Annual Report
2024
Centrica Energy Trading A/S | CVR: 20293195
The Annual Report has been adopted and approved on
the Annual General Meeting on April 8th, 2025
Chairman of the General Meeting
CVR no.: 20 29 31 95
Management review
3 Letter from the CEO
4 Our business model
5 Centrica Energy Europe
6 Five-year financial summary
7 Financial review
7 Income statement
7 Balance sheet
7 Cash flow statement
7 Outlook
7 Parent Company
8 Risk management
8 Market risk
8 Liquidity risk
8 Credit risk
9 Foreign exchange risk
10 Reporting under section 99(a) and 99(d)
of the Danish Financial Statement Act
10 Sustainability
10 Data ethics & GDPR
11 Gender diversity
11 Cyber security
Statements
13 Management statement
14 Independent auditor's report
Contents
Financial statements
Centrica Energy Europe
18 Income statement
18 Statement of comprehensive income
19 Balance sheet
21 Statement of changes in equity
22 Cash flow statement
23 Notes overview
Financial statements
Centrica Energy
Trading A/S
56 Income statement
56 Statement of comprehensive income
57 Balance sheet
59 Statement of changes in equity
60 Cash flow statement
61 Notes overview
Centrica Energy Trading A/S | Annual Report 2024 2
Management review
Through the year we delivered multiple strategic
enablers, with our results demonstrating the adapt-
ability of our business model to uncertainty and
volatility in commodity markets. Moving forward, we
have positioned ourselves to accelerate our growth
journey across key global markets – unwavering in
our commitment to deliver on the global green transi-
tion and support society through times of disruption.
Markets continue to stabilise with record
volumes of renewable generation
During the first half of 2024, and for the first time since
liberalisation of European energy markets, more than
half of electricity in European power grids was deliv-
ered by renewables. Driving that development are the
enormous volumes of solar power that have flooded
into the European grid over the last two-decades –
with more than 66 GW of new solar capacity installed
across Europe in 2024 alone. While the supply
situation for natural gas remained stable, with largely
full gas storages coupled with declining demand, we
have seen prices stabilise but remain above pre-crisis
levels, with negative electricity prices on the rise,
and intermittently very volatile power markets during
periods with scarce renewable production.
2024 was also the year during which European
competitiveness and energy prices took center-
stage in Brussels and shaped the new European
Commission’s mission. As Energy and Housing
Commissioner Jørgensen most recently penciled out
in his Affordable Prices Action Plan, the most cost-
effective and sustainable path to lowering energy
prices is making the necessary investments in
renewables and flexible assets that compete in liquid
and efficient markets. Over the past two decades
we have established ourselves as a key player
on both sides of that equation, and through 2024
we continued to reach new milestones across our
business.
Delivering commercial growth across
Europe and the United States
Across the Baltics, we doubled our renewables
under management to surpass 353 MW within just
12-months of operations. In the Nordics we signed
our first optimisation agreement for a co-located
wind to green hydrogen electrolyser, followed shortly
after by our first battery optimisation agreement in
the region.
Letter from the CEO
In 2024, we delivered solid financial performance against a
backdrop of lower commodity prices and market volatility.
However, our ambition is to support the renewable
energy transition far beyond our core European
markets; launching our advanced and automated
trading platforms across major energy markets, to
support the balancing and integration of renewables
and flexibility in a global context. With our first power
trades delivered on the North American continent,
we’re proud to have taken an important step on that
journey.
Scaling our technology platforms while
accelerating our talents and future leaders
Continuing the success means keeping up with
evolving scale and complexity that we help tackle
through our commitment to excellence in the digital
space. During 2024 that meant delivering multiple
key platforms to enhance efficiency, scalability, and
resilience of our operations, whilst exploring the
potential and opportunities presented by emerging
technologies, including Generative AI. Conscious
of growing demands to information security and
corporate responsibility, and the impact on how we
operate. we continued our efforts and investments in
our NIS-2 compliance and CSRD reporting journey.
We’re not only competing for excellence in our digi-
talisation and trading operations; the competition to
recruit the best and brightest talents and specialists
in the energy industry is just as fierce. To support
our talent pipeline and development, we continued
to build on our partnerships with leading knowledge
institutions, whilst rolling out our externally recog-
nised global talent management framework designed
to identify and accelerate aspiring talents and future
leaders in our organisation.
As we continue moving energy to power the green
transition, we will bring our tried-and-tested capabil-
ities to rapidly scale across new markets into play.
Building on our geographical footprint with a global
mindset, applying our learnings and strategies from
new markets to refine the capabilities at our core, and
securing excellence in our controls and governance
while managing our operations and obligations with
integrity and transparency. And ultimately, as a world
class energy trading company, we will continue to
play our role in energising a greener, fairer future.
Kristian Gjerløv-Juel
CEO, Centrica Energy Trading A/S
Management review
Centrica Energy Trading A/S | Annual Report 2024 3
Based on extensive experience in liberalised
Nordic and UK markets, we have built and matured
a successful energy trading business that operates
within two principal domains: Renewable Energy
Trading & Optimisation (RET&O) and Power & Gas
Trading.
Renewable Energy Trading & Optimisation
Our RET&O business services independent
power producers, flexible asset owners, as well as
suppliers and large corporate offtakers in wholesale
energy markets – providing market access, risk
management, and energy optimisation solutions
supported by proprietary sophisticated software
and automated platforms. Our RET&O business
activities include:
• Structuring of Corporate and Renewable PPAs,
where we currently have 16.7 GW of renewable
and flexible assets under contract across major
European markets.
• Offtake and trading of renewable energy produc-
tion, leveraging advanced quantitative forecasting
models, in-house meteorologists, and our state-
of-the-art trading setup to efficiently trade and
optimise the variable production from renewable
energy sources until moments before delivery.
• Optimisation of flexible energy assets, including
batteries, electrolysers, and combined heat-
and-power plants through application of models,
algorithms, and digital platforms to support grid
balancing and efficiency in balancing and reserve
markets.
• Offtake, management, and trading of bioenergy
and green gases, alongside sourcing, manage-
ment and trading of renewable and bioenergy
guarantees of origin or certificates.
Our business model
We're a world-class asset-backed energy trading and
logistics business, operating out of eight offices and
across all time zones to move energy from source to use.
Power & Gas Trading
Our Power & Gas Trading setup centres around
asset-backed trading for gas, short-term power
trading, and power capacity optimisation. We
leverage the complementary nature of our power
trading business to enable market access and risk
management capabilities that allow us to expand
our renewable trading and optimisation business to
new markets.
• Our gas trading teams actively trade gas across
20 European markets, specialising in wholesale
trading, gas storage and asset optimisation, and
cross-border trading for gas. We trade standard
and structured products on the over-the-counter
(OTC) markets and exchanges, alongside gas
transport and storages in secondary markets,
supporting efficient security of gas supply
across Europe.
• Our power trading teams actively trade power
across 28 European markets and North America.
Operating on all major exchanges and the OTC
market, trading in the short-term, day-ahead, and
within-day markets, as well as in forward markets,
covering daily to yearly contracts with futures,
options and structured products.
• Our Algorithmic Research and Development
department develops and implements algorithms,
models, and technical platforms that enable
digitalisation of our trading operations across all
commercial pillars of the business.
Management review
Centrica Energy Trading A/S | Annual Report 2024 4
Centrica Energy Europe is part of Centrica Energy, a business unit of Centrica plc. Centrica Energy Europe consists of the parent
company Centrica Energy Trading A/S, which holds a number of branches, permanent establishments, and subsidiaries across
Europe, the UK, the United States and Singapore.
Centrica Energy Europe
Centrica Energy Europe carries out activities within the
larger business unit of Centrica plc: Centrica Energy.
CENTRICA ENERGY TRADING A/S
CENTRICA ENERGY TRADING CZECH REPUBLICCENTRICA ENERGY TRADING NORWAY
CENTRICA ENERGY TRADING SLOVAKIA
CENTRICA ENERGY TRADING SWEDEN
CENTRICA ENERGY TRADING NETHERLANDS
CENTRICA ENERGY TRADING SPAIN
VINDPARK KEBLOWO APS
Hobro, Denmark
50%
CENTRICA BUSINESS SOLUTIONS BELGIUM NV
Antwerp, Belgium, 100%
CENTRICA ENERGY
TRADING LLC
Wilmington,
United States
100%
CENTRICA BUSINESS
SOLUTIONS
UK OPTIMISATION LTD
Windsor, United Kingdom
100%
CENTRICA BUSINESS
SOLUTIONS FRANCE
SAS
Neuilly-Sur-Seine, France
100%
NEAS INVEST A/S
Aalborg, Denmark
100%
NEAS ENERGY LTD.
Windsor,
United Kingdom
100%
CENTRICA ENERGY
TRADING GMBH.
Hamburg, Germany
100%
CENTRICA ENERGY
TRADING PTE. LTD.
Singapore, Singapore
100%
GROUP ENTERPRISES
BRANCHES AND PERMANENT
ESTABLISHMENTS
PARENT
COMPANY
ASSOCIATES
Centrica Energy Europe
Management review
Centrica Energy Trading A/S | Annual Report 2024 5
Five-year financial summary
Amounts in tDKK 2024 2023 2022 2021 2020*
Financial highlights
Income statement
Trading income and revenue 14,356,024 22,478,368 35,702,027 14,236,241 65,008,412
Gross profit 1,645,732 4,260,836 6,767,224 934,913 648,486
Profit before depreciation, amortisation and impair-
ment losses 700,839 3,258,117 5,917,411 552,126 298,727
Operating profit 647,514 3,209,762 5,885,478 522,560 268,520
Results from net financials 179,875 237,002 -53,614 103,654 44,035
Profit before tax 827,389 3,446,764 5,831,864 626,214 312,555
Profit for the year 606,968 2,656,367 4,655,785 490,232 246,859
Balance sheet
Assets 9,646,120 14,855,794 24,455,372 17,964,132 4,258,949
Investment in development projects 34,280 26,694 28,805 20,765 19,882
Investment in property, plant
and equipment 11,935 51,039 1,885 1,480 2,407
Cash and cash equivalents 928,242 1,449,394 3,340,236 990,004 537,488
Share capital 123,507 123,507 123,507 123,507 123,507
Equity 4,423,846 6,304,641 6,659,421 1,982,100 1,322,518
Current liabilities 4,402,509 7,010,965 15,219,463 15,140,938 2,762,846
Cash flow
Net cash flow from:
Operating activities 701,809 2,036,714 5,226,556 -1,575,751 279,478
Investment activities -46,215 -27,745 -30,690 -22,245 -25,446
Financing activities -1,188,983 -3,888,664 -2,867,170 2,067,129 -855,770
Net foreign exchange difference 12,237 -11,147 21,536 6,843 -5,509
Cash flow for the year -521,152 -1,890,842 2,350,232 475,976 -607,247
% 2024 2023 2022 2021 2020
Financial ratios
Profitability
Return on equity 11.3% 41.0% 107.8% 29.7% 20.5%
Profit margin 4.5% 14.3% 16.5% 3.7% 0.4%
Solvency ratio
Equity ratio 45.9% 42.4% 27.2% 11.0% 31.1%
* The above listed comparative figures and ratios have not been adapted to reflect the following:
a) The Group has for the year ended 31 December 2022 prepared the financial statements in accordance with IFRS for the first time.
Comparative figures and ratios for 2020 have not been adapted to reflect changes in accounting principles from Danish GAAP to IFRS.
b) The cost formula for measurement of gas inventories have been changed from weighted average cost to FIFO-principle for the year
ended 31 December 2021. Comparative figures and ratios for 2020 have not been adapted to reflect this change in accounting principles.
Management review
Centrica Energy Trading A/S | Annual Report 2024 6
Income statement
Trading income and revenue
Revenue in 2024 was 14,356 mDKK compared to
22,478 mDKK in 2023. Revenue related to trading
income was 2,731 mDKK compared to 6,454
mDKK in 2023 and revenue from contracts with
customers was 11,625 mDKK compared to 16,024
mDKK in 2023.
The primary driver behind this decrease was
lower commodity prices and volatility as markets
continued to stabilise through 2024.
Gross profit
Gross profit in 2024 was 1,646 mDKK compared to
4,261 mDKK in 2023. As expected through 2024 we
continued to see markets normalise with reduced
prices and volatility. In these market conditions we
saw demand for our services- and margins reduce.
As a result, we have achieved our expectations
for gross profit (1,500 mDKK – 2,000 mDKK) and
operating profit (500 mDKK – 1,000 mDKK) as
previously described in our 2023 Annual Report
Outlook for 2024.
Operating profit
Operating profit in 2024 was 648 mDKK compared to
3,210 mDKK in 2023. The main driver of the reduc-
tion in operating profit is the reduction in gross profit.
Staff costs
In 2024, the average salary cost per employee
remained steady at 1.2 mDKK, consistent with
previous year’s figure of 1.2 mDKK in 2023.
Balance sheet
Inventories
Higher gas prices and increased gas volumes have
resulted in an increase in the value of gas storages
from 1,133 mDKK at 2023 year-end to 1,765 mDKK
at 2024 year-end.
Other balance sheet items
In general, other balance sheet items have
decreased from 2023 year-end to 2024 year-end
due to lower commodity prices and lower volatility.
Cash flow statement
Total net cash flow for 2024 amounted to a cash
outflow of 521 mDKK compared to a cash outflow
of 1,891 mDKK in 2023. The main drivers behind
the increased net cash flow are cash outflow from
deposits related to trading, cash inflow from deriv-
ative financial instruments and from net change in
group cashpool agreements..
Total net cash outflow for the year of 521 mDKK can
be summarised as operating profit of 648 mDKK
adjusted for cash outflow of 1,054 mDKK from
corporate income tax, cash inflow of 179 mDKK
from net interest, cash inflow of 876 mDKK from
change in net working capital, cash outflow of 46
mDKK from investing activities, cash outflow of
1,189 mDKK from financial activities and cash inflow
of 65 mDKK from other adjustments.
Outlook
Continuing the trend from 2024, prices and volatility
in energy markets have continued to stabilise into
2025. Whilst market conditions have stabilised,
our robust and diversified business model has
continued to capture opportunities and deliver
value. We are positioned to deliver solid financial
performance in 2025, with financial forecasts indi-
cating a Gross Profit of 1,200 mDKK – 1,800 mDKK
and Operating Profit of 200 mDKK – 800 mDKK.
Parent Company
Centrica Energy Trading A/S generally accounts
for the vast majority of the Group’s activities. The
Group’s development, therefore, in all material
respects corresponds to that of the Parent as
commented above.
Financial review
During 2024, our robust and diversified business model has
continued to deliver value and demonstrate adaptability in both
more stabilised yet highly uncertain and volatile commodity markets.
Management review
Centrica Energy Trading A/S | Annual Report 2024 7
The primary risks we are exposed to include market
risk, liquidity risk, credit risk, and foreign exchange
risk. See note 18 for further specifications and anal-
ysis of primary financial risks.
We follow Centrica Energy's Risk Mandate, which is
designed to identify, manage, and mitigate these risks.
We adopt a conservative approach to managing our
liquidity position and balance sheet strength.
Risks are identified and assessed to determine
impact and likelihood, with an appropriate risk
response subsequently evaluated and implemented.
