Margrethepladsen 4, 3rd floor, 8000 Aarhus C, CVR no. 38 17 42 07
MFT Energy Holding ApS
Annual Report 2024
The Annual Report was presented and
adopted at the Annual General Meeting
of the Company on 9 May 2025.
Tore Høffner Andersen
Chairman of the General Meeting
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Contents
Financial highlights and key ratios ............................................................................................................................................ 4
Management's review .................................................................................................................................................................... 5
Management's statement on the annual report .................................................................................................................. 13
Independent auditors report ..................................................................................................................................................... 14
Consolidated financial statements
Income statement ......................................................................................................................................................................... 17
Statement of comprehensive income ..................................................................................................................................... 18
Balance sheet .................................................................................................................................................................................. 19
Statement of cash flows ............................................................................................................................................................. 21
Statement of changes in equity ............................................................................................................................................... 22
Notes to the consolidated financial statements
Note 1 – Basis of preparation .................................................................................................................................................... 23
Note 2 – Critical accounting estimates and judgments ................................................................................................... 24
Note 3 – Impact of new accounting standards .................................................................................................................. 25
Note 4 – Net trading income ..................................................................................................................................................... 26
Note 5 – Financial risk management ....................................................................................................................................... 27
Note 6 – Staff costs ..................................................................................................................................................................... 31
Note 7 – Financial income and expenses .............................................................................................................................. 34
Note 8 – Income tax expenses ................................................................................................................................................ 35
Note 9 – Intangible assets ......................................................................................................................................................... 36
Note 10 – Property, plant, and equipment ............................................................................................................................ 37
Note 11 – Leases ........................................................................................................................................................................... 38
Note 12 – Deferred tax ............................................................................................................................................................... 40
Note 13 – Non-controlling interests ........................................................................................................................................ 41
Note 14 – Inventories ................................................................................................................................................................... 43
Note 15 – Trade receivables ...................................................................................................................................................... 44
Note 16 – Fair value measurement .......................................................................................................................................... 44
Note 17 – Financial assets and financial liabilities ............................................................................................................ 48
Note 18 – Offsetting financial assets and financial liabilities ........................................................................................ 49
Note 19 – Other Receivables ..................................................................................................................................................... 51
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Note 20 – Current asset investments .................................................................................................................................... 51
Note 21 – Share capital .............................................................................................................................................................. 52
Note 22 – Provisions .................................................................................................................................................................... 53
Note 23 – Cash flow specifications ....................................................................................................................................... 55
Note 24 – Contingent liabilities, commitments, and contingencies ........................................................................... 56
Note 25 – Related party transactions .................................................................................................................................... 57
Note 26 – Fee to auditors appointed at the annual general meeting ........................................................................ 58
Note 27 – Subsequent events .................................................................................................................................................. 58
Note 28 – Definitions of financial ratios ............................................................................................................................... 58
Parent company financial statements
Income statement (parent) ....................................................................................................................................................... 59
Balance sheet (parent) ................................................................................................................................................................ 60
Statement of changes in equity (parent) .............................................................................................................................. 61
Notes to the Parent company financial statements
Note 1 – Staff cost ........................................................................................................................................................................ 62
Note 2 – Financial income .......................................................................................................................................................... 62
Note 3 – Tax on profit/loss for the year ............................................................................................................................... 62
Note 4 – Investments in subsidiaries ...................................................................................................................................... 62
Note 5 – Share capital ................................................................................................................................................................. 63
Note 6 – Distribution of profit .................................................................................................................................................. 64
Note 7 – Contingent assets, liabilities, and financial obligations ................................................................................. 64
Note 8 – Related party transactions ...................................................................................................................................... 64
Note 9 – Accounting policies (parent) .................................................................................................................................. 65
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Financial highlights and key ratios
EUR '000 2024 2023 2022 2021 2020
Income Stateme nt
Ne t trading income (Gross profit) 80.124 101.525 641.864 83.702 13.408
Pro fit be fo re financial income and e xpe nses and tax (EBIT) 46.287 69.643 576.178 65.376 7.813
Ne t financials 2.440 -2.138 -3.065 -1.647 -740
Pro fit be fo re tax (EBT) 48.727 67.505 573.113 63.729 7.073
Pro fit for the year 37.862 50.764 446.725 49.823 5.523
Pro fit for the year attributable to
- S ha reholders in MFT Energy Holding ApS 32.021 35.265 254.998 33.813 4.702
- Non-controlling interests 5.841 15.499 191.727 16.010 821
Balance Sheet
Balance s he e t total 380.682 430.724 910.012 481.095 41.557
Equity 223.955 252.467 482.790 61.162 9.420
Equity attributable to
- S ha reholders in MFT Energy Holding ApS 166 .458 179.371 28 8 .517 43.865 8.331
- Non-controlling interest 57.497 73.096 194.273 17.297 1.089
Curre nt asset investments 45.173 64.416 348.888 0 0
Cash and cas h e quivalents 72.811 150.39 3 13 4.741 34.517 12.624
Cas h flo ws
Cash flows fro m operating activities -29.757 18.075 476.454 22.494 5.177
Cash flows fro m investing activitie s -2.386 284.093 -349.074 -977 -280
- hereof investments in inta ngible a ssets 43 0 0 0 0
- hereof investments in property, pla nt and equipment 24 257 115 60 82
Cash flows fro m financing activitie s -45.439 -286.516 -27.156 376 5.707
Change in cash and cash equivale nts fo r the year -77.582 15.652 100.224 21.893 10.604
Ke y ratios
Scalability 57,8% 68,6% 89 ,8% 78,1% 58,3%
Equity ratio 58,8% 58,6% 53,1% 12,7% 22,7%
Re turn on e quity 15,9% 13,8% 164,3% 141,2% 82,8%
Environme ntal, social and governance data
Numbe r of e mployee s - ave rage for the year 156 136 94 70 34
Total numbe r of FTE´s 176 155 130 87 55
Employee turnover, % 18,7% 11,9% 8,3% - -
Ge nde r diversity, fe male leade rs at other management le vel %*
8% 7% 8% - -
Total CO2 e missions (tonne s)* 4.238 3.855 3.363 - -
Average CO2 e missions (tonne s) per FTE* 27 28 36 - -
For a definition o f financial ke y figure s and ratios, ple ase re fe r to note 28.
*MFT Ene rgy starte d me asuring the paramete rs in 2022, hence there is no data for prior pe riods.
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Management's review
Key activities of the group
The principal activities of the Group is trading with commodities.
Development in the year
The income statement of the Group for 2024 shows a profit of TEUR 37,862k and at 31 December 2024 the balance
sheet of the Group shows equity of TEUR 223,955.
The past year and follow-up on development expectations from last year
In 2024, energy markets returned to more normalized conditions, characterized by reduced price and volatility levels
compared to the three prior years. This created a more normalized, yet less profitable, trading environment for executing
strategies and managing risk effectively.
Yet, the Group managed higher volumes than ever before, aided by continued investments in digitalization and
technology, and continued its efforts at diversifying geographically as well as in terms of products traded, and also
strengthened its organisation and office footprint globally.
Given the lower-than-expected volatility in 2024, we are satisfied with the operating profit (EBIT) of EUR 46.3 million
achieved in 2024. While our outlook anticipated a range between EUR 50 million and EUR 100 million, those expectations
were based on assumptions of higher market volatility.
Despite the lower than expected earnings, the Group delivered a strong Return on Equity of 15,9% and the strongest yet
Equity Ratio of 58,8%.
Key Risk Categories
MFT Energy is exposed to a range of risk factors, which are assessed on the probability of occurrence and potential
damage, followed by appropriate risk mitigation measures based on the risk appetite. While many risks cannot be fully
mitigated, several risks can still both be anticipated and managed effectively.
Below are the identified risk factors along with their respective assessments:
1. Market risk
2. Liquidity risk
3. Credit risk
4. Currency risk
5. Organizational risk
6. Operational and IT risk
7. Regulatory risk
Market risk
MFT Energy is exposed to price changes in the power and gas markets. MFT Energy defines market risk as the risk that
the value of a position changes because of changing market prices.
Volatility is driven by constant changes in supply and demand in the power and gas markets, as well as changes in
foreign exchange rates and other economic or political factors.
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Mitigation and actions:
• Holding and managing market risk are sources of competitive advantage for MFT Energy and an integral part of
our business model
• Risk and trading limits are set to contain risk within the boundaries of the risk appetite and risk policy of MFT
Energy
• To ensure that trading mandates are kept within agreed risk limits, all positions are monitored daily as part of
the second line of defense, where a range of tools, risk metrics, and warning mechanisms are in place to enable
swift and prompt response to any potential excess risk (unmandated risk taking)
• Trading mandates and positions are evaluated and adjusted as part of an ongoing process to optimize the
portfolio of trading mandates against both risk strategy and market conditions
Liquidity risk
Liquidity risk is the risk that MFT Energy is unable to meet its payment obligations when due or that it is unable to
borrow funds at an acceptable price to fund actual or future commitmets.
Mitigation and actions:
• It is MFT Energy’s ambition to have a solid capital structure and a strong liquidity position
• Liquidity utilization and forecasts are calculated daily for each trading mandate and for MFT Energy, ensuring
liquidity is always available and within agreed limits
• Strategic and operating thresholds as well as liquidity buffers are implemented, and in case liquidity levels differ
from these targets, several specific procedures and initiatives will be activated
Credit risk
Credit risk refers to the risk that the counterparty to a trade or contract will not fulfill its obligations. This can occur for a
variety of reasons, such as financial distress, bankruptcy, or a change in the regulatory environment.
Mitigation and actions:
• The credit risk policy outlines the principles, guidelines, and procedures by which credit risk is managed,
including credit risk appetite, specific credit lines, and mandatory KYC process (Know Your Customer) and
sanctions check
• Credit risk is mainly mitigated by collateral agreements supported using bank guarantees to reduce the
exposure to counterparties defaulting
• The credit risk is deemed relatively low as MFT Energy’s counterparties consist mainly of Transmission System
Operators (TSOs), exchanges, clearing banks, and large energy and utility companies
Currency risk
Currency risk is the risk of financial loss due to fluctuations in exchange rates between two currencies. Currency risk
arises when a company or investor holds assets or liabilities as well as future cash flows in a currency other than the
functional currency.
Mitigation and actions:
• MFT Energy has a currency risk policy which requires all currency exposure to be mitigated at the point in time
when it arises
• MFT Energy, being a global company, is exposed to currency risk, but the currency risk is not considered to be
significant
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Organizational risk
Organizational risk encompasses the potential loss of critical expertise due to key employee turnover or challenges in
attracting talent with essential skills.
Mitigation and actions:
• Retention through the MFT Partner Model: MFT Energy’s partnership model offers high-performing talents
partnerships providing them with a vested interest in MFT Energy’s success while reducing turnover
• Targeted talent acquisition and employer branding: Investments in targeted search and selection and an
employer branding strategy to develop a talent pipeline
• Succession planning: A proactive succession planning process
• Learning & development as a key differentiator to both attract and retain highly skilled employees
• Flexible and attractive working conditions such as remote work options to remain an attractive employer
• Comprehensive and effective onboarding process that integrates new hires effectively and promotes early
engagement
• Corporate culture initiatives to support MFT Energy’s celebrative and appreciative work environment based on
our values; grit, hunger, and unity
Operational and IT risk
Operational risk relates to the risk of financial losses because of system or human errors, including insufficient internal
procedures.
Mitigation and actions:
• MFT Energy continues its efforts to develop and implement internal procedures and systems to mitigate
potential risk, and principles are outlined in an operational risk policy
• Risk assessments are conducted regularly to both create risk awareness and to help minimize the risk of human
errors by implementing automation of procedures and tasks, setting up warnings and alerts
• Business continuity plans are updated to mitigate disruptions or geopolitical escalations
Regulatory risk
The regulation of the energy markets is evolving on a continuous basis. Rules and regulations are up for review and
changes may influence the company’s ability to act on the markets, both in positive and negative ways. Accordingly,
regulatory risk is the risk of MFT Energy not being able to comply with laws, standards, or regulations related to our
activities that could have a financial, reputational, or organizational impact.
Mitigation and actions:
• Regulatory risk is a focus area for MFT Energy, and developments in the regulatory requirements are monitored
closely to ensure and maintain compliance in all relevant markets
• European regulations REMIT, MAR, and EMIR and certain provisions under MiFID II govern MFT Energy’s
European trading activities. These regulations set out rules on market abuse, transaction reporting, and risk
mitigation
• The regulatory framework for MFT Energy’s trading operations outside the EU consists of regulations that cover
comparable domains within trading compliance
• MFT Energy has appropriate policies and compliance manuals in place for all trading teams and markets, and
anti-market abuse training has been executed throughout the organization
• Further, MFT Energy’s compliance framework covers economic crime and ethics, and IT security and privacy
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• MFT Energy’s Code of Conduct is established as a framework to ensure that our business activities are aligned
with MFT Energy’s values, principles, and commitments
• Compliance reporting is presented to the Executive Leadership and the Board of Directors on a regular basis
Corporate Responsibility
Statement of corporate social responsibility, cf. section 99a of the Financial Statements Act
At MFT Energy, our commitment to sustainability is an ongoing effort exemplified by well-considered strategic initiatives
and actions. Building on the progress of previous years, we remain comitted to aligning our operations with the
established priorities and targets within both Environmental, Social, and Governance (ESG). As the European Commission
presented the first Omnibus Simplification Package in February 2025, MFT Energy has begun investigating the impact
and opportunities within the future reporting requirements.
