Income tax expense ...................................................................................................... 52
Note 11 Investments in subsidiaries .......................................................................................... 53
Note 12 Intangible assets and property, plant and equipment ................................................. 54
Note 13 Inventories .................................................................................................................... 57
Note 14 Trade receivables and contract assets .......................................................................... 57
Note 15 Other receivables .......................................................................................................... 57
Note 16 Cash and cash equivalents ............................................................................................ 57
Note 17 Share capital ..................................................................................................................58
Note 18 Borrowings ....................................................................................................................58
Note 19 Trade and other payables .............................................................................................. 59
Note 20 Deferred tax assets/liabilities....................................................................................... 59
Note 21 Financial Instruments and risk management objectives and policies ........................ 60
Note 22 Contingent liabilities ....................................................................................................62
Note 23 Related party transactions ............................................................................................62
Note 24 Group Matters...............................................................................................................62
Note 25 Share-based payments ..................................................................................................62
Note 26 Events occurring after the reporting period ................................................................62
43 | P a g e
Income statement – Parent
1 January – 31 December
In thousands EUR
Notes
2024
2023
Revenue
4
1,699
904
Other operating income
6
3,373
2,499
Total income
5,072
3,403
Raw materials and consumables
-1,245
-1,108
Gross profit
3,827
2,295
Operating costs
7
-3,398
-5,555
Staff expenses
8
-8,355
-9,486
Operating result before
depreciation and amortisation
(EBITDA)
-7,926
-12,746
Depreciation and amortisation
-2,964
-6,370
Operating profit before financial
income and expenses (EBIT)
-10,890
-19,116
Income from investments in subsidiaries
-3,480
-10,481
Financial income
9
1,684
2,480
Financial expenses
9
-417
-383
Loss before tax
-13,103
-27,500
Tax on profit / loss for the year
10
0
0
Net loss for the year
-13,103
-27,500
Statement of other comprehensive income –
Parent
1 January – 31 December
In thousands EUR
Notes
2024
2023
Loss for the year
-13,103
-27,500
Items that may be reclassified to profit
or loss:
0
-316
Exchange differences on translation of
foreign operations to presentation
currency
449
-123
Other comprehensive income for
the period, net of tax
449
-439
Total comprehensive income
-12,654
-27,939
44 | P a g e
Statement of financial position – Parent
As at 31 December
In thousands EUR
Notes
2024
2023
Assets
Investments in subsidiaries
11
15,697
13,833
Property, plant and equipment
12
13,800
15,584
Intangible assets
12
5,333
3,302
Other assets
54
54
Total non-current assets
34,884
32,773
Inventories
13
28
34
Trade receivables
14
13
18
Contract assets
14
0
74
Receivables from group enterprises
26,529
23,338
Other receivables
15
123
453
Accrued grants
2,136
3,046
Prepayments
266
33
Cash and cash equivalents
16
310
4,524
Total current assets
29,405
31,520
Total assets
64,289
64,293
In thousands EUR
Notes
2024
2023
Share capital
17
116
116
Retained earnings
44,458
57,094
Total Equity
44,574
57,210
Investments in subsidiaries
11
14,705
1,049
Borrowings
18
541
678
Deferred tax liabilities
20
0
0
Deferred income
6
0
77
Total non-current liabilities
15,246
1,804
Trade and other payables
19
4,192
4,972
Borrowings
18
200