Possible risk responses are:
• Terminate: Cease the activity that creates the risk
• Tolerate: Accept a level of risk
• Treat: Act to reduce the likelihood or impact of risk
Market risk
Market risk is defined as the risk associated with
potential future price moves of commodities and
other products traded by Centrica Energy Europe
or with volume forecasting uncertainty, to the extent
that Centrica Energy Europe's present or future
profitability is impacted.
Market risks are managed in line with our Market
Risk Mandate. A three lines of defence model is
used. The commercial function is responsible for
risks associated with their activities, and acts as
a first line of defence. The risk function provides
independent risk oversight and control, and act as
a second line of defence, while the internal audit
function acts as a third line of defence, giving
independent assurance that risks are being appro-
priately managed.
The risk mandate details the risk appetite, which
sets out the overall risk limits. To monitor and
manage market risk, Centrica Energy Europe uses
risk capital allocation. The allocation of risk capital
helps management evaluate development of
Centrica Energy Europe's risk profile.
All limits and sub-limits are reviewed regularly, to
ensure they continue to align with the Groups risk
appetite, as determined by the Centrica plc board
of directors. Exposures are monitored regularly by
the risk function, operating stop-loss and drawdown
limits, ensuring immediate reaction if any limits are
violated. The risk function performs additional stress
and scenario testing, and uses several additional
risk measures, such as Value-at-Risk as an integral
part of the risk management.
Liquidity risk
Liquidity risk is the risk that we are unable to meet
our financial obligations as they fall due.
The Group has historically generated positive
operating cash flows, and holds significant
committed facilities as well as cash on deposit to
ensure sufficient liquidity headroom at all points
in the seasonal trading cycle of the business.
Centrica Energy Europe is furthermore owned
by Centrica plc, ensuring access to additional
funding to meet short-term liquidity needs during
high price scenarios.
Centrica Energy has a dedicated treasury risk
management team, monitoring the overall liquidity
on a daily basis. The Treasury team are also
responsible for forecasting of expected future cash
flows. Stress testing is performed daily, estimating
possible liquidity scenarios, to help manage liquidity
reserves, and ensure sufficient reserves are avail-
able at all times.
Credit risk
Credit risk is the risk of loss associated with a coun-
terparty’s inability or failure to discharge its obliga-
tions under a contract. Centrica Energy Europe is
exposed to credit risks in the market through both
Power Purchase Agreements and trading activities.
Risk management
Centrica Energy Europe's business model generates
exposure to a variety of financial risks, and managing
these risks is integral to our business model.
Management review
Centrica Energy Trading A/S | Annual Report 2024 8
Credit risk is governed by Centrica Group Credit
Risk Policy. The overarching Centrica Group Credit
Risk Policy covers
• Key risk management indicators.
• Credit scoring of counterparties through external
ratings, scoring tools and the frequency with
which they need to be reviewed.
• The Delegation of Authority structure based on
limits and ratings, and derived monitoring of
excesses
• Credit mitigation instruments
The creditworthiness of a potential counterparty
is assessed before the Group enters into any
contracts through the use of external credit ratings
and scoring tools. If deemed necessary collateral is
requested from the counterparty.
The risk function monitors the risk measurement
indicators on a current and forward basis, and
produces reports on a daily, weekly, and monthly
basis. The risk function can enforce limits by
imposing restrictions on certain counterparties.
Similar to market risk, there are prescriptive stand-
ards for reporting limit breaches to stakeholders
ranging from senior business unit managers to
Group level senior leaders depending on the type
and magnitude of the breach. Credit risk policies
and standards are reviewed annually.
Foreign exchange risk
Foreign exchange risk is the risk of loss on the fair
value or future cash flows of exposures, which fluc-
tuates due to changes in foreign exchange rates.
Centrica Energy Europe exposure to foreign
exchange risks occurs primarily from renewable
contracts and trading activities which are denom-
inated in other currencies than the functional
currency of the Group entities. See note 18 for
a sensitivity analysis of the effect of reasonable
changes in foreign exchange rates.
The treasury risk management team monitors expo-
sures daily, ensuring exposure does not exceed the
limits set out in the Centrica Group Hedging Policy.
Foreign exchange risk is not a part of Centrica
Energy Europe’s core business, and therefore our
foreign exchange exposure is limited, and risk is
insignificant.
Management review
Centrica Energy Trading A/S | Annual Report 2024 9
Reporting under section
99(a) and 99(d) of the Danish
Financial Statement Act
Management review
Centrica Energy Trading A/S | Annual Report 2024 10
Centrica Energy Europe has set a target to reach
at least 47% female employees by 2030. In
2024, female employees made up 23.7% of the
workforce, a small increase increase from 23.2%
in 2023. The Board of Directors has two female
representatives among the seven shareholder-
elected board members.
To achieve our targets, we are working on specific
initiatives to make opportunities more equal and
actively building a more inclusive culture that
promotes and values gender diversity and equality.
Our initiatives to bring about this change include
changed recruitment processes both internally
and externally, expanding our reverse mentoring
scheme, raising awareness of issues and policies
to keep them top-of mind with our leaders, and
celebrating and promoting our female role models
and leaders.
Further supporting our efforts is our voluntary
staff-initiated network ‘Centrica Women’s Network
that supports women to be their best and achieve
their goals regardless of level or career destination.
Centrica Women's Network is run by women but
welcoming participation from everyone.
Centrica Women’s Network is a network and forum
that supports new initiatives and connections that
can often be invaluable for women to succeed in the
energy industry. This includes the offer of mentoring
and development opportunities to give women the
skills and confidence to progress in their careers,
through internal events and networking.
During 2024 we are proud to have been awarded
Best Workplace in Denmark for Gender Equality,
in addition to our recognitions as Great Place to
Work in Denmark and the UK, 3rd Best Workplace
in Denmark in the 50-499 employee category, and
top 100 position on the list of Best Workplaces in
Europe by Great Place To Work
®
Gender diversity
Centrica Energy Europe is committed to contin-
uously improving security measures and staying
ahead of emerging threats to ensure the highest
level of security for systems and customer data. We
operate with a comprehensive security framework
that includes following key measures:
• Group Services: As a subsidiary of Centrica plc,
we benefit from a number of security services
provided by Group, including tooling across our
networks and systems to ensure timely moni-
toring, detection, and response.
• Governance: We provide dedicated training to
our staff and leaders to ensure they understand
the threats faced by Centrica Energy Europe and
the role they have in protecting our business.
We maintain robust governance processes,
supported by a structured policy framework,
to ensure matters are escalated appropriately
and receive the right level of support from the
business and wider leadership.
• Minimum Viable Company: We have undertaken
a robust and comprehensive programme of work
documenting and testing the key systems and
processes required to ensure the continuity of
our services, including the usage of immutable
back-ups.
• 24/7 Monitoring and Incident Response: Our dedi-
cated 24/7 security operations center monitors our
network around the clock, ready to respond swiftly
to any security incidents. Our security operation
center applies leading technology solutions to
ensure we have up to date visibility of the various
threats faced by Centrica Energy.
• Compliance with Industry Standards: We align with
industry-leading standards and regulations and are
exploring certifications to support us specifically
with NIS2 compliance. In Belgium, we are proud
to have been ISO 27001 certified, and we are
exploring certifications for other geographies, in
line with our NIS2 compliance journey.
Cyber security
Management review
Centrica Energy Trading A/S | Annual Report 2024 11
Management statement
Executive Board
Board of Directors
(
(Employee elected )
Statements
Centrica Energy Trading A/S | Annual Report 2024 13
Independent auditor's report
Statements
Centrica Energy Trading A/S | Annual Report 2024 14
Statements
Centrica Energy Trading A/S | Annual Report 2024 15
CVR No. 33 9 6 3 5 5 6
Identification No (MNE) mne 1 167 1
Statements
Centrica Energy Trading A/S | Annual Report 2024 16
Identification No (MNE) mne 4279 3
Income statement
01.01.2024 - 31.12.2024
Amounts in tDKK Note 2024 2023
Trading income and revenue 5 14,356,024 22,478,368
Cost of sales -12,710,292 -18,217,532
Gross profit 1,645,732 4,260,836
Own work capitalised 11,050 8,481
Other operating income 61,930 52,388
Other external expenses -408,798 -474,498
Staff costs 6 -609,075 -589,090
Profit before depreciation, amortisation and impairment losses 700,839 3,258,117
Depreciation, amortisation and impairment losses -53,325 -48,355
Operating profit 647,514 3,209,762
Income from investments in associates using the equity method 2,301 816
Financial income 7 225,837 339,877
Financial expenses 8 -48,263 -103,691
Profit before tax 827,389 3,446,764
Tax on profit 9 -220,421 -790,397
Profit for the year 606,968 2,656,367
Statement of
comprehensive income
01.01.2024 - 31.12.2024
Amounts in tDKK 2024 2023
Profit for the year 606,968 2,656,367
Other comprehensive income
Items that will be or have been reclassified to the Income Statement:
Exchange differences on translation of foreign operations 12,237 -11,147
Other comprehensive income, net of taxation 12,237 -11,147
Total comprehensive income for the year 619,205 2,645,220
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 18
Balance sheet
31.12.2024
Assets
Amounts in tDKK Note 2024 2023
Development projects 95,819 75,518
Patents and trademarks 68 172
Contractual rights 0 0
Development projects in progress 17,943 34,696
Intangible assets 10 113,830 110,386
Land and buildings 138,661 108,430
Leasehold improvements 1,594 719
Plant and equipment 22,636 54,404
Plant and equipment in progress 0 4
Tangible assets 11,12 162,891 163,557
Investments in associates 10,848 8,538
Investments accounted for using the equity method 10,848 8,538
Deferred tax assets 9 28,419 0
Non-current assets 315,988 282,481
Inventories 13 1,836,730 1,329,594
Trade receivables 2,191,805 2,815,164
Other receivables 145,205 118,298
Income tax receivables 90,813 0
Deposits related to trading 17,18 906,953 1,047,401
Receivables from group enterprises 17,18 2,081,496 4,342,007
Receivables from associates 1,500 3,882
Prepayments 19,755 84,709
Derivative financial instruments 17,18 1,127,633 3,382,864
Cash and cash equivalents 928,242 1,449,394
Current assets 9,330,132 14,573,313
Assets 9,646,120 14,855,794
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 19
Balance sheet
31.12.2024
Equity and liabilities
Amounts in tDKK Note 2024 2023
Share capital 123,507 123,507
Foreign currency translation reserve 23,970 11,733
Proposed ordinary dividend payment 1,300,000 0
Retained earnings 2,976,369 6,169,401
Equity 4,423,846 6,304,641
Deferred tax liabilities 9 0 7,440
Derivative financial instruments 17,18 759,543 1,353,183
Debt to group enterprises 10,741 159,493
RoU lease liabilities 29,615 0
Other payables 19,866 20,072
Non-current liabilities 819,765 1,540,188
Trade payables 17 1,998,885 3,322,381
RoU lease liabilities 8,507 0
Other payables 273,288 392,602
Deposits related to trading 17,18 152,606 341,790
Debt to group enterprises 17,18 830,283 280,027
Onerous contract provisions 14 89,039 192,050
Other provisions 15 35,334 3,078
Derivative financial instruments 17,18 991,141 1,737,370
Income tax payable 14,987 722,031
Deferred income 8,439 19,636
Current liabilities 4,402,509 7,010,965
Liabilities 5,222,274 8,551,153
Equity and liabilities 9,646,120 14,855,794
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 20
Statement of changes in equity
Amounts in tDKK
Share
capital
Reserve
for currency
translation
Ordinary
dividend
payment
Extra-
ordinary
dividend
payment
Retained
earnings Total
2024
Balance as of 01.01.2024 123,507 11,733 0 0 6,169,401 6,304,641
Profit/loss for the year 0 0 0 2,500,000 -1,893,032 606,968
Exchange differences on translation of
foreign operations 0 12,237 0 0 0 12,237
Total comprehensive income for the year 0 12,237 0 2,500,000 -1,893,032 619,205
Proposed ordinary dividend payment 0 0 1,300,000 0 -1,300,000 0
Dividend payment in the year 0 0 0 -2,500,000 0 -2,500,000
Balance as of 31.12.2024 123,507 23,970 1,300,000 0 2,976,369 4,423,846
Amounts in tDKK
Share
capital
Reserve
for currency
translation
Extra-
ordinary
dividend
payment
Retained
earnings Total
2023
Balance as of 01.01.2023 123,507 22,880 0 6,513,034 6,659,421
Profit/loss for the year 0 0 3,000,000 -343,633 2,656,367
Exchange differences on translation of
foreign operations 0 -11,147 0 0 -11,147
Total comprehensive income for the year 0 -11,147 3,000,000 -343,633 2,645,220
Dividend payment in the year 0 0 -3,000,000 0 -3,000,000
Balance as of 31.12.2023 123,507 11,733 0 6,169,401 6,304,641
The share capital consists of 123,507,152 shares of a nominal face value of DKK 1 each (fully paid in at an
average price at 1.26).
No shares carry special rights.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 21
Cash flow statement
01.01.2024 - 31.12.2024
Amounts in tDKK 2024 2023
Operating profit 647,514 3,209,762
Depreciation, amortisation and impairment losses 53,325 48,355
Operating profit adjusted for non-liquid items 700,839 3,258,117
Financial income received 225,837 339,877
Financial expenses paid -47,082 -103,691
Corporation tax paid -1,054,137 -1,264,777
Changes in net working capital:
Inventories -507,136 1,223,131
Deposits related to trading -48,736 -1,777,818
Derivative financial instruments 915,362 -48,316
Receivables 1,604,728 1,910,318
Payables -1,087,866 -1,500,127
Net cash flow from operating activities 701,809 2,036,714
Investment in non-current assets:
Purchase and development of intangible assets -34,280 -26,694
Purchase of tangible assets -11,935 -51,039
Purchase of businesses, net of cash acquired* 0 49,988
Net cash flow from investing activities -46,215 -27,745
Net change in group cashpool arrangements** -1,180,429 -3,888,664
Payment of principal portion of lease liabilities -8,554 0
Net cash flow from financial activities -1,188,983 -3,888,664
Net foreign exchange difference 12,237 -11,147
Total net cash flow for the year -521,152 -1,890,842
Cash at the beginning of the year 1,449,394 3,340,236
Cash at the end of the year 928,242 1,449,394
Cash at end of year specified as follows:
Cash and cash equivalents 928,242 1,449,394
Total 928,242 1,449,394
* Purchase price for acquisition of the business was 32,783 mDKK paid in cash. Taken over in the purchase affecting the cash flow statement
are 82,771 mDKK cash and cash equivalents, receivables of 62,481 mDKK, payables of 146,631 mDKK and tax receivables of 9,739 mDKK.
** Dividend payments made in 2023 and 2024, are counted against group cashpool arrangement receivables, rather than actually paid. As they
have no effect on cash or cash equivalents, they are excluded from the cash-flow statement as they are non-cash transactions.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 22
Notes overview
1 General information .......................................................... 24
2 Basis of preparation and summary of significant new accounting policies
and reporting changes ........................................................ 24
3 Critical accounting judgements and key sources of estimation uncertainty .................. 25
4 Summary of significant accounting policies ......................................... 26
5 Trading income and revenue .................................................... 32
6 Staff costs ................................................................. 33
7 Financial income ............................................................ 33
8 Financial expenses ........................................................... 33
9 Tax on profit ............................................................... 34
10 Intangible assets ............................................................ 35
11 Tangible assets ............................................................. 36
12 Right-of-use assets .......................................................... 38
13 Inventories ................................................................. 38
14 Onerous contract provisions .................................................... 39
15 Other provisions ............................................................. 39
16 Commitments, lease obligations and guarantees .................................... 40
17 Financial assets and liabilities by category ......................................... 41
18 Financial risk management ..................................................... 42
19 Fair value of financial instruments ................................................ 47
20 Related party transactions ..................................................... 52
21 Auditors’ remuneration ........................................................ 53
22 Related undertakings ......................................................... 53
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 23
Notes
1 General information
Centrica Energy Trading A/S (the ‘Company’) is a subsidiary of the public company Centrica plc, domiciled
and incorporated in the UK, and registered in England and Wales. The address of the registered office of the
Company is Skelagervej 1, 9000 Aalborg, Denmark.
