Consolidated Financial Statements
NITOR HOLDING ANNUAL REPORT
Consolidated Financial Statements
1
Contents
Management’s Statement and Auditor’s Report
Management’s Statement 2
Independent Auditor’s Report 3
Management’s review
Company information 5
Group Chart 6
Consolidated overview 7
Management’s review 7
Consolidated financial Statements
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
Parent financial Statements
Parent Income Statement 46
Parent Statement of financial position 47
Parent Statement of changes in equity 48
Notes to the Parent Financial Statements 50
Management’s Statement and Auditor’s Report
Consolidated Financial Statements
2
Executive Board
Consolidated Financial Statements
3
Consolidated Financial Statements
4
CVR No 33 77 12 31
mne26783
mne34341
Consolidated Financial Statements
5
Managemen t’s review
Company information
The Company Nitor Holding ApS
CVR No: 45 07 08 67
Financial period: 1 January - 31 December 2025
Municipality of reg. office: Aarhus
Executive Board Simon Birch Hansen
Martin Busekist Kjerkegaard
Christian Friedrich Harr
Auditors PricewaterhouseCoopers
Consolidated Financial Statements
6
Group Chart
Consolidated Financial Statements
7
Consolidated overview
In thousands EUR
2025 2024 2023
Net trading income (gross profit)
58,692
29,514
49,086
Operating profit before financial income and expenses and tax (EBIT) 36,725 17,428 36,220
Net financials 1,456 1,149 4,091
Profit before tax (EBT) 38,181 18,577 40,311
Profit for the year 29,686 14,684 31,330
Balance sheet
Total assets 308,976 237,962 201,699
Total equity 205,822 178,732 161,955
Investment in property, plant and equipment 0 301 42
Cash flow statement
Cash flow from operating activities 64,739 34,072 (113,669)
Cash flow from investing activities
(20,123)
(24,699)
(16,544)
Cash flow from financing activities (7,747) (162) (1,219)
Changes in cash and cash equivalents
36,869
9,211
(131,432)
Financial ratios
Scalability
62.6%
59.0%
75.3%
Equity ratio 66.6% 75.1% 80.3%
Return on equity (ROE)
15.4%
8,6%
15.2%
Employees
Average number of employees 71 62 46
The Group was established
in the financial year 2023, accordingly, no comparative figures
for 2022
-
2021
are presented
in the consolidated
financial statements.
Consolidated Financial Statements
8
Management’s review
Culture remains our cornerstone
In 2025, our primary focus has been to continue scaling the organization while pre-
serving and strengthening the cultural foundation that defines Nitor.
During the year, we grew from 75 to 88 employees (year-end headcount). Notably,
56% of new employees consist of newly graduated professionals. This reflects a de-
liberate strategy: We believe that long-term competitive advantage is built not only
through experience, but through developing talent within the Nitor way of thinking
from the very beginning. To support this, we have maintained a structured focus
on culture throughout the year. One of the core initiatives has been our weekly
culture lunches, where one of the founders meets with a small group of 4–5 em-
ployees. These sessions create an open forum to discuss Nitor’s DNA, decision-
making principles, and the behaviors that define how we approach markets and
each other.
Scaling with purpose
To further strengthen our organizational platform, we welcomed Jesper Vinter
Christensen as CFO in Nitor Energy, effective as of 1 August 2025. With more than
10 years of industry experience, Jesper brings valuable insight to both the financial
and operational dynamics of energy trading. His addition represents an important
step in maturing our leadership structure and ensuring that our financial founda-
tion evolves in line with the increasing complexity and scale of our activities.
Alongside the strengthening of our leadership team, we expanded our commercial
scope in 2025 by introducing Asset Management services to our portfolio. This in-
cludes a targeted focus on Balancing Agreements. With the continued growth of
renewable generation and the increasing importance of flexibility in energy mar-
kets, we see Asset Management as a natural extension of our core capabilities. Our
expertise in short-term market dynamics positions us well to support asset owners
in optimizing value across increasingly complex market structures. 2025 was also
the year in which we gained our first valuable experience in US power trading. This
initial exposure has validated our ability to operate effectively in the market, and
we are now prepared to scale our activities further by expanding into additional
trading models and geographical areas in the US.
While these business areas are still in the early stages, we expect them to develop
into meaningful contributors in the coming years, both strategically and financially.
Asset Management strengthens our ability to build long-term partnerships and in-
troduces more structurally recurring revenue streams, while our progress in US
power trading expands our global footprint and broadens the opportunities in a
large and liquid market where we can leverage our core strengths and build a
scalable foundation for future growth.
Executive summary
In 2025, Nitor achieved an EBT of TEUR 38,181, compared to TEUR 18,577 in 2024. As
of 31 December 2025, the balance sheet reflects an equity position of TEUR 205,822.
The overall result for the year was within the mid-range of the expectations man-
agement had at the beginning of 2025, and management considers the perfor-
mance satisfactory given the evolving market conditions.
Our primary profit drivers remained our core focus areas: Short-term gas and
power trading in Central Western Europe. Throughout the year, we were able to
capitalize on several shifts in market scenarios, enabling us to convert changing
dynamics into profitable opportunities.
Financial risks
The main risk categories and mitigation hereof are covered in note 15.
2026 outlook
The management expects price and market volatility to increase compared to
2025. For 2026, earnings before tax (EBT) are expected to be in the range of TEUR
60,000 and 80,000.
Main activities
Nitor Group is a data-driven energy trading house. Combining extensive market
experience with state-of-the-art proprietary software developed and continuously
refined in-house, a lean organization, and smart capital deployment, we aim to
innovate energy trading for the sake of the green transition and consumers. Nitor
was founded with a pioneering spirit and visionary spirit, and we apply this mindset
actively 24/7 across most gas and power markets in Central and Western Europe
Consolidated Financial Statements
9
and the UK. With a strong team spirit at our core, we challenge, execute, and al-
ways strive to improve.