175
Deferred income
77
132
Total current liabilities
4,469
5,279
Total liabilities
19,715
7,083
Total equity and liabilities
64,289
64,293
45 | P a g e
Cash flow statement – Parent
1 January – 31 December
In thousands EUR
Notes
2024
2023
Result of the year
-13,103
-27,500
Adjustments of non-cash items:
Income taxes in the income statement
0
0
Financial items, net
2,213
-2,097
Depreciation, amortisation and
impairment losses
2,964
6,370
Loss from investments in subsidiaries
0
10,481
Other non-cash items
-902
2,492
Change in working capital
-2,052
-1,766
Interest received
0
2,480
Interest paid
71
-383
income taxes paid
0
0
Cash flow from operating activities
-10,809
-9,923
Capital increase in subsidiaries
8,312
-13,760
Payments for property, plant and
equipment
322
-11,789
Payments for financial assets at
amortised cost
0
-3
Payment of intangible assets
-3,626
-5,604
Proceeds from sale of property, plant and
equipment
49
151
Received grants relating to property,
plant and equipment
1,675
461
Cash flow from investing activities
6,732
-30,544
In thousands EUR
Notes
2024
2023
Repayment of borrowings
-113
24,356
Sales of shares to non-controlling
interests
0
-265
Cash flow from financing activities
-113
24,091
Cash flow for the year
-4,190
-16,376
Cash and cash equivalents at the
beginning of the financial year
4,524
20,899
Effects of exchange rate changes on cash
and cash equivalents
-24
1
Cash and cash equivalents at end of
year
310
4,524
46 | P a g e
Statement of changes in equity – Parent
1 January – 31 December 2024
In thousands EUR
Share capital
Retained
earnings
Total equity
At 1 January 2024
116
57,094
57,210
Loss for the period
0
-13,103
13,103
Other comprehensive income
0
449
449
Total comprehensive income
0
-12,654
-12,654
Contributions of equity, net of
transaction costs
0
0
0
Management and employee
Warrant Program – value of
services
0
0
0
Total equity transactions
0
0
0
As at 31 December 2024
116
44,440
44,556
Statement of changes in equity – Parent
1 January – 31 December 2023
In thousands EUR
Share capital
Retained
earnings
Total equity
At 1 January 2023
104
59,295
59,399
Loss for the period
0
-27,500
-27,500
Other comprehensive income
0
-439
-439
Total comprehensive income
0
-27,939
-27,939
Contributions of equity, net of
transaction costs
12
24,356
24,368
Management and employee
Warrant Program – value of
services
0
1,382
1,382
Total equity transactions
12
25,738
25,750
As at 31 December 2023
116
57,094
57,210
47 | P a g e
Notes to the parent financial statements
48 | P a g e
Note 1 General Information
Refer to Note 1 of the Consolidated Financial Statements
Note 2 Summary of significant accounting
policies
The 2024 financial statements for Everfuel A/S have been prepared in accordance with IFRS
Accounting Standards as approved by the EU (IFRS).
The financial statements are presented in Euro (EUR). The accounting policies for the Parent
Company are identical to the accounting policies for the Group, with the exception of the
items listed below:
• Accounting policies different from the Group Investments in subsidiaries
Investments in subsidiaries are recognised and measured under the equity method
Note 3 Critical accounting estimates and
judgements
The preparation of financial statements in conformity with IFRS requires management to use
estimates and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates. Areas where significant
judgment has been applied are: Material assets and debtors.
Note 4 Disaggregation of revenue
The Company derives revenue from the sale of hydrogen in Denmark and Netherlands.
The revenue is recognised at a point in time.
In thousands EUR
2024
2023
Business activities - Recognised point in time
Upstream
Downstream
1,699
904
Group
Total
1,699
904
In thousands EUR
2024
2023
Hydrogen - Recognised point in time
Netherland
572
294
Denmark
0
115
Germany
416
0
Total
988
409
In thousands EUR
2024
2023
Construction Contracts - Recognised over
time
Denmark
711
495
Total
711
495
49 | P a g e
Note 5 Material loss items
The company has identified a number of items which are material due to the significance of
their nature and/or amount. These are listed separately here to provide a better
understanding of the financial performance of the company.