The financial statements for the period 1 January – 31 December 2024, presented in the Annual Report 2024
comprise both consolidated financial statements of Centrica Energy Trading A/S and its subsidiaries (the
Group, also referenced as Centrica Energy Europe) and separate Parent Company financial statements.
The functional currency of the Company and the Group is Euro. The presentational currency is Danish Kroner
(DKK) in line with previous years. All values are rounded to the nearest thousand (tDKK). Operations and
transactions conducted in currencies other than Danish Kroner are included in the consolidated financial
statements in accordance with the foreign currencies accounting policy set out in note 4.
IFRS is used synonymously with the IFRS
(R)
Accounting Standards.
2 Basis of preparation and summary of significant new
accounting policies and reporting changes
This section details the basis of preparation and new accounting standards and how these are expected to
impact the financial position and performance of the Group.
The principal accounting policies applied in the preparation of these consolidated financial statements are
set out below and in note 4. Unless otherwise stated, these policies have been consistently applied to the
years presented.
(a) Basis of preparation
The consolidated Financial Statements has been prepared in accordance with IFRS as adopted by the EU
and further requirements in the Danish Financial Statements Acts applying to large enterprises of reporting
class C.
The consolidated financial statements have been prepared on a going concern basis and under the historical
cost basis except for gas inventory and derivative financial instruments required to be measured at fair value
through profit or loss.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It requires management to exercise its judgement in the process of applying the Group’s
accounting policies. The areas involving a higher degree of judgement or complexity and areas where
assumptions and estimates are significant to the consolidated financial statements are described in note 3.
(b) Standards and amendments that are issued but not yet applied by the Group
At the date of authorisation of these consolidated financial statements, the Group has not yet applied the
following new and revised standards and amendments that have been issued but not yet effective:
• Issuance of IFRS 18 'Presentation and disclosure in Financial Statements', effective from 1 January 2027.
The Group is currently assessing the impact this new standard will have on current financial statements.
Only new and revised standards that are assessed as potentially relevant for Centrica Energy Europe are
listed. Management does not expect the listed issued but not yet effective amendments or standards, or
standards not discussed above to have a material impact on the consolidated financial statements.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 24
Notes
3 Critical accounting judgements and key sources of estimation uncertainty
This section sets out the key areas of judgement and estimation that have the most significant effect on the
amounts recognised in the consolidated financial statements.
(a) Critical accounting judgements
Management has made the following key judgements that have the most significant effect on the consolidated
financial statement.
Presentation of revenue from contracts with customers
Significant judgements are involved when determining whether contracts with customers for offtake of
produced energy and associated benefits, as part of the RETO business, should be accounted for gross or
net. In making this judgement the Group considers whether it acts as a principal or agent in the arrangement.
This is based on whether control is obtained on energy produced prior to onwards sales to counterparties.
When the Group obtains control of energy produced, and is the balancing responsible party, and receives all
benefits from the sale of energy, the Group acts as a principal and revenue is presented gross.
Trading commodity contracts with physical delivery
A significant part of the sales and purchase contracts included in the trading portfolio are ordinary sales
and purchase contracts with physical settlement of energy commodities, primarily power and gas. As these
contracts are managed on a portfolio basis and a practice of net settlement is present, the contracts are
considered to meet the conditions in IFRS 9 for fair value option and accounted for in accordance with IFRS 9
as derivatives.
Physical Gas Storage
Physical Gas Storage contracts are bought at auction and the commercial intention is to hold it for the dura-
tion of the contract. A continued lack of uptake in the sale of storage rights is indicative that there continues to
be a lack of willing buyers and sellers in the physical storage market across Europe and therefore it remains
inactive. Futhermore there is no practice of net settling. Therefore Physical Gas Storage contracts is out of
scope of IFRS 9, and instead accounted for as executory contracts under IFRS 15.
Gas cross-border capacities
Gas cross-border capacity contracts contain no net settlement terms and there is no past practice of net
settling similar contracts. The contracts therefore do not fall within the scope of IFRS 9 and are instad
accounted for as executory contracts under IFRS 15.
Power cross-border capacities
Power cross-border capacity contracts are net settled and the market for power cross-border capacities is
considered to be liquid. Power cross-border capacities is therefore in the scope of IFRS 9 and measured at
fair value.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 25
Notes
(b) Key sources of estimation uncertainty
The section below details the assumptions management makes about the future and other major sources of
estimation uncertainty when measuring its assets and liabilities at the reporting date. The information given
relates to the sources of estimation uncertainty that have a significant risk of resulting in a material adjustment
to those assets and liabilities in the next financial year.
Estimates and associated assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances, including current and expected economic conditions,
and, in some cases, actuarial techniques. Although these estimates and associated assumptions are based
on management’s best knowledge of current events and circumstances, actual results may differ.
Determination of fair values – derivative financial instruments
Fair values of energy derivatives are estimated by reference in part to published price quotations in active
markets and in part by using valuation techniques. More detail on the assumptions used in determining fair
valuations of energy derivatives, and the sensitivities to these assumptions is provided in note 19. The net fair
value of Level 3 derivative financial instruments held on the balance sheet as of 31 December 2024 was (412)
mDKK (2023: (811) mDKK).
Gas trading inventories at fair value
Fair value measurement of the gas trading inventories requires management to make estimates and use
assumptions, as observable market prices for gas kept in storages are not available, whereas closely-
related proxy prices for gas kept at the gas hubs are. The proxy prices are used to value the storages. The
fair value of gas trading inventories held on the balance sheet as of 31 December 2024 was 1,765 mDKK
(2023: 1,133 mDKK).
Onerous contract provisions
Centrica Energy Europe holds onerous contract provisions mainly relating to expected losses from green
certificates forward sold/purchased to prices below the forward prices at 2024 year-end. The value provided
for is an estimate based on the knowledge currently available and current forward prices. The onerous
contract provisions as of 31 December 2024 was 89 mDKK (2023: 192 mDKK).
4 Summary of significant accounting policies
This section sets out the Group’s significant accounting policies in addition to the critical accounting judge-
ments applied in the preparation of these consolidated financial statements.
Changes in accounting policy
Accounting policy relating to the presentation of special payroll tax was changed during the year. Previ-
ously these costs were presented as part of staff costs. This has been reassessed, and these costs are now
presented as part of other external expenses. Comparative figures have been adjusted.
Accounting policy relating to the presentation of salary costs recharged from Group entities was changed
during the year. Previously these costs were presented as part of staff costs. This has been reassessed, and
these costs are now presented as part of other external expenses. Comparative figures have been adjusted.
Own work capitalized was previously presented as part of staff costs. This is been changed during the year,
and own work capitalized is now presented on its own line within the income statement. Comparative figures
have been adjusted.
3 Critical accounting judgements and key sources of estimation uncertainty
(continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 26
Notes
Basis of consolidation
The consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are
controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than
50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and
exercises significant, but not controlling, influence are regarded as associates.
The consolidated financial statements are prepared on the basis of the financial statements of the Parent
and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On
consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and
losses on transactions between the consolidated enterprises are eliminated. The financial statements used
for consolidation have been prepared applying the Group’s accounting policies.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition
date, with net assets having been calculated at fair value.
Business combinations under common control
When buying companies, mergers, demergers, additions of assets and share exchange etc., where the
participating companies are under the control of the ultimate parent company, the Book Value method is
used where the business combination under common control is deemed completed at the time of acquisition
without adjustments of comparative figures.
According to the Book Value method, the acquired company's assets and liabilities are recognised at the
booked values in the entities, corrected for any differences in applied accounting policies and accounting
estimates. The difference between the agreed remuneration and the accounting value of the acquired
company is recognised on equity.
No business combinations under common control have occurred during the year.
Translation of foreign currency
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and
losses arising due to differences between rates at the transaction date and the rates at the dates of payment
are recognised in financial income or financial expenses in the income statement.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the
balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between
the exchange rates at the balance sheet date and the transaction date rates are recognised in financial
income or financial expenses in the income statement.
Basis of recognition and measurement
Income is recognised in the income statement as earned, including value adjustments of gas inventory, finan-
cial assets and liabilities.
All expenses including depreciation, amortisation and impairment losses, are also recognised in the income
statement.
Assets are recognised in the balance sheet when future financial benefits are likely to accrue to the company
and the value of such assets can be reliably measured. Liabilities are recognised in the balance sheet when
they are probable and can be measured reliably. Upon initial recognition, assets and liabilities are measured
at cost. Subsequently, assets and liabilities are measured as described below for each item.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 27
Notes
Predictable losses and risks arising before the date of presentation of the financial statements and the facts
that confirm or rebut circumstances and conditions existing at the reporting date are taken into consideration
upon recognition and measurement.
Trading income and revenue
(a) Trading income, net
Power and gas trading income comprises realised and unrealised net gains and losses arising from
trading within energy commodity derivatives. Aside from financial contracts, phyiscal trading power and
gas contracts and power cross-border capacities are included as trading income. The energy commodity
derivatives make up Centrica Energy Europe’s trading portfolio which includes futures, options and certain
forward sales and forward purchases commodity contracts that are either financially or physically settled. A
significant part of the sales and purchases contracts included in the trading portfolio are ordinary sales and
purchase contracts with physical settlement of energy commodities, primarily power and gas.
As these contracts are managed on a portfolio basis, and a practice of net settlement is present, the
contracts are considered in scope of IFRS 9 and treated as derivatives.
Profits/losses from financial trading activities are recognised as ascertained and open positions are adjusted
to the fair value on the reporting date and the adjustment effect is thus recognised in the income statement
as revenue. Additional reserves are applied as part of the fair value to adjust for the risk of over estimation
effectively resulting in a lower valuation price for both bids and offers respectively.
Net changes in the fair value of energy commodity derivatives held for trading presented as financial assets
or financial liabilities, respectively, as well as net fair value changes in gas storage inventories held for trading
are included in “trading income, net” as it represents an important part of the trading activity. Net change in
fair value of inventory relates to the change from purchase of gas compared to the fair value.
Foreign currency adjustments arising as part of the adjustment to fair value are recognised in the income
statement as revenue.
(b) Revenue from contracts with customers
Revenue from contracts with customers regarding sale of power and energy-related services and sale of
certificates is measured at the transaction price, which is the contractually agreed price excl. VAT and taxes
charged on behalf of third parties.
Revenue from the sale of power and energy-related services comprises the sale of power and certificates
sourced from energy producers and related services in terms of e.g. production management and balancing.
Revenue is recognised when control of the power is transferred to the buyer simultaneously with fulfilment of
the related services, ie. when the power is delivered. Agreements for the sale of power and energy-related
services are considered a series of identical goods and services that are transferred and recognised over
time and revenue is recognised at the amount to which the Group is entitled.
Centrica Energy Europe determines whether it is acting as principal or agent in these arrangements,
based on whether it holds the main risks related to, and controls the power and services delivered before
selling it in the market. The Group has concluded that we in all material aspects are acting as principal in
these arrangements.
The sale of power is settled daily.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 28
Notes
Revenue from sale of certificates comprises the sale of certificates sourced from producers. Revenue is
recognised when control of the climate certificate is transferred to the buyer, i.e. when the certificate is deliv-
ered to the buyer. Agreements for the sale of certificates are fulfilled at a point in time.
Cost of sales
Cost of sales includes the purchase of power and certificates for resale and transportation thereof incurred to
achieve revenue for the year.
Other operating income
Other operating income consists of recharges for services provided to other entities in the Centrica Group.
Such income is recognised in the year in which the associated services are delivered.
Other external expenses
Other external expenses includes group recharges, consultancy fees, various service fees etc. Expenses are
recognised in the year in which the associated services are received.
Staff costs
Wages, salaries, pension contributions, social security contributions, special payroll tax, sick leave and
bonuses are recognised in the year in which the associated services are rendered by employees of the Group.
The company operates a Share Scheme for its employees, under which Centrica plc shares are granted
to employees subject to vesting conditions. Shared granted are measured at fair value when the liability is
incurred, and subsequently remeasured at far value at the end of each reporting period. The fair value of
the shares granted is recognised as an expense over the vesting period, with a corresponding increase in
liabilities. The fair value is measured at the grant date and is based on the market price of Centrica plc. If the
vesting conditions are not met, any previously recognised expense is reversed.
Depreciation and Amortisation
Land is not depreciated. Amortisation of intangible assets and depreciation of property, plant and equipment
aim to ensure linear amortisation and depreciation over the expected useful life of the asset in question.
The following useful lives and residual values apply:
Useful life Residual value
Land and Buildings 50 years 0%
Leasehold improvements 10 years 0%
Contractual rights 5 years 0%
Development projects 3-5 years 0%
Plant and equipment 5 years 0%
Right of use assets 3-10 years 0%
Intangible Assets
Intangible assets are measured in the balance sheet at the lower of cost less accumulated amortisation and
the recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal
and its value in use. Directly and indirectly incurred costs are included in cost.
IT development projects are recognised at cost, including costs of, for example, wages directly or indirectly
attributable to the development projects. Development projects are recognised in the balance sheet only
when the following criteria are met:
• It is technically feasible to complete the development projects and make it available for use
• Management intends to complete the development projects and use or sell it
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 29
Notes
• It is possible to use or sell the finished development projects
• It can be documented that economic benefits can be derived from the finished development project
• The necessary resources are available to finish the development project
• The expenditure attributable to the development of the development project can be reliably measured
Costs related to maintenance of developed software or projects that do not meet the criteria for recognition in
the balance sheet, are expensed in the income statement when they are incurred.
Capitalised development costs are amortised from the time when the developed asset is ready for its
intended use, linearly over the period where they are expected to generate economic benefits.
Property, plant and equipment
Property, plant and equipment is measured in the balance sheet at lower of cost less the accumulated
depreciation and the recoverable amount. The recoverable amount is the value of the asset in continued use
or from sale.
The recoverable amount of the asset is calculated as the higher of the net selling price and value in use. The
value in use is calculated as the present value of the expected net cash flows from application of the asset or
asset group and expected net cash flows from sale of the asset or asset group after the end of useful life.
Cost includes the acquisition price and costs directly related with the acquisition up until the time the asset is
ready for use.
Leases
The Group enters into lease arrangements for assets including property, equipment and vehicles.
The group assesses its contractual arrangements to determine whether they are or contain leases based on
whether they convey the right to control the use of an identified asset for a period of time, in exchange for
consideration.
The Group recognises a right-of-use asset and a lease liability at the date at which the leased asset is made
available for use by the Group.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date to the earlier of the
end of the useful life of the right-of-use asset or the end of the lease term. The lease assets are tested for
impairment whenever there is an indication that the assets may be impaired. No impairment indicators were
identified as of 31 December 2024.
