Consolidated Financial Statements
N
itor Holding ApS
Europaplads 8B 1, 8000 AARHUS, DENMARK
ANNUAL REPORT FOR 1 JANUARY – 31
DECEMBER 2024
CVR NO: 45 07 08 67
Chairman at the general meeting:
Adopted at the general meeting 11 June 2025
Consolidated Financial Statements
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Contents
Management’s Statement ............................................................................................ 2
Management’s review .................................................................................................. 3
Independent Auditor’s Report ..................................................................................... 7
Company Information.................................................................................................. 9
Group Chart ................................................................................................................ 10
Consolidated overview ................................................................................................ 11
Consolidated Income statement ................................................................................. 12
Consolidated statement of other comprehensive income ......................................... 12
Consolidated statement of financial position ............................................................ 13
Consolidated cash flow statement .............................................................................. 14
Consolidated statement of changes in equity ............................................................ 15
Notes to the consolidated financial statements ......................................................... 17
Note 1 Basis of preparation ........................................................................................ 18
Note 2 Fair Value Estimates ...................................................................................... 20
Note 3 Staff cost .......................................................................................................... 21
Note 4 Financial Income and expenses ..................................................................... 22
Note 5 Tax ................................................................................................................... 23
Note 6 Deferred Tax ................................................................................................... 24
Note 7 Receivables ..................................................................................................... 25
Note 8 Leases ............................................................................................................. 26
Note 9 Inventories ...................................................................................................... 27
Note 10 Non-current intangible assets ...................................................................... 29
Note 11 Property, plant and Equipment .................................................................... 30
Note 12 Current asset investments ............................................................................. 31
Note 13 Financial Instruments .................................................................................. 32
Note 14 Fair value....................................................................................................... 33
Note 14 Fair value (continued) .................................................................................. 34
Note 14 Fair value (continued) .................................................................................. 35
Note 15 Financial risk management .......................................................................... 36
Note 16 Financial Assets and liabilities ..................................................................... 39
Note 17 Offsetting financial assets and financial liabilities ...................................... 40
Note 18 Cash flow specifications ................................................................................ 42
Note 19 Fees to auditors appointed at the Annual General Meeting ....................... 43
Note 20 Contingent liabilities, commitments and contingencies ............................ 43
Note 21 Capital Management ..................................................................................... 44
Note 22 Subsequent events ........................................................................................ 44
Note 23 Related party transactions ........................................................................... 44
Note 24 Share Capital................................................................................................. 45
Parent Income statement ........................................................................................... 47
Parent statement of financial position ...................................................................... 48
Parent statement of changes in equity ...................................................................... 49
Notes to the Parent financial statements .................................................................. 50
Note 1 Basis of preparation ........................................................................................ 51
Note 2 Financial Income ............................................................................................ 53
Note 3 Tax ................................................................................................................... 53
Note 4 Staff cost .......................................................................................................... 53
Note 5 Investment in subsidiaries ............................................................................. 53
Note 6 Current asset investments .............................................................................. 54
Note 7 Contingent liabilities, commitments and contingencies ............................... 55
Note 8 Subsequent events .......................................................................................... 55
Note 9 Related party transactions ............................................................................. 55
Consolidated Financial Statements
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Executive Board
Consolidated Financial Statements
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Management’s review
The Culture is our cornerstone
In 2024, our primary focus was on maturing the Group, emphasizing the scaling of
our activities in alignment with our core DNA, values, and business approach.
Throughout the year, we continued to expand our team, reaching a total of 75
dedicated employees by the end of 2024. Maturing as an organization necessitates
significant investments in both systems and personnel across front-, middle-, and
back-office operations.
We remain committed to fostering an environment that serves as a playground for
smart and ambitious individuals, where everyone actively removes obstacles to
allow the best ideas to flourish. Our strong focus on culture remains a cornerstone
of our growth strategy, ensuring that our business is designed to transform any
scenario into profitable opportunities.
New Headquarters in 2025 to Support Our Scaling Efforts
To reinforce our culture and eliminate friction and silos, we decided in 2024 to
relocate from Klosterport to Europaplads 8. This move allows us to consolidate our
activities on a single floor, providing ample space for future expansion.
Additionally, US Short Term Power trading, is approved as addition to our
activities starting in 2025. We anticipate further significant expansions into new
areas in the coming year.
Executive Summary
In 2024 the Group reach a EBT of TEUR 18,577 against a EBT of TEUR 40,311 last
year, and the balance sheet at 31 December 2024 shows equity of TEUR 178,732.
The overall result of the year is in the lower range of our expectation beginning of
2024 however the management are satisfied with the result.
The primary profit drivers in 2024 were still the core focus areas: short term gas
and power trading in Central Western Europe. We were able to increase the profits
from our power trading activities and on the gas side we were able to profit from
several shifts in scenarios. However, we also had a final round of costs for
interconnector gas capacity related to purchase in 2022.
Financial risks
The main risk categories and mitigation herof are covered in note 16.
2025 outlook
The management expects both price and volatility levels at normal levels due to the
normalization of conditions. We expect EBT between TEUR 15,000 and 45,000 for
2025.
Nitor’s Main activity
Nitor is an energy trading Group operating in the European and UK markets. Our
business model focuses on trading gas and electricity 24/7 to move energy to where
it is most needed. This helps balance energy markets and create positive changes.
Nitor Group started trading gas in 2020 and has since expanded to include
electricity and climate certificates. Nitor Group constantly adapts to changing
market conditions and employs a holistic approach to energy pricing across time
and location.
Nitor Holding ApS was established through a non-cash contribution and operates
as a holding company. The primary objective of the company is to own and manage
equity investments and shareholdings in other enterprises. The company does not
engage in operational activities but focuses on the strategic ownership and
development of its portfolio companies.
Consolidated Financial Statements
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Management’s review (Continued)
Consolidated Financial Statements
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Management’s review (Continued)
Consolidated Financial Statements
6 | P a g e
Management’s review (Continued)
Consolidated Financial Statements
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Consolidated Financial Statements
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CVR No 33 77 12 31
Consolidated Financial Statements
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Company Information
The Company
-
CVR No: 45 07 08 67
Financial period: 1 January - 31 December
Municipality of reg. office: Aarhus
Executive Board
Simon Birch Hansen
Martin Busekist
Kjerkegaard
Christian Friederich Harr
Auditors
Consolidated Financial Statements
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Group Chart
Consolidated Financial Statements
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Consolidated overview
In thousands EUR
2024
2023
Net trading income (gross profit) 29,514
49,086
Operating profit before financial income and expenses and tax (EBIT)
17,428
36,220
Net financials
1,149
4,091
Profit before tax (EBT)
18,577
40,311
Profit for the year
14,684
31,330
Balance sheet
Total assets
237,962
201,699
Total equity
178,
732
161,955
Securities
74,194
48,585
Cash and cash equivalents
100,132
90,921
Cash flow statement
Cash flow from operating activities
34,072
(113,669)
Cash flow from investing activities
(24,699)
(16,544)
Cash flow from financing activities
(
162
)
(1,219)
Changes in cash and cash equivalents
9,211
(131,432)
Financial ratios
Scalability 59.0% 75.3%
Equity ratio
75.1%
80.3%
Return on equity (ROE) 16.4% 15.2%
Employees
Average number of employees 62
46
In connection with changes to accounting policies the comparative figures for 2020, 2021 and 2022 have not been restated for the group, the corresponding amounts for
these years can be observed in Nitor Energy A/S annual report. See the description under accounting policies.