Nitor Holding ApS’ primary objective 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
10
Consolidated Financial Statements
11
Consolidated Financial Statements
12
Consolidated fin ancial State ments
Consolidated Income Statement
1 January – 31 December
In thousands EUR Note 2025 2024
Net trading income 58,692 29,514
Other external expenses (5,187 ) (3,928 )
Staff costs 3 (16,035 ) (7,847 )
Operating result before depreciation and
amortisation 37,470 17,739
Depreciation and amortisation (745 ) (311 )
Operating profit before financial income and
expenses (EBIT) 36,725 17,428
Financial income 4 2,950 3,226
Financial expenses 4 (1,494 ) (2,077 )
Profit before tax (EBT) 38,181 18,577
Tax on profit for the year 5 (8,495 ) (3,893 )
Net profit for the year 29,686 14,684
Consolidated Statement of other comprehensive income
1 January – 31 December
In thousands EUR Note 2025 2024
Profit for the year 29,686 14,684
Items that may be reclassified to profit or loss:
Cost of hedging (1,124 ) (221 )
Reclassification of cost of hedging to profit or
loss 221 -
Fair value changes on financial assets at FVOCI 8,953 4,231
Reclassification of gains/losses on financial as-
sets from OCI to profit or loss (632 ) (1,327 )
Tax on OCI adjustment (1,632 ) (590 )
Total other comprehensive income
Total comprehensive income 35,472 16,777
Total comprehensive income for the period is
attributable to:
Nitor Holding ApS 34,838 16,609
Non-controlling interests 634 168
Total 35,472 16,777
2,093 5,786
Consolidated Financial Statements
13
Consolidated Statement of financial position
As 31 December 2025
In thousands EUR Note 2025 2024
Assets
Intangible assets 10 116 -
Property, plant and equipment 11 156 309
Right-of-use assets 8 2,341 2,680
Deposits 13 1,205 82
Deferred tax assets
6
Total non-current assets 4,098 3,071
Inventories 9 20,331 12,007
Derivatives 14 19,515 418
Other receivables 7 3,531 3,359
Trade receivables 7 26,207 44,608
Prepaid expenses
Current asset investments 12 98,279 74,194
Cash and cash equivalents 13 137,001 100,132
Total current assets 304,878 234,891
Total assets 308,976 237,962
In thousands EUR Note 2025 2024
Share capital 54 54
Reserves 90 188
Financial assets at FVOCI 7,908 (413 )
Cost of hedging reserve
(1,118 ) (215 )
Retained earnings
Equity attributable to Nitor Holding ApS 206,133 178,564
Non-controlling interest (311 ) 168
Total equity 205,822 178,732
Lease liabilities 8 1,466 2,166
Deferred tax liabilities 6 - 1
Other liabilities 13 1,071 -
Total non-current liabilities 2,537 2,167
Corporation Tax
Derivatives 14 4,741 14,086
Lease liabilities 8 508 544
Trade payables 13 75,653 34,136
Other liabilities 13 8,261 3,497
Total current liabilities 100,617 57,063
Total liabilities 103,154 59,230
Total equity and liabilities 308,976 237,962
Consolidated Financial Statements
14
Consolidated Cash flow Statement
1 January – 31 December
In thousands EUR Notes 2025 2024
Net Profit of the year 29,686 14,684
Adjustments 18 8,060 3,054
Change in working capital 18 28,221 24,065
Interest received
Interest paid
(1,149 ) (2,290 )
Income taxes paid
(3,896 ) (9,638 )
Cash flow from operating activities 64,739 34,072
Purchase of property, plant and equipment - (301 )
Fixed asset investments made
(1,123 ) -
Purchase of current asset investment
(41,930 ) (24,398 )
Sale of current assets investments 22,930
Cash flow from investing activities (20,123 ) (24,699 )
Raising of other long-term debt 1,071 -
Dividend paid (8,179 )
Principal elements of lease payments (638 ) (162 )
Cash flow from financing activities (7,747 ) (162 )
In thousands EUR Notes 2025 2024
Cash flow for the year 36,869 9,211
Cash and cash equivalents at the beginning of
the financial year
Effects of exchange rate changes on cash and
cash equivalents
Cash and cash equivalents at end of year 137,001 100,132
Consolidated Financial Statements
15
Consolidated Statement of changes in equity
1 January – 31 December 2025
In thousands EUR
Share capital
Reserves
Financial assets at
FVOCI
Cost of hedging re-
serve
Retained
earnings
Non controlling in-
terest
Total equity
At 1 January 2025 54
Profit for the period -
Other comprehensive income -
Total comprehensive income -
Other equity transactions - - - - 911 (911 ) -
Development cost for the year -
(98 ) - - 98 - -
Transactions with owners in their capacity as owners:
Dividend paid
Total equity transactions
(98 )
(7,171 )
(1,113 )
(8,382 )
As at 31 December 2025 54 90 7,908 (1,118 ) 199,199 (311 ) 205,822
Consolidated Financial Statements
16
Consolidated Statement of changes in equity
1 January – 31 December 2024
In thousands EUR
Share capital
Reserves
Financial assets at
FVOCI
Cost of hedging re-
serve
Retained
earnings
Non controlling in-
terest
Total equity
At 1 January 2024 54
Profit for the period -
Other comprehensive income -
Total comprehensive income -
Development cost for the year -
(62 ) (2,298 ) - 2,360
Transactions with owners in their capacity as owners:
Dividend paid -
Total equity transactions -
(62 ) (2,298 ) -
As at 31 December 2024 54
(413 )
(215 ) 178,950
Consolidated Financial Statements
17
Notes to the Consolidated Financial Statements
Consolidated Financial Statements
18
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, 2025 were au-
thorized for issue in accordance with a resolution of the Executive Board on 24
April 2026.
The consolidated financial statements cover the Group consisting of Nitor Holding
ApS and its subsidiaries while the separate financial statements cover Nitor Hold-
ing ApS.
Basis of preparation
The consolidated financial statements of the Group have been prepared in ac-
cordance 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 consolidated 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 account-
ing estimates which, by definition, will seldom equal the actual results. Manage-
ment also needs to exercise judgement in applying the Group’s accounting poli-
cies.