Advancing the ESG agenda
In 2024, we significantly increased our focus on ESG priorities. With the onboarding of a dedicated ESG employee, we
strengthened our organizational capacity to make sustainability an integrated part of our operations across several
functions. Our sustainability practice goes beyond compliance, and we are committed to continuously improving our
surroundings, talent, and markets. At MFT Energy, we are part of facilitating the green transition through efficient energy
trading, leveraging renewable energy sources. By participating in the energy markets, we support effective pricing for the
benefit of both producers and consumers. In this way, we contribute to energy security, affordability, and adaptability in
an ever-changing market, where climate change potentially affect the dynamics.
The responsibility for sustainability is anchored at MFT Energy’s Board of Directors and Executive Leadership. The
Executive Leadership is responsible for implementing relevant policies and ensuring that corporate practices and ways of
working are aligned with the policies and recommendations for good corporate governance.
Our sustainability framework continues to center on three ambitions:
• Environmental responsibility: Driving the green transition through efficient energy trading and reduced
greenhouse gas (GHG) emissions
• Social commitment: Cultivating a diverse and inclusive workplace while attracting and retaining talent
• Governance excellence: Upholding integrity, transparency, and responsible practice in all aspects of business
operations
Reporting sustainability
As part of our strategic focus, we have undertaken a rigorous evaluation of our sustainability practices. Building on the
double materiality assessment conducted in 2022 and refined in 2023, we have conducted a comprehensive analysis to
align our reporting systems and processes with the European Sustainability Reporting Standards (ESRS). We have used
these standards as guidelines for reporting purposes, but we are, following the Omnibus Simplification Package,
evaluating how future sustainability reporting should be structured.
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Double materiality assessment
To identify the elements of sustainability that are most relevant to our business and stakeholders and to identify MFT
Energy’s impact on its surroundings, we conducted a double materiality assessment in previous years. This has been
revisited and refined in 2024 and comprises:
• Impact materiality: MFT Energy’s impact on people or the environment
• Financial materiality: Sustainability matters that trigger effects on MFT Energy’s cash flows, performance, cost
of capital, or access to finance
Through this process, we enhance our ability to prioritize sustainability issues, strategically directing our focus to areas
where we can make a positive change and effectively mitigate the most impactful ESG risks.
The revisited and refined double materiality assessment remains aligned with the version validated by the Executive
Leadership, the Board of Directors, and third-party advisors already in 2022.
Looking ahead
With the introduction of the Omnibus Simplification Package, we will assess its impact on MFT Energy’s reporting
requirements. We are committed to upholding our role as a key enabler of the global energy transition. We are not just
navigating change but actively shaping a sustainable future.
Our targets and ambitions are centered around the conducted double materiality assessment. Material topics have been
identified through analysis of risks, opportunities, and the specific requirements or preferences of our key stakeholders.
Environmental
MFT Energy continues its commitment to supporting the green transition by enabling efficient pricing of energy, including
renewables, across the Europe, North America and Asia-Pacific (APAC) regions. We trade energy to enhance market
efficiency and facilitate investments in renewable energy sources, which is a cornerstone for mitigating climate change.
Every day, MFT Energy does multiple cross-border trades. We move energy from regions with low demand to regions with
high demand. The low demand in a certain region can be caused by several factors, but often it is driven by
overproduction from renewable energy sources. Through trading, MFT Energy takes part in facilitating the green
transition and moving that overproduction of renewable energy to other regions. This correlates with the United Nations’
Sustainable Development Goal 7, which aims to ensure universal access to affordable, reliable, and modern energy
services while significantly increasing the share of renewable energy in the global energy mix.
Emissions mitigation
At MFT Energy, we are dedicated to minimizing carbon emissions from both our operations and supply chain. Since MFT
Energy had no scope 1 and very low scope 2 emissions, nearly all our total emissions originate from our supply chain, and
consequently, we can achieve the greatest impact by prioritizing initiatives targeting scope 3 emissions. By doing so, we
strive to minimize our footprint on the environment, and thereby, to the greatest extent possible, also support the United
Nations’ Sustainable Development Goal 13, which focuses on addressing climate change and its effects.
Throughout 2024, MFT Energy emitted 4,238 tonnes of CO2e across scopes 1, 2, and 3. This represents an increase in
total emission of 10% from our 2023 level, but an decrease on the average emision pr. employee. As the majority of the
emisions originate from scope 3, this will increase as we become more employees.
Accounting for MFT Energy’s scope 1, 2, and 3 emissions follows the prescriptions of the Greenhouse Gas Protocol
(GHG), and calculations are based on the latest data from DEFRA and WIOD.
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Scope 1: Emissions from own operations
MFT Energy does not own or operate assets producing direct CO2e emissions, such as onsite combustion, boilers,
furnaces, company cars, or cooling systems. Therefore, MFT Energy is deemed to have no scope 1 emissions.
Scope 2: Emissions from electricity and heating
Emissions from the purchase of electricity and heating were down 3% to 59 tonnes of CO2e in 2024 compared with 61
tonnes in 2023. Scope 2 emissions represent less than 2% of MFT Energy’s total emissions.
MFT Energy reports scope 2 emissions by using both the market-based and location-based methods. This entails
emissions from electricity and district heating.
Scope 3: Value chain emissions
Emissions from MFT Energy’s value chain represented 4,179 tonnes of CO2e, which is an increase of 10% from 2023 at
3,794 tonnes CO2e. 87% of emissions come from purchased goods and services, and 10% come from business travel.
It is our ambition to reduce our total GHG emissions per employee going forward. During 2025, MFT Energy will pursue
initiatives to reduce our CO2e footprint and ensure that it is an integrated part of our operations across several
functions.
Social
At MFT Energy, our talented employees are the foundation of our success. Their dedication and expertise drive our vision
to lead the future of energy trading. We continue to prioritize initiatives that foster a diverse, inclusive, and engaging
workplace to ensure that we continue to be the best place for the best people.
Our employees are our greatest asset and main enablers of future growth. Consequently, our employees and their
development are a core element of our strategy, Envision ’28.
Diverse workforce
Our approach to diversity and people development is rooted in MFT Energy’s values: grit, hunger, and unity. These
principles underpin our efforts to create a collaborative and respectful workplace culture, which has proven essential to
attracting and retaining top talent globally.
Our understanding of diversity extends beyond gender, and we acknowledge the significance of cultivating a global
workforce. By the end of 2024, our workforce comprised 176 individuals of 31 nationalities, working from 13 countries. Our
global presence not only allows us to tap into a diverse talent pool worldwide but also facilitates flexible working
conditions and provides enhanced opportunities for personal development.
We have a clear target of 20% women in our total workforce by the end of 2027. This is a target that we keep working
toward. It is a reflection of the gender balance in the educational institutions from which we often recruit and our
initiatives to create an even more inclusive workplace and culture. Additionally, we have previously introduced a target for
other management level*, where at least 25% must be women by 2027. In terms of female representation on our Board of
Directors, the target remains at 40% by 2025.
Fostering an inclusive and diverse workplace is a key priority at MFT Energy, and in 2024, we made significant progress in
advancing diversity and inclusion. The introduction of blind recruitment has reduced unconscious bias and ensured that
selection criteria and hiring decisions are based solely on candidates’ qualifications and skills. Our commitment to
unbiased practices extends beyond recruitment. We have implemented tools to review all internal and external
communications for inclusivity, identifying non-inclusive language and adjusting content to align with our inclusivity goals.
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The above initiatives support our focus on the United Nations’ Sustainable Development Goal 5, gender equality, and
ensure commitment to preventing all forms of gender discrimination as well as full and effective participation and equal
opportunities at all levels.
Governance
At MFT Energy, strong governance is the cornerstone of our operations, ensuring accountability, transparency, and ethical
conduct across all business activities. In 2024, we continued to uphold the high standards established in prior years,
reinforcing our commitment to robust corporate governance.
MFT Energy is dedicated to conducting business with honesty and integrity wherever we operate. We place a strong
emphasis on addressing potential governance risks to safeguard the long-term sustainability and success of our
organization.
Our governance policies and procedures are continuously being strengthened and reviewed, and with the global
expansion of our activities, our Governance team is proactively ensuring compliance, managing regulatory risks, and
adapting to evolving regulatory and operational requirements.
The risk of non-compliance with anti-market abuse rules will be solely due to human errors. We are not aware of any
cases in terms of breaches of anti-market abuse rules and have registered no cases from our whistleblower system
during 2024. We will continue developing our anti-market abuse policy and educating employees. Additionally, the
whistleblower system remains public so that both employees and counterparts can report any irregularities.
Compliance
Maintaining compliance with market regulations and mitigating governance risks are core principles of our business
conduct. The Compliance Framework of MFT Energy focuses on three main areas – Market & Trading Regulations,
Economic Crime & Ethics, and IT Security & Privacy. Throughout 2024, the focus has been on the implementation of
REMIT II, maintaining and strengthening the compliance set-up in North America and APAC regions, and project
management of efforts related to the upcoming requirements under the Network and Information Systems Directive
(NIS2). Key initiatives include:
• Comprehensive anti-market abuse training, delivered annually to all relevant employees.
• Enhanced cybersecurity awareness training, completed by all employees to ensure readiness against IT threats.
• Whistleblower system: Our anonymous reporting system for unethical conduct provided assurance and
transparency for our employees and counterparts.
Responsible tax practices
MFT Energy has remained dedicated to transparency, integrity, and ethical treatment in tax compliance. In 2024, MFT
Energy paid EUR 10.6m in taxes, with more than 98% allocated to Denmark, where our main trading activities are
conducted. Our tax policy ensures alignment with global regulations and reflects our commitment to responsible
business practices.
Human rights
At MFT Energy, we strive to ensure a healthy and safe working environment in line with fundamental human and labor
rights. We do not tolerate any form of discrimination, forced or compulsory labor, or child labor. MFT Energy supports the
UN Guiding Principles on Business and Human Rights and the ILO Declaration on Fundamental Principles and Rights at
Work, which is also included in our Human Rights policy that is being handed out to all employees during onboarding.
Our policy will remain as a part of the onboarding process to ensure continued focus and future alignement with our
policy.
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The risk of MFT Energy violating human rights is considered minimal as we do not operate in an industry and areas where
there is a risk of violating human rights.
Statement on data ethics, cf. section 99d of the Financial Statements Act
Data ethics
MFT Energy complies with Danish legislation on GDPR regarding employee and personal data. All personal data is
considered business critical and will as such never be shared with or in any way made available to third parties unless
there is a conditional need for it. MFT Energy’s Executive Leadership sees no immediate need for adopting a policy on
data ethics. The Executive Leadership will continue to monitor the topic closely for the purpose of potentially adopting
such a policy in the future. As artificial intelligence (AI) has become a common tool, MFT Energy has adopted an AI Usage
Policy. The AI Usage Policy aims to ensure ethnical, responsible, and secure usage of all AI tools implemented in the
operations of MFT Energy.
Outlook for 2025
Assuming no major impacts on global energy markets from factors such as geopolitics or nature, we expect the general
market conditions and volatility in 2025 to remain comparable to 2024.
In line with our Envision ’28 strategy, we will continue expanding our global presence across regions, markets, and
products to drive greater diversification and growth. Hence, factoring in this continued international expansion and
volume growth, we expect an EBIT in the range of EUR 25m to EUR 75m for 2025.
Our expectations for 2025 may be affected by changes in volatility, the general situation in the energy markets and
inherent risks and uncertainties that could generate different results for MFT Energy from what has been expressed or
implied above.
Subsequent events
No events have occurred since the balance sheet date which could materially affect MFT Energy’s financial position.
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Management's statement on the annual report
The Board of Directors and Executive Board have today considered and adopted the Annual
Report of MFT Energy Holding ApS for the financial year January 1 – December 31, 2024.
The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting
Standards as adopted by the EU and further requirements in the Danish Financial Statements Act, and the Parent
Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act.
Management’s Review has been prepared in accordance with the Danish Financial Statements.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair
view of the financial position at December 31, 2024 of the Group and the Parent Company and of the results of the
Group and Parent Company operations and consolidated cash flows for 2024.
In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial
circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group
and the Parent Company.