Consolidated Financial Statements
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Consolidated Income statement
1 January – 31 December
In thousands EUR Notes 2024
2023
Net trading income 29,514
Other external expenses
(3,928 ) (3,741 )
Staff costs 3 (7,847 ) (7,797 )
Operating result before depreciation
and amortisation (EBITDA) 17,739
Depreciation and amortisation
(311 ) (328 )
Operating profit before financial
income and expenses (EBIT) 17,428
Financial income 4 3,226
Financial expenses 4 (2,077 ) (3,958 )
Profit before tax 18,577
Tax on profit for the year 5 (3,893 ) (8,981 )
Net profit for the year 14,684
Consolidated statement of other comprehensive
income
1 January – 31 December
In thousands EUR Notes
2024
2023
Profit for the year
Items that may be reclassified to profit or loss:
Cost of hedging
(221 ) -
Fair value adjustment related to current
asset investments
Gain/losses related to current asset
investment transferred to income
statement
(1,327 )
(3,332 )
Tax on fair value adjustment
(590 )
(506 )
Total comprehensive income
Total comprehensive income for the period is
attributable to:
Nitor Holding ApS
Non-controlling interests
Total
Consolidated Financial Statements
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Consolidated statement of financial position
As 31 December 2024
In thousands EUR Notes
2024
2023
Assets
Intangible assets 10 -
Property, plant and equipment 11 309
Right-of-use assets 8 2,680
Deposits
Total non-current assets 3,071
Inventories 9 12,007
Derivatives 14 418
Other receivables 7 3,359
Trade receivables 7 44,608
Prepaid expenses
Current asset investments 12 74,194
Cash and cash equivalents
Total current assets 234,891
Total assets 237,962
In thousands EUR Notes
2024
2023
Share capital 54
Reserves
Financial assets at FVOCI
(413 )
Cost of hedging reserve
(215 )
Retained earnings
Proposed dividend 8,382 -
Equity attributable to Nitor
Holding ApS 178,564
Non-controlling interest
Total equity 178,732
Lease liabilities
Deferred tax liabilities 6 1
Other liabilities
Total non-current liabilities 2,167
Corporation Tax
Derivatives 14 14,086
Lease liabilities 8 544
Trade payables
Other liabilities
Total current liabilities 57,063
Total liabilities 59,230
Total equity and liabilities 237,962
Consolidated Financial Statements
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Consolidated cash flow statement
1 January – 31 December
In thousands EUR Notes 2024
2023
Net Profit of the year 14,684
Adjustments 18 3,055
Change in working capital 18 24,065 (62,031 )
Interest received 4,197
Interest paid (2,290 ) (3,551 )
Income taxes paid (9,638 ) (89,460 )
Cash flow from operating activities
Purchase of property, plant and equipment (301 ) -
Fixed asset investments made (81 ) (4 )
Sale of current assets investments
(24,317 ) (16,540 )
Cash flow from investing activities (24,699 )
(16,544 )
Repayment of other long-term debt -
(1,057 )
Principal elements of lease payments (162 ) (162 )
Cash flow from financing activities (162 )
(1,219 )
In thousands EUR Notes 2024
2023
Cash flow for the year 9,211
(131,432 )
Cash and cash equivalents at the beginning
of the consolidation period 90,921
Cash and cash equivalents at end of
year 100,132
Consolidated Financial Statements
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Consolidated statement of changes in equity
1 January – 31 December 2024
In thousands EUR
Share
capital
Reserves
Financial assets
at FVOCI
Cost of hedging
reserve
Retained
earnings
Proposed
dividend
Non controlling
interest
Total equity
At 1 January 2024 54
Profit for the period -
Other comprehensive income -
Total comprehensive income -
(413 )
(215 ) 17,237 -
Transactions with owners in their capacity as
owners:
Dividend paid -
Dividend - - - - (8,382 ) 8,382 - -
Development cost for the year -
(62 ) (2,298 ) - 2,360 - - -
Total equity transactions -
(62 ) (2,298 )
(6,022 ) 8,382
As at 31 December 2024 54
(413 ) (215 )
Consolidated Financial Statements
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Consolidated statement of changes in equity
1 January – 31 December 2023
In thousands EUR
Share
capital
Reserves
Financial assets
at FVOCI
Cost of hedging
reserve
Retained
earnings
Proposed
Dividend
Non controlling
interest
Total equity
At 1 January 2023 54
Profit for the period -
Other comprehensive income -
(506 ) -
Total comprehensive income -
Transactions with owners in their capacity as
owners:
Dividend paid -
(120,838 ) -
Development for the year -
(87 ) -
Total equity transactions -
(87 )
(120,751 )
(120,838 )
As at 31 December 2023 54
Consolidated Financial Statements
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Notes to the consolidated financial
statements
Consolidated Financial Statements
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Note 1 Basis of preparation
Introduction
The consolidated financial statement of Nitor Holding ApS (the Parent Company),
and its subsidiaries (the Group) for the year ended December 31, 2024 were
authorized for issue in accordance with a resolution of the Executive Board on 11
June 2025.
The consolidated financial statements cover the Group consisting of Nitor Holding
ApS and its subsidiaries while the separate financial statements cover Nitor Holding
ApS.
Group restructuring and restatement of comparative
figures
In the consolidated financial statements, internal group restructurings involving
transfers of entities and assets between companies under common control are
accounted for using the predecessor method. Under this method, assets and
liabilities are recognised at their historical carrying amounts, and no goodwill is
recognised.
During the financial year 2024, the Group implemented an internal restructuring,
which included the transfer of shares in subsidiaries between entities under
common control. The restructuring was carried out to streamline the Group’s
structure and improve operational efficiency.
To ensure comparability of financial information, the comparative figures for 2023
have been restated to reflect the new group structure as if the restructuring had
taken place at the beginning of the comparative period presented. The restatement
has not affected the Group’s previously reported profit, equity, or cash flows.
Basis of preparation
The consolidated financial statements of the Group have been prepared in
accordance with International Financial Reporting Standards ‘IFRS’ as adopted by
the EU as well as additional the Danish disclosure requirements applying to entities
of reporting class C for large enterprises. The Group financial statements have been
prepared on a historical cost basis, except for the following:
Contracts for sale and purchase of gas, power and capacities not entered
into for the Group’s own use
Derivative financial instruments
Current asset investments
The preparation of consolidated financial statements requires the use of accounting
estimates which, by definition, will seldom equal the actual results. Management
also needs to exercise judgement in applying the company’s accounting policies.
This note provides an overview of the areas that involved a higher degree of
judgement 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 judgements is included in other
notes together with information about the basis of calculation for each affected line
item in the financial statements. In addition, this note also explains where there
have been actual adjustments this year as a result of an error and of changes to
previous estimates.
The primary consolidated financial statements items for which more significant
segment accounting estimates are applied are listed below:
Fair value estimates (Note 2)
Inventories (Note 9)
Financial Instruments (Note 13)
Additional description of management judgements and estimates made are
provided in the relevant notes.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and
interpretations have been published that are not mandatory for 31 December 2024
reporting periods and have not been early adopted by the Group. These standards,
amendments or interpretations are not expected to have a material impact on the
Group in the current or future reporting periods and on foreseeable future
transactions.
Consolidated Financial Statements
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Note 1 Basis of preparation (continued)
Basis of Consolidation
The consolidated financial statements include the financial statements of the
parent company and its subsidiaries. Subsidiaries are entities controlled by the
Group. Control exists when the Group is exposed to, or has rights to, variable
returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee.
Subsidiaries are consolidated from the date on which control is transferred to the
Group and are deconsolidated from the date that control ceases. Intra-group
balances, transactions, income, and expenses are eliminated in full on
consolidation.
The Group applies the acquisition method to account for business combinations in
accordance with IFRS 3. For transactions under common control, the Group
applies the predecessor method, whereby assets and liabilities are recognised at
their historical carrying amounts, and no goodwill is recognised.
Non-controlling interests are presented in the consolidated statement of financial
position within equity, separately from the equity attributable to the owners of the
parent. The share of profit or loss attributable to non-controlling interests is also
disclosed separately in the consolidated statement of profit or loss
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 are
presented in Thousand EUR which is the company’s functional and presentation
currency of the Group.
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 generally recognised in profit or loss. They are deferred in equity
if they are attributable to part of the net investment in a foreign operation.