In thousands EUR
2024
2023
Impairment of assets
Completed development projects
0
3,202
Plant and machinery
642
1,409
Assets under construction
0
0
Total
642
4,611
Note 6 Other operating income
In thousands EUR
2024
2023
Other operating income
Government grants
1,046
165
Consortium income
0
0
Other non-recurring operating income
324
227
Other items
3,049
2,107
Total
3,373
2,499
In thousands EUR
2024
2023
Deferred grants at 1 January
209
348
Received during the year
903
23
Released to the statement of profit or loss
-1,035
-162
Deferred grants at 31 December
77
209
Current liabilities
77
132
Non-current liabilities
0
77
Note 7 Operating costs
In thousands EUR
2024
2023
Other operating costs
Distribution and marketing costs
91
167
Premises costs
355
206
IT-related costs
682
804
Consultancy and professional services
1,372
1,825
Operating costs refuelling stations and trailers
64
112
Other operating costs
862
2,441
Total
3,426
5,555
50 | P a g e
Note 8 Staff expenses
In thousands EUR
2024
2023
Wages and salaries
6,861
7,391
Defined contribution plans
852
1,465
Share-based remuneration (note 25)
552
820
Other social security expenses
90
75
Total
8,355
9,751
Average number of employees
63
74
Key management personnel compensation
The Board of Directors and Executive Management team are not covered by any pension
schemes. The compensation paid or payables to key management personnel for employee
services is shown below. Key Management is defined as the Executive Board, the Board of
directors and the Management Group.
Refer to note 04 for more information on the share-based payment program.
In thousands EUR
Executive
board
Board of
directors
Other key
manage-
ment
Total
2024
Wages and salaries
494
106
484
1,084
Defined contribution plans
64
0
60
124
Share-based payments
97
0
42
139
Total
655
106
586
1,347
In thousands EUR
Executive
board
Board of
directors
Other key
manage-
ment
Total
2023
Wages and salaries
483
101
969
1,553
Defined contribution plans
61
0
690
751
Share-based payments
421
0
127
548
Total
965
101
1,786
2,852
51 | P a g e
Note 9 Financial income and expenses
In thousands EUR
2024
2023
Income from investments in subsidiaries
-3,480
-10,481
In thousands EUR
2024
2023
Financial income
Interest income from subsidiaries
1,612
2,127
Other financial income
71
353
Total
1,683
2,480
In thousands EUR
2024
2023
Financial expenses
Net exchange losses on foreign currency
388
353
Interest and finance charges paid/payable for lease
liabilities and financial liabilities not at fair value
through profit or loss
28
30
Total
416
383
Financial items, net
-1,381
-7,618
52 | P a g e
Note 10 Income tax expense
In thousands EUR
2024
2023
Current tax
Current tax on profits for the year
0
0
Adjustments for current tax of prior periods
0
0
Total current tax expense
0
0
Deferred income tax
Decrease/(increase) in deferred tax assets
0
0
(Decrease)/increase in deferred tax liabilities
0
0
Total deferred tax expense/(benefit)
0
0
Income tax expense
0
0
Deferred tax related to items recognised in
OCI during in the year:
Exchange differences on translation of foreign
operations
0
0
Exchange differences on translation from functional
currency to
0
0
presentation currency
0
0
Deferred tax charged to OCI
0
0
In thousands EUR
2024
2023
Numerical reconciliation of income tax
expense to prima facie tax payable
Tax rate of 22%
-2,886
-6,047
Tax effect of amounts which are not deductible
(taxable)
in calculating taxable income:
Transactions cost for increase in share capital etc
0
0
Income from subsidiaries
767
2,303
Adjustments for deferred tax of prior periods
0
0
Unrecognised deferred tax asset
2,047
150
Previously unrecognised tax losses used to reduce
deferred tax expense
0
3,545
Other permanent adjustments
72
49
Total
0
0
53 | P a g e
Note 11 Investments in subsidiaries
In thousands EUR
2024
2023
Cost at 1 January
21,751
7,990
Additions for the year
0
13,761
Cost at 31 December
21,751
21,751
Value adjustments at 1 January
-19,821
-9,028
Net profit/loss for the year
-3,480
10,481
Exchange adjustments
0
-312
Value adjustments at 31 December
-23,301
-19,821
Equity investments with negative net asset value
amortised over receivable
2,542
10,854
Carrying amount at 31 December
992
12,784
.
