A N N U A L
2 0 2 3
E n e r g i D a n m a r k A / S
T a n g e n 2 9 , D K - 8 2 0 0 A a r h u s N
C V R 1 7 2 2 5 8 9 8
R E P O R T
Contents
BOARD OF DIRECTORS & Management Review 2023 ................................................................................... 2
Financial Highlights ........................................................................................................................................................................................ 4
The Energy Markets in 2023 .......................................................................................................................................................................... 5
Energy Across Borders ................................................................................................................................................................................... 7
SUSTAINABILITY .......................................................................................................................................... 8
Powering Business Responsibly ..................................................................................................................................................................... 8
Energy & Society ............................................................................................................................................................................................ 9
Responsible Commerce ............................................................................................................................................................................... 13
People & Culture ......................................................................................................................................................................................... 15
Responsible Operaons ............................................................................................................................................................................... 19
KPI denions .............................................................................................................................................................................................. 22
ANNUAL REPORT ...................................................................................................................................... 23
Consolidated Financial Statements ............................................................................................................................................................. 23
Consolidated Balance Sheet ........................................................................................................................................................................ 24
Consolidated Statement of Changes in Equity ............................................................................................................................................ 26
Consolidated Statement of Cash Flows ....................................................................................................................................................... 27
Notes to the Consolidated Financial Statements ........................................................................................................................................ 28
Parent Financial Statements ........................................................................................................................................................................ 54
Parent Balance Sheet................................................................................................................................................................................... 55
Parent Statement of Changes in Equity ....................................................................................................................................................... 57
Notes to the Parent Financial Statements ................................................................................................................................................... 58
Statement by the Board of Directors and the Execuve Board ................................................................................................................... 75
INDEPENDENT AUDITOR’S REPORT ............................................................................................................ 76
To the shareholders of Energi Danmark Group ........................................................................................................................................... 76
ORGANISATION......................................................................................................................................... 78
Corporate Informaon ................................................................................................................................................................................ 78
The Management Team .............................................................................................................................................................................. 78
Ownership ................................................................................................................................................................................................... 78
Board of Directors ....................................................................................................................................................................................... 79
Management Review 2
BOARD OF DIRECTORS
& Management Review 2023
2023 began with turmoil surrounding Energi Danmark’s manage-
ment due to the case of the invalid bonus agreements, which had
been entered into by the former CEO, a former senior executive
and two former managers in the trading department. In 2023,
market conditions changed rapidly, calming somewhat since the
price spikes and volatility of the previous year, impacting the
2022 business commitments.
2023 was marred by the events of the previous year, spurring
the need for a new senior management team, and the appoint-
ment of two new profiles, Anne Broeng and Torben Möger
Pedersen, to the Board of Directors. The purpose of the organi-
sational changes, including hiring Louise Hahn as CEO, was to se-
cure Energi Danmark’s position as one of the leading, most trans-
parent, competent, and compliant players in the market.
In other words, our focus in 2023 was predominantly inwards.
The reason we could afford to direct our attention to solving in-
ternal issues was thanks to our two business areas being both
robust and well-functioning. The customer business offers rele-
vant and competitive products and services, which helps to
maintain the customer base and earnings. Meanwhile, despite
the company’s inner turmoil, the core of our trading business
managed to maintain a performance level on par with previous
years. The organisation was in a position to benefit from a
healthy turnover, and we now have a strong core of competent
existing and new employees who are poised to drive Energi Den-
mark forward.
Financial Results
The result for 2023 is a pre-tax profit of DKK 34 m, a less satisfac-
tory result largely due to a loss of approx. DKK 2 bn from exten-
sive positions on gas capacities that we faced during the course
of the year. These extraordinary agreements were entered into
in 2022 due to a change in trading practice, and they accounted
for a significant part of the extraordinary pre-tax profit of DKK
11.3 bn in 2022.
Setting aside the impact of the extraordinary agreements, the
core business is delivering a solid profit, and it can therefore be
concluded that Energi Danmark's core business remains sound.
Strong Core Business
A further look at the core business reveals the following devel-
opments in 2023:
The customer business: The customer business benefited from
the decreasing volatility and lower prices in the market, and in-
creased its earnings compared to 2022. Despite the turmoil sur-
rounding the company in 2023, we have retained the customer
base compared to 2022. This is a testament to our solid core
product and strong customer relations among large corporate
customers in the Nordics. As of April 2023, we acquired Andel
Energi’s large B2B customers in power and gas. This strategic
move has not only strengthened our position, but also fostered
synergies between the electricity and gas customer markets for
both our clients and our company. In 2023, we successfully
expanded our customer base with renewable energy producers
in Finland.
Trading business: Conversely, our trading business was nega-
tively impacted by the same factors that benefitted the cus-
tomer business. Despite a significant staff turnover in our trading
team, the remaining employees stayed focused and continued
delivering solid results. We have managed to attract new spe-
cialists who have contributed positively to both our trading strat-
egies and our culture. Overall, the trading team has delivered a
gross profit on par with previous years, excluding the effects of
the gas agreements in 2022.
On the whole, 2023 highlights two key points: the strength and
balance of our business model and its ability to handle the mar-
ket fluctuations that are beyond our control, and the strength of
our culture and customer relations and their ability to withstand
the turmoil surrounding Energi Danmark in 2023.
Current Status
We have a fundamentally sound business and organisation: We
have a strong professionally driven and analytical culture, and a
trading environment that is both highly performance-orientated
and operates as a responsible collective. We have a unique mar-
ket position in both our customer business and trading business
with broad market access across Europe. Finally, we have strate-
gic owners with a long-term vision and the drive to develop the
business.
We have a clear perspective and a solid foundation: In 2023 we
have strengthened our processes to further consolidate our
foundation. We have now set a new aspiration for our company
culture. We want to be one of the leading and most transparent,
competent, and compliant players in the market, and this is the
mindset we look for when recruiting. We have finalised the case
of the invalid bonus agreements with a settlement. This was a
rational business decision made to minimise a small litigation
risk of a significant loss, and to free up the new management to
focus on the future operation and development of Energi Dan-
mark.
In 2023, we retained and hired managers and employees with
the right competences and values. The Covid-19 pandemic
brought a steep learning curve for the company, followed by a
period of shortages and significant bottlenecks in the supply of
energy resources in 2022. We are therefore in the process of
conducting a full strategy and compliance review with the aim of
balancing business opportunities to gain an attractive risk-ad-
justed return and shareholder value in a growing green energy
system that is based on more renewable energy. We want to be
one of the leading and most transparent, competent, and com-
pliant players in the market. We have come far in our efforts, but
the overall conclusion is that we need to improve in certain areas
if we are to meet our own standards and aspirations. Equally, we
have also raised our targets in certain areas. We are facing a
longer-term transformation, and this will be a significant focus
point in our new strategy which will be presented in the au-
tumn.
Management Review 3
Assessing the Future
Like all other players in this industry, we operate with energy
price risk and market volatility.
Energi Danmark expects a pre-tax result in the range DKK 250-
300 m in 2024 based on current business and market conditions.
However, uncertainties remain around the extensive gas capac-
ity positions acquired in 2022 and long-term wind contracts from
previous years. These agreements may affect our results the
next couple of years with declining effect.
We believe that we have a robust and balanced business model
compared to our competitors. We have complete confidence in
our team. Our customers are satisfied. Our trading strategies are
strong and balanced. As such, we expect a good performance in
our core business.
8 April 2024
Jesper Hjulmand
Chair
Louise Hahn
CEO
Management Review 4
Financial Highlights
DKK million
2023
2022
2020
2019
Key figures, Energi Danmark Group
Revenue
119,792.2
344,556.3
44,908.7
44,541.7
Gross profit
404.5
12,031.5
476.6
599.7
Operating profit
-208.6
11,379.0
82.3
192.6
Profit from financial items
242.4
-37.6
-77.6
-43.0
Profit before tax, continued operations
33.8
11,341.4
4.7
149.6
Profit before tax, discontinued operations
0.0
0.0
147.4
72.4
Profit before tax
33.8
11,341.4
152.1
222.0
Tax, continued and discontinued operations
-34.4
-2,497.3
-12.6
-54.6
Profit for the year
-0.6
8,844.1
139.5
167.4
Balance sheet total
17,866.9
35,140.8
7,937.7
8,050.7
Investments in non-current assets
-60.8
-34.2
-57.3
-26.2
Equity
8,706.5
11,738.3
1,251.6
1,114.4
Cash flow from operating activities
726.9
10,707.8
-198.8
-1,588.7
Cash flow for investing activities
-57.4
-33.1
-53.1
399.5
Cash flow from financing activities
-3,009.3
-4,505.6
649.2
-4.0
Total cash flow
-2,339.8
6,169.1
397.3
-1,193.2
Key ratios, Energi Danmark Group
Gross margin ratio
0.3%
3.5%
1.1%
1.3%
Profit ratio (EBIT)
-0.2%
3.3%
0.2%
0.4%
Equity ratio (solvency)
48.7%
33.4%
15.8%
13.8%
Return on equity before tax
0.3%
165.7%
12.9%
21.9%
Return on equity after tax
0.0%
129.2%
11.8%
16.5%
Average number of full-time employees
246
220
225
211
The key ratios were calculated according to the recommendations published by the Danish Society of Financial Analysts. Please refer
to definitions and concepts under “Accounting Policies”.
Management Review 5
The Energy Markets in 2023
Energy markets recovered following huge turmoil
2023 was all about recovery on the international energy mar-
kets. Most markets managed to find foothold following the un-
precedented events and extreme price climbs of the previous
year.
A slow return to normal for the energy markets
By early 2023, the European energy markets were still in a state
of extreme volatility following the unfathomable price jumps the
previous year, which sent both gas and power prices to levels no
one had seen coming. Last year, the question was therefore to
what extent the war in Ukraine and its consequences would con-
tinue to impact the markets. Prices ended up falling significantly
across both the European gas and power markets, and the mar-
kets now seem much more comfortable than they did a year ago,
although still elevated compared to pre-war levels.
Gas markets remain in focus
Following the Russian invasion of Ukraine in 2022, gas became
the major topic on the European energy markets, and this did
not change last year. The sharp reduction in Russian gas deliver-
ies to Europe, and the question about how Europe handles this
situation, meant that gas remained the most important market
throughout 2023. In late 2022 and early 2023, Europe experi-
enced a very mild winter right at the time when it was most
needed. This caused gas prices to fall significantly, as the market
had a growing belief that Europe would have enough gas to get
through the winter.
As Europe managed to maintain stable LNG imports throughout
the year, first and foremost from the US, it became clear that the
continent’s gas storages would also become filled to the brink
ahead of the 2023-24 winter. Meanwhile, a change in consump-
tion behavior by both industrial and private consumers became
clear, with demand significantly lower than ahead of the energy
crisis. This was in part attributed to the EU-led crisis initiatives,
which saw a coordinated effort to lower the public gas consump-
tion in the union’s member states, as well as the high prices hav-
ing an impact on private households. European consumers have
become much more aware of how much gas and power they use,
and even at the end of the year, when prices have fallen substan-
tially, the decline in consumption is still visible.
As the year progressed, the gas market became gradually more
confident about getting through also the coming years with only
limited amounts of Russian gas. As a result, gas prices fell stead-
ily through most of the year. On the TTF gas hub, the most liquid
in Europe, day-ahead prices were around 30 EUR/MWh at the
end of 2023, less than half of the price level one year earlier, and
a similar picture was visible on the futures market, where the
most traded contracts were also more or less halved in price over
the course of the year.