Accounting policies:
Net trading income
The Group routinely enters into exchange traded sale and purchase transactions for
physical delivery of energy commodities. A considerable part of these 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 physical 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 Group’s expected sale, purchase 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 the Group’s activities.
Other operating income and expenses
Other operating income and other operating expenses comprise items of a
secondary nature to the main activities of the Group, including gains and losses on
the sale of intangible assets and property, plant and equipment.
Prepaid expenses
Prepayments comprise prepaid expenses concerning rent, insurance premiums and
subscriptions.
Consolidated Financial Statements
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Financial liabilities
Other debts are measured at amortised cost, substantially corresponding to
nominal value.
Transportation contracts are classified as own use contracts and recognised in
profit and loss at delivery. For loss given contracts these are written down to the
lower of net realisable value or cost, being the payments obligation to the
transportation system operator.
Cash flow
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.
Cash flows from operating activities
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
depreciation, amortisation and impairment losses, and provisions. Working capital
comprises current assets less short-term debt excluding items included in cash and cash
equivalent.
Cash flows from investing activities
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
Cash flows from financing activities comprise cash flows from the raising and
repayment of long-term debt as well as payments to and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise ”Overdraft facilities”. The cash flow statement
cannot be immediately derived from the published financial records.
Financial highlights
Explanation of financial ratios
Scalability
EBIT
Gross proit
Equity ratio
Total equity at year end
Total assets at year end
Return on equity
Net proit for the year x 100
Average equity
Note 2 Fair Value Estimates
Fair value
Fair value adjustments related to power and gas contracts.
Under IFRS, gains and losses arising from trading with energy commodity
derivatives including futures, options and certain forward sales and purchases are
to be excluded from revenue and presented separately. Likewise, contracts with a
past practice of settlement of contracts in net cash or other financial instruments
are also to be excluded from revenue and treated in accordance with IFRS 9
Financial instruments.
Given the nature of the Group’s business model and contracts with counterparties
all gains and losses arising from trading with energy commodity derivatives are
accounted for using IFRS 9 Financial instruments.
These valuation techniques maximise the use of observable market data where it is
available and rely as little as possible on entity specific estimates.
Other gains and losses arising from financial assets and financial liabilities
measured at fair value are disclosed in accordance with IFRS 7 in note 14.
Consolidated Financial Statements
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Note 3 Staff cost
In thousands EUR 2024
2023
Wages and salaries 6,976
7,305
Defined contribution plans 496
190
Social security costs 29
14
Other staff costs 346
288
Total 7,847
7,797
Average number of employees 62
Key management personnel compensation
Key Management personnel (others) is defined as the Executive Board. The
compensation paid or payables to key management personnel for employee services
is shown below.
The Executive Management team are not covered by any pension schemes.
In thousands EUR
Executive
board
Other key
management
Total
2024
Wages and salaries
533
- 533
Defined contribution plans -
-
-
Social security costs -
-
-
Other staff costs -
-
-
Total
533
-
533
In thousands EUR
Executive
board
Other key
management
Total
2023
Wages and salaries
403
- 403
Defined contribution plans
-
-
-
Social security costs
-
-
-
Other staff costs
-
-
-
Total
403
- 403
Accounting policies
Wages, salaries, social security contributions, pension contributions,
paid annual leave and sick leave, bonuses, and non-monetary benefits
are accrued in the year in which the associated services are rendered
by employees of the Company.
Consolidated Financial Statements
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Note 4 Financial Income and expenses
In thousands EUR 2024
2023
Financial expenses - Amortised cost
Interest expenses 205
333
Currency exchange loss 1,228
533
Other financial expenses 644
3,092
Total 2,077
3,958
In thousands EUR 2024
2023
Financial income - Amortised cost
Interest income 1,742
2,331
Currency exchange gain 72
2,386
Other financial income 4,441
3,332
Total 6,255
8,049
Accounting policies
Financial income and costs comprise interest income and costs;
impairment, payables and transactions denominated in foreign
currencies; realised gains and losses on securities; amortisation of
financial assets and liabilities; interests on leasing agreements; bank
charges and fees etc. Also included are realised and unrealised gains
and losses on derivative financial instruments that are not designated
as hedges.
Consolidated Financial Statements
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Note 5 Tax
In thousands EUR 2024
2023
Current tax
Current tax on profits for the year 4,715
9,515
Adjustment to current tax concerning previous
years
(217) -
Changes in deferred tax (14) (28)
Total
4,484
9,487
Reconciliation of effective tax rate
In thousands EUR
ETR in %
2024
ETR in %
2023
Calculated 22% on profit before tax 22%
4,087
22% 8,868
Non-taxable income and non-deductible
expenses
0%
23
0% 105
Adjustments concerning previous years -1%
(217)
0% 8
Total 21%
3,893
22%
8,981
Tax on fair value adjustment
(other comprehensive income)
590
506
Total taxes
4,484
9,487
Accounting policies
Tax for the year consists of current tax and deferred tax,
including adjustments to previous years and changes in
provision for uncertain tax positions. The tax attributable to the
profit for the year is recognised in the income statement,
whereas the tax attributable to equity transactions is recognised
directly in equity. The tax expense relating to items recognised
in other comprehensive income is recognised in other
comprehensive income.
Current tax liabilities and receivables are recognised in the
balance sheet at the amounts calculated on the taxable income
for the year adjusted for tax on taxable incomes for prior years
and for taxes paid on account.
Consolidated Financial Statements
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Note 6 Deferred Tax
In thousands EUR 2024
2023
Deferred tax
Deferred tax at the beginning of period 15
43
Deferred tax recognised in the statement of
profit or loss (14) (28)
Deferred tax at year end 1
15
Deferred tax relates to:
Intangible assets 0 17
Property, plant and equipment 7 (3)
Right-of-use assets 590 0
Lease liabilities (596) (0)
Total 1
15
Of which presented as deferred tax liabilities 1 15
Accounting policies
Deferred 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 financial statements Deferred 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 tax asset is realized, or the
deferred tax liability is settled.
Consolidated Financial Statements
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Note 7 Receivables
In thousands EUR 2024
2023
Trade receivables from contracts 44,608
19,011
Other receivables
3,359
5,322
Loss Allowance -
-
Net trade receivables 47,967
24,333
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 16 for a description of the expected credit losses and risks regarding trade
receivables.
Accounting policies
Trade receivables
Trade receivables are amounts due from the settlement of
commodity contracts as part of the ordinary course of business.
Trade receivables are recognized initially at the amount of
consideration that is outstanding. The group subsequently
measure trade receivable at amortized cost less allowance for
lifetime expected credit losses.
The Group 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 other external expenses. Subsequent
recoveries of amounts previously impaired are recognized as a
reduction of costs against the same line item.
Other receivables
Other receivables consist of deposits related to trading,
receivable VAT and miscellaneous receivables. Other receivables
are measured at amortized cost. Deposits represent the amount
of cash required for trading positions with certain counterparties
Consolidated Financial Statements
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Note 8 Leases
In thousands EUR
2024 2023
Amounts recognized in the balance sheet
Right-of-use assets:
Properties and buildings 2,680
242
2,680
242
Additions to the right-of-use assets
Lease liabilities:
Current 544
86
Non-current 2,166
163
2,710
249
Amounts recognized in the income
statement
The income statement shows the following
amounts relating to leases:
Interest expense on lease liabilities -7 -15
Depreciation charge of right-of-use assets,
properties -186 -182
-193
-197
Total cash outflows for leases
- 162
-162
Accounting policies
Leases
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 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.
Property contracts are typically made for one to five years but may have
extension and termination options.
Consolidated Financial Statements
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Note 9 Inventories
In thousands EUR 2024
2023
Gas Storage 14,981
28,195
Adjustment from fair value hedging (2,973) (5,720)
Total Inventories 12,007
22,475
Inventories consist of gas intended for resale. The expenses associated with the gas trading
inventories are recognized as ‘Net trading’ in the income statement. Inventories recognised as
an expense during 2024 amounted to TEUR 38,580 (2023 TEUR: 59,865).