54 | P a g e
Note 12 Intangible assets and property, plant and equipment
In thousands EUR
Patents,
trademarks
and other
rights
Develop-
ment
projects
Develop-
ment
projects in
progress
Total
intangible
assets
Land and
buildings
Plant and
machinery
Other fixt.
and fit.,
tools and
equipment
Assets
under con-
struction
Total
property
plant and
equipment
Cost at 1 January 2024
86
5,260
1,861
7,207
1,275
9,305
765
8,629
19,974
Additions
23
0
768
791
5
286
177
2,045
2,513
Disposals for the year
-13
0
0
-13
0
-106
-124
0
-230
Transfers
0
2,727
-707
2,020
7,734
841
0
-10,595
-2,020
Foreign exchange adjustments etc.
0
-8
-2
-10
0
-14
0
-10
-24
Cost at 31 December 2024
96
7,979
1,920
10,005
9,014
10,312
818
69
20,213
Amortisation, depreciation and
impairment losses at 1 January
11
3,894
0
3,905
265
3,645
480
0
4,390
Amortisation and depreciation
6
761
0
767
274
1,123
148
0
1,545
Impairment losses
0
0
0
0
0
642
0
0
642
Reversal of impairm. and deprec. of
sold assets
0
0
0
0
0
-48
-115
0
-163
Foreign exchange adjustments etc.
0
0
0
0
0
-1
0
0
-1
Amortisation, depreciation and
impairment at 31 December
2024
17
4,655
0
4,672
539
5,361
513
0
6,413
Carrying amount 31 December
2024
79
3,324
1,920
5,333
8,475
4,951
305
69
13,800
55 | P a g e
Note 12 Intangible assets and property, plant and equipment
In thousands EUR
Patents,
trademarks
and other
rights
Develop-
ment
projects
Develop-
ment
projects in
progress
Total
intangible
assets
Land and
buildings
Plant and
machinery
Other fixt.
And fit.,
tools and
equipment
Assets
under con-
struction
Total
property
plant and
equipment
Cost at 1 January 2023
76
714
3,559
4,349
658
4,261
757
135
5,811
Additions
51
0
5,552
5,603
701
2,371
83
8,633
11,788
Disposals for the year
-41
0
0
-41
-83
-12
-71
-139
-305
Transfers
0
4,548
-7,242
-2,694
0
2,694
0
0
2,694
Foreign exchange adjustments etc.
0
-2
-8)
-10
-1
-9
-4
0
-14
Cost at 31 December 2023
86
5,260
1,861
7,207
1,275
9,305
765
8,629
19,974
Amortisation, depreciation and
impairment losses at 1 January
6
179
0
185
241
1,313
338
0
1,892
Amortisation and depreciation
5
514
0
519
108
938
192
0
1,238
Impairment losses
0
3,202
0
3,202
0
1,409
0
0
1,409
Reversal of impairm. and deprec. of
sold assets
0
0
0
0
-83
-12
-48
0
-143
Foreign exchange adjustments etc.
