EUROPEAN ENERGY HOLDING ApS - CVR: 25625676

2022, EUR

13.07.2023

Bruttoresultat

0

Primær drift

-23.000

Årets resultat

64.862'

Aktiver

176''

Kortfristede aktiver

2.833'

Egenkapital

174''

Afkastningsgrad

-0 %

Soliditetsgrad

99 %

Likviditetsgrad

206 %

Resultat

13.07.2023

Årsrapport	2022 13.07.2023	2021 05.07.2022	2020 15.07.2021	2019 04.06.2020	2018 03.06.2019	2017 20.06.2018	2016 28.06.2017	2015 13.06.2016
Nettoomsætning	0	7.000	7.000	153.000	270.000	1.966.000	13.395.000	0
Bruttoresultat	0	7.000	7.000	153.000	270.000	1.517.000	2.851.000	0
Resultat af primær drift	-23.000	-4.000	-4.000	126.000	255.000	1.495.000	2.846.000	-3.000
Indtægter af kapitalandele (tilknyttede og associerede)	0	0	0	0	0	0	0	0
Finansielle indtægter	149.000	157.000	128.000	645.000	200.000	339.000	101.000	436.000
Finansieringsomkostninger	-63.000	-63.000	-73.000	-442.000	-612.000	-779.000	-290.000	-441.000
Andre finansielle omkostninger	0	0	0	0	0	0	0	0
Resultat før skat	64.884.000	43.889.000	12.818.000	20.368.000	15.976.000	14.396.000	14.082.000	4.865.000
Resultat	64.862.000	43.877.000	12.804.000	20.270.000	15.981.000	14.212.000	14.108.000	4.856.000
Forslag til udbytte	-1.765.000	-700.000	-750.000	-2.500.000	0	0	0	0

Aktiver

13.07.2023

Årsrapport	2022 13.07.2023	2021 05.07.2022	2020 15.07.2021	2019 04.06.2020	2018 03.06.2019	2017 20.06.2018	2016 28.06.2017	2015 13.06.2016
Kortfristede varebeholdninger	0	0	0	0	0	0	0	0
Kortfristede tilgodehavender fra salg og tjenesteydelser	96.000	115.000	226.000	1.974.000	237.000	257.000	441.000	406.000
Likvider	2.737.000	186.000	102.000	1.232.000	431.000	685.000	342.000	1.000
Kortfristede aktiver	2.833.000	301.000	328.000	3.206.000	668.000	942.000	783.000	407.000
Immaterielle aktiver og goodwill	0	0	0	0	0	0	0	0
Finansielle anlægsaktiver	173.264.000	142.696.000	103.734.000	90.657.000	76.226.000	60.966.000	50.756.000	50.364.000
Materielle aktiver	0	0	0	0	0	0	0	0
Langfristede aktiver	173.264.000	142.696.000	103.734.000	90.657.000	76.226.000	60.966.000	50.756.000	50.364.000
Aktiver	176.097.000	142.997.000	104.062.000	93.863.000	76.894.000	61.908.000	51.539.000	50.771.000

Aktiver

13.07.2023

Passiver

13.07.2023

Årsrapport	2022 13.07.2023	2021 05.07.2022	2020 15.07.2021	2019 04.06.2020	2018 03.06.2019	2017 20.06.2018	2016 28.06.2017	2015 13.06.2016
Forslag til udbytte	1.765.000	700.000	750.000	2.500.000	0	0	0	0
Egenkapital	174.245.000	141.566.000	102.604.000	92.356.000	69.439.000	53.872.000	39.586.000	39.705.000
Hensatte forpligtelser	0	0	0	0	0	0	0	0
Langfristet gæld til banker	0	0	0	0	0	0	0	0
Anden langfristet gæld		0	0	0	585.000	663.000	0	0
Leverandører af varer og tjenesteydelser	233.000	230.000	273.000	268.000	327.000	327.000	308.000	306.000
Kortfristede forpligtelser	1.372.000	697.000	769.000	1.507.000	329.000	457.000	322.000	306.000
Gældsforpligtelser	1.852.000	1.431.000	1.458.000	1.507.000	7.455.000	8.036.000	11.952.000	11.066.000
Forpligtelser	1.852.000	1.431.000	1.458.000	1.507.000	7.455.000	8.036.000	11.952.000	11.066.000
Passiver	176.097.000	142.997.000	104.062.000	93.863.000	76.894.000	61.908.000	51.539.000	50.771.000