We recommend the Annual Report for adoption at the Annual General Meeting.
Aarhus, May 9, 2025
Executive Board
Bo Palmgren
CEO
Board of Directors
Simon Fisker Rathjen Bo Palmgren Cagdas Ozan Ates
Chair
Jacob Vald Guldberg
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Independent auditors report
To the Shareholders of MFT Energy Holding ApS
Opinion
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair
view of the Group’s and the Parent Company’s financial position at 31 December 2024 and of the results of the Group’s
and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2024 in accordance
with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company’s
financial position at 31 December 2024 and of the results of the Parent Company’s operations for the financial year 1
January to 31 December 2024 in accordance with the Danish Financial Statements Act. Moreover, in our opinion, the
Parent Company Financial Statements give a true and fair view of the Parent Company’s financial position at 31
December 2024 and of the results of the Parent Company’s operations for the financial year 1 January to 31 December
2024 in accordance with the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of MFT Energy
Holding ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet,
statement of changes in equity and notes, including material accounting policy information, for both the Group and the
Parent Company, as well as statement of comprehensive income and cash flow statement for the Group (“financial
statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further described in the
“Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the
Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing
so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the
Danish Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated
Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the
requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management’s
Review.
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Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial
Statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and
further requirements in the Danish Financial Statements Act, and for such internal control as Management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the
Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we
exercise professional judgment and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by Management
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the
financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Group and the Parent Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair
view.
MFT Energy Holding ApS
Annual Report 2024
16
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements
and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
Trekantsomraadet, May 9, 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Lasse Berg Jesper Simmelkjær Berg
State Authorized Public Accountant State Authorized Public Accountant
mne35811 mne51511
MFT Energy Holding ApS
Annual Report 2024
17
Income statement
for the year ended December 31, 2024
EUR '000 Notes 2024 2023
Net trading income 4 80.124 101.525
Othe r e xternal expenses -9.941 -11.149
Staff costs 6 -23.130 -20.164
De pre ciation, amortization and impairment losses -766 -569
Operating profit before financial income and expenses
and tax (EBIT) 46.287 69.643
Financial income 7 6.448 10.551
Financial e xpenses 7 -4.008 -12.689
Profit before tax (EBT) 48.727 67.505
Tax on profit for the year 8 -10.865 -16.741
Profit for the year 37.862 50.764
Profit for the period attributable to:
Share holde rs of MFT Ene rgy Holding ApS 32.006 35.265
Non-controlling intere sts 5.856 15.499
37.862 50.764
MFT Energy Holding ApS
Annual Report 2024
18
Statement of comprehensive income
for the year ended December 31, 2024
EUR '000 Notes 2024 2023
Profit for the year 37.862 50.764
Other comprehensive income
Items tha t ma y be recla ssified to profit or loss
Exchange differe nces on translation of fore ign operations -117 -4
Other comprehensive income for the period, net of tax -117 -4
Total comprehensive income for the period 37.745 50.760
Total compre h e nsive income for the period attributable to:
Share holde rs of MFT Ene rgy Holding ApS 31.889 35.261
Non-controlling intere sts 5.856 15.499
37.745 50.760
MFT Energy Holding ApS
Annual Report 2024
19
Balance sheet
at December 31, 2024
EUR '000 Notes 2024 2023
Ass e ts
Non-current assets
Intangible assets 9 71 36
Property, plant and e quipme nt 10 180 285
Righ t-o f-use assets 11 1.059 1.447
De ferre d tax asse ts 12 668 1.897
Deposits 376 422
Othe r re ceivable s 19 3.748 2.056
Total non-current assets 6.102 6.143
Curre nt as s e ts
Inventories 14 59.625 30.942
Trade receivables 15 68.676 17.144
Income tax re ceivables 485 0
Derivatives 16, 17 91.239 142.733
Prepayments 771 1.343
Othe r re ceivable s 19 35.800 17.610
Curre nt asse t investme nts 20 45.173 64.416
Cash and cash e quivale nts 72.811 150.393
Total current assets 374.580 424.581
Total assets 380.682 430.724
MFT Energy Holding ApS
Annual Report 2024
20
Balance sheet
at December 31, 2024
EUR '000 Notes 2024 2023
Equity
Share capital 21 10 10
Re serves and retaine d e arnings 166.448 179.361
Equity attributable to MFT Ene rgy Holding ApS's share h olders 166.458 179.371
Equity attributable to non-contro lling interests 57.497 73.096
Total equity 223.955 252.467
Liabilitie s
Non-current liabilities
Lease liabilitie s 11 220 840
Provisions 22 3.348 5.725
Total non-current liabilities 3.568 6.565
Curre nt liab ilitie s
Borrowings 17 11 0
Lease liabilitie s 11 864 629
Trade payable s 28.143 35.496
Derivatives 16, 17 116.756 120.108
Co rporate tax liabilities 0 6.682
Provisions 22 2.978 2.680
O the r liabilities 4.407 6.097
Total current liabilities 153.159 171.692
Total liabilities 156.727 178.257
Total liabilities and equity 380.682 430.724
MFT Energy Holding ApS
Annual Report 2024
21
Statement of cash flows
for the year ended December 31, 2024
EUR '000 Notes 2024 2023
Cas h flo ws from o p e rating activitie s
Ne t profit for the year 37.862 50.764
Adjus tme nts 23 9.255 18.582
Changes in net working capital 23 -62.505 88.104
Cas h flo ws from o p e rating activitie s
before financial income and expenses -15.388 157.450
Interest re ceive d 6.448 10.551
Interest paid -4.008 -12.689
Income taxes paid -16.803 -137.237
Net cash flow from operating activities -29.751 18.075
Cas h flo ws from inve s ting activitie s
Payments for intangible assets 9 -43 0
Payments for property, plant and equipme nt 10 -24 -257
Curre nt asse t investme nts, purchases -716.096 -377.798
Curre nt asse t investme nts, sale s 735.339 662.270
Payment of deposits 46 -122
Purchase of share s in subsidiaries -23.052 0
Sale of share s in subsidiaries 1.444 0
Net cash flow from investing activities -2.386 284.093
Cas h flo ws from financing activitie s
Procee ds from borrowings 17 11 -5.611
Principal e leme nts of lease payme nts 11 -629 -444
Divide nds paid to share h olders -39.920 -143.941
Divide nds paid to non-controlling interes ts -4.907 -136.520
Net cash flow from financing activitie s -45.445 -286.516
Ch ang e in cas h and cas h e quivale nts -77.582 15.652
Cash and cash equivalents at January 1 150.393 134.741
Cas h and cas h e quivale nts at De ce mbe r 3 1 72.811 150.393
MFT Energy Holding ApS
Annual Report 2024
22
Statement of changes in equity
for the year ended December 31, 2024
EUR '000
Share capital
Foreign
curre ncy
trans lation
differences
Equity
attributable to
owne rs of the
parent
company
Non-
contro lling
inte re s ts
Total e quity
At January 1, 2023 10 11 288.496 288.517 194.273 482.790
Profit for the pe riod 0 0 35.265 35.265 15.499 50.764
Othe r compre hensive income
0 -4 0 -4 0 -4
Total comprehensive income 0 -4 35.265 35.261 15.499 50.760
Transactions with owners in their capacity as owners
Extrao rdinary dividend paid 0 0 -143.941 -143.941 -136.520 -280.461
Share -based payme nts 0 0 -92 -92 0 -92
Othe r equity moveme nts 0 0 -374 -374 -156 -530
At De cembe r 31, 2023 10 7 179.354 179.371 73.096 252.467
At January 1, 2024 10 7 179.354 179.371 73.096 252.467
Profit for the pe riod 0 0 32.006 32.006 5.856 37.862
Othe r compre hensive income
0 -117 0 -117 0 -117
Total comprehensive income 0 -117 32.006 31.889 5.856 37.745
Transactions with owners in their capacity as owners
Extrao rdinary dividend paid 0 0 -39.920 -39.920 -4.907 -44.827
Share -based payme nts 0 0 179 179 0 179
Othe r equity moveme nts 0 0 -5.061 -5.061 -16.548 -21.609
At De cembe r 31, 2024 10 -110 166.558 166.458 57.497 223.955
MFT Energy Holding ApS
Annual Report 2024
23
Note 1 – Basis of preparation
The consolidated financial statements of MFT Energy Holding ApS ('the Parent Company') and its subsidiaries ('the Group'
or 'MFT Energy') for the year ended December 31, 2024 were authorized for issue in accordance with a resolution of the
Board of Directors and Executive Management on May 9, 2025.
The significant accounting policies adopted in the preparation of the consolidated financial statements and the separate
financial statements are stated in this note and as part of the disclosures in the following notes. These policies have
been consistently applied to all the years presented, except for the adoption of new standards effective as of January 1,
2024. Please refer to note 3 for a description of new accounting standards and interpretations.
The consolidated financial statements cover the Group consisting of MFT Energy Holding ApS and its subsidiaries while
the separate financial statements cover MFT Energy Holding ApS.
Basis of preparation
The consolidated financial statements of the Group and the separate financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted by the EU as well as additional Danish
disclosure requirements applying to entities of reporting class C for large enterprises.
The financial statements have been prepared on a historical cost basis, except for the following financial assets and
liabilities, which are measured at fair value:
• Contracts for sale and purchase of gas, power and capacities not entered into for the Group’s own use
• Derivative financial instruments
• Current assets investments
The consolidated financial statements and the separate financial statements are presented in Euro (EUR) and all values
are rounded to the nearest thousands, except when otherwise indicated.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group. They are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group.
Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated.
Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet, respectively.
MFT Energy Holding ApS
Annual Report 2024
24
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements and
the separate financial statements are presented in Euro (EUR), which is MFT Energy Holding ApS’s functional and
presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the
translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, are
recognized in profit or loss. The results and financial position of foreign operations that have a functional currency
different from Euro are translated into Euro as follows:
• assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the
balance sheet
• income and expenses for each statement of profit or loss and statement of comprehensive income are trans-
lated at average exchange rates, and
• all resulting exchange differences are recognized in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are
recognized in other comprehensive income. When a foreign operation is sold, the associated exchange differences
are reclassified to profit or loss, as part of the gain or loss on sale.
Other external expenses
Other external expenses comprise expenses related to premises, consultants, marketing as well as office expenses, etc.
Deposits
Deposits consist of lease deposits, etc. and are measured at amortized cost.
Prepayments
Prepayments consist of prepaid expenses concerning acquisitions, insurance premiums, subscriptions, and
interest.
Other liabilities
Other liabilities consist of salary-related items, among others, and are measured at amortized cost.
Note 2 – Critical accounting estimates and
judgments
The preparation of MFT Energy Holding ApS’s consolidated and separate financial statements requires the use of
accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise
judgment in applying the Group’s accounting policies.
MFT Energy Holding ApS
Annual Report 2024
25
This note provides an overview of the areas that involved a high degree of judgment or complexity, and of items
which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed
information about each of these estimates and judgments is included in the description below. Climate change are
not expected to have an impact on critical accounting estimates or judgments.
Estimates and judgments
Valuation of derivatives and commodity contracts not entered into for the Group’s own use
In some cases, the fair values of derivatives are estimated using internal models due to the absence of quoted prices
or other observable, market-corroborated data. This primarily applies to the Groups longer-term, structured derivative
contracts or contracts in illiquid markets. The majority of these contracts are valued using models with inputs that
include price curves for each of the different products. These price curves are built up from available active market
pricing data including volatility and correlation and modelled using the maximum available market-derived information.
Additionally, when limited data exist for certain products or market areas, prices are determined using historical and
long-term pricing relationships. The use of alternative estimates or valuation methodologies may result in different
values for these derivatives.
Please refer to note 16 for more detailed description and a display of the fair value hierarchy.
Onerous contracts
The Group trades capacities for which no active market exists and all contracts are entered into for the groups own
use. The onerous contracts provided for are related to the abovementioned capacities. The provision is estimated
based on spreads observable in the market at the balance sheet date with a supplement of mangement estimate
based on the subsequent development in the market.
As the estimates are based on the future spreads between the given market areas, it may result in different values for
these contracts.
Note 3 – Impact of new accounting standards
New standards and interpretations not yet adopted
MFT Energy has adopted relevant new or amended standards (IFRS) and interpretation (IFRIC) as adopted by the EU and
which are effective for the financial year 1 January – 31 December 2024. The following have been adopted:
• Amendments to IAS 1 'Presentation of Financial Statement': Classification of Liabilities as Current or Non-current
and Non-current liabilities with covenants.
• Amendments to IAS 7 'Statement of Cash Flows' and IFRS 7 'Financial Instruments: Disclosures': Disclosures
about supplier finance arrangements.