The gas inventory exposes the group to the risk of changes in the fair value due to changes in
the spot price of gas in a given period. The group is actively using forward contracts to hedge
positions, until inventory is expected to be depleted, and mitigate market risk related to the
long positions. Hedging transactions will continuously be reassessed to ensure the storage is
hedge sufficiently.
The fair value changes of hedge instruments recognised in the Income statement amount to
TEUR 4,362. There were no write-down of inventories to net realizable value during 2024
and 2023.
The hedging ratios are determined as the notional value of the hedge instrument divided by
the notional value of the hedge item. The Group seeks to establish hedge relationships with a
hedging ratio of 1:1. Due to the nature of the hedge items risk, this will be possible by either
designating a proportion of the hedge instrument or the hedge notional value being equal or
lower of the hedge items notional value.
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,
furthermore the cost of hedging reduce the ineffective part find elaboration in the accounting
policy.
Accounting policies
Inventories
Inventories comprise gas used for trading. Inventories are measured at the lower of
cost under the weighted average method adjusted for 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 operations with deduction of selling expenses. The net realisable
value is determined allowing for marketability, obsolescence and development in
expected selling price.
Judgement
Determining the measurement method of gas trading inventories require
management to make judgements. Management uses significant judgement when
determining whether the Group acts as a broker-trader. In this assessment,
management takes into consideration both characteristics of the sales contracts
entered into, the frequency and volumes of gas trading and the strategic use of the
gas trading inventory. Evaluating all the facts and circumstances relating to the gas
trading inventories, the Group does not act as a broker-trader and gas trading
inventories are consequently measured at historic cost. The carrying amount of gas
trading inventory as per the balance sheet date amount to TEUR 12,007 (2023:
22,475).
Consolidated Financial Statements
28 | P a g e
Note 9 Inventories (continued)
The below table shows the profile of the notinal amount of the hedge instruments:
In thousands EUR
Notional amount in m³
Less than 1
month 1 to 3 months
after 3
months
Commodity forward contracts as at 31
December 2024 4,871 4,934 -
Commodity forward contracts as at 31
December 2023 10,532 12,802 -
Accounting policies
Hedging
At the inception of a hedge relationship, the Group formally designates and
documents the hedge relationship and the risk management objective and strategy
for undertaking the hedge.
The Group hedge the fair value of the gas inventory, where changes in the fair value
of derivatives that are designated and qualify as fair value hedges are recorded in the
income statement, together with any changes in the fair value of the gas inventory
that are attributable to changes in the gas spot price.
The gain or loss relating to the effective portion of hedge instrument is recognised in
the income statement, together with changes in the fair value of the hedged gas
inventory attributable to changes in the spot gas price. The gain or loss relating to the
ineffective portion is recognised in the income statement within Net trading income.
Cost of hedging
The changes in the forward element of the gas forward contract and the time value of
the forwards that relate to hedged items are deferred in the costs of hedging reserve.
Gains or losses relating to the effective portion of the change in the spot component
of the forward contracts are recognised in the hedge reserve within equity. The change
in the forward element of the contract that relates to the hedged item (‘aligned
forward element’) is recognised within OCI in the costs of hedging reserve within
equity.
The Group designates only the spot element of forward contracts as a hedging
instrument. The forward element is recognised in OCI and accumulated in a separate
component of equity under cost of hedging reserve. The changes in the forward
element of forward contracts are amortized over the period from entering the contract
to commencement of delivery.
Consolidated Financial Statements
29 | P a g e
Note 10 Non-current intangible assets
In thousands EUR
Completed
development
projects
Total
Cost at 1 January 2024 363
363
Transfers (356) (356)
At 31 December 2024
7
7
Accumulated depreciation and impairment:
At 1 January 2024 284
284
Depreciation for the year 7
7
Transfers
(284) (284)
At 31 December 2024
7
7
Carrying amount 31 December 2024 0
0
The carrying amount of completed software and development projects primarily relates to IT
Software
In thousands EUR
Completed
development
projects
Total
Cost at 1 January 2023 363
363
At 31 December 2023
363
363
Accumulated depreciation and impairment:
At 1 January 2023 167
167
Depreciation for the year 117
117
At 31 December 2023
284
284
Carrying amount 31 December 2023 79
79
Accounting policies
Completed development projects
Completed development project, primarily development of IT software, are recognised
as non-current intangible assets if the following criteria can be demonstrated:
The completion for use or sale is technically feasible.
There is intent to complete and use or sell the asset.
The entity can use or sell the asset.
The asset will likely generate future economic benefits, either through a
market or internal use.
Adequate resources are available to complete and utilize the asset.
Expenditures during development can be reliably measured
Accounting policies
Amortisation
The amortisation of capitalised development projects starts after the
completion of the development project and is recognised on a straight-line
basis over the expected useful life, which normally is 3-5 years, but in certain
cases up to 10 years.
Consolidated Financial Statements
30 | P a g e
Note 11 Property, plant and Equipment
In thousands EUR
Other fixtures,
fittings and
equipment Total
Cost at 1 January 2024
131
131
Additions
301 301
Transfers
356
356
At 31 December 2024
788
788
Accumulated depreciation and impairment:
At
1 January 2024
89
89
Amortisation charge
284
284
Depreciation for the year
106
106
At 31 December 2024
479
479
Carrying amount 31 December 2024
309
309
In thousands EUR
Other fixtures,
fittings and
equipment Total
Cost at 1 January 2023 131 131
At 31 December 2023
131
131
Accumulated depreciation and impairment:
At 1 January 2023
59
59
Amortisation charge
30
30
At 31 December 2023
89
89
Carrying amount 31 December 2023
42
42
Accounting policies
Other fixtures, fittings and equipment are measured at cost less
accumulated depreciation and impairment losses.
The cost comprises the acquisition price and other costs directly
attributable to preparing the asset for its intended use. The present value
of estimated costs for dismantling and disposing of assets as well as
restoration costs are added to the cost if such costs are recognised as
provisions. Material borrowing costs directly attributable to the
construction of the individual asset are also added to cost.
If the individual components of an asset have different useful lives, each
component will be depreciated separately.
Subsequent costs, such as partial replacement of Other
fixtures, fittings
and equipment, are included in the carrying amount of the asset in
question when it is probable that such costs will result in future economic
benefits.
The carrying amount of the replaced parts is disposed from the statement
of financial position and recognised in the statement of profit or loss.
Depreciation is carried out on a straight-line basis over the expected useful
lives of the assets. The expected useful lives of the overall asset categories
are as follows:
Other fixtures, fittings and equipment 3 – 5 years
Consolidated Financial Statements
31 | P a g e
Note 12 Current asset investments
In thousands EUR
Gains/(losses)
recognized in profit or
loss
Gains/(losses)
recognized in other
comprehensive
income
Fair value
2024
Listed bonds 1,327 1,003 42,293
Investment funds 0 1,900 31,901
Total value
1,327
2,903
74,194
In thousands EUR
Gains/(losses)
recognized in profit or
loss
Gains/(losses)
recognized in other
comprehensive
income
Fair value
2023
Listed bonds 3,332 2,298 48,585
Investment funds - - -
Total value
3,332
2,298
48,585
Listed bonds are traded in an active market and the valuation is based on quoted market prices at the end of the reporting period (categorized within level 1 of the fair value hierarchy).
The investment funds are measured at fair value using valuations of net asset value provided by external portfolio managers (categorized within level 2 of the fair value hierarchy).
These investments funds' investments strategies are known as well as general principles for valuation and are primarily on the basis of observable investments such as listed bonds and
swaps, hence the fair value is based observable inputs (level 1) as investments. The recognition is based on the formalized process for reporting valuation which has been implemented
by the investment funds.
Management’s key assumptions for using the value reported by the funds include reviews of reports for the fund’s underlying investments together with the fund, including the
performance of the underlying investments at investment level and the risks associated with the investments.
