Grundlag for konklusion (revision):The Company’s assets are carried in the financial position at DKK 32,385,669 for Acquired rights, at DKK 968,471 for Fixtures, fittings, tools and equipment, at DKK 9,681,072 for Contract Work in Progress, at DKK 1,134,293 for Deferred tax assets and at DKK 8,384,500 for Prepayments. The values of these assets are related to future profit on contracts (“projects”). As explained in Note 1 and Note 2, the Company has at the point in time of preparing these financial statements not entered signed contracts (“projects”) and projects has not been finally funded. In our opinion, since project contracts have not been signed yet as well as the projects have not been funded, a prudent accounting estimate should have led Management to impair or write-down the assets to DKK 0. As Management has not stated these assets at lower recoverable amounts or net realisable amounts this constitutes a departure from the Danish Financial Statement Act. . In addition, Trade receivables carried in the financial position at DKK 5,786,312 in our opinion should have been write-down to a lower net realisable amount of DKK 3,873,312. Accordingly, gross profit would have been reduced by 19,978,572, impairment of intangible and tangible assets and tax on income would have been increased by DKK 33,354,140, and DKK 1,134,293, respectively, and net income, total assets and shareholders’ equity would have been reduced by DKK 54,467,005. As explained in Note 1, the Company’s short-term liabilities significantly exceeds the current assets. The Company has not concluded renegotiations or obtained replacement financing. This situation indicates that a material uncertainty exists that cast significant doubt on the Company’s ability to continue as a going concern which may force the company in discontinued operations. The effects on the financial statements of discontinued operations have not been determined.
Konklusion (revision):We have audited the financial statements of Scandinavian Energy Contractor A/S for the financial year 1 January 2022 - 31 December 2022, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act.
In our opinion, because of the significance of the matters discussed in the Basis for Adverse Opinion section of our report, the financial statements do not give a true and fair view of the company's financial position as at 31 December 2022 and of the results of the company's operations for the financial year 1 January 2022 - 31 December 2022 in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen (revision):Management is responsible for Management’s Review. Our opinion on the financial statements døs not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review.
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