Price falls in spite of war in the Middle East
Further geopolitical turmoil was added to the markets during au-
tumn, as the war between Israel and Hamas broke out. The war
led to an initial upturn on the markets due to fears that it could
lead to reduced gas supply from the Arab countries, but these
concerns did not last long, and not even the missile attacks
against ships in the Red Sea were able to prevent gas prices from
falling during the last parts of 2023.
As gas remains the most important market in Europe these
years, the sharply falling gas prices were also one of the main
reasons why both continental and Nordic power prices fell dur-
ing the course of the year. Several other related markets also ex-
perienced a bearish development. The price on a ton of coal was
also almost halved during the year, and cost around 100 USD at
the end of 2023.
Improved French nuclear availability
An important reason contributing to sharply falling European en-
ergy prices in 2023 was the improved production from the
French nuclear fleet. In 2022, several of the country’s old reac-
tors had to either shut down fully or operate on reduced capacity
due to security issues or extensive repair work. In addition to the
war in Ukraine this was one of the reasons why energy prices in
Europe soared during that year, and the markets were therefore
nervously considering, whether the reactors would perform bet-
ter in 2023. France is traditionally among the largest electricity
exporters in Europe and has been described as “Europe’s bat-
tery” due to the previously so reliable nuclear reactors.
The French nuclear operators had promised that we would see
improved output in 2023, and they followed through on that
promise. Production from the French nuclear plants were 319
TWh in 2023, 15 % higher than the level from the year before.
This figure is however still far lower than the average production
from the years 2001-2021, highlighting the fact that the French
nuclear sector remains vulnerable despite its recovery in 2023.
While France increased their nuclear production in 2023, the
same year marked at least a temporary end to nuclear power in
Germany. The last three operating German nuclear power plants
ceased production in April, marking a climax to a hot political
topic in recent years. The closure of the plants has been up too
much debate, especially following the cut-off of Russian gas
19,76
22,81
13,53
9,37
46,39
121,13
40,42
0
20
40
60
80
100
120
140
2013-2017 2018 2019 2020 2021 2022 2023
EUR/MWh
Average prompt gas prices (TTF)
Management Review 6
through the Nord Stream pipelines, but the government none-
theless decided to follow through on their decision to close the
plants.
Sharp price falls on the Nordic power market
2023 also offered noticeable price falls on the Nordic power mar-
ket, which once again went through a volatile year with a lot of
changes to the fundamental situation. Despite the low depend-
ence on gas compared to other areas in Europe, prices in the
Nordic countries had also increased explosively during 2022, and
the market was therefore in a nervous state heading into 2023.
Spot prices more than halved
The average system price of 2023 was 56 EUR/MWh, and even
though this was less than half of the extreme level from the pre-
vious year, it is actually still quite high in a historical context. Dur-
ing the 2010’s, the usual system price was around 20-40
EUR/MWh, so although the market managed to calm down last
year, the Nordic countries still face a situation, with prices that
due to multiple reasons are getting closer to the ones we see on
the continent.
As always, the hydrological situation was decisive for prices, and
we saw very rapid changes to the state of the hydro power re-
serves over the year. During the first half of the year, the hydro
balance had remained in the quite large deficit it had faced
throughout 2022, but due to wet weather conditions during late
summer and early autumn in 2023, the balance was suddenly in
a big surplus with the reservoirs in Norway filled to the brink.
This meant that producers had to pump out water at very low
prices to avoid floodings, and the result was very low system
prices during the first part of autumn, with September particu-
larly cheap. EPAD’s in the areas of the Nordics with little hydro
power resources soared however, as they did not profit from the
sudden surplus of water. This was first and foremost the case in
Denmark. However, despite periods of high EPAD’s all price ar-
eas across the Nordics ended up facing significantly lower prices
compared to the year before.
Panic receded on the futures market
As both the gas market and the German power market retreated
during the year, the Nordic futures market also calmed down. At
the beginning of 2023, the front year system contract cost 84
EUR/MWh, but at the end of the year, it had dropped to 58
EUR/MWh. Similar sharp price falls were visible on most other
future contracts, including the ones for the forthcoming years.
The price gap between Germany and the Nordic countries nar-
rowed significantly during the course of the year, which also led
to sharply falling EPAD’s in the southern parts of the Nordics.
In 2024, the Nordic futures market will face a noticeable change.
The German trading house EEX has acquired all Nasdaq’s Euro-
pean power business from 2024, pending an approval from the
EU. EEX plans to offer new zonal futures contracts instead of the
Nasdaq model which the market has now known for years, with
system contracts and an additional EPAD for the respective price
areas. EEX will start offering these new contracts at the end of
March and the hope is that the EEX takeover will boost liquidity
in the Nordic market during the coming years.
New Finnish nuclear reactor finally online
A major event on the Nordic power market in 2023 was that the
new Finnish nuclear reactor, Olkiluoto 3, with an installed capac-
ity of 1600 MW, was finally commissioned and started produc-
tion. Test production on the reactor was initialized in March, be-
fore the commercial launch started in May. The launch followed
an almost never-ending story of delays of the reactor, which was
originally planned to start production in 2009. Controversy sur-
rounded the project, which also ended up becoming more than
three times as expensive as originally planned.
The effect of Olkiluoto 3 on the Nordic power market and partic-
ularly Finland has however been clearly visible since the launch
of the new reactor. Finland was for many years the most expen-
sive price area in the Nordics, but this has changed significantly
recently. During the second half of 2023, the Finnish power
prices were steadily around the same level as the ones in South-
ern Norway, Southern Sweden and Denmark, with only the
sparsely populated areas in Northern Norway and Northern Swe-
den noticeably cheaper.
2023 also marked more nuclear-positive signals from Sweden.
The country’s government, which led a pro-nuclear campaign in
the 2022 election, has made parliamentary moves to make con-
struction of further nuclear plants in the country possible.
Denmark-UK cable in operation
In recent years, we have seen a lot of new interconnectors oper-
ating between the Nordic countries and the rest of Europe. Last
year, the new Viking Link cable between West Jutland in Den-
mark and England was commissioned. The capacity on the new
cable is 1400 MW, but due to internal grid issues in Denmark,
capacity was reduced to 800 MW at the beginning of operations.
The flow on the new cable is primarily expected to be from Den-
mark to the traditionally more expensive British market, and the
effect should therefore be higher power prices in Denmark, es-
pecially in DK1. The increasing number of cables in general
means that the Nordic countries are getting closer to the rest of
Europe in terms of prices. This has led to a significant price jump
in first and foremost Norway, who have exported their surplus
of electricity to countries with traditionally much higher prices,
including Germany and the UK.
The discussion about whether or not more cables should be built
continues to be a hot topic in the Norwegian political debate,
with the current government indicating that they will not renew
two cables to Denmark, which need to be replaced in 2026. It is
therefore a topic which will remain decisive in the coming years.
26,91
29,41
43,99
38,94
10,93
62,31
135,86
56,44
0
20
40
60
80
100
120
140
160
2016 2017 2018 2019 2020 2021 2022 2023
EUR/MWh
Average system price
Management Review 7
Expectations to the European economy in 2024
2023 was yet another troublesome year for the European econ-
omy. Following the Coronavirus pandemic and the war in
Ukraine, Europe had to fight rising interest rates, high inflation
and wage growth which did not correspond to inflation.
According to the most recent economic forecast from the Euro-
pean Commission, from autumn last year, the annual growth of
2023 was expected at a modest 0.6 %, which corresponds more
or less to the expectations ahead of the year. This year, however,
the Commission is a bit more optimistic, as growth is expected
to rise modestly as wages increase whereas inflation appears to
have peaked.
The expected growth in EU GDP during 2024 is, according to the
most recent Commission forecast, 1.3 %, with the level within
the Eurozone expected modestly lower, at 1.2 %. The economy
is set to gain further momentum in 2025, where the expected EU
growth increase is 1.7 % and the level in the Eurozone is esti-
mated at 1.6 %.
Energy Across Borders
We are one of the leading energy trading groups in Northern Eu-
rope. Our core expertise is knowledge of the international en-
ergy markets, which is valuable for both the group and our cus-
tomers.
Volume
Metering
TWh in 2023
points in
2023
Energi Danmark
19.5
93,373
Consumption 13.05 TWh, Production 6.45 TWh
TWh
Energi Försäljning Sverige
4.5
37,197
Consumption 4.40 TWh, Production 0.12 TWh
TWh
Energi Salg Norge
8.8
19,458
Consumption 8.33 TWh, Production 0,5 TWh
TWh
Energia Myynti Suomi
3.7
28,842
Consumption 3.75 TWh
TWh
Energie Vertrieb Deutschland
1.0
15,154
Consumption 1.45 TWh
TWh
Energi Danmark Group in Total
37.5
TWh
194,024
Sustainability 8
SUSTAINABILITY
Powering Business Responsibly
In today's world where progress and life quality are key, the sig-
nificance of energy as a fundamental element for a well-operat-
ing society is paramount. Its crucial role is often most recognised
when it is lacking.
At the Energi Danmark Group, we have an in-depth compre-
hension of the European energy landscape and markets, which
makes us able to guide and manage risks related to energy use
and production – delivering value both now, tomorrow, and
next year. Our skilled people, supported by specialized tech,
constantly predict fluctuations in energy prices, attentively ob-
serving market changes and dissecting large volumes of data
that significantly influence the cost of energy.
We have a new strategy underway. This period marks a pivotal
shift, encompassing major changes in our management ap-
proach and overall strategic vision. A key aspect of this trans-
formation is the further integration of Environmental, Social,
and Governance (ESG) in our strategy. We anticipate the com-
plete development and deployment of this new strategy some-
time in 2024. This change reflects our firm determination to
evolve and expand in a fast-paced energy environment, empha-
sizing our commitment to sustainable and ethical business
practices.
2023 Sustainability Report
This 2023 Sustainability Report is a statutory report on the Energi
Danmark Group’s Corporate Social Responsibility in line with
Section 99a of the Danish Financial Statements Act.
It covers both the Danish parent company and all subsidiary
companies, shedding light on our global activities, sustainability
goals, and our strategies for achieving them.
Our Commitment to Sustainability
Our Corporate Social Responsibility strategy is continuously
changing, aligning with our business strategy.
This report aligns with the UN's 17 Sustainable Development
Goals, serving as a crucial framework for positively impacting
and preserving Earth's resources.
Our most significant contribution aligns with goal 7: Affordable
& Clean Energy. Through our primary operations, we strive to
make a meaningful difference, aiming to provide universally ac-
cessible, reliable, sustainable, and modern energy solutions. Ad-
ditionally, our activities support goals 9 (Industry, Innovation &
Infrastructure), 11 (Sustainable Cities & Communities), 12 (Re-
sponsible Consumption & Production), and 13 (Climate Action).
These complementary objectives are integral to our business
sector, and we are committed to understanding and advancing
in these. Therefore, our sustainability focus areas include Energy
& Society, Responsible Commerce, People & Culture, and Re-
sponsible Operations.
Sustainability 9
Value Chain
We focus primarily on two key areas: customers and trading. As
a balance responsible entity, we manage every aspect of the
value chain, operating continuously throughout the year, every
day, and every hour. Our activities range from short-term
balancing to long-term financial hedging. We facilitate the trans-
fer of electricity and gas from regions with surplus to those with
higher demand. Through our active involvement, we contribute
to the efficiency of markets. This approach ensures that both
consumers and producers benefit from the most favourable
prices.
Energy & Society
Electricity is the backbone of modern daily life, and its absence
would bring most activities to a standstill. Our core mission is to
manage energy delivery and trading internationally, ensuring a
crucial balance between consumption, production, and demand.
We continuously work to refine our forecasting of needs and
trends, thereby strengthening stability and security within the
electricity infrastructure.