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 ad-
justed due to estimates and assumptions turning out to be wrong. Detailed infor-
mation 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 consolidated 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 pro-
vided in the relevant notes.
Implementation of new standards, amendments, and inter-
pretations
The Group has implemented the amendments to IAS 21 Foreign Exchange Rates
effective for financial years beginning on or after 1 January 2025. The amendment
provides guidance on determining exchange rates when a currency is not ex-
changeable.
The implementation of new standards and amendments effective for 2025 has not
had a material impact on the Consolidated Financial Statements.
New standards and interpretations not yet adopted
The IASB has issued a number of new standards and amendments that are not yet
effective and have not been applied in these financial statements. The following
standards are considered relevant to the Group:
Amendments to IFRS 7 and IFRS 9 regarding classification and measure-
ment of financial instruments and contracts referencing nature-depend-
ent electricity (effective 1 January 2026)
Annual improvements to IFRS standards (effective 1 January 2026)
IFRS 18 Presentation and Disclosure in Financial Statements (effective 1
January 2027)
IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1
January 2027)
Consolidated Financial Statements
19
Note 1 Basis of preparation (continued)
Amendments to IAS 21 relating to translation in hyperinflationary econo-
mies (effective 1 January 2027)
The Group is currently assessing the impact of these standards and amendments
but does not expect them to have a material effect on its financial statements.
Basis of Consolidation
The consolidated financial statements include the financial statements of the par-
ent 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 bal-
ances, 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 ap-
plies 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 consolidated financial statements of Nitor Holding ApS 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 (TEUR) which is the Group’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 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. All 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 recog-
nition 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.
If 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. There has been no trans-
actions which is not considered "failed own use”.
Other external expenses
Other external expenses comprise expenses for subscriptions, licenses, other ad-
ministrative expenses as well as office expenses, etc.
Consolidated Financial Statements
20
Note 1 Basis of preparation (continued)
Prepaid expenses
Prepayments comprise prepaid expenses concerning insurance premiums, and
subscriptions.
Financial liabilities
Other debts are measured at amortised cost, substantially corresponding to nom-
inal 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 trans-
portation 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 begin-
ning 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 ad-
justed 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 dis-
posals 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 re-
payment of long-term debt as well as payments to and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprise ”Cash at bank and deposits held at financial
institutions” and ”Overdraft facilities”.
Financial highlights
Explanation of financial ratios
Scalability
EBIT
Net trading income
Equity ratio
Total equity at year end
Total assets at year end
Return on equity
Net profit for the year
Average equity
Note 2 Fair value estimates
Fair value adjustments related to power and gas contracts.
Under IFRS, gains and losses arising from trading with energy commodity deriva-
tives, 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 Fi-
nancial 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 meas-
ured at fair value are disclosed in accordance with IFRS 7 in note 14.
Consolidated Financial Statements
21
Note 3 Staff costs
Key management personnel compensation
Key Management personnel are defined as the Executive Board. The compensa-
tion paid or payables to key management personnel for employee services is pre-
sented in the table.
The Board of Directors and Executive Management team are not covered by any
pension schemes.
In thousands EUR
2025
2024
Wages and salaries
14
,
588
6,976
Defined contribution plans
856
496
Social security costs
34
29
Other staff costs
5
57
346
Total
1
6
,03
5
7,847
Average number of employees 71
In thousands EUR
Executive
board
Board of
directors
Other key
management
Total
2025
Wages and salaries 495 - - 495
Defined contribution plans
-
-
-
-
Social security costs - - - -
Other staff costs
-
-
-
-
Total
495
-
-
495
In thousands EUR
Executive
board
Board of
directors
Other key
manage-
ment
Total
2024
Wages and salaries
533
-
-
533
Defined contribution plans -
-
-
-
Social security costs
-
-
-
-
Other staff costs -
-
-
-
Total
533
-
-
5
33
Accounting policies
Wages, salaries, social security contributions, pension contributions, paid an-
nual leave and sick leave, bonuses, and non-monetary benefits are accrued
in the year in which the associated services are rendered by employees of the
Group.
Consolidated Financial Statements
22
Note 4 Financial income and expenses
In thousands EUR
2025
2024
Financial income
Interest income
2,318
1,815
Currency exchange gain
-
85
Total amortised cost
2,318
1,900
Financial assets at fair value through profit or
loss
Gain on asset investments
632
1,327
Total FVPL
632
1,327
Total financial income
2,950
3,226
In thousands EUR
2025
2024
Financial expenses
Interest expenses
1,0
15
205
Currency exchange loss
2
48
1,228
Other financial expenses
231
644
Total
amortised cost
1,
494
2,077
Total financial expenses
1,4
94
2,077
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; interests on leasing agreements; bank charges and
fees etc. Also included are realised and unrealised gains and losses on de-
rivative financial instruments that are not designated as hedges.
Consolidated Financial Statements
23
Note 5 Tax
In thousands EUR
2025 2024
Current tax
Current tax on profits for the year 11,324 4,715
Adjustment to current tax concerning previous years (916) (217)
Changes in deferred tax (1,197) (14)
Adjustment to deferred tax concerning previous years 916 -
Total 10,127 4,484
Reconciliation of effective tax rate
In thousands EUR
ETR in %
2025
ETR in %
2024
Calculated 22% on profit before tax 22% 8,400
22% 4,087
Adjustment of tax to local tax rate com-
pared with group tax rate of 22%
0% 3 0% -
Non-taxable income and non-deductible
expenses
0% 91 0% 23
Adjustments concerning previous years 0% 1 -1% (217)
Total 22% 8,495 21% 3,893
Tax on fair value adjustment
(other comprehensive income)
22% 1,632 22% 590
Total taxes 22% 10,127 22% 4,484
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 eq-
uity. The tax expense relating to items recognised in other comprehensive in-
come 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
24
Note 6 Deferred tax
In thousands EUR 2025 2024
Deferred tax
Deferred tax at the beginning of period
1
15
Adjustment to deferred tax concerning previous years 91
6
-
Deferred tax recognised in the statement of
profit or loss (1,197
)
(14)
Deferred tax at year end (280
)
1
Deferred tax relates to:
Intangible assets
25
-
Property, plant and equipment
(12)
7
Right-of-use assets 51
4
590
Lease liabilities (434)
(596)
Inventories (373
)
-
Total (280
)
1
Of which presented as deferred tax liabilities 1
Of which presented as deferred tax assets 2
80
Accounting policies
Deferred tax is provided in full, using the liability method, on temporary dier-
ences 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
25
Note 7 Receivables
In thousands EUR
202
5
202
4
Trade receivables from contracts
2
6
,
207
44,608
Other receivables
3,531
3,359
Loss Allowance
-
-
Total receivables 29,738
47,967
Due to the short-term nature of the current receivables, their carrying amount is consid-
ered to be the same as their fair value.