• Amendments to IFRS 16 'Leases': Lease Liability in Sale and Leaseback
Impact from
Estimate/ estimate and
Critical accounting estimates and judgements judgement judgements
Valuation of derivatives Estimate Moderate
Onerous contracts Estimate Lo w
MFT Energy Holding ApS
Annual Report 2024
26
The Group has assessed that the new or amended standards and interpretations have not had any material impact on
the consolidated financial statement or the separate financial statement in 2024.
Certain new accounting standards, amendments to accounting standards and interpretations that have been published
are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group. These
standards includes:
• Amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rate': Determination of the exchange rate
in the absence of long-term exchangeability (1 January 2025).
• Amendments to IFRS 9 'Financial Instruments' and IFRS 7 'Financial Instruments: Disclosures': Change to the
classification and measurement of financial instruments (1 January 2026).
• Amendments to IFRS 18 'Presentation and Disclosure in Financial Statements': New standard for presentation
and disclosure in the financial statement (1 January 2027).
• Amendments to IFRS 19: 'Subsidiaries without Public Accountability: Disclosure': New disclosure requirements
for subsidiaries of a company of public accountability (1 January 2027).
• Annual Improvements, volume 11: A number of minor amendments, clasifications and conseqential amendments
to five standards: IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 (1 January 2026)
The listed amendments are not expected to have a material impact on the recognition and measurement of the balance
sheet at 1 January 2025 for neither the consolidated financial statement or the separate financial statement. MFT Energy
is analyzing the impact of IFRS 18 on the Group's primary financial statements and notes. The analysis is not yet
completed.
Note 4 – Net trading income
Accounting policies
Net trading income
MFT Energy routinely enters into sale and purchase transactions for physical delivery of energy commodities. All
transactions for physical delivery of a non-financial item are considered within the scope of IFRS 9 due to the fact
that the Group has a practice of entering into offsetting contracts before the delivery date. Consequently, they are
measured at fair value on initial recognition and subsequently measured at fair value through profit and loss.
For contracts whose fair value cannot be determined solely based on observable market data, any difference between
the transaction price and transaction date fair value determined by applying a valuation model is deferred and
recognized over the term of the contract.
A portion of the sale and purchase transactions for physi-cal delivery of energy commodities takes the form of
contracts that were entered into and continue to be held for the purpose of receipt or delivery of the physical
commodity in accordance with the Groups’s expected sale, pur-chase or usage requirements (‘own use’) and are not
within the scope of IFRS 9. The assessment of whether a contract is deemed to be ‘own use’ is based on the nature of
the contract as well as facts and circumstances of how the contract is included in MFT Energy’s business activity on a
group basis.
EUR '000 2024 2023
Net trading income from ene rgy commodities 80.124 101.525
80.124 101.525
MFT Energy Holding ApS
Annual Report 2024
27
Gains and losses arising from trading with energy commodity derivatives, including futures, options, swaps, and
certain forward sales and purchases, are excluded from revenue and presented separately. Likewise, energy
commodity contracts with physical delivery amd a net settlement option or past practice of settlement of contracts in
net cash or other financial instruments are also to be excluded from revenue and treated within the scope of IFRS 9
Financial instruments.
Given the nature of MFT Energy's business model and the standard contracts with counterparts, all gains and losses
arising from trading with energy commodity derivatives are accounted for using IFRS 9 Financial instruments.
Note 5 – Financial risk management
The Group's risk management is predominantly controlled by the risk team under the supervision of the Risk
Committee and policies approved by the Board of Directors and the Board's Risk and Audit Committee.
The Board of Directors provides written principles for the overall risk management appetite covering areas such as
market risk, foreign exchange risk, credit risk, and the use of derivative financial instruments. The Risk and Audit
Committee is organized by the Board of Directors, and the CFO and CRO of the Group are participating in the
quarterly meetings in order to elaborate on reporting and status. The Risk and Audit Committee works in close
cooperation with the Risk Committee headed by the CRO. The CEO of the Group is part of the Risk Committee as
well. The Risk Committee has the responsibility for ensuring that the level of risk is within the approved limits and
policies while the Risk and Audit Committee ensures that the risk taken is within the overall risk capacity. New risk
limits and policies are assessed by the Risk and Audit Committee before being granted final approval by the Board of
Directors.
The risk team headed by the CRO is the operational function constituting a second line of defense, while the
operating units constitute the first line of defense. The risk team monitors, identifies, performs stress tests, and
evaluates risk based on live data from the operating units. The risk team works closely together with the finance and
treasury teams on the monitoring and assessment of currency and liquidity risk.
When all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the
hedging instrument and the hedged item. Hedging is used to decrease or eliminate market and currency risk. The use
of hedging is closely determined under the risk mandate issued to the trading teams by the Risk Committee.
The Group is exposed to market risk, currency risk, credit risk, and liquidity risk.
Market risk
MFT Energy's most significant market risk relates to changing commodity prices and foreign currency risk.
Market risk is the risk of losses or gains caused by changes in the market value of the Group's financial assets and
liabilities resulting from changes in market prices or rates. Market risk affects the Group's financial statements
through the valuation of the Group's financial instruments.
The Group's risk management is intended to ensure proper oversight of all market risks, both trading-related market
risks and non-trading-related market risks, for instance cash deposits, etc. The market risk framework is designed to
systematically identify, assess, and report market risk by continuously monitoring the trading activities of the Group.
As part of the risk management position, limits are in place, thus limiting the positions MFT Energy can take in a
specific market and tenor. Furthermore, in order to lock in current gains and prevent excessive losses, stop-loss limits
are in place to force MFT Energy to close positions in case certain loss limits are reached over a period of time.
Different limits have been defined in the Group to reflect the different exposures and risks.
MFT Energy Holding ApS
Annual Report 2024
28
MFT Energy is focused on short-term trading. The maturity of its financial instruments supports this short-term focus
as the instruments primarily mature within 12 months. Please refer to the 'Liquidity risk' section for an overview of the
maturity of financial instruments.
Commodity price risk
Commodity price risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in underlying commodity prices. MFT Energy's exposure to the risk of changes in commodity prices and
volumes relates to the trading performed by MFT Energy in the markets.
The risk linked to commodity prices is different depending on whether it is a long or short-term position.
The table below is prepared on an 'all else equal' assumption. Only the commodity price is subject to change. The
percentage change in commodity prices used to determine sensitivity is estimated by the leadership as a probable
scenario, taking into consideration the historical volatility and the markets that have been calm recently.
The sensitivity analysis shows the impact on profit or loss before tax. The effect on profit or loss after tax will be 78%
of the profit or loss before tax. The effect on equity will be equivalent to the value of profit or loss after tax.
The Group is actively using forward contracts to hedge positions and mitigate market risk related to long positions.
All hedge positions are in accordance with the written principles approved by the Risk Committee. The commodity
price risk related to gas inventory is hedged using forward contracts. MFT Energy applies hedge accounting to fair
value hedges on inventory. Any ineffectiveness of a hedge position is recognized in the income statement once
occurred.
The Group does not consider the ineffective part of the hedge position to be material as the hedge policy and the
Group determine that the nominal positions need to be fully hedged.
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. MFT Energy's exposure to foreign currency risk is derived from the Group's trading
activities in which trade receivables, trade payables, and derivatives are denominated in a currency other than the
functional currency.
MFT Energy manages its risk related foreign currency through an active economic hedging strategy, in accordance
with the guidelines approved by the Risk Committee, and the risk is continuously monitored by the risk team in close
collaboration with the treasury team. The exposure is not considered material at group level.
The day-to-day commercial business is exposed to a wide range of different currencies. However, there is no single
currency exposure that is considered material. The functional currency of most of the entities in the Group is EUR
since the majority of the activities are performed in market areas where commodity products are traded in EUR.
Sensitivity by commodity
EUR '000 2024 2023
Power, incre ase of 10% 640 -1.714
Power, de crease of 10% -640 1.714
Gas, increase of 10% 5.619 286
Gas, de cre ase of 10% -5.919 -286
Impact on profit or
loss before tax
MFT Energy Holding ApS
Annual Report 2024
29
The following table only contains the exposure of the Group. The table discloses the net monetary amount in
currencies other than the functional currency.
Interest rate risk
The exposure to the risk of changes in interest rates relates primarily to interest-bearing assets and liabilities in the
Group with a floating rate. The exposure is not considered material as the Group is primarily financed by its own
equity. Please refer to, Liquidity risk, for an overview of the maturity of the financial liabilities. The majority of the
liabilities are maturing within 12 months, while the risk of material changes in interest rates is considered low.
Credit risk
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit
exposures from counterparties, including outstanding receivables.
The credit risk is managed on a consolidated basis and monitored by the risk team in accordance with the written
principles and policies of MFT Energy. The risk team monitors the credit risk daily and is actively optimizing bank
collaterals and bank guaranties made to counterparties in close collaboration with the treasury and finance teams.
MFT Energy makes numerous trades with commodity exchanges that are generally settled at fair value on a daily
basis. The leadership considers its credit risk exposure to commodity exchanges to be insignificant due to the daily
settlement. The trades entered into are in general performed under standard agreements that allow netting
statements. These agreements are mitigating the credit risk of the Group.
Please refer to note 18 for detailed information about offsetting of financial assets and liabilities.
Mone tary items and se nsitivity of the Group
EUR '000
Cash and
receivables
Potential
volatility of
exchange
rate*
Impact on
profit or
loss be fore
tax
Cash and
receivables
Potential
volatility of
exchange
rate*
Impact on
profit or
loss be fore
tax
DKK/EUR 3.017 1% 30 1.351 1% 13
USD/EUR 9.810 5% 467 11.63 7 5% 554
GBP/EUR 7.637 4% 294 9.735 5% 464
CZK/EUR 1.254 2% 25 959 5% 46
AUD/EUR 5.666 3% 165 5.988 1% 59
BGN/EUR 485 1% 5 1.59 7 1% 16
HUF/EUR 0 5% 0 1.212 5% 58
JP Y/EUR 5.767 7% 377 2.106 7% 138
CAD/EUR 1.853 2% 36 3.564 2% 70
*Change s in the e xchange rate in the opposite dire ction yield an inverse result.
2024
2023
MFT Energy Holding ApS
Annual Report 2024
30
Trade receivables
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. No loss allowances were made in 2024 and 2023. The Group have never
suffered any realized losses from any counterparties. Trade receivables primarily consist of receivables from
commodity exchanges, clearing houses and TSOs. The Group has made a credit risk assessment of the open financial
positions at the balance sheet date. No provisions were needed as the risk is deemed immaterial.
Trade receivables are written off if there is no reasonable expectation of recovery. Indicators of no reasonable
expectation of recovery include, for example, the failure of a debtor to engage in a repayment plan with the Group or
failure to make contractual payments for a period longer than 90 days past due.
A considerable part of MFT Energy’s counterparts are covered by standard agreements. Such agreements contain
regulations on credit, payment, and offsetting. This means that MFT Energy is less exposed to credit risk than if
trading with fewer or no standardized terms. The minimal risk and low risk categories cover TSOs, exchanges, and
other A-rated counterparts. MFT Energy assesses that these counterparts carry no or only limited credit risk as they
are part of public security of supply or have high credit ratings. The category, Not rated”, covers counterparts with
minor claims that have not been formally classified in the year-end process or counterparts with no formal rating.
MFT Energy carries out an evaluation of the credit risk of all counterparts before trading is commenced.
Liquidity risk
Liquidity risk is the risk that MFT Energy has insufficient funds to meet its financial obligations. The liquidity risk is
monitored on a daily basis, and daily cash flow forecasts are produced, ensuring the availability of required liquidity in
the Group. This is ensured by appropriate cash management and maintaining adequate liquidity reserves at any time
through a combination of readily available cash and committed credit facilities. The available cash is monitored daily
to ensure that the reserves at all times are in accordance with the written principles and policies set by the Board of
Directors.
MFT Energy purchases money market funds in order to mitigate the risk and ensure interest income for the excess
liquidity. Management considers its credit risk exposure to be insignificant due to the nature and liquidity in the
market for the money market funds.
The Group regularly enters into commodity derivative transactions which, according to their terms, require daily
margin calls. To comply with risk limits, the market risk of such derivatives is reduced through offsetting positions. The
terms of these offsetting positions may not require daily margin calls, or no margin calls at all. Movements in the
market prices for the underlying derivatives may, therefore, have an adverse impact on the Group's liquidity position,
irrespective of the fact that market price movements do not result in a loss. The Group assesses that the current
credit lines are sufficient to fulfill the obligations under such margin call agreements for possible changes in the
market prices. The Risk Team has implemented a series of warnings and stop-loss limits that ensure positions are
closed at the right time if the market develops in a direction that exposes the Group too much.
Cre dit quality o f th e G ro up's co unte rp artie s
EUR '000 2024 2023
Minimal risk (A rated) 228.145 234.494
Low risk (B rated) 4.153 2.200
High risk (C rated) 0 28
Not rated 12.338 7.237
Total 244.636 243.959
MFT Energy Holding ApS
Annual Report 2024
31
Maturities of financial liabilities
The amounts disclosed in the following tables are the contractual undiscounted cash flows. Balances due within 12
months equal their carrying balances as the impact of discounting is not significant.