We are proud to be jointly owned by Andel and NRGi, which
strengthens our commitment to positively impacting society
through our role in the energy value chain. We are constantly
evolving, developing systems, solutions and services that meet
both current and future needs. This forward-thinking approach
is geared towards fostering sustainable societal growth, which
offers added value to our customers and stakeholders.
We prioritize system data security, ensuring the safe and secure
handling of sensitive information. Delivery reliability is another
key area, where we strive to provide a consistent and dependa-
ble energy supply. The electricity infrastructure is a crucial com-
ponent of our work, where we invest in and support robust and
efficient energy networks.
System Data Security
We place a high priority on data security, recognizing its critical
importance as a balance responsible party. We understand that
employee awareness is key to maintaining this security, which is
why we provide continuous training on the safe use of different
technologies.
In 2023, our commitment to data security was exemplified when
we passed the Danish Energy Agency's (Energistyrelsens) inspec-
tion on December 14, 2023, and once again received full compli-
ance with the legal requirements laid out in the BEK 2647 Act of
28/12/2021 “IT Readiness in the electricity and natural gas sec-
tor”. In relation to our role in the electricity and natural gas sec-
tor, we are at the highest level, which means the law sets specific
requirements for our IT Security.
We are continuously working to align with the General Data Pro-
tection Regulation (GDPR) and in December 2023 we signed a
contract with a new colleague as Head of Compliance. The new
Head of Compliance brings a great deal of experience and exper-
tise and will play a pivotal role in managing our GDPR adherence.
This effort is integral to our wider initiative to cultivate a culture
of data security and privacy throughout our organization, even
though we have had no data breaches identified in 2023. The
Compliance team works systematically and follows an annual cy-
cle of work to ensure that we continually update our employees
Sustainability 10
regarding key GDPR information using awareness campaigns and
ongoing training and the team began a review in December 2023
of GDPR and NIS 2, as a first step in enhancing our current setup.
Local initiatives
Across the group we are committed to the local communities we
are part of. Our subsidiary, Energi Salg Norge (ESN), has previ-
ously joined the climate pact with Oslo City, contributing to the
city's ambitious goal of reducing greenhouse gas emissions by
95% by 2030. ESN was also certified as a “Miljøfyrtårn” in 2023
which is an official certification for businesses working on envi-
ronmental issues. This was an important milestone, marking the
beginning of our journey towards achieving the UN's climate
goals, and reducing our carbon footprint.
As part of this, ESN has committed to reduce air travel and en-
ergy consumption and continue initiatives on waste manage-
ment at the office in Oslo. ESN have a climate account and report
into the Eco-Lighthouse platform, which shows that 82.5 % of
ESN total greenhouse gas emissions are due to air travel (12.4
tons CO₂). Energy use is the second largest category, accounting
for 16.9 % of total emissions. This means that air travel alone
accounts for more than the entire energy use of the business in
Norway. Therefore, we have set new goals and implemented a
travel policy focused on cutting emissions from air travel by 50
% by 2030.
ESN hosts an annual sustainability conference in Oslo called 17-
dagen, inspired by sustainability goal no. 17, which is about
strengthening cooperation to achieve all the other 16 goals. This
means that this goal is crucial for achieving sustainable develop-
ment at a global level. It is a day filled with insights and
knowledge about sustainability from various perspectives. The
participants were mainly customers, politicians, and partners. In
2023, they had the pleasure of hosting 110 participants at the
conference.
Our subsidiary, Energiförsäljning Sverige, has partnered with
Solvatten in 2023 to deploy 72 Solvatten units, positively impact-
ing 331 individuals across various communities in Uganda. This
initiative not only provides immediate aid but also makes a sig-
nificant contribution to environmental sustainability and public
health in the region. By treating 3.0 million liters of water, Solvat-
ten makes it safe for drinking and other household needs. This
significant improvement in water quality is expected to reduce
the number of sick days, thereby enhancing the overall quality
of life and economic productivity within these communities.In
2023 our Finnish subsidiary, Energia Myynti Suomi (EMS), em-
braced a significant transition to smaller office premises on the
same campus, aligning with the post-Covid-19 shift towards re-
mote work in Finland. This strategic move not only reduced our
environmental footprint by decreasing the need for large office
spaces but also contributed to less commuting, saving time, and
reducing emissions from both car and public transportation us-
age. Additionally, EMS undertook a conscious effort to recycle
and repurpose excess office furniture by collaborating with a
company specializing in office furniture recycling.
Accommodation of Renewable Energy in Society
In 2023, Energi Danmark continued to actively support the de-
velopment and integration of renewable energy within society,
aligning closely with our commitment to environmental sustain-
ability and carbon neutrality. Our efforts are multifaceted, rang-
ing from facilitating Power Purchase Agreements (PPAs) to pio-
neering innovative solutions like the PPA Pool and Demand Re-
sponse programs, aimed at enhancing grid stability and promot-
ing the use of renewable sources. And we are always actively ex-
ploring new opportunities with major Original Equipment Man-
ufacturers (OEMs) on behalf of our customers, regarding renew-
able energy solutions.
Our PPA product, which has seen great success again in 2023,
enables a direct connection between our customers and renew-
able energy producers, ensuring that the electricity supplied is
derived from sustainable sources. This initiative not only sup-
ports the customer’s journey towards carbon neutrality but also
contributes significantly to the introduction of new renewable
energy capacities into the grid.
The PPA Pool, launched in 2021, represents a groundbreaking
approach, allowing companies of all sizes to participate in the
green transition by investing in newly constructed solar parks tai-
lored to their energy consumption needs. This collaborative
model has proven to be a crucial step towards increasing the
share of renewable energy in our society, demonstrating the po-
tential for collective action in the face of climate change.
Our Demand Response program introduces a new dimension to
energy consumption flexibility, enabling customers to adjust
their energy use in response to grid demand. This not only pro-
vides a financial incentive for participating customers but also
enhances grid reliability and supports the integration of renew-
able energy sources by optimizing electricity use during periods
of surplus or shortage.
The significant role of solar energy in grid balancing became par-
ticularly evident in July 2023 when, for the first time, solar pro-
duction contributed to negative day-ahead prices (DKK
3,000/MWh), signalling its growing importance alongside wind
energy. Our efforts to transform solar parks into active market
participants have been crucial in stabilizing the day-ahead mar-
ket through participation in both up- and downregulation activi-
ties, and some have advanced to frequency regulation, offering
vital ancillary services.
In December 2023, we reached another milestone by engaging
in the initial issuance of E-Methane certificates for a Power-to-X
facility, underscoring our role in promoting sustainable fuel pro-
duction. Through our collaboration with an Andel-owned elec-
trolyzer and Nature Energy's biogas operation, we have facili-
tated the production and integration of approximately
6000Nm^3 of E-methane into the gas distribution network. We
are preparing to enhance our service offerings to meet the needs
of modern PtX facilities by early 2024.
As we move forward, we remain dedicated to driving the evolu-
tion and active market participation of solar assets, with plans to
develop advanced forecasting systems and sophisticated control
mechanisms for renewable energy parks. Our ongoing initiatives
reflect a comprehensive interest to not only support the green
transition but also to create a path towards a more sustainable
and resilient energy future.
Sustainability 11
Climate Friendly Energy
Our customers have the option to purchase climate-friendly en-
ergy, also referred to as Guarantees of Origin, from renewable
sources like wind power, hydropower, and biomass. This not
only highlights the demand for renewable energy but also en-
courages its production. Customers can choose to cover their
needs partly or entirely through wind turbines, either from a
specific or non-specific turbine. By selecting a specific wind tur-
bine that is less than two years old, the customer actively sup-
ports brand new wind turbines and the expansion of renewable
energy. It is also possible to cover energy consumption in whole
or in part through the purchase of energy from hydropower. We
have fixed agreements in place with hydropower plants in Swe-
den, Norway, and Finland to purchase climate friendly electric-
ity. The purchase is documented through certificates.
Wind
power
Hydro-
power
Bio-
mass*
Other**
Total
2019
544,166
2,034,435
183,058
2020
738,510
4,061,256
438,142
2021
1,578,944
3,779,114
759,016
489,737
6,606,811
2022
960,586
1,901,052
37,924
776,919
3,676,481
2023
879,089
1,190,062
67,333
1,132,396
3,268,880
* There is an ongoing discussion about the climate friendliness of bio-
mass. So far, we relate to the Danish government’s position and thus
include biomass in renewable energy.
** Other renewable energy sources than wind power, hydropower, or
biomass.
Interest in sourcing electricity from renewable energy sources
such as wind power, hydropower, and biomass has consistently
grown over the years. However, the landscape of renewable en-
ergy consumption is evolving, with significant shifts, with a nota-
ble decrease of 44 % from 6,606,811 MWh in 2021 to 3.676,481
MWh in 2022. In 2023, we experienced a further decrease of ap-
proximately 11.1 % with a total of 3,268.880 MWh. This reduc-
tion in volume sold can be largely attributed to customers gravi-
tating towards a climate-friendly solution, Power Purchase
Agreements (PPA), which is not included in the volume shown.
Additionally, a trend towards direct purchases from solar parks
has contributed to this shift, reflecting a broader move towards
sustainable energy practices.
Bra Miljöval El
At Energi Försäljning Sverige AB (EFS), customers can opt for Bra
Miljöval El (Good Environmental Choice Electricity), ensuring
their electricity is sourced from eco-friendly options like wind,
hydropower, or biomass. Despite a decrease in sales in 2022 and
2023 due to changes in customer composition and the energy
crisis, our commitment to environmental projects and energy-
efficient solutions remains strong.
For every kWh of Bra Miljöval electricity sold, Energi Försäljning
Sverige AB is obliged to donate a sum for environment improve-
ment projects and energy effective solutions via the Environ-
mental Fund, the Energy Efficiency Fund, and the Investment
Fund. Together with customers, EFS has been able to support
several projects directed at reducing energy consumption and
installing solar power during 2023.
Cancellation of Carbon Emission Allowances
We offer a service where customers can buy and cancel carbon
emission allowances, contributing to the reduction of available
allowances and pushing up their prices, discouraging high pollu-
tion industries from excessive carbon emissions.
Advisory Services
Our advisory services extend to helping customers establish cli-
mate-friendly strategies. This includes consultancy on consump-
tion management and regulation, optimizing energy usage for
the benefit of both the environment and our customers.
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
3.500.000
4.000.000
4.500.000
2019 2020 2021 2022 2023
MWh
Climate friendly energy sold across the group
Wind power Hydro power Bio mass Other
2,1
1,6 1,6
1,4
0,3
0,0
0,5
1,0
1,5
2,0
2,5
2019 2020 2021 2022 2023
TWh
Bra Miljöval
Sustainability 12
Results for 2023 and goals for 2024
Risks
Focus areas
Goals 2023
Results 2023
⌐ Actions
Goals 2024
⌐ Planned actions
Data safety
System data secu-
rity
Policy: Human
rights policy
▪ Remain compliant with
the requirements stipu-
lated in BEK 2647 in re-
gard to IT Preparedness in
the Electricity- and Natural
Gas sector
▪ Govern our information in
accordance with GDPR re-
quirements.
▪ Implementation of a new
version of compliance sys-
tem
▪ We passed the Danish En-
ergy Agency's (Energistyrel-
sen) inspection on Decem-
ber 14, 2023, full compli-
ance with the legal require-
ments laid out in the BEK
2647 Act of 28/12/2021
▪ We are continuously work-
ing to align with the GDPR
⌐ In December 2023 we
signed a contract with a
new Head of Compliance
▪ Compliance system
NorthGRC implemented
▪ Remain compliant with
the requirements stipu-
lated in BEK 2647 in re-
gard to IT Preparedness
in the Electricity- and
Natural Gas sector
▪ Follow our annual
planned tasks
⌐ Specific awareness cam-
paigns on various GDPR
topics. Preparation of
NIS2.