Consolidated Financial Statements
32 | P a g e
Note 13 Financial Instruments
In thousands EUR 2024
2023
Financial assets measured at amortised cost
Cash and cash equivalents 100,132
90,921
Deposits 82
79
Trade receivables 44,608
19,011
Other receivables 3,359
5,322
Total assets measured at amortised cost 148,181
115,333
Financial assets measured at fair value through profit and loss
Derivatives
418
14,772
Total assets measured at fair value through profit and
loss 418
14,772
Financial assets measured at fair value through other
comprehensive income
Current asset investments 74,194
48,585
Total assets measured at fair value through
comprehensive income 74,194
48,585
Financial liabilities measured at amortised cost
Lease liabilities 2,710
249
Trade payables 34,136
11,129
Other payables 3,497
10,466
Total liabilities measured at amortised cost
40,343
21,844
Financial liabilities measured at fair value through profit and
loss
Derivatives
14,086
7,909
Total liabilities measured at fair value through profit
and loss
14,086
7,909
Financial Assets:
Due to the short-term nature of financial assets measured at amortised cost, their carrying
amount is considered to be the same as fair value.
Financial Instruments
The Group's exposure to various risks associated with the financial instruments are disclosed
in note 15.
Consolidated Financial Statements
33 | P a g e
Note 14 Fair value
The Group hold derivatives which is measured at fair value. Derivative in the Group mainly
consist of commodity and foreign exchange derivatives that are traded as part of the Group's
ordinary business activity.
The Group hold the following types of derivatives:
Power derivatives
Gas derivatives
Foreign currency derivatives
Current asset investments
Exchange traded Carbon Emission Allowance Futures
Fair value hierarchy
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.
Level 1
When the fair value measurement of financial instruments traded in active markets (such as
publicly traded derivatives, and shares) is based on quoted market prices at the end of the
reporting period. The quoted market price for financial instruments held by the Group is
measured on the bid price at the end of the reporting period. These instruments are included
in level 1.
Exchange-traded derivatives as well as foreign exchange contracts are valued using closing
prices provided by the exchanges at the balance sheet date. These derivatives are categorized
within level 1 of the fair value hierarchy. Exchange-traded derivatives are typically considered
settled through the payment or receipt of variation margin.
Level 2
When the fair value measurement of financial instruments is based on observable input either
directly (i.e., as prices) or indirectly (i.e., derived from prices), other than quoted prices, these
instruments are classified as level 2.
Derivatives which are measured based on forward curves are classified as level 2 instruments.
These valuation techniques maximise the use of observable market data where it is available
and rely as little as possible on entity specific estimates. If all significant inputs required to
calculate the fair value of an instrument are observable, the instrument is included in Level 2.
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 within
level 2 of the fair value hierarchy.
Accounting policies
The Group routinely enters into exchange traded sale and purchase
transactions for physical delivery of gas and power commodities. A
considerable part of these transactions for physical delivery of a non-
financial item is net settled before the delivery date. The Group does not
distinguish between net-settled energy commodity contracts entered into
for physical delivery and for net- settlement. Consequently, all energy
commodity contracts are considered within the scope of IFRS 9 and are
measured at fair value on initial recognition and subsequently measured
at fair value through profit and loss.
Current asset investments
Current asset investments consist of listed bonds, investment funds and
Exchange traded Carbon Emission Allowance Futures, that are
recognised initially at their fair value and subsequently measured based
on the purpose for holding. As the Group hold the investments with the
purpose of obtaining the contractual cashflow and as part of the liquidity
resources, they are subsequent measured at fair value through other
comprehensive income. The fair value are accumulated within the FVOCI
reserve within equity. The accumulated changes in fair value are
transferred to profit or loss when the investment is derecognised or
impaired.
Consolidated Financial Statements
34 | P a g e
Note 14 Fair value (continued)
Level 3
Financial instruments categorized within Level 3 of the fair value hierarchy include non-listed
shares, other securities and certain derivative instruments where observable market data is
unavailable. These valuations rely on inputs that are not based on observable market data,
requiring the use of internal models, discounted cash flow techniques, or comparable market
data. Such methods are adjusted to reflect the unique characteristics of the specific asset or
liability, ensuring that the valuation aligns with fair value principles.
As shown in the fair value hierarchy, the Group does not have any assets or liabilities classified
at Level 3.
The below table sets out the fair value hierarchy for assets and liabilities measured at fair
value in the balance sheet:
In thousands EUR
Level 1 Level 2 Level 3 Total
2024
Power derivatives
-
114
-
114
Gas derivatives
-
304
-
304
Current asset investments
32,286 41,908
-
74,194
Financial assets 32,286
42,326
-
74,612
Power derivatives
-
2
-
2
Gas derivatives
-
13,267
-
13,267
Foreign currency derivatives
818 -
-
818
Financial liabilities
818
13,269
-
14,087
Accounting policies
Derivatives
The Group’s main business activity is to engage in trading with power
and gas commodities, with the use of financial and non-financial
contracts.
At inception, the financial contracts are classified as derivatives when the
contract is based upon an underlying commodity or currency, and which
is net settled in the future.
At inception, the non-financial contracts are classified as derivatives
when the contract have a net settlement option or the Group has a
practice of net settlement by entering offsetting contracts, and the
contracts does not me the own use requirement.
The Group routinely enters into non-financial contracts with the physical
delivery of gas and power commodities. A considerable part of these
transactions for physical delivery of a non-financial item is net settled
before the delivery date. The Group does not distinguish between net-
settled energy commodity contracts entered into for physical delivery
and for net-settlement. Consequently, all energy commodity contracts
are classified as derivative contracts.
Financial and non-financial contracts classified as derivatives are
initially recognised at their fair value and subsequently measured at fair
value through profit and loss.
At inception, the Group determines the purpose of the derivative and
either classify them as trading or hedging instruments. The instruments
classified as hedge instruments are disclosed in note 17.
Derivatives classified as trading instruments, are presented as current
assets and liabilities regardless of their contractual maturity. Other
derivatives are presented based on their contractual maturity. Derivates
that has a positive fair value are offset with derivatives with negative fair
values when the Group have a legally enforceable right and the intent to
net settle the derivatives. The offset amounts are disclosed in note 9.
Consolidated Financial Statements
35 | P a g e
Note 14 Fair value (continued)
In thousands EUR
Level 1
Level 2
Level 3
Total
2023
Power derivatives
-
1,329
-
1,329
Gas derivatives
-
17,588
-
17,588
Foreign currency derivatives
115
-
-
115
Current asset investments
48,585
-
-
48,585
Financial assets
48,700
18,917
-
67,617
Power derivatives
-
3,258
-
3,258
Gas derivatives
-
4,768
-
4,768
Foreign currency derivatives
89
-
-
89
Financial liabilities 89
8,026
-
8,115
Consolidated Financial Statements
36 | P a g e
Note 15 Financial risk management
Financial risk refers to the risk of financial loss resulting from various factors that can impact
our financial stability and performance. In our trading operations, we face several types of
financial risks, including:
Market risk
Credit risk
Liquidity risk
Effective management of these risks is crucial to ensuring our long-term success and stability.
Market risk
Market risk refers to the risk of financial loss resulting from adverse movements in market
prices, exchange rates, and counterparty creditworthiness. In our trading operations, we face
market risk from price volatility in natural gas and power, fluctuations in foreign exchange
(FX) rates, and credit risk from both exchanges and over-the-counter (OTC) counterparties.
Commodity price risk
Trading natural gas and power exposes our entity to market risks due to price volatility and
fluctuations in supply and demand. These risks can impact our cash flows and profitability in
several ways:
Price Volatility: Sudden changes in gas and power prices can lead to unpredictable
revenue streams and affect our trading margins. High volatility can result in gains
or losses, impacting our overall financial performance.
Supply and Demand Fluctuations: Variations in supply due to geopolitical events,
weather conditions, or infrastructure issues can disrupt market stability. Similarly,
changes in demand driven by economic factors or seasonal variations can affect
prices and trading volumes.