The lease liability is initially measured at the present value of the lease payments, discounted using the
interest rate implicit in the lease or, if that rate can no be readily determined, the Group's incremental
borrowing rate at the date of inception. The lease liability is subsequently measured at amortised cost using
the effective interest method.
Inventories
(a) Gas inventories
Gas inventories are acquired with the purpose of selling in the near future and generating a profit from short
term price fluctuations. As such, the Group meets the broker-trader criteria in IAS 2. As a result gas invento-
ries are measured at fair value less cost to sell. As observable market prices for gas kept in storages are not
available, whereas closely related proxy prices for gas kept at the gas hubs are, the proxy prices are used
to value the storages. Changes in fair value less costs to sell are recognised in the income statement within
“trading income and revenue”.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 30
Notes
(b) Certificates
In general certificates are measured at the lower of cost according to weighted-average cost and net realis-
able value.
El certificates and EUAs are measured at the lower of cost according to the FIFO principle and net realisable
value.
The net realisable value of certificate is calculated at the amount expected to be generated by sales during
normal operations less selling expenses. The net realisable value is determined allowing for marketability,
obsolescence and development in expected sales.
Derivative financial instruments
Centrica Energy Europe uses a range of derivative financial instruments for both trading and hedging of
exposures to energy price risks etc., arising in the normal course of business. Derivative financial instruments
are classified as held for trading for accounting purposes, and the Group does not apply any type of hedge
accounting in the financial statements.
All derivative financial instruments are initially recognised at fair value and are subsequently re-measured to
fair value at each reporting date.
The Group measures derivative financial instruments at fair value, which is the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measure-
ment date.
When measuring the fair value of an asset or liability, it is done with the assumption that the transaction to sell
the asset or transfer the liability takes place in either the principal market for the asset or liability, or if that is
not available, the most advantageous market for the asset or liability.
Contracts on non-financial items that can be settled net in cash or another financial instrument, or by
exchanging financial instruments as if the contracts were financial instruments are measured at fair value.
The fair value measurement of non-financial assets takes into account a market participant’s ability to
generate economic benefits by using the asset at its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
Centrica Energy Europe uses valuation techniques which are appropriate for the respective contracts,
accounting for the risks tied to the contracts and to the inputs and methods used for the valuation. Valuation
techniques used maximise the use of relevant observable inputs, while minimising the use of unobservable
inputs.
Financial assets and financial liabilities measured and held at fair value are classified into one of the three
categories, known as hierarchy levels, which are defined according to the inputs used to measure fair value as
follows:
• Level 1: Fair value is determined using observable inputs that reflect unadjusted quoted market prices for
identical assets and liabilities;
• Level 2: Fair value is determined using significant inputs that may be directly observable inputs or unob-
servable inputs that are corroborated by market data; and
• Level 3: Fair value is determined using significant unobservable inputs that are not corroborated by market
data and may be used with internally developed methodologies that result in management’s best estimate
of fair value.
Assets and liabilities that are recognised in the financial statements at fair value, are placed within the
fair value hierarchy based on the lowest level of input that is significant to the fair value measurement as
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 31
Notes
a whole. Categorisations between levels are reassessed at the end of each reporting period. Transfers
between levels are deemed to have occurred at the start of the reporting period.
For the purpose of the fair value disclosures, the Group has determined classes of financial instruments that
are appropriate to the nature of the information disclosed, taking into account the characteristics of those
financial instruments.
Derivative financial instrument assets and liabilities are offset and presented on a net basis only when there is
a currently enforceable legal right of set-off, and the intention to net settle the contracts is present.
The Group enters certain energy derivative financial instrument contracts covering periods for which observ-
able market data does not exist. The fair value of such derivative financial instruments is estimated by refer-
ence in part to published price quotations from active markets, to the extent that such observable market
data exists, and in part by using valuation techniques, the inputs to which include data that is not based on or
derived from observable markets. Where the fair value at initial recognition for such contracts differs from the
transaction price, a fair value gain or fair value loss will arise. This is referred to as a day-one gain or day-one
loss. Such gains and losses are deferred (not recognised) and amortised to the Group income statement
based on volumes purchased or delivered over the contractual period until such time as observable market
data becomes available. When observable market data becomes available, any remaining deferred day-one
gains or losses are recognised within the Group income statement.
Calculation of financial ratios
Financial ratios have been calculated in accordance with the recommendations of the Danish Society of
Financial Analysts:
Return on equity: Profit for the year
Average equity
Profit margin: Operating profit
Revenue
Equity ratio: Equity at year-end
Total assets
5 Trading income and revenue
Amounts in tDKK 2024 2023
Trading income, net*
Net realised trading income 4,234,736 8,149,569
Net change in fair value of commodity derivatives held for trading -2,135,762 -374,819
Net change in fair value of inventory held for trading 632,344 -1,320,383
Revenue from contracts with customers
Sales of green certificates 1,634,366 1,644,185
Sales of power and energy related services 9,990,340 14,379,816
Trading income and revenue 14,356,024 22,478,368
* Net change presented is the change in balance sheet value from the start of the year to the end of the year of derivatives and inventory.
Realised trading income consists of settled values for realised contracts.
4 Summary of significant accounting policies (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 32
Notes
6 Staff costs
Amounts in tDKK 2024 2023
Wages and salaries 573,441 556,792
Pension costs 27,270 23,717
Other social security costs 4,952 5,374
Other staff costs 3,412 3,207
Total 609,075 589,090
Average number of employees 508 477
7 Financial income
Amounts in tDKK 2024 2023
Interest income from group enterprises 183,467 265,862
Interest income from associates 135 224
Exchange rate adjustments 4,291 18,025
Other interest income 37,944 55,766
Total 225,837 339,877
8 Financial expenses
Amounts in tDKK 2024 2023
Interest expenses from group enterprises 165 2,356
Guarantee provision 3,240 3,538
Other interest expenses* 44,858 97,797
Total 48,263 103,691
* Total interest expense calculated using the effective interest method for financial liabilities that are measured at amortised cost.
5 trading income and revenue (continued)
Centrica Energy Europe carries out almost all activities from Denmark as all handling of physical production
and trading is done from the main office in Aalborg thus a split of the activity is not relevant. Furthermore
Centrica Energy Europe see the European market as an integrated Pan-European market with more and more
synergies across countries. During 2024 a legal entity in the United States was established. However trading
income in the year was minimal, and is therefore not reported separately.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 33
Notes
9 Tax on profit
Amounts in tDKK 2024 2023
Tax on current year taxable income 194,925 760,316
Change in deferred tax for the year -565 0
Correction to current tax, previous years 61,336 31,682
Correction to deferred tax, previous years -35,275 -1,601
Total 220,421 790,397
Deferred tax is computed at 22% and is broken down as follows:
Intangible assets -6,138 -15,959
Plant and equipment -4,594 3,827
Current liabilities 39,151 4,692
Total provision for deferred tax, closing balance 28,419 -7,440
Total provision for deferred tax, opening balance -7,440 -9,041
Correction to deferred tax, previous years 35,275 1,601
Foreign exchange adjustments and other adjustments 19 0
Provision for deferred tax for the year -565 0
Effective tax percentage
Profit for the year before tax 827,389 3,446,764
Calculated tax (22%) 182,026 758,288
Effect of different tax percentages for foreign subsiduaries -12,334 -7,528
Tax value of non-deductible costs and non-taxable income -15,381 8,919
Correction to current tax, previous years 61,336 31,682
Correction to deferred tax, previous years -35,275 -1,601
Tax on profit 180,372 789,760
Effective tax percentage 22% 23%
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 34
Notes
10 Intangible assets
Amounts in tDKK 2024 2023
Development projects
Cost price as of 01.01.2024 335,888 255,637
Correction opening balance -2,142 0
Additions from business combinations 0 71,088
Additions during the year 574 6,314
Transfers during the year 55,025 6,987
Disposals during the year -14,672 -4,315
Foreign exchange adjustments 33 177
Cost price as of 31.12.2024 374,706 335,888
Amortisations as of 01.01.2024 260,370 193,842
Additions from business combinations 0 34,452
Amortisations during the year 33,167 35,823
Reversal of amortisations on disposals in the year -14,672 -3,834
Foreign exchange adjustments 22 87
Amortisations as of 31.12.2024 278,887 260,370
Book value as of 31.12.2024 95,819 75,518
Patents and trademarks
Cost price as of 01.01.2024 3,552 0
Additions from business combinations 0 3,543
Foreign exchange adjustments 2 9
Cost price as of 31.12.2024 3,554 3,552
Amortisations as of 01.01.2024 3,380 0
Additions from business combinations 0 3,245
Amortisations during the year 105 127
Foreign exchange adjustments 1 8
Amortisations as of 31.12.2024 3,486 3,380
Book value as of 31.12.2024 68 172
Contractual rights
Cost price as of 01.01.2024 0 1,516
Disposals during the year 0 -1,516
Cost price as of 31.12.2024 0 0
Amortisations as of 01.01.2024 0 1,516
Reversal of amortisations on disposals in the year 0 -1,516
Amortisations as of 31.12.2024 0 0
Book value as of 31.12.2024 0 0
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 35
Notes
Amounts in tDKK 2024 2023
Development projects in progress
Cost price as of 01.01.2024 34,696 21,303
Correction opening balance 4,566 0
Additions during the year 33,706 20,380
Transfers during the year -55,025 -6,987
Cost price as of 31.12.2024 17,943 34,696
Book value as of 31.12.2024 17,943 34,696
Booked value intangible assets as of 31.12.2024 113,830 110,386
Development projects consist of own developed software. The software is supporting the Asset Management
business as well as the Trading business.
10 Intangible assets (continued)
11 Tangible assets
Amounts in tDKK 2024 2023
Land and buildings*
Cost price as of 01.01.2024 129,693 129,027
Additions during the year 43,060 0
Transfers during the year 86 666
Disposals during the year -1,802 0
Cost price as of 31.12.2024 171,037 129,693
Depreciation as of 01.01.2024 21,263 17,356
Depreciation during the year 11,257 3,907
Reversal of depreciations on disposals in the year -200 0
Foreign exchange adjustments 56 0
Depreciation as of 31.12.2024 32,376 21,263
Book value as of 31.12.2024 138,661 108,430
Leasehold improvements
Cost price as of 01.01.2024 725 0
Correction opening balance 2,296 0
Transfers during the year 970 725
Cost price as of 31.12.2024 3,991 725
Depreciation as of 01.01.2024 5 0
Correction opening balance 1,966 0
Depreciation during the year 426 6
Depreciation as of 31.12.2024 2,397 6
Book value as of 31.12.2024 1,594 719
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 36
Notes
Amounts in tDKK 2024 2023
Plant and equipment*
Cost price as of 01.01.2024 95,863 30,031
Correction opening balance -2,641 0
Additions from business combinations 0 16,024
Additions during the year 5,380 40,918
Transfers during the year 7,930 8,726
Disposals during the year -68,874 0
Foreign exchange adjustments 2,395 164
Cost price as of 31.12.2024 40,053 95,863
Depreciation as of 01.01.2024 41,460 23,296
Additions from business combinations 0 10,069
Depreciation during the year 7,194 7,964
Reversal of depreciations on disposals in the year -31,789 0
Foreign exchange adjustments 552 130
Depreciation as of 31.12.2024 17,417 41,459
Book value as of 31.12.2024 22,636 54,404
Plant and equipment in progress
Cost price as of 01.01.2024 4 0
Additions during the year 8,983 10,121
Transfers during the year -8,987 -10,117
Cost price as of 31.12.2024 0 4
Book value as of 31.12.2024 0 4
Booked value tangible assets as of 31.12.2024 162,891 163,557
* Right-of-use asset balances included above are specified in note 12.
11 Tangible assets (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 37
Notes
12 Right-of-use assets
The Group has lease contracts for property, vehicles and other equipment. The total cash outflows for leases
amounted to 8.6 mDKK during 2024 (2023: 0 mDKK).
The total lease liability is shown in the balance sheet, while the maturity is presented in note 18.
IFRS 16 had not been implemented in previous years as the impact of applying IFRS 16 had been deemed
immaterial. In the financial year 2024 the Group decided to adopt IFRS 16. The comparative figures have not
been updated to reflect this change.
Right-of-use assets recognised in the balance sheet
Amounts in tDKK
Land and
buildings
Plant and
equipment Total
2024
Additions 43,060 2,427 45,487
Depreciation charge for the year -7,375 -485 -7,860
Booked value as of 31.12.2024 35,685 1,942 37,627
2023
Additions 0 0 0
Depreciation charge for the year 0 0 0
Booked value as of 31.12.2023 0 0 0
Amounts recognised in the income statement
Amounts in tDKK 2024 2023
Depreciation of right-of-use assets 7,804 0
Interest on lease liabilities 1,181 0
Total 8,985 0
13 Inventories
Amounts in tDKK 2024 2023
Gas* 1,765,389 1,133,045
Green certificates 71,341 196,549
Total 1,836,730 1,329,594
Cost of inventories expensed in the income statement
Green certificates 1,382,461 1,432,912
Total 1,382,461 1,432,912
* Gas inventories are measured at fair value less cost to sell.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 38
Notes
14 Onerous contract provisions
Amounts in tDKK 2024 2023
Onerous contract provisions as of 01.01.2024 192,050 0
Additional onerous contract provisions in the year 26,699 192,050
Unused and reversed onerous contract provisions in the year -130,622 0
Foreign exchange adjustments 912 0
Onerous contract provisions as of 31.12.2024 89,039 192,050
Centrica Energy Trading A/S holds an onerous contract provision of 80,619 tDKK at year-end relating to the
expected loss from green certificates forward sold/purchased to prices below the forward prices at 2024 year-end.
One of Centrica Energy Trading A/S's subsidiaries holds an onerous contract provision of 8,420 tDKK. The
onerous contract provision relates to the subsidiary not being able to deliver on contractual obligations and
thus having to pay termination fees as management has decided to withdraw from a market.
15 Other provisions
Amounts in tDKK 2024 2023
Other provisions as of 01.01.2024 3,078 22,504
Additional provisions in the year 32,256 0
Unused provisions reversed during the year 0 -22,504
Transfer of provisions during the year 0 3,078
Other provisions as of 31.12.2024 35,334 3,078
At year-end Centrica Energy Trading A/S holds a provision of 35,334 tDKK relating to a number of legal
disputes. Management considers the provisions to be sufficient to cover future potential losses.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 39
Notes
16 Commitments, lease obligations and guarantees
(a) Commitments and lease obligations
Commitments are not held on the Group’s Balance Sheet as these are executory arrangements, and relate to
amounts that we are contractually required to pay in the future as long as the other party meets its contrac-
tual obligations.
The disclosure in prior periods included commodity purchase contracts for fixed- and variable price
contracts to purchase gas and power. As these are either recognised in the Group's balance sheet or impose
no risk on the Group, these have been removed from the disclosure. Comparative figures below are changed
from 27,509,111 tDKK to 4,701,941 tDKK to reflect this change.
Amounts in tDKK 2024 2023
Commitments in relation to leases* 13,234 88,372
Green certificates commodity purchase contracts** 3,664,615 3,790,122
Transportation capacity*** 578,861 823,447
Total 4,256,710 4,701,941
* Commitments in relation to leases consist of commitments from lease contracts, not otherwise accounted for in the reported figures.
** Green certificates commodity purchase contracts consists of future obligations to purchase certificates on fixed price contracts, which are
outside the scope of IFRS 9.