,
Note 6 – Staff costs
Wages and salaries, pension contributions and other social security costs are considered to be short-term employee
benefits.
Co ntractual maturitie s of financial liabilitie s
< 1 ye ar 1 - 2 year 2 - 5 year > 5 ye ars
Total
contractual
cash flows
Carrying
amount
At Decembe r 31, 2024
Trade payable s 28.143 0 0 0 28.143 28.143
Borrowings 11 0 0 0 11 11
Lease liabilities 864 216 4 0 1.084 1.084
De rivatives held for trading 116.756 0 0 0 116.756 116.756
Provisions 2.978 3.348 0 0 6.326 6.326
Othe r liabilities 4.407 0 0 0 4.407 4.407
153.159 3.564 4 0 156 .727 156.727
At Decembe r 31, 2023
Trade payable s 35.496 0 0 0 35.496 35.496
Lease liabilities 629 599 241 0 1.46 9 1.46 9
De rivatives held for trading 120.108 0 0 0 120.108 120.108
Provisions 2.680 5.725 0 0 8.405 8.405
Othe r liabilities 6.097 0 0 0 6.097 6.097
165.010 6.324 241 0 171.575 171.575
EUR '000
EUR '000 2024 2023
Wages and salaries 21.955 19 .854
Share-base d payme nts 179 -92
Pension cost, defined contribution plans 840 288
Othe r social security costs 156 114
23.130 20.164
Average number of e mploye e s 156 136
MFT Energy Holding ApS
Annual Report 2024
32
Key management personnel compensation
Key management personnel consists of the Executive Leadership and the Board of Directors. The compensation paid
or payable to key management personnel for employee services are all allocated to group companies and are shown
below:
Share-based payments
Warrant program
MFT Energy has established a warrant program in order to motivate and retain certain key employees. In December
2024, 1,897 warrants were granted under the program (December 2023: 1,797). The warrants granted in 2024 are
exercisable within 1 year as of January 2028 or upon an exit event, whichever is earlier. The program sets out a
vesting periode of three years. Settlement is in shares of MFT Energy A/S.
The warrants are granted in accordance with the authorizations given to the Board of Directors by the shareholders.
The Board of Directors has fixed the terms of and size of the grants, taking into account authorization from the
shareholders, the Group’s guidelines for incentive pay, an assessment of expectations of the recipient’s work efforts
and contribution to the Group’s growth, as well as the need to motivate and retain the recipient. The grant takes
place on the establishment of the program. The warrants granted are subject to the provisions of the Danish Public
Companies Act regarding termination of employees prior to their exercise of warrants in the case of recipients
covered by the Act.
The fair value of the warrants has been determined based on a Black-Scholes option pricing model. The data input for
the pricing model is based on historical share prices of a peer group with the same vesting period.
In 2024, the fair value of warrants recognized in the income statement amounts to EUR 179k (2023: EUR 51k). No key
management personnel are included in the warrant program. The employees that have been given warrants have the
option to buy the predefined amount of shares at a predefined value. The value that the employees are able to buy
the share for is equivalent to the market price.
The Board of Directors is covered by a comparable warrant program. Once the member of the Board have been a
Board Member for 12 months, the warrants will be granted. The key terms for the program is the same as for the
employees. In December 2024, 42 warrants were granted under the program (December 2023: 357).
EUR '000 2024 2023
Wages and salaries 1.292 702
Pension contribution 31 17
Other social security costs 4 6
Total compensation key management personnel 1.3 27 725
MFT Energy Holding ApS
Annual Report 2024
33
Accounting policies
Staff costs
Staff costs comprise direct wages and salaries, pension contributions, social security contributions, sick leave, and
bonuses, which are recognized in the year in which the associated services are rendered by employees of the Group.
Employee benefits - Pensions
For defined contribution plans, the Group and the Parent Company pay contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual or voluntary basis. MFT Energy has no further
payment obligations once the contributions have been paid. The contributions are recognized as employee benefits
expenses when they are due. Prepaid contributions are recognized as assets to the extent that a cash refund or a
reduction in the future payments is available.
Share-based payments
A number of employees have been granted equity-settled warrants. Issued warrants become exercisable after a
certain period of time or upon an earlier exit event subject to the employee still being employed at the exercise date.
The grant date fair value is recognized as a compensation expense over the vesting period with a corresponding entry
in equity.
At the end of each period, MFT Energy revises its estimates of the number of warrants that are expected to vest
based on service conditions. Adjustments, if any, are recognized in profit or loss, with a corresponding adjustment of
equity.
2024
Number of s ha res
Board of
Directors
Employe e s
Outstanding at the be ginning of the pe riod 357 4.036
Granted during the pe riod 42 1.897
Forfe ite d during the pe riod 0 -754
Outstanding at the e nd of the pe riod 399 5.179
Weighted-average remaining contractual life 2 years 3 years
2023
Number of s ha res
Board of
Directors
Employe e s
Outstanding at the be ginning of the pe riod 0 2.514
Granted during the pe riod 357 1.797
Forfe ite d during the pe riod 0 -275
Outstanding at the e nd of the pe riod 357 4.036
Weighted-average remaining contractual life 3 years 4 ye ars
None of the warrants are e xercisable at the e nd of the pe riod.
GROUP
GROUP
MFT Energy Holding ApS
Annual Report 2024
34
Note 7 – Financial income and expenses
Accounting policies
Financial income and expenses
Financial income and expenses comprise interest income and interest expenses, realized and unrealized exchange rate
adjustments, fair value adjustment of current asset investments as well as interest on extra payments and repayment under
the on-account taxation scheme and interest in respect of lease liabilities.
Other financial income primarily comprises realized gains on exchange forward derivatives as well as interest income.
Other financial expenses primarily comprise realized and unrealized exchange rate adjustments as well as interest expenses
and realized losses on exchange forward derivatives.
EUR '000 2024 2023
Financial income
Intere st income, banks 2.298 2.226
Financial income , investments 2.290 6.886
Financial income , othe r 1.774 1.440
Gains on exchange forward derivatives 86 0
Total financial income 6.448 10.551
Financial expenses
Intere st on borrowings 0 109
Intere st on lease liabilitie s 46 39
Total interest expense related to financial liabilities
not at fair value through profit or loss
46 148
Intere st expense , income tax 115 6.265
Financial e xpenses, guarantees 2.023 1.983
Financial e xpenses, bonds 1 1.561
Financial e xpenses, othe r 1.152 1.336
Foreign exchange rate losses 671 1.23 8
Loss on exchange forward derivatives 0 158
Total financial expenses 4.008 12.6 89
MFT Energy Holding ApS
Annual Report 2024
35
Note 8 – Income tax expenses
Accounting policies
Income tax expenses
The income tax expense or credit for the period is the tax payable on the current period's taxable income, based on
the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end
of the reporting period in the countries where the company and its subsidiaries generate taxable income. The
leadership periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an
uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected
value, depending on which method provides a better prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements. A deferred income
tax asset or liability is also not accounted for if it arises from the initial recognition of an asset or liability in a
transaction other than a business combination that, at the time of the transaction, affects neither accounting nor
taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by the end of the reporting period and are expected to apply when the related deferred
income tax asset is realized or the deferred income tax liability is settled.
EUR '000 2024 2023
Curre nt tax
Curre nt tax on profit for the year
9.672 14.190
De ferre d income tax 1.192 2.551
Income tax expense 10.865 16 .741
EUR '000 2024 2023
Reconciliation of effective tax rate
Tax at the Danish tax rate of 22% (2023: 22%) 10.720 14.846
Ta x effects of a mounts which a re not deductible (ta xable) in ca lculating taxable income:
Non-de ductible e xpenses 105 2.030
Othe r adjustme nts
40 -135
Income tax expense 10.865 16 .741
Effective tax rate 22% 25%
MFT Energy Holding ApS
Annual Report 2024
36
Note 9 – Intangible assets
Software
Software comprises the cost associated with acquiring software licenses.
Incorporeal rights
Incorporeal rights comprise the cost associated with acquiring the rights for trading on exchanges.
Accounting policies
Intangible assets
Intangible assets are measured at cost less accumulated amortization and less any accumulated impairment losses.
Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the
asset is ready for use.
EUR '000 Software Total
Cos t:
At January 1, 2024 71 6 77
Additions 43 0 43
At De cember 31, 2024
114 6 120
Accumulated a mortiza tion a nd impa irment losses:
At January 1, 2024 35 6 41
Amortization charge 8 0 8
At De cember 31, 2024
43 6 49
Carrying amo unt at De ce mbe r 3 1, 2024 71 0 71
Cos t:
At January 1, 2023 71 6 77
At De cember 31, 2023
71 6 77
Accumulated a mortiza tion a nd impa irment losses:
At January 1, 2023 31 6 37
Amortization charge 4 0 4
At De cember 31, 2023
35 6 41
Carrying amo unt at De ce mbe r 3 1, 2023 36 0 36
Incorporeal
rights
MFT Energy Holding ApS
Annual Report 2024
37
Amortization methods and useful lives
The Group amortizes intangible assets with a limited useful life, using the straight-line method over the following peri-
ods:
Software 3 years
Incorporeal rights 10 years
Note 10 – Property, plant, and equipment
EUR '000
O the r fixture s,
fittings and
equipment
Le as e h o ld
imp ro ve me nts
Total
Cos t:
At January 1, 2024 370 117 487
Additions 5 19 24
At De cembe r 31, 2024
375 136 511
Accumulated deprecia tion a nd impa irment losses:
At January 1, 2024 153 49 202
De pre ciation charge 109 20 129
At De cembe r 31, 2024
262 69 331
Carrying amo unt at De ce mbe r 3 1, 2024 113 67 180
Cos t:
At January 1, 2023 161 69 230
Additions 209 48 257
At De cembe r 31, 2023
370 117 487
Accumulated deprecia tion a nd impa irment losses:
At January 1, 2023 64 31 95
De pre ciation charge 89 18 107
At De cembe r 31, 2023
153 49 202
Carrying amo unt at De ce mbe r 3 1, 2023 217 68 285
MFT Energy Holding ApS
Annual Report 2024
38
Accounting policies
Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that
is directly attributable to the acquisition of the items.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in
profit or loss.
Depreciation methods and useful lives
Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual
values, over their estimated useful lives as follows:
Leasehold improvements 3-5 years
Other fixtures, fittings and equipment 3-5 years
Impairment of assets
Other non-current assets are tested for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less
costs of disposal and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
iden- tifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets
(cash-gen-
erating units). Non-financial assets that suffered an impairment are reviewed for possible reversal of the
impairment at the end of each reporting period.
Note 11 – Leases
EUR '000 2024 2023
Amounts recognized in the balance sheet
Right-of-use a ssets
Properties 1.059 1.447
1.059 1.447
Additions to the right-of-use assets 309 1.901
Lea se liabilities
Curre nt 864 629
Non-current 220 840
1.084 1.46 9
MFT Energy Holding ApS
Annual Report 2024
39
Please refer to note 5 for a disclosure of contractual maturities of the financial liabilities.
Accounting policies
Leases
MFT Energy leases various properties. Property contracts are typically made for one to five years but may have extension
and termination options.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of fixed payments (including in-substance fixed payments); any variable lease payment that is based on an
index or a rate, initially measured using the index or rate at the commencement date and the exercise price of a purchase
option if the Group is reasonably certain of exercising that option. Lease payments to be made under reasonably certain
extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease or lessee’s incremental borrowing rate if the
implicit interest rate cannot be readily determined.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost which comprises the amount of the initial measurement of the lease liability; any
initial direct costs; the estimated restoration costs and any lease payments made at or before the commencement date less
any lease incentives received.
Right-of-use assets are depreciated over the lease term on a straight-line basis.
Payments associated with short-term leases of property and all leases of low-value assets are recognized on a straight-line
basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a purchase
option. Low-value assets comprise IT equipment and small items of office furniture.
EUR '000 2024 2023
Amounts recognized in the income statement
The income statements shows the following amounts re lating to leases:
Deprecia tion cha rge of right-of-use assets
Properties 632 464
632 464
Intere st expense on le ase liabilitie s 46 39
Expe nses re lating to short-te rm leases 75 61
Expe nses re lating to lease s of low-value assets 17 16
Total cash outflow for le ases 770 580
MFT Energy Holding ApS
Annual Report 2024
40
Note 12 – Deferred tax
Accounting policies
Deferred tax
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those
temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to
realize the asset and settle the liability simultaneously.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other
comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or
directly in equity, respectively.