▪ Review and maintain the
compliance system
Local commu-
nity
Local community
Policy: Human
rights policy
▪ Support for relevant NGOs
and projects
▪ A focus on our transforma-
tive year and therefore no
results here
▪ To be considered
Renewable en-
ergy
and climate
Accommodating
renewable
energy (RE)
in society
Renewable energy
and climate & ac-
commodation of
RE in society
Policy: Climate pol-
icy
▪ Demand concept ex-
tended with new custom-
ers
▪ Ambition to increase the
volume of RE sold
▪ Enter new PPA agree-
ments in the Nordic coun-
tries
▪ A transformative year and
goals postponed to 2024
▪ A transformative year and
goals postponed to 2024
▪ A signed PPA in Finland and
more in progress
▪ Demand concept ex-
tended with new custom-
ers
▪ Ambition to increase the
volume of RE sold
▪ Enter new PPA agree-
ments in the Nordic
countries
Sustainability 13
Responsible Commerce
We empower energy consumers and energy producers to en-
gage in proactive and financially beneficial trading strategies,
with our focus on responsible trades and transactions with sup-
pliers and partners.
Supplier Management
Our trading relationships with suppliers are built on mutual trust
and respect for sound business ethics. The great majority of our
purchases are made through energy exchanges in the financial
energy market and thus without any direct trade contracts with
suppliers. The energy exchange is highly regulated, however, and
there are strict requirements for registering with the exchanges.
We respect human rights as described in, among others, the
UN's Universal Declaration of Human Rights, the European Con-
vention on Human Rights, the ILO conventions, the UN's Guiding
Principles on Business and Human Rights, and the OECD Guide-
lines for Multinational Enterprises. At the Energi Danmark
Group, we have a Human Rights Policy covering forced labour
and child labour and we do not accept any kind of child labour or
forced labour, including slave labour or human trafficking.
Anti-Corruption
We are firmly committed to combating corruption, as such prac-
tices are in direct opposition to our core values and are unac-
ceptable. During 2023 we have changed our internal communi-
cation to uphold a high standard of financial transparency within
our operations, ensuring that all business activities align with le-
gal and regulatory requirements as well as ethical standards.
Working for the Energi Danmark Group, employees are required
to exercise sound judgment in balancing the Group’s and soci-
ety’s interests and that all employees act in accordance with the
law, regulations, and standards. To reinforce this stance, we
have implemented a comprehensive anti-corruption policy,
across relevant business areas.
Additionally, our whistleblower scheme allows employees to
anonymously report any unacceptable or illegal conduct to our
auditor for impartial investigation. This system, detailed on our
Intranet and web, includes a policy and investigation procedure.
In 2023 we had one single report which led to an investigation
and proper actions were taken.
We also adhere to a policy for the prevention of market abuse,
compliant with EU legislation on insider trading and market ma-
nipulation (MAR and REMIT). Our compliance framework is
strengthened by an energy trade monitoring software, which
aids in identifying and addressing trades that might raise con-
cerns under REMIT together with an assigned Compliance Of-
ficer.
Pollution With Wastewater and Chemicals
We wish to reduce pollution to protect biodiversity and prevent
the destruction of natural ecosystems. In our operations, we nei-
ther discharge wastewater nor chemicals into the environment.
Our focus is primarily on collaborating with suppliers in the en-
ergy production and transportation sectors to minimise environ-
mental impact.
Advancing our Credit Evaluation and Risk Management
In our field, operational efficiency and effective risk manage-
ment are closely linked. To support this, we have integrated a
new modern credit evaluation system into our business opera-
tions, providing real-time insights and analytics. This enhance-
ment is crucial for conducting proactive credit evaluations of our
customers, and thereby streamlining our business processes.
This deployment not only strengthens our credit and counter-
party risk management but also our data-driven decision-making
and ensures a good customer experience.
Sustainability 14
Results for 2023 and goals for 2024
Risks
Focus areas
Goals 2023
Results 2023
⌐ Actions
Goals 2024
⌐ Planned actions
All risks
Supplier Manage-
ment
Policies:
Human rights pol-
icy, Environmental
policy, Climate pol-
icy, Employee rights
policy, Diversity
policy, Anti-corrup-
tion policy
▪ Maintaining and develop-
ing our current policies
and rules
⌐
▪ Further enhancement of
our compliance setup
▪ Further implementation
of Supplier Code of Con-
duct
▪ Completed ISO audit.
▪ New Head of Compliance
hired. 360-degree review
initiated as a first step in
enhancing current setup.
▪ Establishment of ESG
with focus on Supplier
Code of Conduct
▪ Update and review our
Supplier Management
setup.
▪ Enhancement and align-
ment with our ESG pro-
gram.
▪ Review Supplier Code of
Conduct setup
Anti-corruption
Fair competition
Anti-corruption &
Fair competition
Policies: Anti-cor-
ruption policy, Pol-
icy on the preven-
tion of market
abuse
▪ Maintaining our Fair
Competition compliance
setup
▪ Maintaining training in
relation to Fair Competi-
tion
▪ Update and review our
Policies
▪ Compliance completed
training sessions on pre-
vention of market abuse
▪ Update and review our Pol-
icies.
▪ Maintaining training in re-
lation to Fair Competition
Pollution from
wastewater
Pollution with
chemicals
Pollution from
wastewater and
chemicals
Policy: Environmen-
tal policy
▪ Maintaining and develop-
ing our current policies
and rules and ISO14001
standards for audit.
▪ ISO14001 audit com-
pleted
▪ Review and update of our
ISO 14011 setup.
Sustainability 15
People & Culture
At Energi Danmark Group, we believe that our employees are
our most valuable asset. Despite our high-tech solutions and
special developed systems, the heart of our company lies in in-
dividuals like Line, Tiina, Simon, Angjun, Mia, Eirik, Büsra, Gitte,
and our 262 dedicated employees.
Careers and Capabilities
We are excited to welcome our new CEO to the group. Changes
were made to the Management Team (MT) in 2023, which now
includes a new CFO, two Vice Presidents (VP) of Trading, and a
Senior Vice President (SVP) of People, Communication, and ESG.
This elevation underscores our dedication to prioritizing our peo-
ple and our level of communication – both internally and exter-
nally – along with our ESG initiatives, which are in synergy with
our new strategy work, which will extend into most of 2024.
We are committed to providing our employees with a flexible
work environment that enables remote work with the necessary
technology. We believe that this approach will help us attract
and retain top talent while also promoting work-life balance and
employee well-being.
Employee Empowerment and Engagement
We empower our employees by providing them with a working
environment that encourages them to develop their profes-
sional and personal skills. We focus on competencies and capa-
bility building to enable our employees to reach their full poten-
tial. As a knowledge-heavy company, it is crucial that we stay at-
tentive constantly and follow the latest developments in the en-
ergy market. We offer appropriate supplementary training in re-
lation to each employee’s areas of work.
Employee engagement remains a key focus for us, as we under-
stand its critical role in ensuring our team feels valued, satisfied,
and motivated. Our leadership philosophy is rooted in trust, re-
spect for each individual, and a commitment to supporting work-
life balance on a personal level.
Traditionally, we have conducted an engagement survey every
other year to gauge employee sentiment and engagement lev-
els. The 2021 survey, which saw an impressive 94% participation
rate among our employees, revealed that 81% would recom-
mend Energi Danmark as a workplace—a significant increase
from 75% in the 2019 survey. However, due to a transitional year
in 2023 marked by changes in our CEO, CFO, and Management
Team, we decided not to conduct this survey. We are committed
to resuming our regular engagement surveys, with the aim to
continue this valuable practice in the coming years, acknowledg-
ing 2023 as an exception in our consistent effort to monitor and
improve employee engagement.
Our internal working environment committee (AMU) ensures
that we carry out the mandatory physical WPA measurements
called APV (in Denmark only) while we work to achieve long-
term results in employee well-being and lower sick leave and en-
sure that work does not lead to injuries or illness. This survey is
normally carried out every second year, together with our en-
gagement survey, and is therefore postponed to 2024 as well.
We remain committed to enhancing leadership skills, fostering
individual work-life balance, and expanding career development
opportunities. Maintaining a healthy work-life balance was a key
priority in 2023, and we've supported our colleagues by provid-
ing flexible working conditions, including the option to work
from home, in collaboration with their managers. Additionally,
we've introduced a leadership training program and convened
our managers for several Strategic Forums throughout the year,
focusing on transparency and leadership development as pivotal
areas.
Health and Safety
At Energi Danmark Group, we prioritize our employees’ safety
and well-being. We offer local and group-level benefits, includ-
ing health insurance and ergonomic advice. These not only im-
prove job satisfaction but provide easy access to healthcare ser-
vices and reduce sick leave, mitigating the risk of stress. Our ben-
efits include but are not limited to (depending on location):
⌐ Health insurance.
⌐ Professional advice on workplace ergonomics.
⌐ A yearly optional first aid course.
⌐ Healthy food served at office canteens.
Our canteen in Aarhus, which has a certified bronze medal from
The Organic Cuisine Label (Det Økologiske Spisemærke), offers a
nutritious lunch, with vegetables occupying a prominent place
on the buffet, which is clearly reflected in the canteen’s food
purchases, where fruit and vegetables accounts for 35 % and
meat for only 16 %.
We like to promote physical health among our employees. Each
year, we have our own padel tournament and participate in the
DHL relay race, in which all employees have the opportunity to
either run or walk five kilometers together with their colleagues.
We also participated in this year’s “Bike to work” campaign
where 26 employees participated, and they covered a total dis-
tance of 6,957 km to work. But mental health is also on our
agenda, so in the fall of 2023, Mikael Kamber visited our Aarhus
office and gave a lecture about mental well-being. Kamber is a
renowned expert in positive psychology and has written several
books on the subject. During his lecture, he discussed the im-
portance of mental health and well-being in the workplace. He
shared practical tips and strategies for managing stress, improv-
ing mood, and increasing happiness. His lecture was well-re-
ceived by everyone who attended, and we are grateful for the
insights he provided.
Employee Data Security
At the Energi Danmark Group, we are committed to ensuring the
highest level of data security for our employees. We take data
security seriously and align with the EU’s GDPR, working toward
a streamlined data storage and sharing system across the Group.
Our diversity policy rejects discrimination and promotes a cul-
ture of inclusivity.
While the implementation of a single HR system across the en-
tire Group has been delayed, we are working on streamlining the
way data is stored and shared across our systems to ensure uni-
form processing and storage of personal data.
Sustainability 16
Diversity and Inclusion
At Energi Danmark Group, we believe that diversity in all its
forms enables us to creatively solve challenges for our customers
and societies. It is a key element in how we adapt and access
talent pools to bring in different perspectives and expertise. We
do not tolerate any form of discrimination on the grounds of e.g.
race, skin colour, gender, language, ethnicity, religion, political
or other views, cast, national or social origin, wealth, birthplace,
union affiliation, sexual orientation, health, age, disability, or
other characteristics.
We are dedicated to nurture an inclusive work culture where
continuous learning is key. Our language program exemplifies
this commitment, offering English-speaking employees the
chance to immerse themselves in Danish society and language,
thereby enhancing their integration and sense of belonging
within the team. This initiative has seen significant milestones,
such as employees successfully passing the Danish citizenship
test. The program, developed in collaboration with CLAVIS Sprog
& Kompetence and supported by the Municipality of Aarhus,
spans comprehensive language training and cultural education,
ensuring our diverse team not only excels in their roles but also
connects deeper with Danish culture and societal norms.