Cash Flow Impact: Volatile prices can lead to increased margin calls and liquidity
requirements, affecting our cash flow management. This can necessitate additional
financing or adjustments in our trading strategies to maintain liquidity.
Risk Assessment and Evaluation
We assess market risk through a comprehensive risk management framework that includes:
Quantitative Models: These models help us quantify the potential loss in value of
our trading positions due to market movements over a specified period. These
models provide a statistical measure of risk exposure and helps us evaluate
whether the risk is significant.
Stress Testing: We conduct regular stress tests to simulate extreme market
conditions and assess the impact on our portfolio. This helps us understand the
potential consequences of adverse market events and prepare mitigation strategies
Scenario Analysis: By analysing different market scenarios, we evaluate the
potential outcomes and their impact on our financial performance. This allows us
to identify and manage risks proactively
Policies Regarding the Size of the Risk
Our risk management policies are designed to limit our exposure to market risks and ensure
financial stability:
Risk Limits: We establish risk limits for our trading positions based on our
quantitative models and stress test results. These limits are regularly reviewed and
adjusted to reflect changes in market conditions and our risk appetite.
Hedging Strategies: We employ hedging strategies using derivatives and other
financial instruments to mitigate price risk. This includes forward contracts,
options, and swaps to lock in prices and reduce exposure to market fluctuations.
Liquidity Management: We maintain sufficient liquidity to meet margin calls and
manage cash flow requirements. This involves monitoring our liquidity position
and ensuring access to financing options when needed.
FX Risk
FX risk can impact our cash flows and profitability due to fluctuations in exchange rates. Our
FX risk management policies are designed to minimize exposure and ensure financial
stability:
Mandatory Hedging: Business teams are required to hedge their FX exposures with
our internal treasury team. This policy ensures that all FX risks are managed
centrally and consistently
Predefined Limits: The treasury team aggregates FX exposures and hedges them in
the market once they reach predefined limits. These limits are set based on our risk
appetite and market conditions, ensuring that we maintain control over our FX risk
exposure
Internal all business teams hedge their exposure immediately and automatically when trading
with the Treasury team. The Treasury team has strict limits in place with respect to their
exposure and hedge their exposure once the exposure reaches the internal limits. Generally,
we keep our exposure below 1 MEUR equivalent with trading major currencies like GBP and
USD and below 0,1 MEUR when trading smaller currencies like CZK, HUF.
Consolidated Financial Statements
37 | P a g e
Note 15 Financial risk management (continued)
Sensitivity by commodity
Through the quantitative models used for our risk limits, we estimate an overall Value at Risk
position for Nitor as a whole. This is done by converting all positions across time and
commodities to Front-Month TTF Natural Gas equivalents and then by taking the 1% most
extreme price change to the Front-Month TTF gas price and evaluating the effect of such a
price change to the estimated TTF-position.
In thousands EUR 2024
2023
VaR 2,059
1,035
Governance and Compliance
Our risk management framework is governed by strict policies and procedures to ensure
compliance with regulatory requirements and industry best practices. Regular audits and
reviews are conducted to ensure adherence to these policies.
Our entity is exposed to foreign exchange (FX) risks due to trading activities involving
multiple currencies. These exposures arise from transactions in foreign currencies, including
purchases, sales, and financing activities. The primary currencies we are exposed to include
USD, EUR, GBP, and other regional currencies relevant to our trading operations in Europe.
Credit risk
Credit risk refers to the risk of financial loss resulting from a counterparty's inability to meet
its contractual obligations. In our trading operations, we face credit risk from both exchanges
and over-the-counter (OTC) counterparties.
Impact on Operations and Financial Stability
Credit risk can impact our operations and financial stability in several ways:
Default Risk: The risk that a counterparty may default on its obligations, leading to
financial losses and disruptions in trading activities.
Credit Exposure: The potential loss arising from the credit exposure to
counterparties, which can affect our cash flows and profitability.
Reputational Risk: The risk of reputational damage if we engage with
counterparties that fail to meet their obligations, affecting our market credibility
and stakeholder trust.
Risk Assessment and Evaluation
We assess credit risk through a structured approach that includes:
Know Your Customer (KYC) Procedures: Conducting thorough KYC procedures to
verify the identity and credibility of OTC counterparties. This involves collecting
and analysing relevant information to ensure compliance with regulatory
requirements and mitigate risks associated with fraudulent activities.
Credit Assessments: Performing detailed credit assessments to evaluate the
financial health and creditworthiness of counterparties. This includes analysing
financial statements, credit ratings, and other relevant indicators to determine the
risk of default.
Monitoring News and Market Developments: Continuously monitoring news and
market developments to stay informed about any changes in the credit profile of
our counterparties. This helps us identify potential risks early and take proactive
measures to mitigate them.
Policies and Strategies for Managing Credit Risk
Our credit risk management policies are designed to minimize exposure and ensure financial
stability:
Credit Limits: Establishing credit limits for each counterparty based on their credit
assessments and risk profile. These limits are regularly reviewed and adjusted to
reflect changes in market conditions and counterparty creditworthiness.
Collateral Management: Requiring counterparties to provide collateral to secure
their obligations. This helps mitigate the risk of default and ensures that we have
recourse in case of non-payment.
Diversification: Diversifying our counterparty portfolio to reduce concentration
risk and limit exposure to any single counterparty. This involves engaging with a
broad range of counterparties across different markets and regions.
Governance and Compliance: Our credit risk management framework is governed
by strict policies and procedures to ensure compliance with regulatory
requirements and industry best practices. Regular audits and reviews are
conducted to ensure adherence to these policies.
Liquidity risk
Liquidity risk refers to the risk that our entity may not be able to meet its short-term financial
obligations due to insufficient cash flow or access to funding. This risk can arise from various
factors, including market volatility, unexpected cash outflows, or disruptions in funding
sources.
Consolidated Financial Statements
38 | P a g e
Note 15 Financial risk management (continued)
Impact on Operations and Financial Stability
Liquidity risk can have significant implications for our operations and financial stability:
Operational Disruptions: Insufficient liquidity can hinder our ability to execute
trades, meet margin calls, and fulfil contractual obligations, potentially leading to
operational disruptions and financial losses.
Financial Stability: A lack of liquidity can affect our creditworthiness, increase
borrowing costs, and limit our ability to invest in growth opportunities, impacting
our overall financial health and stability.
Risk Assessment and Evaluation
We assess liquidity risk through a comprehensive approach that includes:
Scenario Analysis: Conducting regular scenario analysis to evaluate our liquidity
position under various market conditions and stress scenarios. This helps us
identify potential liquidity shortfalls and prepare contingency plans to address
them.
Cash Flow Forecasting: Monitoring and forecasting cash flows to ensure that we
have sufficient liquidity to meet our short-term and long-term obligations. This
involves analysing cash inflows and outflows, including trading activities, financing
needs, and operational expenses.
Liquidity Ratios: Utilizing key liquidity ratios, such as the current ratio and quick
ratio, to assess our ability to meet short-term liabilities with available liquid assets.
Policies and Strategies for Managing Liquidity Risk
Our liquidity risk management policies are designed to ensure that we maintain adequate
liquidity at all times:
Liquidity Buffers: Maintaining sufficient liquidity buffers, including cash reserves
and access to credit lines, to meet unexpected cash outflows and market volatility.
These buffers are regularly reviewed and adjusted based on our risk appetite and
market conditions.
Trading Adjustments: Adjusting our trading strategies to ensure we always have
sufficient liquidity. This includes managing the size and timing of trades,
optimizing collateral management, and ensuring that we have access to liquid
markets.
Diversified Funding Sources: Ensuring access to diversified funding sources,
including bank credit lines, to enhance our liquidity position and reduce reliance
on any single funding source.
Governance and Compliance
Our liquidity risk management framework is governed by strict policies and procedures to
ensure compliance with regulatory requirements and industry best practices. Regular audits
and reviews are conducted to ensure adherence to these policies.