*** Transportation capacities consist of future commitments regarding transportation of gas, and storage of gas.
The maturity analysis for commitments and leases at 31 December is given below:
Amounts in tDKK 2024 2023
Within 1 year 804,253 1,087,540
1-2 years 847,286 804,260
2-3 years 670,394 650,893
3-4 years 490,572 564,150
4-5 years 275,158 285,053
After 5 years 1,169,047 1,310,045
Total 4,256,710 4,701,941
(b) Guarantees
Amounts in tDKK 2024 2023
The Group's banks have provided guarantees in relation to contractual obligations
at the balance sheet date amounted to 1,850,793 1,729,524
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 40
Notes
17 Financial assets and liabilities by category
The table below shows Centrica Energy Europe’s financial instruments in the balance sheet divided into main
categories. The categories indicate how the financial instruments are measured in the financial statements.
Amounts in tDKK 2024 2023
Derivative financial instruments* 1,127,633 3,382,864
Financial assets measured at fair value through profit/loss 1,127,633 3,382,864
Trade receivables 2,191,805 2,815,164
Deposits related to trading 906,953 1,047,401
Receivables from group enterprises 2,081,496 4,342,007
Cash and cash equivalents 928,242 1,449,394
Financial assets measured at amortised cost 6,108,496 9,653,966
Derivative financial instruments* 1,750,684 3,090,553
Financial liabilities measured at fair value through profit/loss 1,750,684 3,090,553
Trade payables 1,998,885 3,322,381
Deposits related to trading 152,606 341,790
RoU lease liabilities 38,122 0
Debt to group enterprises 841,024 439,520
Financial liabilities measured at amortised cost 3,030,637 4,103,691
* Derivatives financial instruments include both physical and financial contracts.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 41
Notes
18 Financial risk management
The primary risks Centrica Energy Europe is exposed to include market risk, liquidity risk, credit risk and foreign
exchange risk as a result of our business activities. We follow Centrica Energy Risk mandate, which is designed
to identify, manage and mitigate these risks.
Market risk management
Market risk arises in in commodity and financial markets in which Centrica Energy Europe is engaged. The main
risk factor is fluctuations in commodity prices, but there are also risks pertaining to volumes and interest rates.
The level of market risk to which Centrica Energy Europe is exposed at a point in time varies depending on
market conditions, expectations of future price or market rate movements and the composition of the company’s
physical asset and contract portfolio.
(a) Commodity price risk management
Commodity price risk is the risk associated with possible future price moves of commodities and other
products traded by Centrica Energy Europe, impacting the fair value or future cash flows impacting Centrica
Energy Europe’s current or future profitability.
As an energy trading company Centrica Energy Europe is active in most power and gas markets throughout
Europe, as well as the related markets for e.g. green certificates.
Market risk management constantly monitors risk exposure across business areas. As part of their moni-
toring, a standard Value-at-Risk metric (VaR) approach is used, based on Monte Carlo simulation with a
95% confidence level and using a 75 days historical observation period. This is complimented by internally
developed models to compensate for some of the known limitations of the VaR approach. VaR measures the
estimated potential loss for a given confidence level over a predetermined holding period, which in our use is
set to 1 day. The associated risk limits are set in the Risk Directive on the group level and in the limit registry
for sub-limits set out for individual business areas.
As with any modelled risk measure, there are certain limitations that arise from the assumptions used in the
VaR calculation. VaR assumes that historical price behaviours will continue in the future and that the Group’s
trading positions can be unwound or hedged within the predetermined holding period. Furthermore, the
use of a 95% confidence level, by definition, does not take into account changes in value that might occur
beyond this confidence level.
The VaR numbers, as defined in the Risk Directive, reported ultimo 2024 and 2023 respectively are 16.3
mDKK and 31.2 mDKK. The average VaR utilisation during 2024 and 2023 respectively was 16.3 mDKK
and 14.3 mDKK. The majority of market risk exposure reflected in these numbers is related to price spread
among price areas or as time spreads within price areas as opposed to an outright exposure against the
general price level of power or gas.
Renewable production volumes and the associated volumetric risk are regularly reassessed. Meteorologists,
traders and quantitative analysts carry out this evaluation. Based on the evaluation hedges are adjusted as
needed to remain within the limits set in the Risk Policy.
(b) Interest rate risk management
Centrica Energy Europe's exposure to the risk of changes in market interest rates relates primarily to inter-
est-bearing receivables and liabilities. The exposure is not material.
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 42
Notes
Liquidity risk management
Liquidity risk is the risk that Centrica Energy Europe is unable to meet its financial obligations as they fall
due. Centrica Energy Europe experiences significant movements in its liquidity position primarily due to the
seasonal nature of its business and margin cash arrangements. To mitigate this risk Centrica Energy Europe
maintains significant committed facilities and holds cash on deposit to ensure that there is sufficient liquidity
headroom at all points in the seasonal trading cycle of the business. Centrica Energy Europe is furthermore
owned by Centrica plc, ensuring access to additional funding to meet short term liquidity needs, during high
price scenarios.
Maturities of derivative financial instruments, trade payables and group payables are provided in the
following tables. The amounts disclosed in the table are the undiscounted contractual cash flows including
interests based on the contractual maturities:
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade payables 1,998,885 1,998,885 0 0 0
Deposits related to trading 152,606 152,606 0 0 0
Debt to group enterprises 841,024 830,283 10,741 0 0
Lease liabilities 38,122 8,507 7,218 7,164 15,233
Derivative financial instruments 1,750,684 991,141 195,889 112,955 450,699*
Total 4,781,321 3,981,422 213,848 120,119 465,932
* Concerns long-term PPA’s with maturity extending to year 2037.
2023
Amounts in tDKK Ultimo 2023 2024 2025 2026 After 2026
Trade payables 3,322,381 3,322,381 0 0 0
Deposits related to trading 341,790 341,790 0 0 0
Debt to group enterprises 439,520 439,520 0 0 0
Derivative financial instruments 3,090,553 1,757,165 510,293 162,869 660,226*
Total 7,194,244 5,860,856 510,293 162,869 660,226
* Concerns long-term PPA’s with maturity extending to year 2037.
The table above shows the contractual cash outflows on contracts held. As part of Centrica Energy Europe’s
market risk management, the contracts are to a large extent hedged, with opposite contracts from which
inflows of cash are expected. The table below shows the undiscounted contractual cash flows on asset deriva-
tive financial instruments, trade receivables and Group receivables presented in similar maturity buckets:
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade receivables 2,191,805 2,191,805 0 0 0
Receivables from group enterprises 2,081,496 2,073,934 7,562 0 0
Deposits related to trading 906,953 906,953 0 0 0
Derivative financial instruments 1,127,633 810,936 75,093 73,937 167,667*
Total 6,307,887 5,983,628 82,655 73,937 167,667
* Concerns long-term PPA’s with maturity extending to year 2034.
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 43
Notes
2023
Amounts in tDKK Ultimo 2023 2024 2025 2026 After 2026
Trade receivables 2,815,164 2,815,164 0 0 0
Receivables from group enterprises 4,342,007 4,342,007 0 0 0
Deposits related to trading 1,047,401 1,047,401 0 0 0
Derivative financial instruments 3,382,864 2,298,664 647,677 104,375 332,148*
Total 11,587,436 10,503,236 647,677 104,375 332,148
* Concerns long-term PPA’s with maturity extending to year 2034.
Centrica Energy Europe has credit facilities in form of guaranties at Euler Hermes 594 mDKK (2023: 650
mDKK). At Sydbank the credit facility is 188 mDKK (2023: 180 mDKK), where 180 mDKK (2023: 100 mDKK)
can be used as a cash overdraft.
Centrica Energy Europe furthermore has a Revolving Credit Facility with its parent company, which as of 31
December 2024 amounted to 23,500 mDKK (2023: 21,500 mDKK).
Credit risk management
Credit risk is the risk of loss associated with a counterparty’s inability or failure to discharge its obligations
under a contract.
Credit risk exposure occurs when trading with counterparties. A thorough know your customer process is
carried out before trading is commenced with a counterparty. A credit rating is furthermore carried out by the
credit risk team, in line with the Groups Risk Directive. Through this process maximum allowed exposures are
determined, and the need for any collateral or guarantees are assessed before trading commences.
A considerable part of Centrica Energy Europe’s counterparts are covered by the standard EFET agreement.
This agreement also contain regulation on credit, payment and offsetting. This means that Centrica Energy
Europe is less exposed to credit risk as opposed to trading with less or no standardised terms.
Historically credit losses have been limited. Provisions for loss on trade receivables was 137 mDKK at the
beginning of the year. The provisions at the beginning of the year are still required, and given a need of 37,5
mDKK further reserves, the provision as of 31.12.2024 was 175 mDKK.
2024
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the group’s counterparties
Minimal risk (Rated A) 613,156 41,507 654,663
Low risk (Rated B) 1,478,506 978,546 2,457,052
High risk (Rated C) 100,143 107,580 207,723
Total 2,191,805 1,127,633 3,319,438
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 44
Notes
2023
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the group’s counterparties
Minimal risk (Rated A) 939,038 478,769 1,417,807
Low risk (Rated B) 1,755,195 2,770,451 4,525,646
High risk (Rated C) 120,931 133,644 254,575
Total 2,815,164 3,382,864 6,198,028
Minimal and low risk covers Transmission system operators, Power Plants and A-rated counterparts. It is the
assessment of Centrica Energy Europe that these counterparts carry no or only little credit risk as they are
part of partly public security of supply or have high credit ratings.
The Group adjusts the market value of derivative financial instruments to account for counterparty credit
risk, including the Groups own credit risk and corresponding possibility of a counterparty default preventing
full realisation of the risk-free market value of the derivative financial instrument. The Group estimates Credit
and Debit Valuation Adjustments by computing an expected evolution of the market value of a counterpart’s
derivatives portfolio over the life of the contracts weighted by the probability of a default and an assumption
of the market value recoverable in the event of a default. The Credit Value Adjustment was 45 mDKK as of
31.12.2024 and 161 mDKK as of 31.12.2023. The Debit Value Adjustment was 31 mDKK as of 31.12.2024 and
33 mDKK as of 31.12.2023.
Foreign currency risk
The framework for open currency positions is based on the risk assessment of the foreign currency market.
Each currency is associated with a risk weight reflecting the risk related to the respective currencies. The
commercial currency exposure is accumulated in a portfolio managed by Centrica Energy Europe’s treasury
department and subsequently hedged in the market.
Trading energy throughout Europe in different currencies naturally entails currency risk, which is handled by
the treasury department with the purpose of removing all material currency risk.
The table below shows an analysis of the sensitivity of the Group's financial position and exposure to
changes in foreign exchange rates up against the Euro being functional currency as of the balance sheet
date. The company deems 0.5% movements to Danish Kroner and 10% movements to Pounds Sterling
currency rates relative to Euro to be reasonably possible. The impact of such movements on profits and
equity, assuming all else is equal, are as follows:
Incremental profit/(loss)
2024 2023
Reasonably
possible
change in
currency
Impact
on P/L
and Equity
before tax
Reasonably
possible
change in
currency
Impact
on P/L
and Equity
before tax
DKK
+0.5% 2,400 +0.5% 11,583
-0.5% -2,400 -0.5% -11,583
GBP
+10% -57,959 +10% 80,931
-10% 57,959 -10% -80,931
All other currency sensitivities are not material.
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 45
Notes
Offsetting financial assets and financial liabilities
Centrica Energy Europe enters in to offsetting agreements with counterparts also covering financial
contracts. Both long and short positions are traded with these counterparts and the gross value of these
contracts can be significant. However, the possibility to offset individual contracts with these counterparts
mean that the actual cash settlement of the contracts is significantly lower. Offsetting is mainly done on
trades regarding the same commodity in the same currency, which are settled net, but Centrica Energy
Europe also apply master netting agreements with the possibility to do cross commodity netting. The netting
is carried out also in the actual settlement in cash. The table below shows the financial assets and liabilities
that are subject to offsetting.
2024
Related amounts
not set off in
the Group balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the Group
Balance
Sheet
Net amounts
presented
in the Group
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 8,788,412 6,596,607 2,191,805 69,109 2,122,696
Receivables from group enterprises 3,618,925 1,537,429 2,081,496 0 2,081,496
Derivative financial instruments 10,036,306 8,908,673 1,127,633 2,094 1,125,539
Total 22,443,643 17,042,709 5,400,934 71,203 5,329,731
Offsetting of financial liabilities
Trade payables 8,595,492 6,596,607 1,998,885 41,416 1,957,469
Payables to group enterprises 2,378,453 1,537,429 841,024 0 841,024
Derivative financial instruments 10,659,357 8,908,673 1,750,684 2,489 1,748,195
Total 21,633,302 17,042,709 4,590,593 43,905 4,546,688
2023
Related amounts
not set off in
the Group balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the Group
Balance
Sheet
Net amounts
presented
in the Group
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 9,938,444 7,123,280 2,815,164 116,235 2,698,929
Receivables from group enterprises 10,172,602 5,830,595 4,342,007 0 4,342,007
Derivative financial instruments 16,839,097 13,456,233 3,382,864 225,567 3,157,297
Total 36,950,143 26,410,108 10,540,035 341,802 10,198,233
Offsetting of financial liabilities
Trade payables 10,445,661 7,123,280 3,322,381 7,820 3,314,561
Payables to group enterprises 6,270,115 5,830,595 439,520 0 439,520
Derivative financial instruments 16,546,786 13,456,233 3,090,553 9,508 3,081,045
Total 33,262,562 26,410,108 6,852,454 17,328 6,835,126
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 46
Notes
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concern,
while seeking to maintain an efficient capital structure with a balance of net debt and equity as shown in the
table below:
Amounts in tDKK 2024 2023
Debt 3,471,590 5,460,600
Cash and cash equivalents 928,242 1,449,394
Net debt 2,543,348 4,011,206
Equity 4,423,846 6,304,641
Net debt to equity ratio (%) 57% 64%
Debt levels are restricted to maintain a strong credit profile. The Group’s credit standing is important to limit
collateral requirements in energy trading and hedging, and to ensure the Group is an attractive counterparty
to energy producers and long-term customers. The decrease in net debt in the year is primarily due to lower
commodity prices at the end of the year, compared to 2023.
19 Fair value of financial instruments
The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. The company has
documented internal policies for determining fair value, including methodologies used to establish valuation
adjustments required for credit risk.
Financial instruments measured at fair value primarily consist of commodity derivatives traded as part of the
Group’s ordinary business activities, as well as foreign exchange derivatives used for managing currency risk
exposures.
For the purpose of the fair value disclosures, the Group has determined classes of financial instruments that
are appropriate to the nature of the information disclosed, taking into account the characteristics of those
financial instruments as well as the underlying commodity.
(a) Fair value hierarchy
As prescribed in IFRS 13 the Group has classified financial instruments into three levels. This serves to
provide an indication of the reliability of the inputs used when determining the fair value of financial instru-
ments measured at fair value through profit and loss in the financial statements.
Level 1
Level 1 consists of exchange traded derivatives, which are valued using closing prices provided by the
exchanges at the balance sheet date. Exchange traded derivatives are cleared daily through the receipt or
payment of variation margin. The cleared value is not presented within the derivative balance.