Passiver

13.07.2023

Nøgletal

13.07.2023

Årsrapport	2022 13.07.2023	2021 05.07.2022	2020 15.07.2021	2019 04.06.2020	2018 03.06.2019	2017 20.06.2018	2016 28.06.2017	2015 13.06.2016
Afkastningsgrad	0,0 %	0,0 %	0,0 %	0,1 %	0,3 %	2,4 %	5,5 %	0,0 %
Dækningsgrad	Na.	100,0 %	100,0 %	100,0 %	100,0 %	77,2 %	21,3 %	Na.
Resultatgrad	Na.	626.814,3 %	182.914,3 %	13.248,4 %	5.918,9 %	722,9 %	105,3 %	Na.
Varelagerets omsætningshastighed	Na.	Na.	Na.	Na.	Na.	Na.	Na.	Na.
Egenkapitals-forretning	37,2 %	31,0 %	12,5 %	21,9 %	23,0 %	26,4 %	35,6 %	12,2 %
Payout-ratio	2,7 %	1,6 %	5,9 %	12,3 %	Na.	Na.	Na.	Na.
Gældsdæknings-nøgletal	-36,5 %	-6,3 %	-5,5 %	28,5 %	41,7 %	191,9 %	981,4 %	-0,7 %
Soliditestgrad	98,9 %	99,0 %	98,6 %	98,4 %	90,3 %	87,0 %	76,8 %	78,2 %
Likviditetsgrad	206,5 %	43,2 %	42,7 %	212,7 %	203,0 %	206,1 %	243,2 %	133,0 %

Resultat

13.07.2023

Gæld

13.07.2023

Årsrapport

13.07.2023

Nyeste:01.01.2022- 31.12.2022(offentliggjort: 13.07.2023)

Oplysning om pantsætninger og sikkerhedsstillelser:Mortgages and collateralContingent Liabilities and Other Financial LiabilitiesEUR million20222021Warranties regarding potential acquisition of new projects 35 20 Grid connection guarantees 186 101 Warranties regarding Power Purchase Agreements 38 55 Warranties regarding divestment of energy parks 52 53 Claims regarding divested energy parks 12 8 323 236 LeasesLeases that substantially transfer all risks and rewards incidental to ownership of the asset to the Group are financeleases. All other leases are operating leases. Lease payments under operating leases are recognised in the incomestatement as an expense on a straight-line basis over the term of the lease. The Group has only leases classified asoperating leases.The European Energy Group transitioned to IFRS 16 as per 1 January 2019 in accordance with the modifiedretrospective approach. The prior-year figures were not adjusted.Security for debtPledges and guarantees related to financing agreementsEnd of 2022 total outstanding debt at the parent level equalled EUR 364m (2021: EUR 285m), while total debt onproject level amounted to EUR 724m (2021: EUR 347m) including short-term construction financings and long-termproject financing.All financing on the parent company level is obtained without security and structurally subordinated to the project levelfinancing. To secure financial obligations of the projects towards financing partners, the projects usually providesecurity in the form of asset- or share pledges.End of 2022 the total outstanding project level financing with pledged assets or shares amounted to EUR 723m (2021EUR 278m). The corresponding carrying amount of the pledged assets or shares amounted to EUR 985m (2021: EUR468m).Guarantees as security of debtBesides asset- and share pledges, we also provide parent company guarantees toward financial counterparts for short-term construction financing. For long-term project financing, this guarantee is removed, and the debt is obtained asnon-recourse.End of 2022 the total recourse debt at the project levels amounted to EUR 429m (2021: EUR 121m).