Consolidated Financial Statements
39 | P a g e
Note 16 Financial Assets and liabilities
In thousands EUR
Within 1
year
1-5
years
Over 5
years
Total
contractual
cash flow
Carrying
amount
2024
Non
-
derivative financial assets
Cash and cash equivalents
100,132 -
-
100,132 100,132
Trade receivables 44,608 -
-
44,608 44,608
Other receivables and current
assets 3,359 -
-
3,359 3,359
Derivative financial assets
Power derivatives 114 -
-
114 114
Gas derivatives 285
19 -
304 304
Total Financial assets
148,498
19
-
148,517
148,517
Non-derivative financial liabilities
Trade payables 34,136 -
-
34,136 34,136
Lease liabilities 2,710 -
-
2,710 2,710
Other payables 3,580 -
-
3,580 3,580
Derivative financial
liabilities
Power derivatives
2 -
-
2 2
Gas derivatives 10,346 2,921 -
13,267 13,267
Foreign currency derivatives 818 -
-
818 818
Total Financial liabilities
51,592
2,921
-
54,513
54,513
The amounts disclosed in the following table are the contractual undiscounted cash
flows. Balances due within 12 months equal their carrying balances as the impact of
discounting is not significant.
In thousands EUR
Within 1
year
1-5
years
Over 5
years
Total
contractual
cash flow
Carrying
amount
2023
Non
-
derivative financial assets
Cash and cash equivalents 90,921 -
-
90,921 90,921
Trade receivables 19,011 -
-
19,011 19,011
Other receivables and current assets 5,322 -
-
5,322 5,322
Derivative financial assets
Power derivatives 1,329 -
-
1,329 1,329
Gas derivatives 17,588 -
-
17,588 17,588
Foreign currency derivatives 115 -
-
115 115
Total Financial assets
134,286
-
-
134,286
134,286
Non-derivative financial liabilities
Trade payables 11,129 -
-
11,129 11,129
Lease liabilities 86 86 -
172 248
Other payables 9,802 -
-
9,802 9,802
Derivative financial liabilities
Power derivatives 3,258 -
-
3,258 3,258
Gas derivatives 4,768 -
-
4,768 4,768
Foreign currency derivatives 89 -
-
89 89
Total Financial liabilities
29,132
86
-
29,218
29,294
Consolidated Financial Statements
40 | P a g e
Note 17 Offsetting financial assets and financial
liabilities
Financial assets and 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 recognised amounts,
and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously.
The following table presents the recognised financial instruments that are offset, or subject to
enforceable master netting arrangements and other similar agreements but not offset. The
column ‘net amount’ shows the impact on the Company’s balance sheet if all set-off rights
were exercised.
Effects of offsetting on the balance sheet
Related amount not offset
Gross amounts
Gross amounts offset in the
balance sheet
Net amounts
presented in the
balance sheet
Cash collateral
(received/pledged)
Net amount
2024
Financial assets
Cash and Cash Equivalents
100,132
-
100,132
-
100,132
Trade
receivables
285,590
(240,982)
44,608
(3,343)
41,265
Other financial assets
3,776
-
3,776
-
3,776
Derivatives held for trading
104,732
(104,314)
418
5,727
6,145
Total financial assets
493,813
(
345,296
)
148,517
2,384
150,901
Financial Liabilities
Trade payables
275,11
8
(240,982)
34,136
(2,659)
31,477
Other payables
3,
497
-
3,497
-
3,497
Derivatives held for trading
118,474
(104,388)
14,086
(13,937)
149
Total financial liabilities
397,
089
(345,370)
51,
719
(16,596)
35,
123
Consolidated Financial Statements
41 | P a g e
Note 17 Offsetting financial assets and financial
liabilities (continued)
Effects of offsetting on the balance sheet
Related amount not offset
Gross amounts
Gross amounts offset in
the balance sheet
Net amounts presented in the
balance sheet
Cash collateral
(received/pledged)
Net amount
2023
Financial assets
Cash and Cash Equivalents 87,293
3,628
90,921
-
90,921
Trade receivables 123,560
(104,549)
19,011
7,103
26,114
Other financial assets 36,569
(31,247)
5,322
-
5,322
Derivatives held for trading 16,347
(1,575)
14,772
4,167
18,939
Total financial assets 263,769
(133,743) 130,026
11,270
141,296
Financial Liabilities
Trade payables 115,678
(104,549)
11,129
(4,084)
7,045
Other payables 40,583
(30,807)
9,776
-
9,776
Derivatives held for trading 6,296
1,613
7,909
-
7,909
Total financial liabilities 162,557
(133,743) 28,814
(4,084) 24,730
Consolidated Financial Statements
42 | P a g e
Note 18 Cash flow specifications
In thousands EUR 2024
2023
Change in current liabilities, such as trade
payables, deferred income, etc 22,880 (75,568)
Change in receivables (9,282) 24,182
Change in inventories 10,467 (10,645)
Change in working capital 24,065 (62,031)
In thousands EUR 2024
2023
Financial income (3,226) (8,049)
Financial expenses 2,077 3,958
Depreciations, amortisation and impairment
losses 311 329
Tax on profit/Loss of the year 3,893 8,981
Other adjustments 108
Adjustments 3,055 5,327
Consolidated Financial Statements
43 | P a g e
Note 19 Fees to auditors appointed at the Annual
General Meeting
In thousands EUR 2024
2023
PwC
Audit fees 78
37
Other assurance engagements 8
8
Tax and VAT advice 8
4
Non-audit services
196
2
Total 288
51
Fees for services other than the statutory audit of the financial statements provided by
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark consist of
IFRS conversion, Group restructuring and filling in annual report including other assurance
opinions and agreed-upon procedures, as well as tax and accounting advice.
Note 20 Contingent liabilities, commitments and
contingencies
Guarantee obligation
In thousands EUR 2024 2023
The Company has placed payment guarantees to
counterparties to meet standard requirements related to
credit risk
16,388
12,530
Guarantees issued by banks on behalf of the Company
amounts to
80,570
53,175
Commitments
As a part of the main activities the Group has entered into contracts with counterparties
whereof contractual commitments amount to TEUR 10,061 (2023: TEUR 33,834). All
contracts run between 0-34 months (2023: 0- 46 months). Contractual commitments relate
to power and gas derivatives that have been recognized in the balance sheet.
Other contingent liabilities
The Danish 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 4,800. Moreover, the Danish 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 Group’s liability.
Consolidated Financial Statements
44 | P a g e
Note 21 Capital Management
Capital Management 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 and
leverage ratio that is compliant with covenants and sufficient to operate in the current and
future market conditions. This will primarily be achieved through future results. The solvency
ratio on December 31, 2024 amounted to 75.1% (December 31, 2023: 80.3%). Furthermore
scenario testing is performed on an ongoing basis to evaluate the sensitivity of capital
management.
Note 22 Subsequent events
After the end of the financial year, no events have occurred which could significantly affect
the company's financial position.
Note 23 Related party transactions
Nitor holding ApS has no related parties with control of the Group and no related parties with
significant influence other than Key management personnel defined as the executive board.
Information about renumeration to key management personnel has been disclosed in note 3.
Name of entity
Type
Place of business
Nitor Holding ApS
Ultimate parent company
Aarhus
Nitor Energy A/S Subsidiaries Aarhus
NEINV ApS
Subsidiaries
Aarhus
Nitor Energy Inc. Subsidiaries US
Consolidated Financial Statements
45 | P a g e
Note 24 Share Capital
Share capital 2024
Number of
shares
Nominal value
DKK
Ordinary shares at 1 January
400,000
400,000
Ordinary shares at 31 December
400,000
400,000
Share capital 2023
Number of
shares
Nominal value
DKK
Ordinary shares at 1 January
400,000
400,000
Ordinary shares at 31 December
400,000
400,000
Dividend TEUR per share
2024 2023
Total dividend paid out for the year
-
0.3021
Total dividend proposed for the year 0.20
96
-
Common Shares
Common Shares represent the residual ownership interest in the Company and are entitled to
distributions. The company has no capital increase during the year.