Level 2
Level 2 financial assets and liabilities consists of over-the-counter (OTC) commodity sale and purchase
contracts with power, gas and certificates as the underlying for which observable prices are available in the
delivery period. The period in which observable prices are available varies between 0 and 4 years depending
on the market. Prices used are prices derived from quoted prices or prices obtained through index developers,
corroborated with market data.
18 Financial risk management (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 47
Notes
For Level 2 contracts the fair value is determined using standard valuation techniques in the form of discounted
cash flow models. The obtained market values are discounted back to present value. Discount factors used
range from 0,99 to 0,78, depending on delivery period and market.
Bid/offer reserves are calculated on a portfolio level and included in Level 2 assets, and not pushed down to
the individual trade.
The Group adjusts the market value of derivative financial instruments to account for counterparty credit risk,
including the Groups own credit risk and corresponding possibility of a counterparty default. See credit risk
management in Note 18 for further description of the credit and debit value adjustment.
Level 3
Derivative financial instruments that fall within Level 3 of the fair value hierarchy are derivative financial instru-
ments where unobservable inputs are used in the valuation significantly impacting the fair value assessment.
These inputs include unobservable prices, risk premiums, volatilities and certain asset dependent factors.
Dependent on the market prices are observable for the first 0 to 4 years. Centrica Energy Europe holds
power contracts up to a 15 year time horizon.
Linear Level 3 Power and Level 3 Gas derivatives consist of OTC traded power capacities, and OTC traded
physical commodity sale and purchase contracts, in markets for which observable prices are not available in
the delivery period. For Level 3 energy derivatives, the main input used pertains to deriving expected future
commodity prices in markets that are not active as far into the future as some of our contractual terms. Linear
contracts are fair valued through standard valuation techniques in the form of discounted cash flow models,
using prices derived from quoted prices or prices obtained through index developers. The obtained market
values are discounted back to present value. Discount factors used range from 0,99 to 0,78, depending on
delivery period and market.
Non-linear Level 3 contracts consist of contracts containing optionality or volume flexibility. Valuation of these
is based on internal standard simulation models, using prices derived from quoted prices or price obtained
through index developers, volatility and production estimates. Renewable production volumes and the asso-
ciated volumetric risk are regularly reassessed. Meteorologists, traders and quantitative analysts carry out
this evaluation. The Group has separate teams responsible for developing and quality assessing the models
used for individual valuations.
The Group’s valuation process includes specific teams of individuals that perform valuations of the Group’s
derivative financial instruments for financial reporting purposes, including Level 3 valuations. The Group has
an independent team that derives future commodity price curves based on available external data and these
prices feed into the energy derivative valuations, subject to adjustments to ensure they are compliant with
IFRS 13 ‘Fair Value Measurement’. The price curves are subject to review and approval by the Group’s Exec-
utive Committee and valuations of all derivative financial instruments, together with other contracts that are
not within the scope of IFRS 9, are also reviewed regularly as part of the overall risk management process.
The price curves used when valuing Level 3 derivatives as of 31.12.2024 has pricing ranging from 135 DKK
to 789 DKK pr. MW for Nordic Power, 350 DKK to 857 DKK pr. MW for Continental Power, 587 DKK to 705
DKK pr. MW for UK Power and 268 DKK to 378 DKK pr. MW for European gas. When valuing contracts
monthly, and in some cases daily prices are used. Given seasonal changes in power and gas prices, as well
as the long time horizon for some contracts included, this gives rise to very wide ranges of prices used when
valuing Level 3 derivatives.
The Group adjusts the market value of derivative financial instruments to account for counterparty credit risk,
including the Groups own credit risk and corresponding possibility of a counterparty default. See credit risk
management in Note 18 for further description of the credit and debit value adjustment.
19 Fair value of financial instruments (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 48
Notes
2024
Amounts in tDKK Level 1 Level 2 Level 3 Total
Non-financial assets
Gas trading inventories at fair value 0 1,765,389 0 1,765,389
Total non-financial assets 0 1,765,389 0 1,765,389
Financial assets
Power – linear contracts 0 117,139 286,268 403,407
Power – non-linear contracts 0 0 228,923 228,923
Gas 0 260,744 147,636 408,380
Other 0 86,923 0 86,923
Total financial assets 0 464,806 662,827 1,127,633
Financial liabilities
Power – linear contracts 0 -211,510 -491,175 -702,685
Power – non-linear contracts 0 0 -401,879 -401,879
Gas 0 -368,481 -182,076 -550,557
Other 0 -95,563 0 -95,563
Total financial liabilities 0 -675,554 -1,075,130 -1,750,684
Total financial assets and liabilities 0 -210,748 -412,303 -623,051
2023
Amounts in tDKK Level 1 Level 2 Level 3 Total
Non-financial assets
Gas trading inventories at fair value 0 1,133,045 0 1,133,045
Total non-financial assets 0 1,133,045 0 1,133,045
Financial assets
Power – linear contracts 0 302,719 541,217 843,936
Power – non-linear contracts 0 0 312,683 312,683
Gas 0 1,908,689 260,264 2,168,953
Other 0 57,292 0 57,292
Total financial assets 0 2,268,700 1,114,164 3,382,864
Financial liabilities
Power – linear contracts 0 -328,180 -901,770 -1,229,950
Power – non-linear contracts 0 0 -988,989 -988,989
Gas 0 -782,119 -34,196 -816,315
Other 0 -55,299 0 -55,299
Total financial liabilities 0 -1,165,598 -1,924,955 -3,090,553
Total financial assets and liabilities 0 1,103,102 -810,791 292,311
19 Fair value of financial instruments (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 49
Notes
Level 3 financial instruments
The reconciliation of the Level 3 fair value measurements during the year is as follows:
Amounts in tDKK 2024 2023
Level 3 financial instruments 01.01.2024 -810,791 -3,045,390
Transfers from Level 3 to Level 2 -161,281 216,644
Settlements 254,102 1,335,507
Total realised and unrealised gains/losses recognised through profit or loss 305,667 682,448
Level 3 financial instruments 31.12.2024 -412,303 -810,791
Transfers between levels are deemed to occur at the beginning of the reporting period.
Settlements comprise January 1st values realised during the year.
The market risk for all Level 3 contracts is included in the risk limits set in the Risk Policy and consequently
hedged in the underlying markets or through proxy hedges in correlated markets (Level 1 and 2 contracts)
where possible.
Because the Level 3 energy financial instrument valuations involve the prediction of future commodity market
prices, sometimes a long way into the future, reasonably possible alternative assumptions for gas or power
prices may result in a higher or lower fair value for Level 3 financial instruments. The sensitivity analysis
provided discloses the effect on profit or loss at 31 December 2024, assuming that a reasonably possible
change in the relevant risk variable had occurred at 31 December 2024, and has been applied to the risk expo-
sures in existence at that date to show the effects of reasonably possible changes in price on profit or loss.
The sensitivity analysis provided is hypothetical only and should be used with caution as the impacts
provided are not necessarily indicative of the actual impacts that would be experienced. This is because the
company’s actual exposure to market rates is changing constantly as the company’s portfolio of commodity,
debt and foreign currency contracts changes.
The sensitivity analysis reflects the financial impact of a change in the underlying commodity prices (delta
values). The most critical non observable input is power prices and gas prices in the specified regions.
Reasonable changes to other non observable inputs are considered immaterial to the valuations, and no
simulation is carried out on these.
The impacts of reasonably possible changes using probability-based high and low curves applied to Level 3
proprietary trades are as follows:
2024 2023
Amounts in tDKK
Price
movement
Impact
on P/L
and Equity
before tax
Price
movement
Impact on
P/L and
Equity
before tax
Level 3 Linear power contracts
Increase 239,844 Increase -16,703
Decrease -239,844 Decrease 16,703
Level 3 Non-linear power contracts
Increase -705,768 Increase -269,747
Decrease 709,577 Decrease 275,218
Level 3 Gas contracts
Increase -79,767 Increase 108,433
Decrease 78,210 Decrease -108,432
19 Fair value of financial instruments (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 50
Notes
The P/L impacts are based on reasonably possible price changes. These are based on high- and low
scenarios received from external price curve forecasters.
The method used for determining the sensitivity to reasonable movements in the price curves is the same as
last year. Reasonable possible price changes used range from 47% (2023: 61%) at the short end of the curve
to 26% (2023: 13%) at the long end of the curve for gas, and from 52% (2023: 14%) at the short end of the
curve to 36% (2023: 20%) at the long end of the curve for power.
The fair values disclosed only concern contracts within the scope of IFRS 9. Centrica Energy Europe also
holds fixed price contracts outside the scope of IFRS 9. Such contracts are not fair valued. These contracts
are specified in note 16.
Transfers in fair value hierarchy
The liquidity in the different markets and delivery periods in which the Group operates, were reassessed
during the year, leading to transfers between Level 2 and Level 3.
(a) Day-one gain or loss deferred
Where the fair value at initial recognition based on the in section 19 (b) described valuation techniques,
differs from the transaction price, a fair value gain or fair value loss will arise. Such losses are deferred and
recognised in the income statement over the delivery period of the underlying contracts based on the deliv-
ered volumes, until such time as observable market data becomes available. When observable market data
becomes available, any remaining deferred day-one gains or losses are recognised within the Group Income
Statement.
Day-one gains or losses deferred
Amounts in tDKK
2024
Linear
2024
Non-linear
2023
Linear
2023
Non-linear
Day-one gains or losses deferred 01.01.2024 229,283 705,735 296,737 2,160,686
Adjustment to opening balance* -108,924 22,860 0 0
Net gain/loss deferred on purchases in the year 24,821 80,533 31,410 -1,698,274
Net amounts recognised in the income statement -43,722 -243,590 -98,864 243,323
Day-one gains or losses deferred 31.12.2024 101,458 565,538 229,283 705,735
* Adjustments to opening balance relates to corrections to existing contracts, without impact on the profit and loss statement or equity.
19 Fair value of financial instruments (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 51
Notes
20 Related party transactions
During the year the Group entered into the following arm’s length transactions with related parties:
Amounts in tDKK 2024 2023
Transactions with related parties
Sales of goods and services to group enterprises* 4,772,104 6,996,952
Purchases of goods and services from other group enterprises* 2,363,325 2,485,631
Purchases of goods and services from parent companies* 3,550 113,861
Financial income from parent companies 186,095 265,862
Financial income from associates 135 224
Financial expenses from parent companies 3,227 2,356
Related party balances
Receivables from parent companies** 1,199,551 2,493,203
Receivables from group enterprises* 881,945 1,848,804
Receivables from associates 1,500 3,882
Payables to parent companies** 70,127 61,367
Payables to group enterprises* 770,897 378,153
* Sales to and purchases from group parties, including receivables and payables in this regard, is mainly carried out on EFET terms. Figures presented include trading
income presented net across all counterparties in the income statement. Figures reported above for trading income, are net by related party.
** Receivables from parent companies mainly relates to distribution of surplus liquidity in the Centrica Group. Interest is calculated and paid monthly. Balances are
payable on demand.
Key management remuneration
Key management personal comprise of CEO*, COO, CFO and CMSO at 31 December 2024 (2023:4).
Remuneration of key management personal
Amounts in tDKK 2024 2023
Short-term benefits** 4,613 4,452
Post-employment benefits 284 301
Share-based payments 765 434
Total 5,662 5,187
* Remuneration is included as a proportion of remuneration paid from the overlying parent company.
** Short-term benefits comprise base salary, company car scheme, cash bonuses etc.
Remuneration of board of directors
Amounts in tDKK 2024 2023
Total remuneration to board of directors 60 60
Total 60 60
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 52
Notes
Share savings programme
All employees are eligible for a share-based incentives program, through which the employees are awarded
shares in Centrica plc. The program contains a two-to-three-year vesting period after which, the share-
holders can dispose of the shares at their discretion. The employees must be employed at the time of vesting
to receive the shares.
Shares granted are measured at fair value when the liability is incurred, and subsequently remeasured at fair
value at the end of each reporting period. The fair value of the shares granted is recognised as an expense
over the vesting period, with a corresponding increase in liabilities. The fair value is measured at the grant
date and is based on the market price of Centrica plc. If the vesting conditions are not met, any previously
recognised expense is reversed.
During the year 4,429,839 shares were granted at an average price of 129.65 pence per share. The closing
price of one Centrica ordinary share as of 31 December 2024 was 133.60 pence. The cost of granted shares
recognised in profit and loss for the year amounts to 33,164 tDKK.
During last year 3,248,074 shares were granted at an average price of 108.10 pence per share. The closing
price of one Centrica ordinary share as of 31 December 2023 was 140.65 pence. The cost of granted shares
recognised in profit and loss for the year amounts to 19,555 tDKK.
Amounts in tDKK 2024 2023
Number of outstanding shares as of 1st January 5,598,865 2,350,791
Number of shares granted during the period 4,429,839 3,248,074
Number of shares vested during the period -1,270,637 0
Number of shares forfeited during the period -357,417 0
Number of outstanding shares as of 31st December 8,400,650 5,598,865
21 Auditors’ remuneration
Amounts in tDKK 2024 2023
Statutory audit 2,828 3,163
Other services 2 18
Total 2,830 3,181
Statutory audit fees listed include 506 mDKK of fees relating to audit of the Parent Company's subsidiaries.
22 Related undertakings
The Group has subsidiaries in the United Kingdom, Germany, Singapore, Belgium, France, United States and
Denmark. These are listed below.
(a) Parent Company
Centrica Energy Trading A/S is controlled by Centrica Overseas Holding Ltd. The ownership is registered in
the Company’s register of shareholders as holding 100% of the votes and shares. The company is included
in the consolidated financial statements of its ultimate parent, Centrica plc.
31 December 2024 Principal activity
Country of incorporation/
registered address key* Type
Centrica plc Holding company United Kingdom / A Ultimate parent
Centrica Overseas Holding Ltd. Holding company United Kingdom / A Immediate parent
* For list of registered addresses, refer to note 22(d).
20 Related party transactions (continued)
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 53
Notes
22 Related undertakings (continued)
Centrica Energy Trading A/S appears as a subsidiary in the consolidated financial statements for Centrica plc.
The consolidated financial statements of Centrica plc are available at Centrica’s website: www.centrica.com.
(b) Subsidiary undertakings
Investments held directly by Centrica Energy Trading A/S with 100% ownership and voting rights:
31 December 2024 Principal activity
Country of incorporation/
registered address key*
Class of
shares held
Neas Invest A/S Dormant Denmark / B Ordinary shares
Neas Energy Ltd. Energy services and
wholesale energy trading
United Kingdom / A Ordinary shares
Centrica Energy Trading GmbH Energy services and
wholesale energy trading
Germany / C Ordinary shares
Centrica Energy Trading Pte. Ltd. Energy services and
wholesale energy trading
Singapore / D Ordinary shares
Centrica Business Solutions Belgium NV Energy services and
wholesale energy trading
Belgium / E Ordinary shares
Centrica Business Solution UK Optimisation Ltd. Energy services and
wholesale energy trading
United Kingdom / F Ordinary shares
Centrica Business Solutions France SAS Energy services and
wholesale energy trading
France / G Ordinary shares
Centrica Energy Trading LLC** Energy services and whole-
sale energy trading
United States of America / H Ordinary shares
* For list of registered addresses, refer to note 22(d).
** Centrica Energy Trading LLC was established during the 2024 financial year.
(c) Associates
31 December 2024 Principal activity
Country of
incorporation/
registered address key*
Class of
shares held
Indirect interest and
voting rights (%)
Associates
Vindpark Keblowo ApS Operation of an
onshore windfarm
Denmark / I Ordinary shares 50.0%
* For list of registered address, refer to note 22(d).