EUR '000 2024 2023
Deferred tax
De ferre d tax at the beginning of perio d -1.897 -4.447
De ferre d tax recognize d in the income statement 1.229 2.550
Deferred tax at year end -668 -1.897
Deferred tax relates to:
Property, plant and e quipme nt -12 -13
De ferre d tax on accrue d e xpenses -1 -40
Provisions -655 -1.849
Lease liabilitie s 0 5
Total -668 -1.897
O f which pre sented as deferre d tax assets 668 1.89 7
MFT Energy Holding ApS
Annual Report 2024
41
Note 13 – Non-controlling interests
A significant part of the Group’s activities are performed through five subsidiaries with significant non-controlling
interests. Set out in the following table is summarized financial information for each subsidiary that has non-
controlling interests that are material to the Group. The amounts disclosed for each subsidiary are before
intercompany eliminations.
EUR '000
MFT Ene rgy
1 ApS
MFT Ene rgy
2 ApS
MFT Ene rgy
3 ApS
MFT Ene rgy
5 ApS
MFT Ene rgy
6 ApS
Non-controlling interests’ ownership 3,9% 1,5% 40,0% 39,1% 36,9%
Summarized balance sheet
Curre nt asse ts 8 7 49 224 426
Curre nt liabilities 2.641 1.755 39 70 324
Curre nt ne t as s e ts -2.633 -1.748 10 154 102
Non-curre nt asse ts
62.105 19.927 13 .335 10.826 118.286
Non-curre nt liabilities 646 0 0 0 1.249
Non-current net assets 61.459 19.927 13 .335 10.826 117.037
Gross profit 29.360 10.507 794 1.784 15.950
Profit for the period 17.748 7.401 426 1.560 9.918
Othe r comprehensive income 0 0 0 0 0
Total comprehensive income 17.748 7.401 426 1.56 0 9.918
Profit allocated to non-controlling interests 1.017 570 170 718 3.683
Dividends paid to non-controlling interests 412 1.597 171 304 2.277
Summarized cash flows
Cash flows from operating activities 12.253 8.09 1 -169 609 1.415
Cash flows from investing activitie s 0 0 0 0 0
Cash flows from financing activitie s -12.258 -8.093 171 -609 -1.441
-5 -2 2 0 -26
2024
Summarized statement of
compre h e ns ive inco me
Net increase/(decrease) in
cash and cas h e quivale nts
MFT Energy Holding ApS
Annual Report 2024
42
EUR '000
MFT Ene rgy
1 ApS
MFT Ene rgy
2 ApS
MFT Ene rgy
3 ApS
MFT Ene rgy
5 ApS
MFT Ene rgy
6 ApS
Non-controlling interests’ ownership 8,0% 39,9% 40,0% 38,9% 46,2%
Summarized balance sheet
Curre nt asse ts 9 8 3 3.158 55
Curre nt liabilities 8.844 1.066 590 3.049 8.972
Curre nt ne t as s e ts -8.835 -1.058 -587 109 -8.917
Non-curre nt asse ts
55.856 15.83 5 13.935 10.909 123.003
Non-curre nt liabilities 804 0 0 56 688
Non-current net assets 55.052 15.835 13.935 10.853 122.315
Gross profit 33.896 4.592 2.952 4.474 39.574
Profit for the period 20.546 3.191 1.714 2.604 24.706
Othe r comprehensive income 0 0 0 0 0
Total comprehensive income 20.546 3.191 1.714 2.604 24.706
Profit allocated to non-controlling interests 1.645 1.274 686 1.006 11.408
Dividends paid to non-controlling interests 2.838 2.377 2.400 771 127.940
Summarized cash flows
Cash flows from operating activitie s 6.720 173 -1.628 2.050 -90.443
Cash flows from investing activitie s 0 0 0 0 0
Cash flows from financing activities -6.731 -171 1.624 -260 90.440
-11 2 -4 1.790 -3
Net increase/(decrease ) in
cash and cas h e quivale nts
Summarized statement of
compre h e ns ive inco me
2023
MFT Energy Holding ApS
Annual Report 2024
43
Note 14 – Inventories
Inventories consist of gas intended for resale. The expenses associated with the gas trading inventories are
recognized as 'net trading income' in the income statement. The outflow from our gas storages recognized during the
year amounted to MWh 99,994k (2023: MWh 94,561k).
There has been no write-down of inventories to net realizable value during 2024 and 2023.
The Group has designated the gas swap contracts as hedging instruments in its entirety. The cumulative fair value
adjustment recognized in inventories as of 31 December 2024 amounts to EUR 14,366k (2023: EUR negative 9,368k).
As further described in note 5, the Group hedges the price risk of gas inventory. These contracts are designated as
fair value hedges of the gas inventory.
The cumulative fair value adjustment recognized in the carrying amount of inventories during 2024 amounted to a
positive EUR 23,734k (2023: 2,241k). The Group is hedging according to the written principles set out by the Risk
Committees, hence, all the storages are hedged off unless otherwise stated in the mandates given. The fair value
adjustments, as well as any ineffectiveness, are included in the line-item net trading income from financial and
physical energy contracts, along with the adjustment of the other trades and hedge positions.
Accounting policies
Inventories
The gas storage recognized in inventories is acquired and used for trading. Inventories are measured at the lower of
cost under the weighted average cost method adjusted by gains and losses from hedging instruments and net
realizable value. The net realizable value of inventories is calculated at the amount expected to be generated by sale
of the inventories in the process of normal trading operations less selling expenses.
MFT Energy A/S hedges the fair value of its inventory of gas and applies fair value hedge accounting. Consequently,
changes in the fair value of the hedged item attributable to the gas price risk are recorded as an adjustment to the
carrying value of the inventory. The carrying amount of inventory is recognized in profit or loss when the gas is sold,
along with any fair value adjustments from fair value hedges.
Fair value hedges that qualify for hedge accounting
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in profit or
loss. Changes in the fair value of the hedged item attributable to the hedged risk are recorded as part of the carrying
amount of the hedged item and are also recognized in profit or loss. The gain or loss relating to the ineffective portion
is recognized in profit or loss within fair value adjustment of financial and physical energy contracts.
If the hedge no longer meets the criteria for hedge accounting, the adjustment of the carrying amount of a hedged
item is recognized in profit or loss at the time when the hedged item is recognized in profit or loss.
EUR '000 2024 2023
Gas storage at weighted average cost
45.259 40.310
Adjustme nt from fair value hedging 14.366 -9.368
Total inventories 59.625 30.942
MFT Energy Holding ApS
Annual Report 2024
44
Note 15 – Trade receivables
Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their
fair value.
Please refer to note 5 for a description of the expected credit losses and risks regarding trade receivables.
Accounting policies
Trade receivables
Trade receivables are amounts due from commodities as part of the ordinary course of business. Trade receivables are
recognized initially at the amount of consideration that is unconditional. The Group holds the trade receivable with
the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost
using the effective interest method, less allowance for life-time expected losses. MFT Energy applies the IFRS 9
simplified approach to measuring expected credit losses which uses a lifetime expected loss for all trade receivables.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent
recoveries of amounts previously written down are recognized as a reduction of costs against the same line item.
Note 16 – Fair value measurement
Derivative financial instruments in MFT Energy mainly consist of commodity derivatives that are traded as part of the
Group’s ordinary business activity.
Trading activities are undertaken by using a range of contract types in combination to create incremental gains by
arbitraging prices between markets, locations and time periods. Financial risks relating to the financial instruments are
managed on a portfolio basis.
The Group measures the following financial assets and liabilities at fair value:
• Gas derivatives
• Power derivatives
• Foreign currency derivatives
• Current asset investments
This section explains estimates made in determining the fair value of the financial instruments that are recognized and
measured at fair value through profit and loss in the financial statements. To provide an indication about the reliability
of the inputs used in determining fair value, the Group has classified its financial instruments into three levels
prescribed under the accounting standards.
Exchange-traded derivatives, foreign currency contracts as well as some current asset investments are valued using
closing prices provided by the exchanges at the balance sheet date. These derivatives are categorized as level 1 of
EUR '000 2024
2023
Trade re ceivable s fro m contracts 68.676 17.144
Lo s s allo wance 0 0
Ne t trade re ce ivable s
68.676 17.144
MFT Energy Holding ApS
Annual Report 2024
45
the fair value hierarchy. Exchange-traded derivatives are typically considered settled through the payment or receipt
of variation margin.
Over-the-counter (OTC) financial swaps and physical commodity sale and purchase contracts including commodity
forwards are generally valued using readily available information in the public markets and, if necessary, quotations
provided by brokers and price index developers. These quotes are corroborated with market data and are
predominately categorized as level 2 of the fair value hierarchy.
Structured and capacity contracts in MFT Energy are measured using internal models. Internal models refer to
standard valuation models that use market forward levels on standard instruments, as well as incorporate inputs for
the volatility of the underlying indices, markets or commodities.
Valuation processes
The valuation process of the derivatives includes input from relevant employees of MFT Energy, and the final valuation
is verified and approved by the risk management function. In order to minimize the use of subjective estimates or
modifications of parameters and calculation models, it is MFT Energy's policy to determine fair values based on the
external information that most accurately reflects the market values. The Group uses pricing services and benchmark
services to increase the data quality. MFT Energy's policy is to recognize transfers into and out of fair value hierarchy
levels at the end of each reporting period.
The below table sets out the fair value hierarchy for assets and liabilities measured at fair value in the balance sheet:
Quoted
prices in
active
Significant
observable
inputs
Unobser-
vable input
EUR '000 Level 1 Level 2 Level 3 Total
Financial assets
Power trading derivatives
10.406 1.242 0 11.648
Gas trading derivatives 0 79.410 0 79.410
Foreign currency derivatives 181 0 0 181
Curre nt asse t investme nts 45.173 0 0 45.173
Total financial assets at fair value 55.760 80.652 0 136 .412
Non-financial assets
Gas trading inventories 0 14.3 66 0 14.3 6 6
Total financial and non-financial assets
55.760 95.018 0 150.778
Financial liabilities
Power trading derivatives
9.744 46 0 9.790
Gas trading derivatives 0 106.9 66 0 10696 6
Total financial liabilities at fair value 9.744 107.012 0 116 .756
2024
MFT Energy Holding ApS
Annual Report 2024
46
Accounting policies
Fair value measurement
The Group measures financial instruments, such as derivatives, at fair value at each balance sheet date. Fair value is
the price that would be received for selling an asset or paid for transferring a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability takes place either:
• in the principal market for the asset or liability, or
• in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their best economic interest.
Commodity contracts which allow for physical settlement, but are considered not entered into for the purpose of the
Group’s own use, are measured similar to financial commodity contracts.
MFT Energy uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
avail- able to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized ac-
cording to the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
Quoted
prices in
active
markets
Significant
observable
inputs
Unobservab
le input
EUR '000 Leve l 1 Level 2 Level 3 Total
Financial assets
Power trading de rivatives
7.257 0 0 7.257
Gas trading derivatives 3 144.746 0 144.749
Foreign currency derivatives 95 0 0 95
Total financial assets at fair value 7.355 144.746 0 152.101
Non-financial assets
Gas trading inventories 0 -9.368 0 -9.368
Total financial and non-financial assets
7.355 13 5.3 78 0 142.733
Financial liabilities
Power trading de rivatives
5.546 0 0 5.546
Gas trading derivatives 0 114.56 2 0 114.562
Foreign currency derivatives 0 0 0 0
Total financial liabilities at fair value 5.546 114.562 0 120.108
2023
MFT Energy Holding ApS
Annual Report 2024
47
• Level 1 - quoted and unadjusted market prices in active markets for identical assets or liabilities
• Level 2 - valuation techniques for which the lowest level input that is significant to the fair value measurement
is directly or indirectly observable
• Level 3 - valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable.
Derivative financial instruments and commodity contracts not held for own use
Financial derivatives are initially recognized at fair value on the date the derivative contract is entered into and are
subsequently remeasured at fair value at the end of the reporting period. The subsequent accounting treatment
depends on whether the derivatives are designated as hedging instrument and, if so, the nature of the item being
hedged. If derivatives are not designated as hedging instruments, they are classified as “held for trading” for
accounting purposes and initially recognized at fair value with subsequent remeasurement at fair value through profit
and loss and recognized in the balance sheet.
Derivatives may be designated as hedging instruments, and the Group may designate derivatives as either:
• hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedges), or
• hedges of a particular risk associated with the cash flow of recognized assets and liabilities and highly probable
forecast transactions (cash flow hedges).
At inception of the hedging relationship, the Group documents the economic relationship between hedging
instruments and hedged items, including whether changes in the cash flow of the hedging instruments are expected
to offset changes in the cash flow of hedged items. The Group documents its risk management objective and strategy
for undertaking its hedging transactions.
The full fair value of a hedging instrument is classified as a non-current asset or liability when the remaining maturity
of the hedged item is more than 12 months; it is classified as a current asset or liability when the remaining maturity
of the hedged item is less than 12 months.