At 31 December 2025, no material loss allowance was recognised (2024 no loss allow-
ance). Further information on credit risk management, collateral and netting arrange-
ments is provided in note 15.
Accounting policies
Trade receivables
Trade receivables are amounts due from the settlement of commodity
contracts in the ordinary course of business. Trade receivables are rec-
ognized initially at the amount of consideration outstanding and are
subsequently measured at amortised cost less allowance for expected
credit losses.
The Group applies the IFRS 9 simplified approach and measures the
loss allowance for trade receivables at an amount equal to lifetime ex-
pected credit losses. Expected credit losses are assessed based on his-
torical loss experience, ageing, known counterparty-specific circum-
stances, collateral positions and forward-looking information where
relevant. Receivables are written o when there is no reasonable ex-
pectation of recovery.
A receivable is considered to be in default when it is unlikely that the
counterparty will settle its obligation in full without recourse to collat-
eral or other credit enhancement.
Impairment losses on trade receivables are presented as net impair-
ment 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
26
Note 8 Leases
In thousands EUR
2025 2024
Amounts recognized in the balance sheet
Right-of-use assets:
Properties and buildings 2,341 2,680
Total 2,341 2,680
Lease liabilities:
Current 508 544
Non-current 1,466 2,166
Total 1,974 2,710
Amounts recognized in the income statement
The income statement shows the following
amounts relating to leases:
Interest expense on lease liabilities
(39)
(7)
Depreciation charge of right-of-use assets, prop-
erties
(593)
(186)
Total
(632)
(193)
Total cash outflows for leases
(638)
(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 exercis-
ing 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 li-
ability 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 be-
fore the commencement date less any lease incentives received. Right-
of-use assets are depreciated over the lease term on a straight-line ba-
sis.
Property contracts are typically made for one to five years but may
Consolidated Financial Statements
27
Note 9 Inventories
In thousands EUR
202
5
202
4
Gas Storage
21,97
3
8,058
Adjustment from fair value hedging
(1,
642
)
3,949
Total Inventories 20,331
12,007
Inventories consist of gas intended for resale. The expenses associated with the gas trad-
ing inventories are recognized as ‘Net trading’ in the income statement. Inventories rec-
ognised as an expense during 2025 amounted to TEUR 57,942 (2024 TEUR: 38,580).
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 the holding period. The Group is actively using forward
contracts to hedge positions, until inventory is expected to be sold, and mitigate market
risk related to the long positions. Hedging transactions will continuously be reassessed to
ensure the position remains appropriately hedged. The hedge relationships are desig-
nated in accordance with IFRS 9 and reflect the Group’s documented risk management
strategy.
The cumulative fair value hedge basis adjustment included in inventories on 31 December
2025 and the fair value changes of the spot component of hedge instruments recognised
in the income statement amount to TEUR -1,642 (2024: TEUR 3,949). The change in fair
value of the hedged inventory attributable to the hedged risk recognised in profit or loss
was TEUR 2,550 (2024: TEUR -2,592). No write-downs of inventories to net realisable value
were recognised in 2025 and 2024, as the inventories were fully hedged.
Hedge effectiveness and risk management
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. Consistent with risk management, designations may use a pro-
portion of the forward to avoid over-hedging; otherwise a 1:1 notional is applied.
The economic relationship between the hedged item and the hedging instrument is as-
sessed by critical terms match in the designated spot price component of gas with the
spot leg of the forward over the hedge term and by confirming that credit risk does not
dominate value changes. Hedge relationships are designated on a rolling daily basis as
inventory exposures arise and are aligned with the expected depletion profile. The hedge
ratio is monitored daily and rebalanced when necessary.
Hedge relationships are discontinued when the related inventory is sold.
Hedge ineffectiveness (e.g., location basis differences, timing mismatches between in-
ventory depletion and forward settlement, and credit-related valuation effects) was not
material during the period and is recognised in profit or loss within Net trading.
Accounting policies
Inventories
Inventories comprise gas used for trading. Inventories are measured at the lower
of cost (weighted average) and net realisable value. The net realizable value of in-
ventories is calculated at the amount expected to be generated by sale of the in-
ventories 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 manage-
ment to make judgements. Management uses significant judgement when deter-
mining whether the Group acts as a broker-trader (IAS 2.3(b)). 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 (IAS 2.3(b)) and gas
trading inventories are consequently measured at historic cost.
Consolidated Financial Statements
28
Note 9 Inventories (continued)
Hedging instruments:
In thousands EUR
202
5
202
4
Carrying amoun
t (current asset)
2
0,33
1
12,007
Notional amount
599
,730
254,160
Maturity date
January 2026 –
March 202
6
January 2025 –
February
2025
Hedge ratio 1:1 1:1
Weighted average strike rate for
outstanding hedging instruments
32
(EUR/MWh)
3
9
(EUR/MWh)
Accounting policies
Hedging
For inventories designated in a fair value hedge of commodity price risk, the car-
rying amount is adjusted for changes in fair value attributable to the hedged risk
(basis adjustment). When such inventories are sold, the basis adjustment aects
profit or loss in the same line item as the related inventory expense (e.g., Net trad-
ing).
At the inception of a hedge relationship, the Group formally designates and doc-
uments the hedge relationship and the risk management objective and strategy
for undertaking the hedge.