Beretning

13.07.2023

Dato for ledelsens godkendelse af årsrapporten:2023-07-11

Ledelsespåtegning:Statement by the Executive Board

Beskrivelse af usikkerhed ved indregning eller måling:Uncertainty with regard to recognition and measurementWhen preparing the consolidated financial statements of the Group, Management makes anumber of accounting estimates and assumptions on which the recognition and measurementof the Group’s assets and liabilities are based. The following provides information about assumptions and estimation uncertainties with asignificant risk of resulting in a material adjustment in the year ending 31 December 2022Revenue measurementWhen divesting power plants the transaction price may comprise both a fixed and a variableelement. The variable consideration may take various forms, most commonly the variabilitymay relate to an agreed IRR for the sold project or an earn-out or production guarantee linkedto future production. Additionally, the variable consideration may relate to various milestonesfor construction progress, completion, project economy or similar. The milestones may tosome extent depend on external conditions, like weather, local authorities, etc. , which createsan inherit uncertainty in the estimates. To the extent possible we use external or historical datato support our estimates, or other factors considered relevant. The uncertainty about measurement relates essentially to this variable consideration andallocation of revenue between different performance obligations. This measurement requiresManagement judgement applying assumptions and estimates. Business combinationIn applying the acquisition method of accounting, estimates are an integral part of assessingfair values of identifiable assets acquired and liabilities assumed, as observable market pricesare typically not available. The purchase price of property, plant and equipment includes estimates on future capacity ofgenerating cash flow by the wind and solar farms. Valuation techniques where estimates are applied typically relate to determining the presentvalue of future uncertain cash flows or assessing other events in which the outcome is uncertainat the date of acquisition. More significant estimates are typically applied in accounting for property, plant andequipment, customer relationships, trade receivables, deferred tax, debt and contingentliabilities. As a result of the uncertainties inherent in fair value estimation, measurement periodadjustments may be applied. InventoriesInventories, comprising projects under development, under construction and completedprojects are initially measured at cost. An impairment test is performed on the carrying amount. The impairment test is based on assumptions regarding strategy, market conditions, discountrates and budgets etc. , after the project has been completed and production commenced. Ifmarket-related assumptions etc. are changed, projects may have to be written down. Management examines and assesses the underlying assumptions when determining whetherthe carrying amount should be written down. 'ProvisionsManagement continually assesses provisions, including contingencies and the likely outcomeof pending and potential legal proceedings. The outcome of such proceedings depends onfuture events, which are, by nature, uncertain. When considering provisions involving significant estimates, opinions and estimates byexternal legal experts and existing case law are applied in assessing the probable outcome ofmaterial legal proceedings, etc. Measurement of Power Purchase AgreementsWhen measuring the fair value of our portfolio of power purchase agreements we are aimingfor the use of quoted prices (level 2 in the fair value hierarchy). However, this is not alwayspossible since we have entered PPA’s on power markets where the future forward prices arenot available throughout the entire contract lifetime. If the forward prices are not available forthe entire contract period on the specific power market then the contract is measured accordingto a non-observable input (level 3 in the fair value hierarchy). The non-observable inputs usedwhen measuring the fair value are comprised of quotes to the market for similar contracts,estimates on future price curves adjusted for inflation and other market expectations. Further,management expectations and assumptions regarding future developments in the powermarket. TaxUncertainties exist with respect to the interpretation of tax regulations in the different countriesin which the Group operates, to changes in tax law and to the amount and timing of futuretaxable income. Differences arising between the actual results and the assumptions made, orfuture changes to such assumptions, could potentially cause adjustments to tax income andexpense already accounted for. Management reviews deferred tax assets quarterly, which arerecognised only to the extent considered sustainable in the future, taking the timing and thelevel of future taxable profits into account, together with the Group’s future tax planningstrategies.

Statement by Management on the annual report

Identifikation af den godkendte årsrapport:The Executive Board has today discussed and approved the annual report of European EnergyHolding ApS for the financial year 1 January – 31 December 2022.

Management's review

Beskrivelse af virksomhedens væsentligste aktiviteter:The Company’s Main ActivitiesThe main focus of the European Energy Holding Group is developing and constructing windturbines and solar parks. Another focus of the Group is purchasing existing renewableenergy parks and the financing of these for either disposal or operation. The most significant part of the activities in the Group are related to the subsidiary EuropeanEnergy A/S. Business modelSince 2004, European Energy has acquired considerable know-how in all stages of the windand solar power value chain. This expertise ranges from identifying new sites and securingfinancing to managing the actual construction process and ensuring the reliable operation ofassets. European Energy has three main business areas• development, construction and divestment• sale of electricity from operational assets• asset managementReference is made to the Annual Report of European Energy A/S for a comprehensivedescription of the business model etc. of the European Energy A/S Group.