Diversity and gender distribution in the management
team
This report serves as the Energi Danmark Group’s formal decla-
ration on gender composition for the year ending 2023, in line
with section 99b of the Danish Financial Statements Act. The aim
is to create focus on the under-represented gender, which is cur-
rently female due to the distribution within our group. Despite
men being predominant in the energy sector at large, and simi-
larly within our company, we have made significant strides in
promoting gender equity, especially within our Management
Team.
Reflecting on our 2022 ambitions, we aimed for a significant im-
provement in gender balance:
⌐ We sought an 85/15 gender distribution on Energi
Danmark’s Board of Directors, emphasizing the elec-
tion of at least one woman by the end of 2022.
⌐ Additionally, we targeted 28% of Energi Danmark’s
management to comprise women, aiming to achieve
a 72/28 gender distribution at the management level
by the close of 2022.
Achieving Our Gender Diversity Goals
By the end of 2023, our Management Team, including the CEO,
SVPs, and VPs, consisted of nine individuals, achieving a more
balanced gender representation with four women and five men.
This translates to women representing 44.44 % of our Manage-
ment Team, effectively surpassing our initial goal. As a result, our
management team (senior management) has an equal gender
distribution as of the balance sheet date. Additionally, the gen-
der balance across the remaining management levels (manage-
ment excluding the management team) has a gender balance of
15/85 % as of the reporting date.
Board of Directors
Female
Male
2023
1
17 %
5
83 %
Goal 2026
33 %
67 %
Senior management
Female
Male
2023
4
44,4 %
5
55,6 %
Target reached
60/40 – 40/60 %
Other management
Female
Male
2023
3
15 %
17
85 %
Goal 2033
40 %
60 %
Across our organization, our workforce of 262 professionals,
shows a positive shift towards greater gender diversity, with 95
women (36.26 %) and 167 men (63.74 %). This marks a notewor-
thy progression from 2022.
As of the end of 2023, the Board of Directors comprises six mem-
bers, featuring one woman and five men, which equates to 17 %
female representation - exceeding our target for female repre-
sentation on the board from 2021. This achievement signifies
meaningful progress towards greater gender diversity at our
highest level of governance. In our commitment to enhancing
board competencies during 2023, we conducted a meticulous
headhunting process focused on identifying candidates with the
most relevant competencies and experiences. This led to the ap-
pointment of Anne Broeng to the board, chosen for her signifi-
cant sector experience, including her contributions to the board
of directors in Danske Commodities and her strong risk manage-
ment expertise.
As we consider the need for additional board members, we will
continue focusing on professional competencies to guide our se-
lection process, ensuring that our efforts towards diversity and
expertise remain aligned with our governance objectives.
Looking Forward
With the achievements of 2023, we not only celebrate reaching
our gender diversity goals within the management team but also
acknowledge the progress made on our Board of Directors.
-5 0 5 10 15
Subsidiaries
Other mgmt
Senior mgmt
Gender distribution in management
Female Male
Sustainability 17
In the technology and trading industry, women are notably un-
derrepresented, posing a challenge to rapid progress and
changes in percentages. Recognizing this imbalance, we are
committed to initiate measures aimed at attracting more
women across various disciplines. Our goal is to maintain and
achieve a gender ratio of either 60/40 or 40/60 on senior man-
agement as well as other management - moving towards a more
balanced gender representation.
We will maintain transparency in our diversity and inclusion ini-
tiatives, holding ourselves accountable to our goals, and uphold-
ing the values that define us as an organization.
Sustainability 18
Results for 2023 and goals for 2024
Risks
Focus areas
Goals 2023
Results 2023
⌐ Actions
Goals 2024
⌐ Planned actions
Career and
Challenges
Employment
Terms
Remuneration
Careers and capa-
bilities
Policy: Employee
rights policy
▪ Define and implement
annual HR core pro-
cesses
▪ Attract more interna-
tional candidates
▪ Optimizing and develop-
ing the onboarding pro-
cess
▪ Focus on leadership
training and develop-
ment
▪ Make internal career op-
portunities visible across
the organization
▪ Transformative year and
goal postponed to 2024
▪ Participating in fairs and
working with agencies
▪ Recruitment specialist
hired in 2023 to set up
processes and procedures
in 2024 Strategic Forum
⌐ Shared knowledge and
leadership training
▪ Annual management
wheel implemented in
2024
▪ Participating in fairs and
working with agencies
▪ Improved employee and
office experience
▪ New improved onboard-
ing processes
▪ Guiding principles for
managers
▪ Leadership development
program
Work health
Work safety
Work health &
safety
(Diet, exercise,
working
environment,
stress)
Policy: Employee
rights policy
▪ Increase employee satis-
faction where MTU and
APV have pointed out
that there are currently
challenges /opportuni-
ties for improvement
▪ Sick leave below the
standard for the energy
business
▪ Attrition below 15%
▪ Postponed to 2024 due
to a transformative year
⌐ Surveys will be carried
out in 2024
▪ Sick leave 1.7% (average
of 3.2 % for utility com-
panies)
▪ Attrition 26.1 %
▪ Increase employee satis-
faction where MTU and
APV have pointed out that
there are currently chal-
lenges /opportunities for
improvement
▪ Sick leave below the
standard for the energy
business
Attrition below 15%
Data safety
Employee data se-
curity
Policy: Employee
rights policy
▪ Further streamlining of
the Energi Danmark
Group’s employee infor-
mation through our vari-
ous HR systems
▪ Continuous work to im-
prove
▪ Ongoing improvements
Discrimination
and inclusion
Diversity
Policies: Employee
rights policy, Diver-
sity policy
▪ Gender distribution of
85/15 on Board of Direc-
tors by close of 2024
▪ Accomplished in 2023.
▪ We do not expect any
changes in the Board of
Directors, but we con-
tinue to focus on gender
distribution in our Man-
agement Team and
among our employees
Sustainability 19
Responsible Operations
We aim to be transparent in all we do to maintain fair competi-
tion and good business ethics. Central to our operations is our
Environment and Climate Policy with a specific focus on energy
and water consumption as well as waste handling. And we work
continuously to reduce the negative impact on the environment
from our own operations. Since 2014, we have been certified in
accordance with ISO 14001 and implemented quality and envi-
ronmental policies to identify all environmental impacts, includ-
ing ensuring the proper handling of significant environmental as-
pects and to ensure on-going identification of new aspects.
Transparency
In the highly regulated energy sector, transparency is para-
mount. At Energi Danmark Group, we embrace this requirement
as a fundamental aspect of our corporate social responsibility.
Upholding transparency ensures fair competition and adheres to
the highest standards of business ethics. Annually, we highlight
significant developments in our report, addressing both tri-
umphs and challenges, while also keeping stakeholders in-
formed through regular updates and major announcements on
our website.
Electricity Consumption
Our commitment to sustainability is embodied by our headquar-
ters in Aarhus, housed in a building distinguished by a gold DGNB
certification, reflecting excellence in sustainable construction.
Similarly, our Malmö office, part of Energi Försäljning Sverige AB,
enjoys a silver certification for sustainability, showcasing our
dedication across borders.
Given our position in subleased spaces, direct monitoring of our
energy consumption poses challenges. However, we prioritize
occupancy in modern, energy-efficient buildings to minimise our
environmental footprint. Despite a strategic move to renewable
energy sources, the transition of several offices in 2023 slightly
impacted our goal of achieving 100% renewable electricity us-
age.
ISO Certification
Since 2014, we have been certified in accordance with ISO 14001
which is the most renowned international standard in environ-
mental management systems and is used worldwide. In January
2022, our ISO certification was renewed for a three-year period.
The certification applies to both Energi Danmark and all subsidi-
aries in Denmark, Sweden, Finland, Norway and Germany within
advisory services and trade with energy products as well as de-
rivative electricity products. The certification ensures that cus-
tomers always receive the expected service regardless of which
country they are trading in. Internal audits are carried out every
year and the most recent one was completed in September 2023
Water Consumption
Our Aarhus office, distinguished by its DGNB certification, has
been designed with sustainability at the forefront, utilizing water
recycling and local resources to preserve the natural water cycle
and minimise the usage of potable water.
In 2023, we have estimated the water consumption across our
locations because precise measurements can be challenging due
to our subsidiaries being housed within larger buildings—where
water costs are included in the overall rent.
Our Aarhus oce has been honoured with a gold rang
from the EU's DGNB cercaon system for sustainable
buildings. This presgious rang is a result of a thorough
evaluaon across mulple criteria spanning six major cate-
gories.
Environmental quality
66.0 %
Economic quality
83.9 %
Sociocultural and
funconal quality
62.3 %
Technical quality
69.4 %
Process quality
75.0 %
Site quality
58.7 %
Total score
70.9 %
In January 2023, we achieved recognion for our sustaina-
bility eorts with the award of an EcoVadis Bronze medal.
We were recered in March 2024, based on iniaves
and policies from the year 2023. This cercaon includes
comprehensive sustainability performance across four key
categories: Environment, Labor & Human Rights, Ethics,
and Sustainable Procurement.
m3
Sustainability 20
Waste Management
In line with our environmental responsibilities, all our offices, sit-
uated within multi-tenant buildings, follow the waste manage-
ment guidelines specified for each property. To support these
efforts, we actively sort waste in key areas of our workplaces,
such as kitchens, canteens, and printer stations. In addition to
the general waste separation practices, some of our offices go
further by sorting cardboard, plastic, and glass.
Our approach to minimising food waste is proactive and creative.
Employees are encouraged to purchase surplus food from lunch
to take home, while our kitchen staff skilfully repurposes any re-
maining food that has not been on the buffet, either by freezing
for future use or incorporating it into meals the following day.
We also apply due diligence and look to minimise any negative
effects on the environment when purchasing. Our kitchen staff
focus – to the extent that it makes sense – on buying food that
is close to the expiry date, contributing to our broader effort to
combat food waste effectively.
Calculations of Scope 1 & 2
During 2023, we screened and measured our own impact on the
climate coming from CO
2
emissions, in adherence to the gener-
ally accepted GHG accounting principles. We measured both the
direct internal emissions (scope 1) and the indirect internal emis-
sions (scope 2). Scope 1 emissions are mainly coming from fuel
for own and leased vehicles. Scope 2 emissions come from dis-
trict heating and our electricity consumption. We have set a tar-
get of minimising our negative impact in scope 1 and 2 and com-
pensating the remaining part.
As a power trading company, the majority of CO
2
emissions
come from our suppliers and customers (scope 3). We will begin
calculating its Scope 3 emissions in the upcoming reporting peri-
ods. Scope 3 emissions include indirect GHG emissions associ-
ated with activities related to Energi Danmark but not directly
controlled or owned by us.
Calculation of our direct internal emissions (scope 1)
In 2023 we changed the composition of our owned and leased
vehicles and sold all our Diesel operated cars. By the end of 2023
we had a total of 30 cars in our fleet, with either an electric, gas-
oline or hybrid-motor. 23 of those cars (76.6 %) are electric ve-
hicles, without direct contributions to CO
2
emissions to the
atmosphere. 4 are hybrid vehicles (13.3). The total direct CO
2
emissions from our vehicles were equal to 49 tons CO
2
emis-
sions.
Calculation of our indirect internal emissions (scope 2)
Energi Danmark consumed a total of 353,204.00 kWh of electric-
ity, including electricity for electric cars. The location-based
emission factors are from Energinet for Denmark, EEA for Swe-
den and Finland and Fortum for Norway. The market-based
emission factors are equal to zero because of the use of 100%
renewable electricity.