The Group hedges the fair value of the gas inventory. Changes in the fair value of
the hedging instrument’s spot component are recognised in profit or loss; changes
in the fair value of the hedged inventory attributable to the hedged risk are rec-
ognised as a basis adjustment to inventory with a corresponding amount in profit
or loss.
When a hedging instrument matures or is terminated without rollover, when the
relationship no longer meets the qualifying criteria and cannot be restored by re-
balancing, or when the risk management objective changes.
Hedge ineectiveness is recognised in profit or loss within Net trading.
Cost of hedging
The Group designates only the spot element of forward contracts as a hedging
instrument. The forward element/time value aligned to the hedge is recognized in
Other comprehensive income within the cost of hedging reserve and is amortised
to profit or loss on a systematic basis over the hedge term (time-period-related
hedge).
Consolidated Financial Statements
29
Note 10 Intangible assets
Software projects
In thousands EUR
2025 2024
Cost at 1 January
7 363
Additions 116 -
Transfers - (356)
At 31 December 123 7
Accumulated depreciation and impairment:
At 1 January 7 284
Depreciation for the year -
7
Transfers
- (284)
At 31 December 7 7
Carrying amount 31 December
116
0
The carrying amount of Software projects relates to IT software under devel-
opment.
Accounting policies
Software projects
Software projects, 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 as-
set.
Expenditures during development can be reliably measured.
Amortisation
The amortisation of capitalised development projects starts after the com-
pletion of the development project and is recognised on a straight-line ba-
sis over the expected useful life, which normally is 3-5 years, but in certain
cases up to 10 years.
Consolidated Financial Statements
30
Note 11 Property, plant and equipment
Other fixtures, fittings and
equipment
In thousands EUR
2025 2024
Cost at 1 January
788
131
Additions
0
301
Transfers
0
356
At 31 December
788
788
Accumulated depreciation and impairment:
At 1 January
479
89
Amortisation charge
0
284
Depreciation for the year
153
106
At 31 December
632
479
Carrying amount 31 December
156
309
Accounting policies
Other fixtures, fittings, and equipment are measured at cost less accu-
mulated depreciation and impairment losses.
The cost comprises the acquisition price and other costs directly attribut-
able to preparing the asset for its intended use. The present value of es-
timated costs for dismantling and disposing of assets as well as restora-
tion 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 dierent 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 ques-
tion when it is probable that such costs will result in future economic ben-
efits.
The carrying amount of the replaced parts is disposed from the state-
ment 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
Note 12 Current asset investments
In thousands EUR
2025 2024
2025
Listed bonds 31,079 39,289
Investment funds 67,200 31,901
Exchange traded Carbon
Emission Allowance Futures
0 3,004
Fair value
98,279 74,194
Gains/(losses) recognized
in profit or loss (Unrealized)
8,321 4,231
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 hierar-
chy).
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 valua-
tion 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 recogni-
tion 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 perfor-
mance of the underlying investments at investment level and the risks associated with the
investments.
Accounting policies
Current asset investments comprise listed bonds, investment funds and ex-
change traded Carbon Emission Allowance Futures held as part of the
Group’s treasury and investment activities.
Financial assets are recognised initially at fair value on the trade date and
are subsequently measured at fair value through other comprehensive in-
come.
Changes in fair value are recognised in other comprehensive income, except
for interest income, impairment and foreign exchange gains and losses,
which are recognised in profit or loss under financial income and expenses.
Upon disposal, cumulative gains and losses previously recognised in other
comprehensive income are reclassified to profit or loss.
Current asset investments are classified as current assets where they are ex-
pected to be realised within 12 months after the reporting date.
Consolidated Financial Statements
32
Note 13 Financial instruments
In thousands EUR
2025 2024
Financial assets measured at amortised cost
Cash and cash equivalents
1
16,370
83,735
Cash in margin call
20,631
16,397
Deposits 1,205 82
Trade receivables
26,207
44,608
Other receivables
3,
531
3,
359
Total assets measured at amortised cost
16
7,944
1
48,181
Financial assets measured at fair value through profit and loss
Derivatives
19,515
418
Total assets measured at fair value through profit and loss
19,515
418
Financial assets measured at fair value through other compre-
hensive income
Current asset investments
98,279
74,194
Total assets measured at fair value through comprehensive
income 98,279
74,194
Financial liabilities measured at amortised cost
Lease liabilities
1,974
2,710
Trade payables
75,
6
33
34,136
Other liabilities
9,
332
3,
497
Total liabilities measured at amortised cost
8
6,
939
4
0,343
Financial liabilities measured at fair value through profit and loss
Derivatives
4,741
14,086
Total liabilities measured at fair value through profit and loss
4,741
14,086
Due to the short-term nature of financial assets and liabilities measured at amortised cost,
their carrying amount is considered to be the same as fair value.
Further information on fair value measurement is provided in note 14, risk exposures in note
15 and contractual maturities in note 16.
Consolidated Financial Statements
33
Note 14 Fair value
The Group measures the following financial instruments at fair value
:
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 consolidated finan-
cial instruments that are recognized and measured at fair value through profit and loss in the
consolidated 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 catego-
rized within level 1 of the fair value hierarchy. Exchange-traded derivatives are typically con-
sidered collateralised 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 classified as level 2 instruments are measured based on forward curves.
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 con-
tracts including commodity forwards are generally valued using readily available infor-
mation in the public markets and, if necessary, quotations provided by brokers and price in-
dex developers. These quotes are corroborated with market data and are predominately
categorized within level 2 of the fair value hierarchy.
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
2025
Power derivatives
-
560
-
560
Gas derivatives
-
18,955
-
18,955
Current asset investments
72,798
25,481
-
98,279
Financial assets
72,798 44,996
-
117,794
Power derivatives
-
860
-
860
Gas derivatives
-
3,879
-
3,879
Foreign currency derivatives
2
-
-
2
Financial liabilities
2
4,739
-
4,741
Consolidated Financial Statements
34
Note 14 Fair value (continued)
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
13,268
-
14,086
Accounting policies
The Group routinely enters into exchange and bilateral traded sale and
purchase transactions for physical delivery of gas and power commod-
ities. 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.