MFT Energy Holding ApS
Annual Report 2024
48
Note 17 – Financial assets and financial liabilities
The Group and the Parent Company hold the following financial instruments:
EUR '000 2024
2023
Financial assets
Financial as sets me asure d at fair value through pro fit and loss
De rivatives and commodity contracts no t entere d
into for own use 91.239 142.733
De rivatives in hedge accounting, inventory 14.3 6 6 -9.368
Curre nt asse t investme nts 45.173 0
150.778 133 .3 6 5
Financial as sets at amortize d cost
Deposits 376 422
Trade re ceivable s 68.676 17.144
O the r receivable s 40.319 21.009
Re ceivable s from group e nte rprises 0 0
Curre nt asse t investme nts 0 64.416
Cash and cash equivalents 72.811 150.39 3
182.182 253.384
Financial assets 332.960 386.749
Financial liabilities
Financial liabilities measure d at fair value thro ugh profit and loss
De rivatives and commodity contracts no t entere d
into for own use 116 .756 120.108
116.756 120.108
Liabilities at amortized cost
Trade payables 28.143 35.496
Borrowings 11 0
Lease liabilities 1.084 1.469
Corporate tax liabilitie s 0 6.682
O the r liabilities 4.407 6.097
33.645 49.744
Financial liabilities 150.401 169.852
MFT Energy Holding ApS
Annual Report 2024
49
In terms of borrowings, the fair values are not materially different from their carrying amounts, since the interest pay-
able on those borrowings is either close to current market rates or the borrowings are of a short-term nature.
Accounting policies
Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year
which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other
payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They
are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest
method.
Borrowings
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
recognized in profit or loss over the terms of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is
probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs.
To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is
capitalized as prepayment for liquidity services and amortized over the term of the facility to which it relates
Note 18 – Offsetting financial assets and financial
liabilities
Offsetting of financial assets and liabilities in the financial statements requires the following criteria to be fulfilled:
• that MFT Energy currently has a legally enforceable right to set off the recognized amounts, and
• that MFT Energy intends either to settle on a net basis, or to realize the assets and settle the liabilities
simultaneously.
In the event that a counterparty or the Group defaults, further offsetting will take place.
This note discloses the offsetting in the financial statements, further netting according to enforceable master netting
agreements and similar agreements (i.e. in the event of default) and collateral provided or received under such agree-
ments.
EUR '000 Curre nt Non-current Total Curre nt Non-curre nt Total
Borrowings
Other 11 0 11 0 0 0
11 0 11 - - -
2024
2023
MFT Energy Holding ApS
Annual Report 2024
50
Accounting policies
Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet where the Group
currently has a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net
basis or realize the asset and settle the liability simultaneously.
MFT Energy enters into master netting agreements with counterparties to manage the credit risks associated primarily
with over-the-counter commodity trading. These master netting agreements enable MFT Energy and their counterparties
to set off financial liabilities against financial assets in the ordinary course of business as well as in case of default.
Contracts which do not meet the offsetting criteria because the offsetting right is not unconditional are disclosed in the
notes.
EUR '000
Gross
amounts
Offsetting
Net
amounts
presente
d in the
balance
Cas h
collate ral
(re ce ive d/
pledged)
Ne t amount
Financial assets
Trade receivables 396.672 -327.996 68.676 7.789 76.465
De rivatives held for trading 605.300 -514.061 91.239 0 91.239
Total financial assets 1.001.972 -842.057 159.915 7.789 167.704
Financial liab ilities
Trade payable s 356.139 -327.996 28.143 -8.246 19.897
De rivatives held for trading 630.816 -514.060 116.756 -32.410 84.3 46
Total financial liabilities 986.955 -842.056 144.899 -40.656 104.243
EUR '000
Gross
amounts
Offsetting
Net
amounts
presente
d in the
balance
Cas h
collate ral
(re ce ive d/
pledged)
Ne t amount
Financial assets
Trade receivables 292.697 -275.553 17.144 1.135 18.279
De rivatives held for trading 356.471 -213.738 142.733 0 142.733
Total financial assets 649.168 -489.291 159.877 1.135 16 1.012
Financial liab ilities
Trade payable s 311.049 -275.553 35.496 -7.731 27.765
De rivatives held for trading 333.846 -213.738 120.108 -581 119.527
Total financial liabilities 644.895 -489.291 155.604 -8.312 147.292
Re lated amounts not set
off in the balance she e t
Re lated amounts not set
off in the balance she e t
2024
2023
MFT Energy Holding ApS
Annual Report 2024
51
Note 19 – Other Receivables
Deposits related to trading are cash amounts that need to be provided to specific counterparties in order to initiate a
trading position and cover margin calls.
Accounting policies
Other receivables
Other receivables consist of deposits related to trading, VAT receivable and miscellaneous receivables. Other receivables
are measured at amortized cost. Deposits represent the amount of cash required for trading positions with certain
counterparties.
Note 20 – Current asset investments
To mitigate risk and ensure interest income on excess liquidity, the Group invests in money market funds that can be
converted into cash with a few days and is being settled at market value.
Accounting policies
Current assets investments
Current asset investments include bonds that are measured at amortized cost, which are recognized initially at fair
value plus any transaction costs incurred. Subsequently, the bonds are measured at amortized cost using the effective
interest method, which takes into account the premium and the expected cash flows over the life of the bonds.
The bonds will be held within a business model where the investment is returned through a repayment of the principal
and interest on the principal amount. The maximum duration of the bonds is 12 months.
Interest income and any amortization of premium are recognized in the income statement using the effective interest
rate. The interest income is recognized over the life of the bond, and any premium is amortized accordingly.
Investment funds are initially recognized at fair value, with any transaction costs recognized directly in the income
statement. Subsequently, these investments are measured at fair value, with any changes in value recognized in the
income statement, reflecting gains or losses from price fluctuations during the period.
EUR '000 2024 2023
De posits related to trading 35.484 16.573
Othe r receivable s 4.064 3.093
Other receivables, net 39.548 19.6 6 6
EUR '000 2024 2023
German governme nt bonds
0 64.416
Investme nt funds 45.173 0
Total current asset investments 45.173 64.416
MFT Energy Holding ApS
Annual Report 2024
52
The investment funds are held within a business model that allows for their sale at any given time, providing flexibility
for realization of gains based on market conditions.
All gains or losses arising from changes in fair value are recognized in the income statement as they occur.
Note 21 – Share capital
The dividend distributed has no tax implications for the Group or the Parent Company. All covenants are also complied
with.
Capital management
The capital structure is managed by MFT Energy A/S and covers the capital used in day-to-day operations throughout
the Group as well as planned capital returns to shareholders.
The capital management objectives are to safeguard the ability to continue as a going concern and to provide
sufficient returns for shareholders and benefits for other stakeholders, at the same time as an optimal capital
structure is maintained to reduce the cost of capital and increase the return of invested capital.
The long-term objective relating to the capital structure is to maintain a solvency ratio that is compliant with
covenants and sufficient to operate in the current and future market conditions. This will primarily be achieved
through the consolidation of future results. The solvency ratio at December 31, 2024 amounted to 58.9% (December
31, 2023: 58.6%).
Accounting policies
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deduction, net of tax, from the proceeds.
EUR '000 EUR '000
Numbe r of
shares
Nominal
value
Numbe r of
shares
Nominal
value
The share capital consists of:
Ordinary shares 7.172.450 10 7.172.450 10
Ordinary shares at De cember 31
7.172.450 10 7.172.450 10
2024 2023
Total divide nd paid out for the year 6,2 39,1
Total divide nd proposed for the year 0 0
2024
2023
EUR pe r share
No share s carry any special rights.
MFT Energy Holding ApS
Annual Report 2024
53
Reserve for loans to shareholders
The reserve for loans issued to shareholders for the purchase of shares in connection with the share purchase programs
is mandatory according to the section on legal shareholder loans of the Danish Companies Act. The reserve may only be
reduced or eliminated by repayment of the issued loans.
Foreign currency translation reserve
Exchange differences arising on translation of the Parent Company and of foreign controlled entities into EUR are
recognized in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount
is reclassified to profit or loss when the net investment is disposed of.
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion
of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
Payments of dividends are subject to debt covenants.
Non-controlling interests
Equity attributable to non-controlling interests is recognized as a separate item within consolidated equity. Transactions
with non-controlling interests, including purchases and sales, are treated as equity transactions. Any gain or loss on such
transactions is re-attributed between equity attributable to owners of the Parent Company and non-controlling interests.
Note 22 – Provisions
EUR '000
Other
provisions
Onerous
contracts
Total
Provisions at January 1, 2024
0 8.405 8.405
Additions for the year 3.348 2.978 6.326
Utilized amounts 0 -5.725 -5.725
Re versal of provisions made in pre vious years 0 -2.680 -2.680
Provisions at December 31, 2024 3.348 2.978 6.326
Current/non-current cla s sifica tion:
Non-curre nt provisions 3.348 0 3.348
Curre nt provisions 0 2.978 2.978
Provisions at December 31, 2024 3.348 2.978 6.326
MFT Energy Holding ApS
Annual Report 2024
54
Provisions consist of onerous contracts with delivery through 2025 and comprise contracts for which the unavoidable
costs related to purchase of commodities exceed the economic benefits of such commodities. The estimates performed
for the above provisions are explained in note 2.
Other provisions are expected to mature in 2026 and relate to future contractual commitments.
Accounting policies
Provisions
Provisions are recognized when, due to an event occurring on or before the reporting date, the Group has a legal or
constructive obligation, and it is probable that the Group will have to give up future economic benefits to meet the
obligation.
Provisions are measured on the basis of Management’s best estimate of the expected expenditure for settlement of the
relevant obligation and are discounted if deemed material.
EUR '000
Other
provisions
Onerous
contracts
Total
Provisions at January 1, 2023
0 20.000 20.000
Additions for the year 0 8.405 8.405
Utilized amounts 0 -11.595 -11.595
Re versal of provisions made in pre vious ye ars 0 -8.405 -8.405
Provisions at December 31, 2023 0 8.405 8.405
Current/non-current cla s sifica tion:
Non-curre nt provisions 0 5.725 5.725
Curre nt provisions 0 2.680 2.680
Provisions at December 31, 2023 0 8.405 8.405
MFT Energy Holding ApS
Annual Report 2024
55
Note 23 – Cash flow specifications
Accounting policies
Statement of cash flows
The cash flow statement shows the Group's cash flows for the year broken down by operating, investing and financing
activities, changes for the year in cash and cash equivalents as well as the Group's cash and cash equivalents at the
beginning and end of the year.
EUR '000 2024 2023
Adjustme nts
Financial income -6.448 -10.551
Financial e xpenses 4.008 12.6 89
De pre ciation, amortization and impairment charge s 766 569
Share -based re mune ration 179 -92
Income tax 10.865 16.495
O the r adjustments -115 -528
9.255 18.582
Ch ang e s in ne t wo rking cap ital
Ch ange in inventories -28.683 2.078
Ch ange in trade re ceivable s
-51.532 16.202
Ch ange in derivatives as an asse t 51.494 12.285
Ch ange in other operating assets -19.310 179.023
Ch ange in trade payables -7.353 -19.527
Ch ange in derivatives as a liability -3.352 -58.920
Ch ange in other operating liabilities -3.769 -43.037
-62.505 88.104
Net debt reconciliation
This se ction sets out an analysis of ne t de bt and the moveme nts in net de bt for e ach of the periods pre se nted.
EUR '000 Borrowings Le as e s Total
Net debt:
At January 1, 2023 5.611 47 5.658
Cash flows -5.611 -581 -6.192
Additions without cash e ffect 0 2.003 2.003
At De cembe r 31, 2023 0 1.469 1.46 9
Cash flows 11 -770 -759
Additions without cash e ffect 0 385 385
At De cembe r 31, 2024 11 1.084 1.095
MFT Energy Holding ApS
Annual Report 2024
56
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working
capital and non-cash operating items such as share-based payment expenses, depreciation, amortization, and impairment
losses. Working capital comprises current assets less short-term debt, excluding items included in cash and cash
equivalents.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property,
plant and equipment as well as fixed asset investments.
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal
element on lease payments as well as payments to and from shareholders
Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances.
Note 24 – Contingent liabilities, commitments, and
contingencies
Contigent liabilities
Charges and security
The Group has provided all its trade receivables in MFT Energy A/S as security for all outstanding amounts related to
its main bank facility. The security is capped at EUR 4,291k and the present value of the security is EUR 68,676k in
the group. The pledged assets consist of cash accounts as security for guarantee facilities and the present value of
the security is EUR 30,713k.
The Group has entered into an equity guarantee agreement with certain minority owners. The agreements ensure the
equity of the minority owners in case of a default. The agreement terminates in September 2025. On December 31,
2024 this equity amounted to EUR 6,216k.