Many of our subsidiaries are located within larger buildings, and
their energy costs are included in the total rent. Therefore, our
data on district heating is based on estimations. These estimates
are calculated according to our square meter ratio of energy con-
sumption for the entire office building. Energi Danmark used an
estimated total of 321,267.00 kWh of energy from the district
heating networks of Denmark, Sweden, and Norway. The emis-
sions from district heating arise mainly from the central Danish
facility, that consumed a total of 253,231.00 kWh.
In total, when looking at our location-based scope 2 emissions
we have emitted a total of 55 tons CO
2
eq.
Compensation of our negative impact on the climate
In 2023, we have registered 49 tons of CO
2
equivalent through
our internal operations (scope 1). Moreover, our activities re-
lated to district heating in Denmark, electricity consumption
across Denmark and Sweden, and our fleet of electric vehicles
contributed to an additional 55 tons of CO
2
(scope 2), summing
up our total negative climate impact to 104 tons of CO
2
. Under-
standing the urgency to address climate change, we took a deci-
sive step towards carbon neutrality.
To counterbalance our carbon footprint, we collaborated with
EcoTree, a leading organization committed to forestation and
ecosystem restoration in Europe. Our partnership is focused on
the Nysum Forest project, a transformative initiative aimed at
converting a 31.2-hectare former gravel pit, located between
Aalborg and Hobro in Northern Jutland, into a vibrant, nature-
close forest. This reforestation project is set to kickstart in spring
2024, introducing a diverse array of tree species and shrubs,
managed through continuous cover forestry principles.
Sustainability 21
Results for 2023 and goals for 2024
Risks
Focus areas
Goals 2023
Results 2023
⌐ Actions
Goals 2024
⌐ Planned actions
Transparency
Transparency
Policies: Human rights,
Environmental, Cli-
mate, Employee rights,
Diversity policy, Anti-
corruption
▪ Reporting on policies
▪ Remuneration Policy.
▪ Implementation of ESG
reporting setup.
Electricity
consumption
Electricity con-
sumption
Policy: Environmen-
tal policy
▪ 6 of 6 sites ISO 14001
certified
▪ Internal audits of ISO
14001 conducted
▪ External audits of ISO
14001 conducted
▪ 100% of electricity con-
sumption green or CO
2
compensated
▪ 6 of 6 sites ISO 14001 cer-
tified
▪ Internal audits are carried
out every year and the
most recent one was
completed in September
2023
▪ External audits are carried
out every year and the
most recent one was
completed in September
2023
▪ 100 % of electricity con-
sumption green or CO
2
compensated
⌐ Collected consumption
data
▪ 6 of 6 sites ISO 14001 cer-
tified
▪
▪ Conduct internal audits of
ISO 14001
▪ Conduct External audits
of ISO 14001
▪ 100 % green electricity
consumption
⌐ Collect consumption data
Water
consumption
Water
Policy: Environmen-
tal policy
▪ 6 of 6 sites ISO 14001
certified
▪ Internal audits of ISO
14001 conducted
▪ External audits of ISO
14001 conducted
▪ Collect data for water
consumption
▪ 6 of 6 sites ISO 14001 cer-
tified
▪ Internal audits are carried
out every year and the
most recent one was
completed in September
2023
▪ External audits are carried
out every year and the
most recent one was
completed in September
2023
▪ Data for water consump-
tion collected where pos-
sible
▪ 6 of 6 sites ISO 14001 cer-
tified
▪ Conduct internal audits of
ISO 14001
▪ Conduct External audits
of ISO 14001
▪ Collect data for water
consumption
Waste
Waste
Policy: Environmen-
tal policy
▪ 6 of 6 sites ISO 14001 cer-
tified
▪ Internal audits of ISO
14001 conducted
▪ External audits of ISO
14001 conducted
▪ Collect data for waste
consumption
▪ 6 of 6 sites ISO 14001 cer-
tified
▪ Internal audits are carried
out every year and the
most recent one was
completed in September
2023
▪ External audits are carried
out every year and the
most recent one was
completed in September
2023
▪ Data for waste consump-
tion collected where pos-
sible.
▪ 6 of 6 sites ISO 14001 cer-
tified
▪ Conduct internal audits of
ISO 14001
▪ Conduct External audits
of ISO 14001
▪ Collect data for waste
consumption
KPI Denions 22
KPI definitions
Attrition
Percentage of employees that have left the Energi Danmark
Group for any reason during the year.
Biomass
The amount of sold MWh (megawatt hours) of electricity pro-
duced by the combustion of biomass, for example straw, wood,
and biodegradable waste.
Bra Miljöval El
Amount of sold MWh (megawatt hours) of electricity produced
by renewable sources, for example wind turbines, hydropower
plants and the combustion of biomass with Bra Miljöval certifi-
cation.
Hydropower
Amount of MWh (megawatt hours) sold of electricity produced
by hydropower plants.
Sick leave
Average percentage of sick leave per employee in the Energi
Danmark Group during the year. The percentage only covers
employees in Denmark and Sweden, as our Norwegian, Ger-
man, and Finnish subsidiaries still does not register absentee-
ism in the Groups staff management system “HR Orkidé”.
The percentage is calculated in relation to the planned working
hours. Employees who do not register absences in connection
with their employment, such as hourly paid student assistants,
are not included in the calculation.
Sick leave standard
The industry standard is based on the category “Supply etc.” in
the Confederation of Danish Industry’s (DI) statistics of absence
for 2023.
Supplier risk assessment
Suppliers being risk assessed for sustainability issues.
Supplier Code of Conduct
Suppliers who have signed our Supplier Code of Conduct.
ISO 14001 certified departments
Number of departments that have valid ISO 14001 Environmen-
tal certification.
Training of all employees
Number of employees in Energi Danmark who have actively
taken part in training in our policy on anticorruption and fair
competition.
ISO 14001 - Internal audits
Audits performed on our own sites via personnel in Energi Dan-
mark, who do not work on this site daily, i.e. first party audits.
ISO 14001 - External audits
Audits performed on our own sites via people who do not work
for Energi Danmark, i.e. third-party audits. We use auditors
from FORCE Certification A/S.
Electricity consumption
The amount of fossil fuel and renewable energy respectively is
listed for each site. It is not always possible to obtain these fig-
ures from the owners of office buildings for some sites.
Water consumption
The amount of consumed water in cubic meters is listed for
each site. It is not always possible to obtain these figures from
the owners of office buildings for some sites.
Wind power
Amount of sold MWh (megawatt hours) of electricity produced
by wind turbines.
Women in senior management
A count has been taken of how many women are on the Board
of Directors for Energi Danmark A/S. This is calculated as a
share of all board members.
The number of women in top management, which now consists
of the Management Team (MT) which is our VPs and SVPs.
Consolidated Financial Statements 23
ANNUAL REPORT
Consolidated Financial Statements
Income Statement
Notes
DKK '000
2023
2022
4
Revenue - sales of power etc
119,792,243
344,556,246
Purchase of power
-118,407,447
-345,420,823
Net income/loss from financial instruments
-980,344
12,896,046
Gross profit
404,452
12,031,469
5
Staff costs
-286,686
-279,040
6, 8
Other external costs
-259,951
-302,776
7
Depreciation and amortisation
-66,425
-70,677
Operating profit
-208,610
11,378,976
9
Finance income
288,702
72,649
10
Finance costs
-46,340
-110,220
Profit before tax
33,752
11,341,405
11
Tax
-34,388
-2,497,284
Profit for the year
-636
8,844,121
Attributable to:
Shareholders of Energi Danmark A/S
-636
8,844,121
-636
8,844,121
Other Comprehensive Income
Items that may be reclassified to profit or loss in subsequent periods
Exchange differences on translation of foreign operations
-3,797
-21,716
Cash flow hedge
-35,165
-42,215
Tax on cash flow hedge
7,736
9,287
Net other comprehensive income to be reclassified to profit or loss in subsequent peri-
ods
-31,226
-54,644
Total comprehensive income for the year, net of tax
-31,862
8,789,477
Attributable to:
Shareholders of Energi Danmark A/S
-31,862
8,789,477
Consolidated Financial Statements 24
Consolidated Balance Sheet
Assets
Notes
DKK '000
2023
2022
Non-current assets
12
Intangible assets
119,608
119,691
13
Tangible assets
78,457
87,456
11
Deferred tax assets
93,683
345,830
Total non-current assets
291,748
552,977
Current assets
Inventory
442,410
817,713
17
Trade receivables
7,215,356
14,439,676
11
Tax receivable
54,245
2,988
Receivables from related parties
998,667
0
17, 18
Derivative assets
2,796,714
8,185,704
Deposits
2,710,732
5,234,782
Other receivables
94,045
304,197
Cash
3,262,970
5,602,788
Total current assets
17,575,139
34,587,848
Total assets
17,866,887
35,140,825
Consolidated Financial Statements 25
Consolidated Balance Sheet
Liabilities
Notes
DKK '000
2023
2022
Equity
15
Share capital
500,000
500,000
Exchange rate reserve
-42,773
-38,976
Retained earnings
8,320,451
8,321,087
Cash flow hedge
-71,207
-43,778
Proposed dividend
0
3,000,000
Total equity
8,706,471
11,738,333
Non-current liabilities
17
Lease liabilities
55,549
63,958
Prepayments
5,142
0
Other payables
34,923
0
11
Deferred tax
789
9,157
Total non-current liabilities
96,403
73,115
Current liabilities
17
Lease liabilities
6,172
7,106
Trade payables
3,678,470
8,367,388
11
Income tax payable
0
2,136,547
Debt to related parties
438,629
0
17, 18
Derivative liabilities
3,946,398
10,881,602
Deposits
61,550
1,260,524
Other payables
932,794
676,210
Total current liabilities
9,064,013
23,329,377
Total liabilities
9,160,416
23,402,492
Total equity and liabilities
17,866,887
35,140,825
14
Interest in subsidiaries
16
Pledges, collateral and contingent liabilities
19
Related party disclosures
20
Subsequent events
21
Effects of new or amended IFRS standards
Consolidated Financial Statements 26
Consolidated Statement of Changes in Equity
Notes
DKK '000
Share
capital
Exchange
rate
reserve
Retained
earnings
Proposed
Dividend
Cash flow
hedge
Total
Equity 1 January 2023
500,000
-38,976
8,321,087
3,000,000
-43,778
11,738,333
Profit for the year
0
0
-636
0
0
-636
Dividends provided for or paid
0
0
0
-3,000,000
0
-3,000,000
Transactions with owners
0
0
0
-3,000,000
0
-3,000,000
Other comprehensive income in 2023
Cash flow hedge before tax
0
0
0
0
-35,165
-35,165
Foreign currency translation adjustment
0
-3,797
0
0
0
-3,797
Tax on other comprehensive income
0
0
0
0
7,736
7,736
Comprehensive income for the period
0
-3,797
0
0
-27,429
-31,226
Equity 31 December 2023
500,000
-42,773
8,320,451
0
-71,207
8,706,471
Equity 1 January 2022
350,000
-17,260
1,626,966
0
-10,850
1,948,856
Profit for the year
0
0
5,844,121
3,000,000
0
8,844,121
Capital increase
150,000
0
850,000
0
0
1,000,000
Transactions with owners
150,000
0
850,000
0
0
1,000,000
Other comprehensive income in 2022
Cash flow hedge before tax
0
0
0
0
-42,215
-42,215
Foreign currency translation adjustment
0
-21,716
0
0
0
-21,716
Tax on other comprehensive income
0
0
0
0
9,287
9,287
Comprehensive income for the period
0
-21,716
0
0
-32,928
-54,644
Equity 31 December 2022
500,000
-38,976
8,321,087
3,000,000
-43,778
11,738,333
During the year dividend of DKK 6 per share was paid (2022: DKK 0 m).