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 prac-
tice of net settlement by entering osetting contracts and the contracts
does not meet 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 be-
fore the delivery date. The Group does not distinguish between net-set-
tled 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 ei-
ther classify them as trading or hedging instruments. The instruments
classified as hedge instruments are disclosed in note 14.
Derivatives classified as trading instruments are presented as current as-
sets and liabilities regardless of their contractual maturity. Other deriva-
tives are presented based on their contractual maturity. Derivatives that
have a positive fair value are oset with derivatives with negative fair
values when the Group have a legally enforceable right and the intent to
net settle the derivatives. The oset amounts are disclosed in note 17.
Consolidated Financial Statements
35
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 and exchange rates. The Group is exposed to market risk from price volatility in natural
gas and power and from fluctuations in foreign exchange rates.
Commodity price risk
Trading natural gas and power exposes the Group 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 unpredicta-
ble 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 addi-
tional 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 condi-
tions 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 po-
tential 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 quanti-
tative models and stress test results. These limits are regularly reviewed and ad-
justed to reflect changes in market conditions and our risk appetite.
Hedging Strategies: We employ hedging strategies using derivatives and other fi-
nancial 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. The
Group’s FX risk management policies are designed to minimize exposure and ensure finan-
cial 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.
Business teams hedge their FX exposures with the Treasury team, and the Treasury team
hedges net exposures in the market once predefined internal limits are reached. The Treasury
team has strict limits in place with respect to their exposure and hedge their exposure once
the exposure reaches the internal limits.
Consolidated Financial Statements
36
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 the Group 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
2025
2024
VaR 4,696 2,059
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 re-
views are conducted to ensure adherence to these policies.
The Group is exposed to foreign exchange risks arising from trading activities involving mul-
tiple currencies, including purchases, sales and financing activities. These exposures arise
from transactions in foreign currencies, including purchases, sales, and financing activities.
The primary currencies we are exposed to include USD, GBP, DKK, CZK, HUF, PLN, CHF and
NOK, 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. The Group is exposed to credit risk from trade receivables, cash
and cash equivalents, derivatives and other receivables. The maximum exposure to credit
risk at the reporting date equals the carrying amount of these financial assets before taking
account of collateral and netting arrangements.
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 counterpar-
ties, which can affect our cash flows and profitability.
Reputational Risk: The risk of reputational damage if we engage with counterpar-
ties that fail to meet their obligations, affecting our market credibility and stake-
holder 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 require-
ments and mitigate risks associated with fraudulent activities.
Credit Assessments: Performing detailed credit assessments to evaluate the finan-
cial health and creditworthiness of counterparties. This includes analysing finan-
cial 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 gov-
erned by strict policies and procedures to ensure compliance with regulatory re-
quirements and industry best practices. Regular audits and reviews are conducted
to ensure adherence to these policies.
Consolidated Financial Statements
37
Note 15 Financial risk management (continued)
Trade receivables are subject to the IFRS 9 simplified approach, and loss allowances are
measured at an amount equal to lifetime expected credit losses based on historical loss ex-
perience, ageing, known counterparty-specific circumstances and forward-looking infor-
mation where relevant. No material loss allowance was recognised at 31 December 2025 or
31 December 2024, and there were no material write-offs during the year. Collateral and
netting arrangements reduce the Group’s net credit exposure. Further information on offset-
ting and related cash collateral is provided in note 17.
Liquidity risk
Liquidity risk refers to the risk that the Group may not be able to meet its financial obligations
as they fall due because of insufficient cash flow or access to funding. This risk can arise from
various factors, including market volatility, unexpected cash outflows, or disruptions in fund-
ing sources.
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 bor-
rowing 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 iden-
tify 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 in-
volves 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, optimiz-
ing collateral management, and ensuring that we have access to liquid markets.
Diversified Funding Sources: Ensuring access to diversified funding sources, in-
cluding 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.
The Risk Department is responsible for monitoring the Group’s liquidity risk and stress-testing
open power and gas positions under various scenarios, including price correlations and price
volatility. Further information on the contractual maturities of financial liabilities is provided
in note 16. The amounts disclosed in note 16 are the contractual undiscounted cash flows.
Consolidated Financial Statements
38
Note 16 Financial assets and liabilities
In thousands EUR
Within 1
year
1-5 years
Over 5
years
Total con-
tractual
cash flow
Carrying
amount
202
5
Non-derivative Fi-
nancial assets
Cash and cash equivalents
137,001
-
-
137,001
137,001
Trade receivables
2
6
,
207
-
-
2
6,207
2
6,207
Other receivables and current
assets 3,531 -
-
3,531 3,531
Derivative
financial assets
Power derivatives
560 -
-
560
560
Gas derivatives
18,821
134
-
18,955
18,955
Total Financial assets 186,120 134 - 186,254 186,254
Non-derivative
Financial liabilities
Trade payables
75,
653
-
-
75,
653
75,
653
Lease liabilities
1,97
4
-
-
1,97
4
1,97
4
Other liabilities
9,
332
-
-
9,
332
9,
332
Derivative
financial liabilities