The Parties are not obliged to make any additional capital contributions into the Company
nor shall they be obliged to guarantee or be obliged to secure in any other way the fulfilment
of the Company’s obligations. For the avoidance of doubt the Investor is to deliver a
guarantee whereby the Investor provide satisfactory security to the Company's financing
partners to fulfil and meet the financing partners' requests for issuing financial instruments
on recognized marketplaces.
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.
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.
Consolidated Financial Statements
46 | P a g e
NITOR Holding ApS
Parent Company
Parent Financial Statements
47 | P a g e
Parent Income statement
1. January – 31 December
In thousands EUR Notes 2024
Gross profit/loss
(50)
Income from investment in subsidiaries 16,880
Financial income 2 213
Financial expenses (280)
Profit before tax 16,763
Tax on profit for the year 3 14
Net profit for the year 16,777
Parent Financial Statements
48 | P a g e
Parent statement of financial position
As 31 December 2024
In thousands EUR Notes
2024
Assets
Investment in subsidiaries 5 84,617
Receivables from group
enterprises
10,167
Financial fixed assets 94,784
Total non-current assets 94,784
Corporation Tax
14
Current asset investment 6 65,367
Cash and cash equivalents
19,496
Total current assets 84,877
Total assets 179,661
In thousands EUR Notes
2024
Share capital 54
Retained earnings
171,108
Proposed dividend 8,382
Total equity 179,544
Intercompany payable
13
Other liabilities
104
Total current liabilities
117
Total liabilities
117
Total equity and liabilities 179,661
Parent Financial Statements
49 | P a g e
Parent statement of changes in equity
1 January – 31 December 2024
In thousands EUR Share capital Share premium Retained earnings
Proposed dividend
Total equity
At 1 January 2024 -
-
-
-
-
Establishment through non-cash
contribution 54 161,817 -
-
161,871
Profit for the period -
- 16,777
-
16,777
Transfer of share premium to retained
earnings - (161,817) 161,817
-
-
Other equity movements 896
896
Dividend -
-
(8,382)
8,382
-
As at 31 December 2024
54
-
171,108
8,382
179,544
Parent Financial Statements
50 | P a g e
Notes to the Parent financial statements
Parent Financial Statements
51 | P a g e
Note 1 Basis of preparation
Basis of preparation
The separate financial statements of the Parent Company have been prepared in
accordance with provisions of the Danish Financial Statements Act applying to
medium eneterprises of reporting class C.
The separate financial statements have been prepared on a historical cost basis.
The separate financial statements are presented in Euro (EUR) and all values are
rounded to the nearest thousand, except when otherwise indicated.
With reference to section 86(4) of the Danish Financial Statements Act and to the
cash flow statement included in the consolidated financial statements of Nitor
Holding ApS, the Company has not prepared a cash flow statement.
Restructuring
During the financial year 2024, the Company implemented an internal
restructuring, which included the transfer of shares in subsidiaries between entities
under common control. The restructuring was carried out to streamline the
Group’s structure and improve operational efficiency.
Recognition and measurement
Value adjustments of financial assets and liabilities measured at fair value or
amortised cost are recognised. All expenses incurred to achieve the earnings for the
year are recognised in the income statement, including depreciation, amortisation,
impairment losses and provisions as well as reversals due to changed accounting
estimates of amounts that have previously been recognised in the income
statement.
Assets are recognised in the balance sheet when it is probable that future economic
benefits attributable to the asset will flow to the Parent Company, and the value of
the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is probable that future
economic benefits will flow out of the Parent Company, and the value of the
liability can be measured reliably.
Assets and liabilities are initially measured at cost. Subsequently, assets and
liabilities are measured as described for each item below.
Foreign currency translation
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 generally recognised in profit or loss. They are deferred in equity
if they are attributable to part of the net investment in a foreign operation.
Accounting policies:
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 cost
Financial income and costs comprise interest income and costs; impairment,
payables and transactions denominated in foreign currencies; realised gains and
losses on securities; amortisation of financial assets and liabilities; bank charges
and fees etc.
Parent Financial Statements
52 | P a g e
Note 1 Basis of preparation (continued)
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 Parent 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.
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.
Current assets investments
Current asset investments, which consist of listed bonds, shares and investment
funds, are measured at their fair values at the balance sheet date.
Current tax receivables and liabilities
Current tax receivables and liabilities are recognised in the balance sheet at the
amount calculated on the basis of the expected taxable income for the year adjusted
for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if
there is a legally enforceable right of set-off and an intention to settle on a net basis
or simultaneously.
Share capital
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.
Financial liabilities
Other debts are measured at amortised cost, substantially corresponding to
nominal value.
Parent Financial Statements
53 | P a g e
Note 2 Financial Income
In thousands EUR 2024
Financial income - Amortised cost
Other financial income 86
Financial income intercompany 127
Total 213
Note 3 Tax
In thousands EUR 2024
Current tax
Current tax on profits for the year (14)
Total
(14)
Note 4 Staff cost
Average number of employees in Nitor Holding ApS is 0.
Note 5 Investment in subsidiaries
In thousands EUR
Investments in
subsidiaries
Cost at 1 January 2024 161,871
Additions for the year 13
Disposals for the year (16,191)
Cost 31 December 2024
145,693
Value adjustments at 1 January 2024
Net profit for the year 16,880
Received dividends
(85,000)
Other equity movements (2,423)
Disposals for the year 7,506
Value adjustments at 31 December 2024
(63,036)
Carrying amount 31 December 2024
82,657
Impairment intercompany receivables
1,960
Value of investments in subsidiaries total
84,617
Investments in subsidiaries are specified as follows:
Name of entity Country of incorporation
Ownership
interests
Nitor Energy A/S DK 97.3%
NEINV ApS DK 73%
Parent Financial Statements
54 | P a g e
Note 6 Current asset investments
In thousands EUR
Gains/(losses)
recognized in profit or
loss
Fair value
Listed bonds 141
33,466
Investment funds (366) 31,901
Total value
(225)
65,367
Listed bonds are traded in an active market and the valuation is based on quoted market
prices at the end of the reporting period (categorized within level 1 of the fair value
hierarchy).
The investment funds are measured at fair value using valuations of net asset value provided by
external portfolio managers (categorized within level 2 of the fair value hierarchy). These
investments funds' investments strategies are known as well as general principles for valuation
and are primarily on the basis of observable investments such as listed bonds and swaps, hence
the fair value is based observable inputs (level 1) as investments. The recognition is based on
the formalized process for reporting valuation which has been implemented by the investment
funds.
Management’s key assumptions for using the value reported by the funds include reviews of
reports for the fund’s underlying investments together with the fund, including the
performance of the underlying investments at investment level and the risks associated with the
investments.
Parent Financial Statements
55 | P a g e
Note 7 Contingent liabilities, commitments and
contingencies
Guarantee obligation
In thousands EUR 2024
The Parent Company has provided a limited surety bond of
TEUR 160,000 for Nitor Energy A/S credit institutions. The
total obligation per. 31 December 2024 amounts to:
44,152
The Parent Company has placed payment guarantees to
counterparties to meet standard requirements related to
credit risk
22,604
Other contingent liabilities
The companies are jointly and severally liable for tax on the jointly taxed incomes etc. of the
Company. The total amount of corporation tax payable is disclosed in the Group Financial
Statements. Moreover, the 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 Subsequent events
After the end of the financial year, no events have occurred which could significantly affect
the company's financial position.
Note 9 Related party transactions
Nitor holding ApS has no related parties with control of the Group and no related parties with
significant influence other than Key management personnel defined as the executive board.
Transactions
The Company has chosen only to disclosure transactions which have not been made on an
arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements.
Consolidated Financial Statements
The Company is included in the Group Annual Report of the Parent Company of the largest
and smallest Group:
Nitor Holding ApS, Aarhus
Subsidiares
Name of entity
Ownership
Place of business
Nitor Energy A/S
97.3%
Aarhus
NEINV ApS
73%
Aarhus
Nitor Energy Inc.
100%
US