0
-1
0
-1
-1
-3
-2
0
-6
Amortisation, depreciation and
impairment at 31 December
2023
11
3,894
0
3,905
265
3,645
480
0
4,390
Carrying amount 31 December
2023
75
1,366
1,861
3,302
1,010
5,660
285
8,629
15,584
56 | P a g e
Note 12 Intangible assets and property, plant and equipment
In thousands EUR
Patents,
trademarks
and other
rights
Development
projects
Development
projects in
progress
Total
intangible
assets
Land and
buildings
Plant and
machinery
Other fixt.
and fit.,
tools and
equipment
Assets
under
construction
Total
property
plant and
equipment
2024
Right-of-use assets
Amortisation and depreciation
0
0
0
0
404
0
195
0
599
Carrying amount at 31 December
0
0
0
0
651
0
123
0
774
2023
Right-of-use assets
Amortisation and depreciation
0
0
0
0
8
0
70
0
78
Carrying amount at 31 December
0
0
0
0
815
0
156
0
971
57 | P a g e
Note 13 Inventories
In thousands EUR
2024
2023
Hydrogen
46
34
Total Inventories
46
34
Note 14 Trade receivables and contract assets
In thousands EUR
2024
2023
Trade receivables from contracts with customers
16
42
Loss allowance
-3
-24
Net trade receivables
13
18
Contract assets
0
74
Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in
the ordinary course of business. They are generally due for settlement within 14 days and are
therefore all classified as current. Trade receivables are recognised initially at the amount of
consideration that is unconditional, unless they contain significant financing components,
when they are recognised at fair value. The group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them subsequently
at amortised cost using the effective interest method.
Fair values of trade receivables
Due to the short-term nature of the current receivables, their carrying amount is considered
to be the same as their fair value.
Impairment and risk exposure
Information about the impairment of trade receivables and the group’s exposure to credit risk
and foreign currency risk can be found in note 21.
Note 15 Other receivables
These amounts generally arise from transactions outside the usual operating activities of the
group. Interest may be charged at commercial rates where the terms of repayment exceed six
months. Collateral is not normally obtained. The non-current other receivables are due and
payable within three years from the end of the reporting period.
Fair values of other receivables
Due to the short-term nature of the other current receivables, their carrying amount is
considered to be the same as their fair value. For the majority of the non-current receivables,
the fair values are also not significantly different from their carrying amounts
Note 16 Cash and cash equivalents
In thousands EUR
2024
2023
Current assets
Cash at bank and in hand
310
4,524
Total
310
4,524
In thousands EUR
2024
2023
Reconciliation to cash flow statement
The above figures reconcile to the amount of cash
shown in the statement of cash flows at the end of the
financial year as follows
Balances as above
310
4,524
Balances per statement of cash flows
310
4,524
58 | P a g e
Note 17 Share capital
Number of shares
In thousands DKK
2024
2023
Balance at 1 January
86,280
78,000
Increase in share capital
0
8,280
Other comprehensive income
0
0
Balance at 31 December
86,280
86,280
Nominal value
In thousands EUR
2024
2023
Balance at 1 January
116
104
Increase in share capital
0
12
Other comprehensive income
0
0
Balance at 31 December
116
116
Ordinary shares
Ordinary shares have a par value of DKK 0.01. They entitle the holder to participate in
dividends. All shares have been issued.
Dividend
No dividend has been paid out in 2024 or 2023. The Company’s Board of Directors currently
assess whether the Company’s capital structure is adequate and which activities are necessary
to ensure this. Usually no dividend is paid out unless it may be included in net profit/loss for
the year.
Capital management
Capital management in the Everfuel Group is made for the entire Group. We refer to note 19
of the Consolidated Financial Statements, to which reference is made.
Note 18 Borrowings
In thousands EUR
2024
2023
Non-current
Lease liabilities
541
678
Total
541
678
In thousands EUR
2024
2023
Current
Lease liabilities
200
175
Total
200
175
Total borrowings
741
853
Reconciliation between the opening and closing balances for liabilities arising from financing
activities:
In thousands EUR
2024
2023
Balance at 1 January
853
487
Lease payments
-161
-185
New leases
49
551
Balance at 31 December
741
853
59 | P a g e
Lease liability
The lease liability is measured at the present value of the remaining lease payments at the
reporting date, discounted using the incremental borrowing rate for similar assets, taking into
account the terms of the leases. A remeasurement of the lease liability, for example a change
in the assessment of an option to purchase, results in a corresponding adjustment of the
related right-of-use assets.