Consolidated Financial Statements 27
Consolidated Statement of Cash Flows
Notes
DKK '000
2023
2022
Operating profit
-208,610
11,378,976
Cash flow hedge
-35,165
-42,215
Depreciation and amortisation etc.
66,425
70,677
Net foreign exchange differences
-3,797
-21,716
Finance income, received
288,702
72,649
Finance costs, paid
-46,340
-110,220
Changes in inventory
375,303
-390,705
Changes in trade and other receivables
14,348,845
-1,836,603
Changes in trade and other payables
-12,087,759
2,188,511
Income taxes paid
-1,970,672
-601,564
Cash flow from operating activities
726,932
10,707,790
Purchase of intangible assets
-52,312
-30,115
Disposal of intangible assets
1,317
0
Purchase of tangible assets
-8,457
-4,174
Disposal of tangible assets
2,045
1,199
Investment in subsidiaries
0
0
Cash flow from investing activities
-57,407
-33,090
Loans
0
-2,386,500
Loans from related parties
0
-3,109,813
Capital increase
0
1,000,000
Instalments on leases
-9,343
-9,252
Paid dividend
-3,000,000
0
Cash flow from financing activities
-3,009,343
-4,505,565
Net increase/decrease in cash and cash equivalents
-2,339,818
6,169,135
Cash and cash equivalents at 1 January
5,602,788
-566,347
Cash and cash equivalents at 31 December
3,262,970
5,602,788
Notes to the Consolidated Financial Statements 28
Notes to the Consolidated Financial Statements
Notes
1
Accounting policies
Basis of preparation
Energi Danmark A/S (the Company) is a limited company
in-corporated and domiciled in Denmark. Energi Danmark
A/S’ primary activity is trading in energy and commodities
such as electricity and gas as well as carbon contracts.
The consolidated financial statements at 31 December
2023 for Energi Danmark A/S is presented in accordance
with the International Financial Reporting Standards (IFRS
accounting standards) as adopted by the European Union
and additional requirements in the Danish Financial State-
ments Act.
The consolidated financial statements of Energi Danmark
A/S and its subsidiaries (collectively, Energi Danmark or the
Group) for the year ended 31 December 2023 were author-
ized for issue in accordance with the directors on 8 April
2024.
The consolidated financial statements are presented in
Danish Kroner (DKK) and all values are rounded to the near-
est thousand (DKK 000’s), except when otherwise indi-
cated.
The format for presenting the income statement is based
on the type of expenditure to better reflect the activities
provided by Energi Danmark A/S.
For more information regarding the Group structure, please
refer to Note 14.
The consolidated financial statements have been prepared
on a historical cost basis, except where otherwise indicated
in the below stated accounting policy.
For other changes to accounting policies, see Note 2.
Basis of consolidation
The consolidated financial statements comprise the finan-
cial statements of the Group and its subsidiaries as at 31
December 2023.
The consolidated financial statements cover the parent
company Energi Danmark A/S and subsidiaries in which En-
ergi Danmark A/S has control. The Group has control over
an entity, when the Group is exposed to or has rights to
variable returns from its involvement with the entity, and
has the ability to affect those returns through its power
over the entity.
Only potential voting rights that are considered to be sub-
stantive at the balance sheet date are included in the con-
trol assessment.
The consolidated financial statements are prepared by
combining uniform items. On consolidation, intra-group in-
come and expenses, intra-group accounts and dividends as
well as profits and losses on transactions between the con-
solidated entities are eliminated.
Consolidation of a subsidiary begins when the Group ob-
tains control over the subsidiary and ceases when the
Group loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary ac-
quired or disposed of during the year are included in the
consolidated financial statements from the date the Group
gains control until the date the Group ceases to control the
subsidiary.
Subsidiaries’ financial statement items are recognised in
full in the consolidated financial statements.
For more information regarding the Group structure, please
refer to Note 14.
Foreign currency translation
The Group’s consolidated financial statements are pre-
sented in Danish Kroner (DKK), which is also the parent
company’s functional currency. For each entity, the Group
determines the functional currency and items included in
the financial statements of each entity are measured using
that functional currency. Receivables, debt and other mon-
etary items
denominated in foreign currencies are translated using the
exchange rate at the balance sheet date. Differences be-
tween the exchange rate at the balance sheet date and the
date on which the receivable or debt arose or was included
in the latest annual reports are recognised in the income
statement under financial income and costs.
Notes to the Consolidated Financial Statements 29
Notes
Foreign currency transactions are translated during initial
recognition, applying the exchange rate on the transaction
date. Exchange rate differences that arise between the rate
at the transaction date and the rate in effect at the pay-
ment date are recognised in the income statement as fi-
nancial items.
Differences in exchange rates arising from the translation
of foreign subsidiaries’ equity at the beginning of the year
at the exchange rates at the balance sheet date and from
the translation of income statements from the average ex-
change rates for the currency exchange rates at the balance
sheet date are recognised directly in other comprehensive
income.
Offsetting
Financial assets and financial liabilities are offset and the
net amount is reported in the consolidated statement of fi-
nancial position if there is a currently enforceable legal
right to offset
the recognised amounts and there is an intention to settle
on a net basis, or to realise the assets and settle the liabili-
ties simultaneously.
Income statement
Revenue - sale of power etc.
Sales of physical and financial electricity, gas and wind
power to customers and counterparties are included and
accrued in full after delivery. Revenue is measured at the
contractually agreed price exclusive of VAT and taxes. The
group collects payments from customers on behalf of grid
companies and tax authorities. In that respect, the Group
regards itself as an agent, and recognises these transac-
tions on a net-basis.
The Groups electricity sales contracts comprises a series of
identical goods which are transferred to the customer over
time and revenue is recognised at the amount to which the
Group is entitled. Therefore, no disclosure about future un-
fulfilled performance obligations is provided.
Purchase of power
Purchases of physical and financial electricity, gas and wind
power from customers and counterparties are included and
accrued in full after delivery.
Net income/loss from financial instruments
Net income/loss from financial instruments includes fair
value adjustments of derivative financial instruments used
for economic hedging of the Group’s exposure to interest
rate risks, foreign currency risks and commodity price risks
and unrealised fair value adjustments of sales and purchase
contracts qualifying for a fair value measurement. Upon de-
livery, the fair value of the commodity price component is
considered settled through a part of the sales price for the
commodity. The difference is classified as revenue.
Staff costs
Staff costs include salaries and wages, as well as social ben-
efits, pensions, etc. for the company’s staff.
Other external costs
Other external costs include expenditure for sales, market-
ing, advertising, IT, administration and facilities, etc.
Depreciation and amortisation
Depreciation includes amortisation on completed develop-
ment projects, technical facilities, operating equipment, ve-
hicles, buildings and leasehold improvements. Depreciation
is recognised based on the amortisation and depreciation
profiles determined for the assets.
Finance income and costs
“Finance income” and “Finance costs” respectively include
interest, capital gains and losses concerning securities as
well as surcharges and refunds under the Danish Tax Pre-
payment Scheme etc.
Tax and deferred tax
Energi Danmark A/S is taxed jointly with Energi Danmark -
Securities A/S and ED Business Support A/S. The parent
company is the management company for the joint taxa-
tion and settles all payments with the tax authorities.
Deferred taxes are measured based on all temporary differ-
ences between the carrying amount and taxable value of
assets and liabilities. However, deferred taxes based on
temporary differences concerning items on which tempo-
rary differences, other than acquisitions, have arisen at the
time of acquisition without affecting profit and loss or taxa-
ble revenue are not recognised.
An adjustment is made to deferred tax resulting from elimi-
nation of unrealised intercompany profit and losses.
Realisation of the assets at their carrying amount will not
cause tax liabilities or tax receivables other than those
mentioned in note 11.
Notes to the Consolidated Financial Statements 30
Notes
Balance Sheet
Intangible assets
Costs for completed development projects include costs,
wages and salaries that can be directly or indirectly at-
tributed to these activities. Development projects recog-
nised in the balance sheet are measured at cost less any ac-
cumulated amortisation and accumulated impairment
losses.
Recognised costs for completed development projects are
measured at cost less any accumulated amortisation and
accumulated impairment losses.
The cost includes the purchase price and any costs directly
associated with the acquisition until the asset is ready for
use.
Costs for completed development projects are amortised
on a straight-line basis over the estimated useful life, based
on the expected service life up to a maximum of 10 years.
Tangible assets
Technical facilities, operating equipment and fixtures as
well as leasehold improvements etc. are measured at cost
less accumulated depreciations. Wind turbines acquired for
the purpose of being included in the Group’s operating ac-
tivities are listed as non-current assets. The cost includes
the purchase price and any costs directly associated with
the acquisition until the asset is ready for use.
Where individual components of an item of tangible assets
have different useful lives, they are depreciated separately.
Depreciation is provided on a straight-line basis over the
expected useful lives of the assets/components.
Depreciation is linear over the expected useful lives of the
assets based on the following assessments of the expected
service life of the assets:
Operating equipment, fixtures etc. 3–5 years
Leasehold improvements 7-10 years
Land is not depreciated unless there is a future obligation
to return it to a third party.
Profits or losses from the sale of tangible assets are deter-
mined as the difference between the sales price less sales
costs and the carrying amount at the time of the sale.
Impairment of non-current assets
Non-current assets with definite useful lives are tested for
impairment when there is an indication that the carrying
amount may not be recoverable. An impairment loss is rec-
ognised for the amount by which the asset’s carrying
amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs of
disposal and value in use. For the purpose of assessing im-
pairment, assets are
grouped at the lowest levels for which there are separately
identifiable cash flows (cash-generating units).
Inventory
Inventories are measured at the lower of cost according to
weighted average and net realisable value. The net realisa-
ble value of inventories is calculated at the amount ex-
pected to be generated by sales during normal operations
less selling expenses.
Leases
Assets and liabilities arising from a lease are initially meas-
ured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
> fixed payments
> amounts expected to be payable by the group under re-
sidual value guarantees
The Group measures the lease assets at an amount equal to
the lease liability adjusted for any prepaid or accrued lease
payments that existed at the date of transition.
The lease payments are discounted using the Group’s incre-
mental borrowing rate, being the rate that the individual
lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value to the lease asset in a simi-
lar economic environment with similar terms, security and
conditions.
Subsequent to initial measurement, the liability will be re-
duced with payments made and increased with interest.
When the lease liability is remeasured, the corresponding
adjustment is reflected in the lease asset of profit and loss
if the lease asset is already reduced to zero.
Lease payments are allocated between principal and fi-
nance cost. The finance cost is charged to profit or loss over
the lease period to produce a constant periodic rate of in-
terest on the remaining balance of the liability for each pe-
riod. Lease assets are measured at cost comprising the fol-
lowing:
> the amount of the initial measurement of lease liability
> any lease payments made at or before the commence-
ment date less any lease incentives received
> restoration costs.
Lease assets are generally depreciated over the shorter of
the asset’s useful life and the lease term on a straight-line
basis. If the group is reasonably certain to exercise a pur-
chase option, the lease asset is depreciated over the under-
lying asset’s useful life
Notes to the Consolidated Financial Statements 31
Notes
Payments associated with short-term leases of equipment
and vehicles and all leases of low-value assets are recog-
nised on a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a lease term of 12
months or less.
Financial Assets
Non-derivative financial assets are in accordance with IFRS
9 Financial Instruments classified into the categories finan-
cial assets measured at fair value through profit or loss, fair
value through other comprehensive income or amortised
costs.
Receivables
The Group classifies receivables, including trade receiva-
bles, as financial instruments measured at amortised costs,
when both of the following conditions are met:
> The asset is held within a business model whose objective
is to hold assets in order to collect contractual cash flows;
and
> The contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets within this category are measured at amor-
tised cost using the effective interest method, less any im-
pairment losses.