Power derivatives
860 - - 860 860
Gas derivatives
2,777
1,102
-
3,879
3,879
Foreign currency derivatives
2
-
-
2
2
Total Financial liabilities 90,598 1,102 -
91,700 91,700
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 con-
tractual
cash flow
Carrying
amount
202
4
Non-derivative
Financial assets
Cash and cash equiva-
lents
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
2
85
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 liabilities
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 deriva-
tives
818
-
-
818
818
Total Financial liabilities 51,592 2,921 -
54,513 54,513
Consolidated Financial Statements
39
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 Group’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 (re-
ceived/pledged)
Net amount
2025
Financial assets
Cash and Cash Equivalents
137,001
-
137,001
-
137,001
Trade receivables
275,947
(249,740)
26,207
(4,073)
22,134
Other financial assets
3,
5
3
1
-
3,
5
31
-
3,
5
31
Derivatives held for trading 178,740
(159,225) 19,515
4,616
24,131
Total financial assets
595,219
(408,965)
186,254
543
186,797
Financial Liabilities
Trade payables
325,
393
(249,740)
75,
653
(9,072)
66,
581
Other liabilities
9,
332
-
9,
332
-
9,
332
Derivatives held for trading
164,033
(159,292)
4,741
(8,319)
(3,578)
Total financial liabilities
498,758
(409,032)
89,726
(17,391)
72,335
Consolidated Financial Statements
40
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 (re-
ceived/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 3,359
-
3,359
-
3,359
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
9
(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
397,090
(345,371)
51,719
(16,596)
35,123
Consolidated Financial Statements
41
Note 18 Cash flow specifications
In thousands EUR
202
5
202
4
Change in current liabilities, such as
trade payables, deferred income, etc
38,007
22,880
Change in receivables
(
709
)
(9,
282
)
Change in inventories
(
9,077
)
10,
467
Change in working capital
28,
221
2
4,065
In thousands EUR
202
5
202
4
Financial income (2,950) (3,226)
Financial expenses
1,
494
2,0
7
7
Depreciations, amortisation and impair-
ment losses
745
311
Tax on profit/Loss of the year
8,
495
3,893
Other adjustments
276
(1)
Adjustments
8,
060
3,05
4
In thousands EUR
Other liabilities
Leases
Total
Net debt:
At January 202
4
664
249
913
Cash flows
(664)
(162)
(826)
New lease
-
2,624
2,624
Other changes
-
-
-
At December 2024 - 2,710 2,710
At January 202
5
-
2,710
2,710
Cash flows
-
(
131
)
(
131
)
New lease
0
(60
5
)
(60
5
)
Other changes 1,071 0
1,071
At December 2025 1,071 1,974
3,045
Consolidated Financial Statements
42
Note 19 Fees to auditors appointed at the Annual
General Meeting
In thousands EUR
2025 2024
PwC
Audit fees
60
78
Other assurance engagements
113
8
Tax and VAT advice
64
8
Non
-
audit services
113
196
Total
350
288
Fees for services other than the statutory audit of the financial statements provided by
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab, Denmark consist of
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
2025 2024
The Group has placed payment guarantees to counterparties
to meet standard requirements related to credit risk
20,631 16,388
Charges and security
In thousands EUR
2025
2024
The following assets have been provided as security to the
main bank facilities:
Liquid funds of 17,373 22,604
Commitments
As a part of the main activities the Group has entered into contracts with counterparties
whereof contractual commitments amount to TEUR 58,588 (2024: TEUR 10,061). All con-
tracts run between 0-46 months (2024: 0-34 months). The contractual commitments relate
to power and gas derivatives recognised in the balance sheet, as well as non-cancellable
data subscription services.
Other contingent liabilities
The Danish Group companies are jointly and severally liable for tax on the jointly taxed in-
comes etc. of the Group. The total amount of corporation tax payable by the Group
amounts to TEUR 11,454. 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 withhold-
ing taxes may increase the Group’s liability.
Consolidated Financial Statements
43
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 objec-
tives 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 in-
vested 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, 2025 amounted to 66.6% (December 31, 2024: 75.1%). The solvency ratio
is calculated as equity divided by total assets. The changes in our solvency rate reflect an
increase in equity due to retained earnings from improved profitability. Furthermore, sce-
nario testing is performed on an ongoing basis to evaluate the sensitivity of capital manage-
ment.
Note 22 Subsequent events
After the end of the financial year, no events have occurred which could significantly affect
the Group's financial position.
Note 23 Related party transactions
Related parties comprise shareholders with control or significant influence, subsidiaries
and key management personnel.
The Group is not controlled by a single shareholder.
The following shareholders are considered to have significant influence over the Group due
to ownership interests of 20% or more:
Name of shareholder
Ownership
Place of business
Three Moon ApS
22%
Aarhus
Busekist Holding
Ap Saf 22/6 2016
22%
Hedensted
Birch Invest ApS
22%
Nordfyn
Morten Mathiesen Holding ApS
34%
Copenhagen
Information about remuneration to key management personnel has been disclosed in note
3.
The Group has had no related party transactions during the year other than remuneration
to key management personnel and dividends paid to shareholders with significant influ-
ence. Intra-group transactions are eliminated on consolidation and are therefore not dis-
closed in the consolidated financial statements.
The following entities are related parties to the Group:
Name of entity
Type
Place of business
Nitor Holding ApS Ultimate parent company Aarhus
Nitor Energy A/S Fully owned subsidiary Aarhus
NEINV ApS Fully owned subsidiary Aarhus
Nitor Energy Inc. Fully owned subsidiary US
In thousands EUR
2025 2024
Dividends paid to shareholders with significant in-
fluence
8,180
-
Consolidated Financial Statements
44
Note 24 Share capital
Share capital 2025
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 202
4
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
T
EUR per share
202
5
202
4
Total dividend paid out for the year
0
,
2096
-
Total dividend proposed for the year
0,0435
0,
2096
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.
For the avoidance of doubt the Investor is to deliver a guarantee whereby the Investor pro-
vide satisfactory security to the Company's financing partners to fulfil and meet the financ-
ing partners' requests for issuing financial instruments on recognized marketplaces.