Extension or termination options are included in the lease term if the lease is reasonably
certain to be extended or not terminated. Consequently, all cash outflows that are reasonably
certain to impact the future cash balances are recognised as lease liabilities at initial
recognition of lease contracts.
The Group reassesses the circumstances leading to it not recognising extension or
termination options on an ongoing basis.
The maturity analysis of lease liabilities is disclosed in note 21.
The Company had total cash outflows for leases of EUR 0.2 million in 2024 (EUR 0.2
million). The Company has no lease contracts that contains variable payments.
Note 19 Trade and other payables
In thousands EUR
2024
2023
Balance at 1 January
Trade payables
822
796
Payroll tax and other statutory liabilities
639
875
Prepayments grants
2,663
2,790
Other payables
68
511
Balance at 31 December
4,192
4,972
Trade payables are unsecured and are usually paid within 30 days of recognition.
Fair values of trade and other payables
The carrying amounts of trade and other payables are considered to be the same as their fair
values, due to their short-term nature.
Note 20 Deferred tax assets/liabilities
In thousands EUR
2024
2023
The balance comprises temporary differences
attributable to:
Property, plant and equipment
1,194
100
Right-of-use assets
0
0
Intangible assets
-1,153
-708
Lease liabilities
157
188
Other
649
555
Tax losses
7,363
6,292
Total deferred tax assets/liabilities
8,210
6,427
Balance at 1 january
0
0
Tax expense during the period recognised in profit or
loss
0
0
Tax income/(expense) during the period recognised
in OCI
0
0
Deferred taxes acquired in business combinations
0
0
Balance at 31 December
0
0
At the end of 2024, the Company had tax losses of EUR 7.4 million (EUR 6.4 million) that are
available indefinitely for offsetting against future taxable profits.
The temporary differences associated with investments in subsidiaries, for which a deferred
tax liability has not been recognised in the periods presented, aggregate to EUR 0 million
(EUR 0 million).
60 | P a g e
Note 21 Financial Instruments and risk
management objectives and policies
The Company’s principal financial liabilities are limited to trade and other payables and lease
liabilities classified under borrowings. The main purpose of these financial liabilities is to
finance Company’s operations as part of its working capital. The Company’s principal
financial assets are limited to cash and cash equivalents, trade receivables, and other
receivables that derive directly from its operations.
The Company is exposed to market risk (more particularly, currency risk), credit risk and
liquidity risk. The Group’s management oversees the management of these risks.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate based because of changes in market prices. Financial instruments affected by
market risk include all the Company’s financial assets and liabilities described above.
Interest rate risk
As the Company does not have any significant interest-bearing debt the interest rate risk
relates only to negative interest on cash deposits at banks.
A one percentage point change in the negative interest rate is estimated to have an effect of
approximately EUR 0.5 million on financial items (EUR 0 million).
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will
fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of
changes in foreign exchange rates relates primarily to the Company’s operating activities
(when revenue or expense is denominated in a foreign currency) and the Company’s net
investments in foreign subsidiaries.
The Group manages its foreign currency risk as part of its normal budget and forecast
planning. For the year-ended 31 December 2024 and 2023, the Group did not hedge this
foreign currency risks by entering into forward contracts.
The information below describes the net exposure of the Company from the relevant foreign
currencies
Monetary items in foreign currencies in the balance sheet at the end of the year:
In thousands EUR
Assets
Liabilities
Net
Currency payment
At 31 December 2024
DKK
8,084
11,844
-3,760
NOK
0
0
0
SEK
0
0
0
Other
0
0
0
At 31 December 2023
DKK
25,397
5,453
19,944
NOK
716
24
692
SEK
0
0
0
Other
0
0
0
61 | P a g e
The following table demonstrate the sensitivity to a reasonably possible change of +/-10% in
DKK/EUR and NOK/EUR exchange rates, with all other variables held constant.