(d) List of registered addresses
Registered address key Address
A Millstream, Maidenhead Road, Windsor, SL4 5GD, United Kingdom
B Skelagervej 1, 9000 Aalborg, Denmark
C Esplanade 40, 20354 Hamburg, Germany
D 12 Marina View, #17-04 Asia Square Tower 2, Singapore 238852, Republic of Singapore
E 2600 Antwerpen, Roderveldlaan 2 BUS 2, Belgium
F Millstream, Maidenhead Road, Windsor, SL4 5GD, United Kingdom
G 60 Avenue Charles De Gaulle 92200 Neuilly-Sur-Seine, France
H 1521 Concord Pike Suite 201, Wilmington, DE19803, United States
I Mariagervej 58B, DK 9500 Hobro, Denmark
Group Financial Statements
Centrica Energy Trading A/S | Annual Report 2024 54
Income statement
01.01.2024 - 31.12.2024
Amounts in tDKK Note 2024 2023
Trading income and revenue 4 13,958,700 21,984,461
Cost of sales -12,540,103 -18,011,507
Gross profit 1,418,597 3,972,954
Own work capitalised 7,763 8,481
Other operating income 94,249 85,091
Other external expenses -363,998 -420,836
Staff costs 5 -519,321 -509,568
Profit before depreciation, amortisation and impairment losses 637,290 3,136,122
Depreciation, amortisation and impairment losses -33,769 -29,398
Operating profit 603,521 3,106,724
Received dividends from investments in group enterprises 0 1,102,066
Income from investments in associates using the equity method 2,301 816
Financial income 6 193,886 288,239
Financial expenses 7 -49,174 -104,914
Profit before tax 750,534 4,392,931
Tax on profit 8 -196,898 -769,695
Profit for the year 553,636 3,623,236
Statement of
comprehensive income
01.01.2024 - 31.12.2024
Amounts in tDKK 2024 2023
Profit for the year 553,636 3,623,236
Other comprehensive income
Items that will be or have been reclassified to the Income Statement:
Exchange differences on translation of foreign operations 8 18
Other comprehensive income, net of taxation 8 18
Total comprehensive income for the year 553,644 3,623,254
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 56
Balance sheet
31.12.2024
Assets
Amounts in tDKK Note 2024 2023
Development projects 79,352 46,046
Development projects in progress 12,882 34,696
Intangible assets 9 92,234 80,742
Land and buildings 126,594 108,430
Leasehold improvements 1,537 719
Plant and equipment 16,734 9,058
Plant and equipment in progress 0 4
Tangible assets 10,11 144,865 118,211
Investments in group enterprises accounted for using the cost price method 12 790,018 790,018
Investments in associates accounted for using the equity method 10,848 8,538
Investments in group enterprises and associates 800,866 798,556
Deferred tax assets 8 28,083 0
Non-current assets 1,066,048 997,509
Inventories 13 1,836,730 1,329,594
Trade receivables 2,085,421 2,742,440
Other receivables 16,599 0
Income tax receivables 89,409 0
Deposits related to trading 18,19 856,675 1,029,255
Receivables from group enterprises 18,19 1,418,278 3,838,150
Receivables from associates 1,500 3,882
Prepayments 19,691 84,600
Derivative financial instruments 18,19 1,127,633 3,382,864
Cash and cash equivalents 864,253 1,349,905
Current assets 8,316,189 13,760,690
Assets 9,382,237 14,758,199
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 57
Balance sheet
31.12.2024
Equity and liabilities
Amounts in tDKK Note 2024 2023
Share capital 123,507 123,507
Reserve for net revaluation according to the equity method 4,882 2,572
Reserve for development costs 64,295 59,679
Proposed ordinary dividend payment 1,300,000 0
Retained earnings 2,597,286 5,850,568
Equity 14 4,089,970 6,036,326
Deferred tax liabilities 8 0 7,192
Derivative financial instruments 18,19 759,543 1,353,183
Debt to group enterprises 10,741 159,493
RoU lease liabilities 20,799 0
Other payables 19,866 20,072
Non-current liabilities 810,949 1,539,940
Trade payables 18 1,626,798 2,819,810
RoU lease liabilities 5,126 0
Other payables 247,405 368,823
Deposits related to trading 18,19 152,606 341,790
Debt to group enterprises 18,19 1,337,797 1,024,548
Onerous contract provisions 15 80,619 174,878
Other provisions 16 35,334 3,078
Derivative financial instruments 18,19 991,141 1,737,370
Income tax payable 0 694,772
Deferred income 4,492 16,864
Current liabilities 4,481,318 7,181,933
Liabilities 5,292,267 8,721,873
Equity and liabilities 9,382,237 14,758,199
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 58
Statement of changes in equity
Amounts in tDKK
Share
capital
Reserve for
net revaluation
according
to the equity
method
Reserve for
development
costs
Ordinary
dividend
payment
Extra-
ordinary
dividend
payment
Retained
earnings Total
2024
Balance as of
01.01.2024 123,507 2,572 59,679 0 0 5,850,568 6,036,326
Development costs 0 0 4,616 0 0 -4,616 0
Share of profit/loss
for the year 0 2,302 0 0 0 -2,302 0
Profit/loss for the year 0 0 0 0 2,500,000 -1,946,364 553,636
Exchange differences
on translation of
foreign operations 0 8 0 0 0 0 8
Total comprehensive
income for the year 0 2,310 4,616 0 2,500,000 -1,953,282 553,644
Proposed ordinary
dividend payment 0 0 0 1,300,000 0 -1,300,000 0
Dividend payment in
the year 0 0 0 0 -2,500,000 0 -2,500,000
Balance as of
31.12.2024 123,507 4,882 64,295 1,300,000 0 2,597,286 4,089,970
Amounts in tDKK Share capital
Reserve for
net revaluation
according
to the equity
method
Reserve for
develop-
ment costs
Extra-
ordinary
dividend
payment
Retained
earnings Total
2023
Balance as of
01.01.2023 123,507 1,738 62,160 0 5,225,667 5,413,072
Development costs 0 0 -2,481 0 2,481 0
Share of profit/loss
for the year 0 816 0 0 -816 0
Profit/loss for the year 0 0 0 3,000,000 623,236 3,623,236
Exchange differences
on translation of
foreign operations 0 18 0 0 0 18
Total comprehensive
income for the year 0 834 -2,481 3,000,000 624,901 3,623,254
Dividend payment in
the year 0 0 0 -3,000,000 0 -3,000,000
Balance as of 31.12.2023 123,507 2,572 59,679 0 5,850,568 6,036,326
The share capital consists of 123,507,152 shares of a nominal face value of DKK 1 each
(fully paid in at an average price at 1.26).
No shares carry special rights.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 59
Cash flow statement
01.01.2024 - 31.12.2024
Amounts in tDKK 2024 2023
Operating profit 603,521 3,106,724
Depreciation, amortisation and impairment losses 33,769 29,398
Operating profit adjusted for non-liquid items 637,290 3,136,122
Financial income received 193,886 288,239
Financial expenses paid -48,371 -104,914
Corporation tax paid -1,016,354 -1,044,808
Changes in net working capital:
Inventories -507,136 1,223,131
Deposits related to trading -16,604 -1,771,626
Derivative financial instruments 915,362 -48,316
Receivables 1,787,009 1,905,357
Payables -1,224,515 -1,203,918
Net cash flow from operating activities 720,567 2,379,267
Investment in non-current assets:
Purchase and development of intangible assets -30,993 -20,380
Purchase of tangible assets -10,643 -6,479
Capital increase in subsidiaries 0 -746,100
Purchase of businesses, net of cash acquired 0 -32,783
Net cash flow from investing activities -41,636 -805,742
Net change in group cashpool arrangements* -1,159,426 -3,465,258
Payment of principal portion of lease liabilities -5,157 0
Net cash flow from financial activities -1,164,583 -3,465,258
Total net cash flow for the year -485,652 -1,891,733
Cash at the beginning of the year 1,349,905 3,241,638
Cash at the end of the year 864,253 1,349,905
Cash at end of year specified as follows:
Cash and cash equivalents 864,253 1,349,905
Total 864,253 1,349,905
* Dividend payments made in 2023 and 2024, are counted against group cashpool arrangement receivables, rather than actually paid. As they have
no effect on cash or cash equivalents, they are excluded from the cash-flow statement as they are non-cash transactions.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 60
1 General information .......................................................... 62
2 Basis of preparation and summary of significant new
accounting policies and reporting changes ......................................... 62
3 Critical accounting judgements and key sources of estimation uncertainty .................. 62
4 Trading income and revenue .................................................... 63
5 Staff costs ................................................................. 63
6 Financial income ............................................................ 63
7 Financial expenses ........................................................... 64
8 Tax on profit ............................................................... 64
9 Intangible assets ............................................................ 65
10 Tangible assets ............................................................. 66
11 Right-of-use assets .......................................................... 67
12 Investments in group enterprises accounted for using the cost price method ................ 67
13 Inventories ................................................................. 67
14 Distribution of profit for the year ................................................. 68
15 Onerous contract provisions .................................................... 68
16 Other provisions ............................................................. 68
17 Commitments, lease obligations and guarantees .................................... 69
18 Financial assets and liabilities by category ......................................... 70
19 Financial risk management ..................................................... 70
20 Fair value of financial instruments ................................................ 74
21 Related party transactions ..................................................... 75
22 Auditors’ remuneration ........................................................ 76
23 Related undertakings ......................................................... 76
Notes overview
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 61
Notes
1 General information
Centrica Energy Trading A/S (the ‘Company’) is a subsidiary of the public company Centrica plc, domiciled
and incorporated in the UK, and registered in England and Wales. The address of the registered office is
Skelagervej 1, 9000 Aalborg, Denmark.
The functional currency of the Company is Euro. The presentational currency is Danish Kroner (DKK) in line
with previous years. All values are rounded to the nearest thousand (tDKK).
IFRS is used synonymously with the IFRS
®
Accounting Standards.
2 Basis of preparation and summary of significant new
accounting policies and reporting changes
The principal accounting policies applied in the preparation of the Company financial statements are
consistent with those of the Group as disclosed in note 4 “Summary of significant accounting policies” to the
consolidated financial statements. Unless otherwise stated, these policies have been consistently applied to
the years presented.
(a) Basis of preparation
The separate financial statements of the Company has been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish Financial
Statements Acts applying to large enterprises of reporting class C.
The Company financial statements have been prepared on a going concern basis and under the historical
cost basis except for gas inventory and derivative financial instruments required to be measured at fair value
through profit or loss.
(b) Summary of significant accounting policies
Investments in group enterprises
The Company has chosen to apply the cost method as the measurement method. Investments in subsidi-
aries are measured at cost plus transaction costs.
Investments in group enterprises measured at cost are subject to impairment test requirements if there is any
indication of impairment.
3 Critical accounting judgements and key sources of estimation uncertainty
The critical accounting judgements and key sources of estimation uncertainty are consistent with those of the
Group as disclosed in note 3 in the Group consolidated financial statements.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 62
Notes
4 Trading income and revenue
Amounts in tDKK 2024 2023
Trading income, net*
Net realised trading income 4,101,557 7,655,662
Net change in fair value of commodity derivatives held for trading -2,135,762 -374,819
Net change in fair value of inventory held for trading 632,344 -1,320,383
Revenue from contracts with customers
Sales of green certificates 1,634,366 1,644,185
Sales of power and energy related services 9,726,195 14,379,816
Trading income and revenue 13,958,700 21,984,461
* Net change presented is the change in balance sheet value from the start of the year to the end of the year of derivatives and inventory.
Realised trading income consists of settled values for realised contracts.
Centrica Energy Trading A/S carries out almost all activities from Denmark as all handling of physical produc-
tion and trading is done from the main office in Aalborg thus a split of the activity is not relevant. Furthermore
Centrica Energy Trading A/S see the European market as an integrated Pan-European market with more and
more synergies across countries.
5 Staff costs
Amounts in tDKK 2024 2023
Wages and salaries 489,561 482,822
Pension costs 23,731 20,674
Other social security costs 3,998 4,464
Other staff costs 2,031 1,608
Total 519,321 509,568
Average number of employees 428 397
6 Financial income
Amounts in tDKK 2024 2023
Interest income from group enterprises 151,398 214,787
Interest income from associates 135 224
Exchange rate adjustments 4,689 17,834
Other interest income 37,664 55,394
Total 193,886 288,239
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 63
Notes
7 Financial expenses
Amounts in tDKK 2024 2023
Interest expenses from group enterprises 53 51
Guarantee provision 2,256 1,986
Other interest expenses* 46,865 102,877
Total 49,174 104,914
* Total interest expense calculated using the effective interest method for financial liabilities that are measured at amortised cost.
8 Tax on profit
Amounts in tDKK 2024 2023
Tax on current year taxable income 180,258 733,572
Correction to current tax, previous years 51,915 37,992
Correction to deferred tax, previous years -35,275 -1,869
Total 196,898 769,695
Deferred tax is computed at 22% and is broken down as follows:
Intangible assets -6,138 -15,959
Plant and equipment -4,930 3,816
Current liabilities 39,151 4,951
Total provision for deferred tax, closing balance 28,083 -7,192
Total provision for deferred tax, opening balance -7,192 -9,061
Correction to deferred tax, previous years 35,275 1,869
Provision for deferred tax for the year 0 0
Effective tax percentage
Profit for the year before tax 750,534 4,392,931
Calculated tax (22 %) 165,117 966,445
Tax value of non-deductible costs and non-taxable income -15,809 -233,509
Correction to current tax, previous years 51,915 37,992
Correction to deferred tax, previous years -35,275 -1,869
Tax on profit 165,948 769,059
Effective tax percentage 22% 18%
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 64
Notes
9 Intangible assets
Amounts in tDKK 2024 2023
Development projects
Cost price as of 01.01.2024 248,309 245,637
Transfers during the year 52,807 6,987
Disposals during the year 0 -4,315
Cost price as of 31.12.2024 301,116 248,309
Amortisations as of 01.01.2024 202,263 183,842
Amortisations during the year 19,501 22,255
Reversal of amortisations on disposals in the year 0 -3,834
Amortisations as of 31.12.2024 221,764 202,263
Book value as of 31.12.2024 79,352 46,046
Development projects in progress
Cost price as of 01.01.2024 34,696 21,303
Additions during the year 30,993 20,380
Transfers during the year -52,807 -6,987
Cost price as of 31.12.2024 12,882 34,696
Book value as of 31.12.2024 12,882 34,696
Booked value intangible assets as of 31.12.2024 92,234 80,742
Development projects consist of own developed software. The software is supporting the Asset Management
business as well as the Trading business.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 65
Notes
10 Tangible assets
Amounts in tDKK 2024 2023
Land and buildings*
Cost price as of 01.01.2024 129,693 129,027
Additions during the year 27,852 0
Transfers during the year 85 666
Disposals during the year -1,802 0
Cost price as of 31.12.2024 155,828 129,693
Depreciation as of 01.01.2024 21,263 17,356
Depreciation during the year 8,171 3,907
Reversal of depreciations on disposals in the year -200 0
Depreciation as of 31.12.2024 29,234 21,263
Book value as of 31.12.2024 126,594 108,430
Leasehold improvements
Cost price as of 01.01.2024 725 0
Transfers during the year 971 725
Cost price as of 31.12.2024 1,696 725
Depreciation as of 01.01.2024 6 0
Depreciation during the year 153 6
Depreciation as of 31.12.2024 159 6
Book value as of 31.12.2024 1,537 719
Plant and equipment*
Cost price as of 01.01.2024 35,050 29,966
Additions during the year 4,088 0
Transfers during the year 7,930 5,084
Disposals during the year -22,733 0
Cost price as of 31.12.2024 24,335 35,050
Depreciation as of 01.01.2024 25,992 23,243
Depreciation during the year 4,168 2,749
Reversal of depreciations on disposals in the year -22,559 0
Depreciation as of 31.12.2024 7,601 25,992
Book value as of 31.12.2024 16,734 9,058
Plant and equipment in progress
Cost price as of 01.01.2024 4 0
Additions during the year 8,983 6,478
Transfers during the year -8,987 -6,474
Cost price as of 31.12.2024 0 4
Book value as of 31.12.2024 0 4
Booked value tangible assets as of 31.12.2024 144,865 118,211
* Right-of-use asset balances included above are specified in note 12.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 66
Notes
11 Right-of-use assets
Centrica Energy Trading A/S has lease contracts for property, vehicles and other equipment. The total cash
outflows for leases amounted to 5.2 mDKK during 2024 (2023 0 mDKK).