EUR '000 2024 2023
Ch arg e s and s e curity
The following asse ts have be e n provided as se curity to the main bank facilities:
Se curity comprising simple claims 4.291 4.294
Ple dged assets 30.713 39.790
Total charges and security 35.004 44.084
EUR '000 2024 2023
Rental and lease obligations
MFT Energy Holding has the following lease obligations under operating le ases. Total future le ase payme nts are:
Within 1 year 5.860 15
Between 1 and 5 years 6.003 0
11.863 15
MFT Energy Holding ApS
Annual Report 2024
57
Other contingent liabilities
The Group enterprises are jointly and severally liable for tax on the jointly taxed incomes, etc. of the Group. The total
amount of corporation tax payable is disclosed in the Annual Report of MFT Energy Holding ApS, which is the
administration company for joint taxation purposes. Moreover, the group enterprises are jointly and severally liable for
Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any
subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.
The Danish entities of the Group are jointly and severally liable for VAT on the joint registration of VAT. MFT Energy
A/S is the administration company for the joint VAT purposes.
Note 25 – Related party transactions
Related parties are defined as parties with control or significant influence, including group enterprises. Other related
parties comprise the Board of Directors and the Executive Board together with their immediate families.
Furthermore, other related parties include companies in which the aforementioned individuals have significant
influence, joint control or control.
Transactions with members of the Board of Directors and the Executive Board are disclosed in the table for key
management personnel.
Information about remuneration to key management personnel has been disclosed in note 6.
Transactions with other related parties
EUR '000 2024 2023
The following tra nsa ctions occurred with rela ted parties:
Other related parties*
Purchase of services 147 230
Financial e xpenses 1 13
Proceeds from loans with other re lated parties 0 153
EUR '000 2024 2023
Key management personnel
Purchase of services 38 61
* Othe r re lated parties comprise Rathje n Invest ApS, VO RUP INVEST ApS, NO AK Holding ApS, BRAA INVEST A/S,
NO RDAL CLAUSEN HOLDING ApS, Tore Invest ApS, Hviid Ø stergaard ApS, Forsom Invest ApS, SP50 Invest ApS, Ate s
Invest ApS, Pe r Hjorth Holding ApS, Amiki Group, MFT-E-A ApS, MFT-E-B ApS, MFT-E-C ApS and MFT-E-D ApS.
MFT Energy Holding ApS
Annual Report 2024
58
Note 26 – Fee to auditors appointed at the annual
general meeting
Note 27 – Subsequent events
In April 2025, a decrease in the share capital with a distribution to the shareholders of EUR 6,432k was approved in
MFT Energy Holding ApS. The distribution is not considered to materially impact the Group's or Parent Company's
financial position.
No further events have occurred since the balance sheet date which could materially impact the Group’s or the Parent
Company’s financial position.
Note 28 – Definitions of financial ratios
The financial ratios have been calculated in accordance with the recommendations of the CFA Society Denmark.
EUR '000 2024 2023
PricewaterhouseCoopers
Audit fe e 230 235
Othe r assurance services
26 10
Tax advisory se rvices 42 69
Othe r services 202 1.162
500 1.476
Average number of employees = Calculated as average number of full-time employee s.
Equity at year e nd x 100
Total asse ts
Profit for the ye ar x 100
Average e quity
Scalability
Equity ratio
Re turn on e quity
=
=
=
Earnings before intere st and tax (EBIT) x 100
Net trading income (gross profit)
MFT Energy Holding ApS
Annual Report 2024
59
Income statement (parent)
for the year ended December 31, 2024
EUR '000 Notes 2024 2023
Gross profit/loss -140 -1.946
Income from investme nt in subsidiaries 4 30.089 35.889
Financial income 2 1.536 1.157
Financial e xpences -3 0
Profit/loss for the year 31.482 35.100
Tax on profit/loss for the ye ar 3 -307 -246
Profit/loss for the year 31.175 34.854
MFT Energy Holding ApS
Annual Report 2024
60
Balance sheet (parent)
at December 31, 2024
Ass e ts
EUR '000
Notes 2024 2023
Investme nts in subsidiaries
4
147.353 13 3 .557
O the r receivable s 160 0
Fixed asset investments 147.513 133.557
Fixed assets 147.513 13 3 .557
Re ceivable s from group e nte rprises 1.643 0
Corporation tax 38 6.839
O the r receivable s 24 28
Cash and cash equivalents 17.241 44.229
Curre nt as s e ts 18.946 51.096
Ass e ts 166.459 184.653
Liabilitie s and e quity
EUR '000
Notes
2024 2023
Share capital 5
10 10
Re se rve for ne t re valuation under the e uquity method
140.889 127.094
Re tained earnings
25.560 52.268
Equity 166.459 179 .3 72
Trade payables 0 6
Payable s to gro up e nterprice s 0 5.276
Short-term debt
0 5.282
Total liabilities and equity 166.459 184.6 54
Contingent asse ts, liabilities and other financial obligations 7
Re lated partie s 8
Accounting policie s 9
MFT Energy Holding ApS
Annual Report 2024
61
Statement of changes in equity (parent)
for the year ended December 31, 2024
EUR '000
Share capital
Share
premium
account
Re serve for
net
revaluation
under the
equity
method
Retained
earnings
Total
Equity at January 1, 2023 10 0 282.311 6.197 288.518
Extraordinary divide nd paid 0 0 0 -144.000 -144.000
Othe r e quity movements 0 0 -164 164 0
Capital increase 0 0 0 0 0
Net profit/loss for the year 0 0 -155.053 189.907 34.854
Transfer from share pre mium account 0 0 0 0 0
Equity at De cembe r 31, 2023 10 0 127.09 4 52.268 179.372
Equity at January 1, 2024 10 0 127.094 52.268 179.372
Extraordinary divide nd paid 0 0 0 -39.920 -39.920
Othe r e quity movements 0 0 -4.168 0 -4.168
Net profit/loss for the year 0 0 17.963 13.212 31.175
Equity at De cembe r 31, 2024 10 0 140.889 25.560 16 6 .459
MFT Energy Holding ApS
Annual Report 2024
62
Note 1 – Staff cost
Note 2 – Financial income
Note 3 – Tax on profit/loss for the year
Note 4 – Investments in subsidiaries
2024 2023
Average number of e mplo yees 0 0
EUR '000 2024 2023
Intere st income, group e nterprises 685 529
Financial income , other 851 628
1.536 1.157
EUR '000 2024 2023
Current tax for the year 307 246
307 246
EUR '000 2024 2023
Cost at January 1 6.463 6.466
Additions for the year 0 0
Disposals for the year 0 -3
Co s t at De ce mb e r 31 6.463 6.463
Value adjustments at January 1 127.09 4 282.311
Net profit/loss for the year 30.089 35.889
Dividend to the P arent company -12.126 -190.941
Othe r adjustme nts
-4.168 -165
Value adjustments at December 31 140.889 127.094
Carrying amo unt at De ce mbe r 3 1 147.353 13 3 .557
MFT Energy Holding ApS
Annual Report 2024
63
Investments in subsidiaries are specified as follows:
Note 5 – Share capital
Name
Place of
registered
office
Vote s and
ownership
MFT Ene rgy A/S Denmark 99,95%
MFT Ene rgy 1 ApS Denmark 96,05%
MFT Ene rgy 2 ApS Denmark 98,45%
MFT Ene rgy 3 ApS Denmark 59,97%
MFT Ene rgy 4 ApS Denmark 99,95%
MFT Ene rgy 5 ApS Denmark 60,89%
MFT Ene rgy 6 ApS Denmark 63,03%
MFT Ene rgy 7 ApS Denmark 63,57%
MFT Ene rgy Kosovo L.L.C Ko sovo 60,89%
MFT Ene rgy US Inc. USA 99,95%
MFT Ene rgy US PO WER LLC USA 99,95%
MFT Ene rgy US 1 LLC USA 72,62%
MFT Ene rgy US 2 LLC USA 99,95%
MFT Ene rgy APAC Holding Pte. Ltd. Singapore 79,96%
MFT Ene rgy PTE. LTD. Singapore 99,95%
MFT Ene rgy Singapore Pte. Ltd. Singapore 75,16%
MFT Ene rgy Australia P ty. Ltd Australia 71,16%
MFT Ene rgy Se e Ene rji A.S. Turkey 60,89%
MFT Ene rgy APAC 3 KK Japan 79,96%
MFT Ene rgy New Zealand Limite d New Zealand 71,16%
EUR '000
Numbe r of
shares
Nominal
value
The share capital consists of:
O rdinary share s 7.172.450 10
Capital incre ase 0 0
O rdinary share s at De cember 31
7.172.450 10
2024
No share s carry any special rights.
MFT Energy Holding ApS
Annual Report 2024
64
Note 6 – Distribution of profit
Note 7 – Contingent assets, liabilities, and
financial obligations
The pledged assets consist of two elements as MFT Energy Holding ApS has provided some cash accounts as security for
guarantee facilities with its main bank facilities. The present value of the security is EUR 17.123k.
The Group has provided its shares in the Danish subsidiaries as security for all the outstanding amounts to its main bank
facility.
Contingent liabilities
The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total
amount of corporation tax payable by the Group amounts to TEUR 906. Moreover, the group companies are jointly and
severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned
income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.
Note 8 – Related party transactions
Transactions
The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance
with section 98(c)(7) of the Danish Financial Statements Act
EUR '000 2024 2023
Re serve for ne t re valuation under the e uquity method 17.96 3 -155.114
Extraordinary dividend -39.920 -144.000
Re taine d earnings 53.132 333.968
31.175 34.854
EUR '000 2024 2023
Ch arg e s and s e curitie s
The following assets have bee n placed as security with bankers:
Pledged asse ts 17.123 33.600
17.123 33.600
MFT Energy Holding ApS
Annual Report 2024
65
Note 9 – Accounting policies (parent)
The seperate financial statements of MFT Energy Holding ApS for 2024 have been prepared in accordance with the
provisions of the Danish Financial Statements Act applying to medium sized enterprises of reporting class C.
The accounting policies applied remain unchanged from last year.
The Financial Statements for 2024 are presented in TEUR
Foreign currencies
Euro (EUR) is used as the presentation currency. All other currencies are regarded as foreign currencies.
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange
differences arising due to differences between the transaction date rates and the rates at the dates of payment are
recognised in financial income and expenses in the income statement. Where foreign exchange transactions are
considered hedging of future cash flows, the value adjustments are recognised directly in equity.
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 rates at the time when the receivable or the debt arose are recognised in financial
income and expenses in the income statement.
Fixed assets acquired in foreign currencies are measured at the transaction date rates.
Income statement
Other external expenses
Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, etc.
Gross profit/loss
With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of
other external expenses.
Income from investments in subsidiaries
The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the
profit for the year.
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts relating to the finacial year.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to
the profit/loss for the year is recognised in the income statement, whereas the tax attributable to equity transactions
is recognised directly in equity.
The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation is allocated to
enterprises in proportion to their taxable incomes.
MFT Energy Holding ApS
Annual Report 2024
66
Balance sheet
Investments in subsidiaries
Investments in subsidiaries are recognised and measured under the equity method.
The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net
asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of
acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining
value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.
The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net
revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent
Company and adjusted for other equity movements in the subsidiaries.
Subsidiaries with a negative net asset value are recognised at EUR 0. Any legal or constructive obligation of the
Parent Company to cover the negative balance of the enterprise is recognised in provisions.
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which
corresponds to nominal value less provisions for bad debts.
Equity
Dividend
Dividend distribution proposed by Management for the year is disclosed as a separate equity item.
Current tax receivables and liabilities
Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the
year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment
under the on-account taxation scheme are recognised in the income statement in financial income and expenses.
Financial debts
Debts are measured at amortised cost, substantially corresponding to nominal value.
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-01-012024-12-312023-01-012023-12-312025-05-09894500OT15Y2RNUWZ985MFT Energy Holding ApSReporting class C, large enterprise38174207Denmark2025-05-09529900VSWLQF0O3GA94633771231Strandvejen 442900 HellerupOpinionBasis for Opinion2025-05-0933771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember1894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember2894500OT15Y2RNUWZ9852024-01-012024-12-31894500OT15Y2RNUWZ9852023-01-012023-12-31894500OT15Y2RNUWZ9852024-12-31894500OT15Y2RNUWZ9852023-12-31894500OT15Y2RNUWZ9852022-12-31894500OT15Y2RNUWZ9852022-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852023-01-012023-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852022-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852023-01-012023-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852022-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852023-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:IssuedCapitalMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:RetainedEarningsMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember894500OT15Y2RNUWZ9852024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852024-12-31ifrs-full:NoncontrollingInterestsMember894500OT15Y2RNUWZ9852023-01-012023-12-31cmn:ConsolidatedMember894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember1894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember1894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember2894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember3894500OT15Y2RNUWZ9852024-01-012024-12-31cmn:ConsolidatedMember4iso4217:EURxbrli:pure