Accounting policies
Share capital
Ordinary shares are classified as equity. Incremental costs directly attribut-
able 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 appropri-
ately 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
45
Pa
Nitor Holding ApS
Parent Company
Parent Financial Statements
46
Parent fin ancial Stat emen ts
Parent Income Statement
1 January – 31 December
In thousands EUR
Notes 2025 2024
Gross profit/loss (20)
(50)
Income from investment in subsidiaries
26,989
16,880
Financial income 2 10,064 213
Financial expenses
(9)
(280)
Profit before tax 37,024 16,763
Tax on profit for the year
3
(2,196)
14
Net profit for the year
34,828
16,777
In thousands EUR
2025
2024
Proposed distribution of profit
Dividend 17,414 8,382
Retained earnings 17,414 8,395
Net profit for the year 34,828 16,777
Parent Financial Statements
47
Parent Statement of financial position
As 31 December 2025
In thousands EUR
Notes
2025
2024
Share capital 54 54
Retained earnings
188,522
171,108
Proposed dividend 17,414 8,382
Total equity
205,990
179,544
Corporation Tax
2,208
-
Intercompany payable
528
13
Other liabilities
23
104
Total current liabilities 2,759
117
Total liabilities 2,759
117
Total equity and liabilities 208,749 179,661
In thousands EUR
Notes
2025
2024
Assets
Investment in subsidiaries
5
102,130
84,617
Intercompany receivables
11,960
10,167
Financial fixed assets 114,090 94,784
Total non
-
current assets
114,090
94,784
Corporation Tax
-
14
Other receivables 21 -
Current asset investment
6
92,049
65,367
Cash and cash equivalents
2,589 19,496
Total current assets
94,659
84,877
Total assets
208,749
179,661
Parent Financial Statements
48
Parent Statement of changes in equity
1 January – 31 December 2025
In thousands EUR
Share capital
Retained earnings
Proposed dividend
Total equity
At 1 January 2025
54
171,108
8,382
179,544
Profit for the period -
34,828 - 34,828
Dividend paid
-
-
(8,382)
(8,382)
Dividend
-
(17,414)
(17,414)
-
As at 31 December 2025
54
188,522
17,414
205,990
Parent Financial Statements
49
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 contribu-
tion
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
Notes to the Parent Financial Statements
Parent Financial Statements
51
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 enterprises 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.
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, amorti-
sation, impairment losses and provisions as well as reversals due to changed ac-
counting estimates of amounts that have previously been recognised in the in-
come statement.
Assets are recognised in the balance sheet when it is probable that future eco-
nomic 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 eco-
nomic 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 liabil-
ities 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 subscriptions, licenses, other ad-
ministrative expenses 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 in-
cludes 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
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 recog-
nised 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 in-
comes.
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 proportion-
ate 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 de-
duction 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 distri-
bution 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 ad-
justed 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 nom-
inal value.
Parent Financial Statements
53
Note 2 Financial Income
In thousands EUR
2025 2024
Financial income
-
Amortised cost
Other financial income
-
86
Financial income intercompany 958
127
Financial income – Fair value
Fair value adjustment related to current asset
investment
9,106
-
Total
10,064
213
Note 3 Tax
In thousands EUR
2025
2024
Current tax
Current tax on profits for the year 2,208 (14)
Adjustment to current tax concerning previous
years
(12) -
Total 2,196 (14)
Note 4 Staff costs
Average number of employees in Nitor Holding ApS is 0.
Key management personnel compensation
Key Management personnel are defined as the Executive Board. The compensa-
tion paid or payables to key management personnel for employee services is pre-
sented in the table.
The Board of Directors and Executive Management team are not covered by any
pension schemes.
In thousands EUR
Executive
board
Board of
directors
Other key
manage-
ment Total
2024
Wages and salaries
533
-
-
533
Defined contribution plans
-
-
-
-
Social security costs
-
-
-
-
Other staff costs
-
-
-
-
Total
533
-
-
533
In thousands EUR
Executive
board
Board of
directors
Other key
management
Total
2025
Wages and salaries
495
-
-
495
Defined contribution plans
-
-
-
-
Social security costs
-
-
-
-
Other staff costs
-
-
-
-
Total 495 - - 495
Parent Financial Statements
54
Note 5 Investment in subsidiaries
In thousands EUR
2025 2024
Cost at 1 January
145,693
161,871
Additions for the year - 13
Disposals for the year - (16,191)
Cost 31 December
145,693
145,693
Value adjustments at 1 January
(63,036)
-
Net profit for the year 27,647
16,880
Received dividends
(8,358) (85,000)
Other equity movements
(
660
)
(2,423)
Disposals for the year
-
7,506
Value adjustments at 31 December
(44,407) (63,036)
Carrying amount 31 December
101,286
82,657
Impairment intercompany receivables
844
1,960
Value of investments in subsidiaries total
102,130
84,617
Investments in subsidiaries are specified as follows:
Name of entity
Country of incorporation
Ownership inter-
ests
Nitor Energy A/S
DK
97.3%
Nitor Energy Inc.
US
100%
NEINV ApS
DK
73%
Note 6 Current asset investments
In thousands EUR
2025
2024
2025
Listed bonds 24,849 33,466
Investment funds 67,200 31,901
Fair value
92,049 65,367
Gains/(losses) recognized
in profit or loss (Unrealized)
8,287 (225)
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 hierar-
chy).
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 valua-
tion 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 recogni-
tion 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 perfor-
mance of the underlying investments at investment level and the risks associated with the
investments.
Parent Financial Statements
55
Note 7 Contingent liabilities, commitments and
contingencies
Charges and security
In thousands EUR
2025
2024
The following assets have been provided as security for
the main bank facilities:
Liquid funds of 17,373 22,604
Guarantee obligations
The Company has provided a limited surety bond for Nitor Energy A/S to a bank of EUR 185
million. The total debt per 31 December 2025 is TEUR 0.
Other contingent liabilities
The Danish Group companies are jointly and severally liable for tax on the jointly taxed in-
comes etc. of the Group, Nitor Holding ApS is the management company of the joint taxa-
tion. The total amount of corporation tax payable is disclosed in the Group Financial State-
ments. 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 in-
come. Any subsequent adjustments of corporation taxes and withholding taxes may in-
crease 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
Related parties comprise shareholders with control or significant influence, subsidiaries and
key management personnel.
The company is not controlled by a single shareholder.
The following shareholders are considered to have significant influence over the company
due to ownership interests of 20% or more:
Name of shareholder
Ownership
Place of business
Three Moon ApS
22%
Aarhus
Busekist Holding Ap Saf 22/6 2016
22%
Hedensted
Birch Invest ApS
22%
Nordfyn
Morten Mathiesen Holding ApS
34%
Copenhagen
Key management personnel has been disclosed in note 3.
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
Subsidiaries
Name of entity Ownership Place of business
Nitor Energy A/S 97.3% Aarhus
NEINV ApS 73% Aarhus
Nitor Energy Inc. 100% US