The total lease liability is shown in the balance sheet, while the maturity is presented in note 18.
IFRS 16 had not been implemented in previous years as the impact of applying IFRS 16 had been deemed
immaterial. In the financial year 2024 the Group decided to adopt IFRS 16. The comparative figures have not
been updated to reflect this change.
Right-of-use assets recognised in the balance sheet
Amounts in tDKK
Land and
buildings
Plant and
equipment Total
2024
Additions 27,852 2,427 30,279
Depreciation charge for the year -4,233 -485 -4,718
Booked value as of 31.12.2024 23,619 1,942 25,561
2023
Additions 0 0 0
Depreciation charge for the year 0 0 0
Booked value as of 31.12.2023 0 0 0
Amounts recognised in the income statement
Amounts in tDKK 2024 2023
Depreciation of right-of-use assets 4,718 0
Interest on lease liabilities 803 0
Total 5,521 0
12 Investments in group enterprises accounted for using the cost price method
Amounts in tDKK 2024 2023
Investment in group enterprises
Cost price as of 01.01.2024 790,018 11,135
Additions during the year 0 778,883
Cost price as of 31.12.2024 790,018 790,018
Book value as of 31.12.2024 790,018 790,018
13 Inventories
Refer to note 13 Inventories to the consolidated financial statements.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 67
Notes
14 Distribution of profit for the year
Amounts in tDKK 2024 2023
Proposed distribution of profit:
Extraordinary dividend payment 2,500,000 3,000,000
Proposed ordinary dividend payment 1,300,000 0
Retained earnings -3,246,364 623,236
Total 553,636 3,623,236
15 Onerous contract provisions
Amounts in tDKK 2024 2023
Onerous contract provisions as of 01.01.2024 174,878 0
Additional onerous contract provisions in the year 26,699 174,878
Unused and reversed onerous contract provisions in the year -120,958 0
Onerous contract provisions as of 31.12.2024 80,619 174,878
Centrica Energy Trading A/S holds an onerous contract provision of 80,619 tDKK at year-end relating to the
expected loss from green certificates forward sold/purchased to prices below the forward prices at 2024
year-end.
16 Other provisions
Refer to note 15 Other provisions to the consolidated financial statements.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 68
Notes
17 Commitments, lease obligations and guarantees
(a) Commitments and lease obligations
Commitments are not held on Centrica Energy Trading A/S's Balance Sheet as these are executory arrange-
ments, and relate to amounts that we are contractually required to pay in the future as long as the other party
meets its contractual obligations.
The disclosure in prior periods included commodity purchase contracts for fixed- and variable price
contracts to purchase gas and power. As these are either recognised in the Group's Balance Sheet or
impose no risk on the Group, these have been removed from the disclosure. Comparative figures below are
changed from 15,482,531 tDKK to 1,119,488 tDKK to reflect this change.
Amounts in tDKK 2024 2023
Commitments in relation to leases* 4,327 55,547
Green certificates commodity purchase contracts** 330,818 240,494
Transportation capacity*** 578,861 823,447
Total 914,006 1,119,488
* Commitments in relation to leases consists of commitments from lease contracts, not otherwise accounted for in the reported figures.
** Green certificates commodity purchase contracts consists of future obligations to purchase certificates on fixed price contracts, which are
outside the scope of IFRS 9.
*** Transportation capacities consist of future commitments regarding transportation of gas, and storage of gas.
The maturity analysis for commitments and leases at 31 December is given below:
Amounts in tDKK 2024 2023
Within 1 year 449,214 543,203
1-2 years 228,109 282,509
2-3 years 47,573 112,829
3-4 years 31,445 23,377
4-5 years 26,280 20,694
After 5 years 131,385 136,876
Total 914,006 1,119,488
(b) Guarantees
Amounts in tDKK 2024 2023
The Company's banks have provided guarantees in relation to contractual obligations
at the balance sheet date amounted to 1,607,508 1,356,538
(c) Contingent liabilities
Centrica Energy Trading A/S is the management company of a Danish joint taxation. The company is therefore
liable in accordance with the rules of the Corporation Tax Act for income taxes etc. for the jointly taxed compa-
nies and also for any obligations to withhold tax on interest, royalties and dividends for these companies.
The subsidiary Centrica Energy Trading GmbH is exempt from preparing its annual financial statement in
accordance with §§ 264 III, 264b HGB (German Commercial Code) and establishes its annual financial
statement as part of the consolidated statement of the parent company.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 69
Notes
18 Financial assets and liabilities by category
The table below shows Centrica Energy Trading A/S’s financial instruments in the balance sheet divided
into main categories. The categories indicate how the financial instruments are measured in the financial
statements.
Amounts in tDKK 2024 2023
Derivative financial instruments* 1,127,633 3.382.864
Financial assets measured at fair value through profit/loss 1,127,633 3.382.864
Trade receivables 2,085,421 2.742.440
Deposits related to trading 856,675 1.029.255
Receivables from group enterprises 1,418,278 3.838.150
Cash and cash equivalents 864,253 1.349.905
Financial assets measured at amortised cost 5,224,627 8.959.750
Derivative financial instruments* 1,750,684 3.090.553
Financial liabilities measured at fair value through profit/loss 1,750,684 3.090.553
Trade payables 1,626,798 2.819.810
Deposits related to trading 152,606 341.790
Lease liabilities 25,925 0
Debt to group enterprises 1,348,538 1.184.041
Financial liabilities measured at amortised cost 3,153,867 4.345.641
* Derivatives financial instruments include both physical and financial contracts. Physical contracts included are considered to meet the conditions
for fair value option in IFRS and treated as derivatives.
19 Financial risk management
The Company’s financial risk management are consistent with those of the Group and are described in note
18 Financial risk management to the Group consolidated financial statements.
Market risk management
The Company’s market risk management are consistent with those of the Group and are described in note 18
Market risk management to the Group consolidated financial statements.
Liquidity risk management
The Company’s liquidity risk management are consistent with those of the Group and are described in note
18 Liquidity risk management to the Group consolidated financial statements.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 70
Notes
19 Financial risk management (continued)
Maturities of trade payables, group payables and derivative financial instruments are provided in the
following tables:
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade payables 1,626,798 1,626,798 0 0 0
Deposits related to trading 152,606 152,606 0 0 0
Debt to group enterprises 1,348,538 1,337,797 10,741 0 0
Lease liabilities 25,925 5,126 4,797 4,578 11,424
Derivative financial instruments 1,750,684 991,141 195,889 112,955 450,699*
Total 4,904,551 4,113,468 211,427 117,533 462,123
* Concerns long-term PPA’s with maturity extending to year 2037.
2023
Amounts in tDKK Ultimo 2023 2024 2025 2026 After 2026
Trade payables 2,819,810 2,819,810 0 0 0
Deposits related to trading 341,790 341,790 0 0 0
Debt to group enterprises 1,184,041 1,184,041 0 0 0
Derivative financial instruments 3,090,553 1,757,165 510,293 162,869 660,226*
Total 7,436,194 6,102,806 510,293 162,869 660,226
* Concerns long-term PPA’s with maturity extending to year 2037.
The table above shows the contractual cash outflows on contracts held. As part of Centrica Energy Trading
A/S’s market risk management, the contracts are to a large extent hedged, with opposite contracts from
which expected inflows of cash are expected. The table below shows the undiscounted contractual cash
flows on asset derivative financial instruments, trade receivables and Group receivables presented in similar
maturity buckets:
2024
Amounts in tDKK Ultimo 2024 2025 2026 2027 After 2027
Trade receivables 2,085,421 2,085,421 0 0 0
Receivables from group enterprises 1,418,278 1,410,716 7,562 0 0
Deposits related to trading 856,675 856,675 0 0 0
Derivative financial instruments 1,127,633 810,936 75,093 73,937 167,667*
Total 5,488,007 5,163,748 82,655 73,937 167,667
* Concerns long-term PPA’s with maturity extending to year 2034.
2023
Amounts in tDKK Ultimo 2023 2024 2025 2026 After 2026
Trade receivables 2,742,440 2,742,440 0 0 0
Receivables from group enterprises 3,838,150 3,838,150 0 0 0
Deposits related to trading 1,029,255 1,029,255 0 0 0
Derivative financial instruments 3,382,864 2,298,664 647,677 104,375 332,148*
Total 10,992,709 9,908,509 647,677 104,375 332,148
* Concerns long-term PPA’s with maturity extending to year 2034.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 71
Notes
Credit risk management
The Company’s credit risk management are consistent with those of the Group and are described in note 18
Credit risk management to the Group consolidated financial statements.
The table below shows the credit quality of the Company’s counterparties.
2024
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the Company’s counterparties
Minimal risk (Rated A) 539,653 41,507 581,160
Low risk (Rated B) 1,446,005 978,546 2,424,551
High risk (Rated C) 99,763 107,580 207,343
Total 2,085,421 1,127,633 3,213,054
2023
Amounts in tDKK
Trade
receivables
Derivative
financial
instruments Total
The credit quality of the Company’s counterparties
Minimal risk (Rated A) 926,809 478,769 1,405,578
Low risk (Rated B) 1,696,275 2,770,451 4,466,726
High risk (Rated C) 119,356 133,644 253,000
Total 2,742,440 3,382,864 6,125,304
19 Financial risk management (continued)
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 72
Notes
The table below shows the financial assets and liabilities that are subject to offsetting.
2024
Related amounts not
set off in the Company
balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the
Company
Balance
Sheet
Net amounts
presented
in the
Company
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 8,682,028 6,596,607 2,085,421 69,109 2,016,312
Receivables from group enterprises 2,955,707 1,537,429 1,418,278 0 1,418,278
Derivative financial instruments 10,036,306 8,908,673 1,127,633 2,095 1,125,538
Total 21,674,041 17,042,709 4,631,332 71,204 4,560,128
Offsetting of financial liabilities
Trade payables 8,223,405 6,596,607 1,626,798 41,416 1,585,382
Payables to group enterprises 2,885,967 1,537,429 1,348,538 0 1,348,538
Derivative financial instruments 10,659,357 8,908,673 1,750,684 2,489 1,748,195
Total 21,768,729 17,042,709 4,726,020 43,905 4,682,115
2023
Related amounts not
set off in the Company
balance sheet
Amounts in tDKK
Gross
amounts of
recognised
financial
asset/liability
Gross
amounts
offset in
the
Company
Balance
Sheet
Net amounts
presented
in the
Company
Balance
Sheet Collateral Net amount
Offsetting of financial assets
Trade receivables 9,865,720 7,123,280 2,742,440 116,235 2,626,205
Receivables from group enterprises 9,668,745 5,830,595 3,838,150 0 3,838,150
Derivative financial instruments 16,839,097 13,456,233 3,382,864 225,567 3,157,297
Total 36,373,562 26,410,108 9,963,454 341,802 9,621,652
Offsetting of financial liabilities
Trade payables 9,943,090 7,123,280 2,819,810 7,820 2,811,990
Payables to group enterprises 7,014,636 5,830,595 1,184,041 0 1,184,041
Derivative financial instruments 16,546,786 13,456,233 3,090,553 9,508 3,081,045
Total 33,504,512 26,410,108 7,094,404 17,328 7,077,076
19 Financial risk management (continued)
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 73
Notes
Capital risk management
The Company seeks to maintain an efficient capital structure with a balance of net debt and equity as shown
in the table below:
Amounts in tDKK 2024 2023
Debt 3,541,584 5,631,320
Cash and cash equivalents 864,253 1,349,905
Net debt 2,677,331 4,281,415
Equity 4,089,970 6,036,326
Net debt to equity ratio (%) 65% 71%
Debt levels are restricted to maintain a strong credit profile. The Company’s credit standing is important to
maintain limit collateral requirements in energy trading and hedging, and to ensure the Company is an attrac-
tive counterparty to energy producers and long-term customers.
20 Fair value of financial instruments
Reference is made to note 19 Fair value of financial instruments to the Group consolidated financial
statement.
19 Financial risk management (continued)
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 74
Notes
21 Related party transactions
During the year the Company entered into the following arm’s length transactions with related parties:
Amounts in tDKK 2024 2023
Transactions with related parties
Sales of goods and services to group enterprises* 4,732,880 6,893,621
Sales of goods and services to subsidiaries* 348,006 194,578
Purchases of goods and services from group enterprises* 2,333,648 2,475,024
Purchases of goods and services from subsidiaries* 3,342,186 3,766,373
Purchases of goods and services from parent companies* 3,550 78,046
Financial income from parent companies 151,398 210,169
Financial income from group enterprises 0 4,618
Financial income from associates 135 224
Financial expenses to subsidiaries 53 51
Related party balances
Receivables from parent companies** 535,970 1,876,545
Receivables from group enterprises* 874,105 1,961,605
Receivables from associates 1,500 3,882
Receivables from subsidiaries 8,202 0
Payables to parent companies** 14,932 15,444
Payables to group enterprises* 760,395 486,832
Payables to subsidiaries 573,212 681,765
* Sales to and purchases from group parties, including receivables and payables in this regard, is mainly carried out on EFET terms. Figures
presented include trading income presented net across all counterparties in the income statement. Figures reported above for trading income,
are net by related party.
** Receivables from parent companies mainly relates to distribution of surplus liquidity in the Centrica Group. Interest is calculated and paid monthly.
Balances are payable on demand.
Key management remuneration
Reference is made to note 20 Related party transactions in the Group consolidated financial statement.
Remuneration of key management personal
Reference is made to note 20 Related party transactions in the Group consolidated financial ftatement.
Remuneration of board of directors
Reference is made to note 20 Related party transactions in the Group consolidated financial statement.
Share savings programme
Reference is made to note 20 Related party transactions in the Group consolidated financial statement.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 75
Notes
22 Auditors’ remuneration
Amounts in tDKK 2024 2023
Statutory audit 2,322 1,976
Other services 2 18
Total 2,324 1,994
23 Related undertakings
Reference is made to note 22 Related undertakings to the consolidated financial statement.
Financial Statements Centrica Energy Trading A/S
Centrica Energy Trading A/S | Annual Report 2024 76