In thousands EUR
2024
2023
2024
2023
Impact on post tax profit
Impact on equity
Currency Risk
NOK/EUR increase 10 %
0
69
0
69
NOK/EUR decrease 10 %
0
-69
0
-69
SEK/EUR increase 10 %
0
0
0
0
SEK/EUR decrease 10 %
0
0
0
0
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. Risk is managed at Group level.
The Company is exposed to credit risk from its (i) operating activities (primarily trade
receivables), (ii) cash at banks and other receivables and (iii) loans given to related parties /
intercompany debt. The Company manages credit risk through its established policy,
procedures, and control. Outstanding receivables are regularly monitored.
In relation to credit risk associated with operating activities, each debtor is independently
rated. Due to the low number of debtors, loss rates are no applied, instead the credit quality of
the individual debtor is assessed, taking into account its financial position, past experience
and other factors.
In relation to credit risk associated with cash at banks the Company evaluates the credit
rating of the banks with whom the Company enters into business with. The risk is minimised
by securing that the Company only enters into business with banks with high credit ratings.
In relation to intercompany debt, risk assessment is based on the capitalisation of the
counterpart. For parties under full group control, debt is adjusted if the equity of the party is
negative, and then to a point where the equity will be restored to the value of the share capital
if the debt is cancelled.
Liquidity risk
The Company monitors its risk of a shortage of funds based on its financial forecasts. To the
extent necessary to fund expansion or other liquidity needs, management will consider
offerings of debt, equity or a combination thereof, depending on the cost of capital and the
status of financial markets at that time.
The table below summarises the maturity profile of the Company’s financial liabilities based
on contractual undiscounted payments
In thousands EUR
On
demand
Less
than 3
months
3 to 12
months
1 to 5
years
More
than 5
years
Total
Year ended 31
December 2024
Trade and other
payables
0
1,529
0
0
0
1,529
Lease liabilities
0
49
151
540
0
740
Total
0
1,578
151
540
0
2,269
In thousands EUR
On
demand
Less
than 3
months
3 to 12
months
1 to 5
years
More
than 5
years
Total
Year ended 31
December 2023
Trade and other
payables
0
791
0
0
0
791
Lease liabilities
0
73
101
676
3
853
Total
0
864
101
676
3
1,644
62 | P a g e
Note 22 Contingent liabilities
The Group companies are jointly and severally liable for tax on the jointly taxed incomes etc.
of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of
Faro BidCo ApS, which is the management company of the joint taxation purposes. Moreover,
the Group companies are jointly and severally liable for Danish withholding taxes by way of
dividend tax, tax on royalty payments and tax on unearned income. Any subsequent
adjustments of corporation taxes and withholding taxes may increase the Company’s liability.
Whitin the Group, Everfuel A/S is willing to provide immediate financial support to it’s
subsidiaries in the case of financial difficulties provided that the management board has
submitted a reasonable application for that purpose and, if necessary, invest additional funds
to ensure that the company will continue as going concern.
Guarantee obligations
The Parent Company has provided a surety for the bank balances regarding Everfuel GmbH,
Everfuel Netherlands B.V. and Everfuel Sweden AB.
Note 23 Related party transactions
Trade with subsidiaries has comprised the following:
In thousands EUR
2024
2023
Sale of hydrogen, subsidiaries
988
410
Sale of services, subsidiaries
1,997
1,953
Rental of equipment, subsidiaries
131
178
Interest income, subsidiaries
1,612
2,127
Total
4,728
4,668
Note 24 Group Matters
The Company has no controlling shareholder.
Note 25 Share-based payments
We refer to note 25 of the consolidated financial statements
Note 26 Events occurring after the reporting
period
We refer to note 26 of the Consolidated Financial Statements. Apart from this, no events have
occurred after the reporting date.