Impairment of financial assets
The Group recognises a provision for impairment for ex-
pected credit loss (ECL) on financial assets measured at
amortised costs. The provision for impairment for trade re-
ceivables are measured at an amount equal to lifetime ECL.
For further information on the Group’s impairment of fi-
nancial assets refer to Note 17.
Own use of contracts
The Group enters into certain contracts that meet the crite-
ria for the own use exemption. For these contracts the
Group generally applies the fair value option, as the meas-
urement of both the physical contracts and the related
hedging instrument at the fair value through profit or loss
reduces or eliminates an accounting asymmetry.
Derivative financial instruments
The Group uses derivative financial instruments, such as
forward currency contracts, interest rate swaps and for-
ward commodity contracts, to hedge its foreign currency
risks, interest rate risks and commodity price risks, respec-
tively. Such derivative financial instruments are initially rec-
ognised at fair value on the date on which a derivative con-
tract is entered into and are subsequently remeasured at
fair value. Derivatives are carried as financial assets when
the fair value is positive and as financial liabilities when the
fair value is negative.
The sales and purchase contracts that qualify for account-
ing as derivatives are recognised in the statement of profit
or loss as net income/loss from financial instruments.
Consequently, any gains or losses arising from changes in
the fair value of derivatives are taken directly to profit or
loss.
If, at time of inception, a difference arises between the
model value of a financial instrument or physical contract
accounted for as a derivative, and the transaction price
(day-one profit or loss), the difference is recognised in the
income statement over the delivery period.
Unrealised gain and losses on derivatives designated as
cash flow hedges of the price risk related to the sale of
electricity from own wind turbines are recognised in other
comprehensive income and recycled to the income state-
ment along with realisation of the hedged transactions.
Hedging
Changes in the fair value of derivative financial instruments
that are designated and qualify as hedges of highly proba-
ble future transactions are recognised after tax in retained
earnings in equity as regards the effective portion of the
hedge. The ineffective portion is recognised in the income
statement. The Group uses hedge accounting for buying
the production of electricity from wind turbines at spot
prices and for hedging of fixed sales prices on gas. As the
hedged transaction results in an income or an expense, the
amount deferred in equity is transferred from equity to the
income statement in the period in which the hedged trans-
action is recognized. The amount is recognised in the same
item as the hedged transaction.
Liabilities
Financial liabilities, including payables to suppliers, corpo-
rate bonds and debt to credit institutions, are initially rec-
ognised at fair value (typically the amount of the proceeds
received), net of transaction costs incurred. In subsequent
periods, the financial liabilities are measured at amortised
cost; any difference between the cost (the proceeds) and
the nominal value is recognised in the income statement
over the period of the borrowings using the effective inter-
est method.
Other liabilities are measured at net realisable value.
Equity
Foreign currency translation reserve
The exchange rate translation reserve in the consolidated
financial statements comprises exchange differences aris-
ing on the translation of the financial statements of foreign
enterprises from their functional currencies into Danish
kroner. On realisation, accumulated translation adjust-
ments are reclassified from equity to financial items in the
income statement.
Notes to the Consolidated Financial Statements 32
Notes
Dividends
The proposed dividend is recognised as a liability on the
date of adoption by the Annual General Meeting (date of
declaration). The expected dividend payment for the year
is disclosed as a separate item under equity.
Fair value measurement
The Group measures financial instruments and certain
contract for the physical delivery of energy such as deriv-
atives, at fair value at each balance sheet date. Fair-value
related disclosures for financial instruments and non-fi-
nancial assets that are measured at fair value or where
fair values are disclosed, are summarised in note 18.
Fair value is the price that would be received to sell an as-
set or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liabil-
ity takes place either in the principal market or, if not
available, in the most advantageous market.
The principal or the most advantageous market must be
accessible by the Group.
The fair value of an asset or a liability is measured using
the assumptions that market participants would use
when pricing the asset or liability, assuming that market
participants act in their economic best interest.
The Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of rel-
evant observable inputs and minimising the use of unob-
servable inputs.
All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows,
based on the lowest level input that is significant to the
fair value measurement as a whole:
Level 1 - Quoted (unadjusted) market prices in active
markets for identical assets or liabilities
Level 2 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable
Level 3 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable
For assets and liabilities that are recognised in the finan-
cial statements at fair value on a recurring basis, the
Group determines whether transfers have occurred be-
tween levels in
the hierarchy by re-assessing categorisation (based on the
lowest level input that is significant to the fair value meas-
urement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Group has
determined classes of assets and liabilities on the basis of
the nature, characteristics and risks of the asset or liability
and the level of the fair value hierarchy, as explained
above.
Cash flow statement
The cash flow statement shows the Group’s cash flow for
the year divided into operating, investing and financing ac-
tivities during the year, as well as the year’s changes in
cash and cash equivalents and the company’s cash and
cash equivalents at the beginning and end of the year.
Cash flow from operating activities
Cash flow from operating activities is presented using the
indirect presentation form and is stated as the year’s oper-
ating profit plus depreciation and impairment losses and
with adjustments for changes in working capital, finance
income/costs and paid corporate tax.
Cash flow from investing activities
Cash flow from investing activities includes payments in
connection with the purchase and sale of non-current as-
sets.
Cash flow from financing activities
Cash flow from financing activities includes cash flows pro-
vided by and dividends paid to shareholders as well as rais-
ing of loans and repayments on interesting-bearing debt.
Cash
Cash comprises liquid assets that can be converted with-
out hindrance and for which there is only limited risk of
changes in value.
Cash in foreign currency are measured at the average rate
of The National Bank of Denmark on the balance sheet
date.
Bank overdrafts which form part of the Group’s cash man-
agement and which are repayable on demand are classi-
fied as negative cash in the cash flow statement.
Notes to the Consolidated Financial Statements 33
Notes
Key Ratios
The key ratios were calculated in accordance with the rec-
ommendations of the Danish Society of Financial Analysts.
The key ratios listed in the overview of financial highlights
were calculated as follows:
Gross margin ratio =
Gross profit x 100
Net revenue
Profit ratio (EBIT) =
Profit from ordinary operating activities x 100
Net revenue
Equity ratio (solvency) =
Equity, excluding non-controlling interests, end of year x 100
Total assets, end of year
Return on equity before tax =
Profit before tax x 100
Average equity, excluding non-controlling interests
Return on equity after tax =
Profit after tax x 100
Average equity, excluding non-controlling interests
2
Effects of new and amended accounting standards
IASB has issued amended standards which have not yet en-
tered into force, and which have consequently not been in-
corporated into the consolidated financial statements for
2023. None of these amended standards and interpreta-
tions are expected to have any significant impact on our fi-
nancial statements.
Notes to the Consolidated Financial Statements 34
Notes
3
Significant accounting judgements, estimates and assumptions
The preparation of the Group’s consolidated financial state-
ments requires management to make judgements, esti-
mates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and the ac-
companying disclosures, and the disclosure of contingent li-
abilities. Uncertainty about these assumptions and esti-
mates could result in outcomes that require a material ad-
justment to the carrying amount of assets or liabilities af-
fected in future periods.
Management continuously reassesses these estimates and
judgements based on a number of factors in the given cir-
cumstances. The following accounting estimates are con-
sidered significant for the financial reporting.
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the
next financial year, are described in the following. The
Group based its assumptions and estimates on parameters
available when the consolidated financial statements were
prepared. Existing circumstances and assumptions about
future developments, however, may change due to market
changes or circumstances arising that are beyond the con-
trol of the Group. Such changes are reflected in the as-
sumptions when they occur.
In the process of applying the Group’s accounting policies,
management has made the following estimates and as-
sumptions, which have the most significant effect on the
amounts recognised in the consolidated financial state-
ments.
Other disclosures relating to the Group’s exposure to risks
and uncertainties includes capital management, note 15. fi-
nancial instrument risk management, liquidity risk and sen-
sitivity analysis disclosures, note 17 and 18.
Fair value of financial and physical contracts
The Group measures its financial and physical contracts at
fair value in accordance with the accounting policies as
summarised in note 1.
Energi Danmark’s strategy for measuring the fair value of
these energy contracts is to utilise quoted prices in an ac-
tive trading market.
In the absence of quoted prices for identical or similar en-
ergy contracts, general acceptable valuation models are ap-
plied and observable market data is used as input to the
fair value calculations. Where the instruments are complex
combinations of standard or non-standard products, unob-
servable market data may be used in the valuation models
in order to calculate the fair value.
To ensure the validity and accuracy of the models all as-
sumptions and inputs are approved and continuously
tested.
The assumptions within the models used to determine the
fair value of the physical and financial energy contracts in
accordance with IFRS 13 are central, since any changes in
assumptions could have a significant impact on the fair val-
ues and movements which are reflected in the consolidated
income statement and balance sheet.
The physical contracts classified in the balance sheet as de-
rivative assets or liabilities are valued based on expected
future consumption or production of energy to which there
is some uncertainty attached as the expectations may devi-
ate from what will be realized.
More detail on the assumptions used in the fair value
measurement of the Group’s energy contracts and related
sensitivities are further described in note 18.
On physical fixed price contracts the fair value is comprised
by the financial element of the contract, which at initial
recognition is zero.
At 31 December 2023, the carrying amount of derivative as-
sets and liabilities amounts to DKK 2,797 m (2022: DKK
8,186 m) and DKK 3,946 m (2022: DKK 10,882 m), respec-
tively.
Notes to the Consolidated Financial Statements 35
Notes
4
Revenue - sale of power etc.
Management has not decided to voluntarily disclose busi-
ness segments according to IFRS 8, but have included this
as a note and description of accounting policies for reve-
nue based on the reporting presented regularly to the Ex-
ecutive Board and which forms the basis for Manage-
ments strategic decisions. The segmentation reflects the
legal structure of the Group.
> Energi Danmark: Physical and financial energy trading,
carbon trading and trading with gas and wind energy.
Sells energy to the subsidiaries.
> Energi Danmark Securities: Delivers portfolio manage-
ment services, and trade with derivative financial instru-
ments in this relation.
> Energi Forsäljning Sverige: Sells energy on the Swedish
market
> Energia Myynti Suomi: Sells energy on the Finnish mar-
ket
> Energi Salg Norge: Sells energy on the Norwegian market
> Energie Vertieb Deutschland EVD GmbH: Sells energy on
the German market
> ED Business Support: Sells billing and IT solutions
> Energi Danmark Anadolu Elektrik Enerjisi Toptan Ticaret
Limited Sirketi: Energy trading
> Disam Nm Dooel Skopje: Energy trading
> DISAM BH d.o.o.: Energy trading
> DISAM Australia Pty. Ltd.: Energy trading
> DISAM US LLC: Energy trading (no activity in 2023)
> DISAM GE LLC: Energy trading
The reportable segments have been determined without ag-
gregating operating segments.
2023
2022
2023
2022
Non-current assets
External revenue
(excluding deferred tax asset)
Denmark*
108,658,381
324,418,078
197,083
205,981
Sweden
2,413,459
4,485,966
141
337
Finland
2,068,448
4,256,433
0
195
Germany
2,266,550
2,274,297
96
143
Norway
4,370,243
9,121,472
716
491
Turkey
15,162
0
0
0
Bosnia
0
0
29
0
Total
119,792,243
344,556,246
198,065
207,147
Revenue is allocated to the country of domicile for the customer.
No single customer accounts for more than 10% of consolidated revenue.
* Gas included in external revenue with DKK 79,544.3 m (2022: DKK 258,364.3 m)
Governments grants: DKK 0 m (2022: DKK 0 m)
Notes to the Consolidated Financial Statements 36
Notes
DKK '000
2023
2022
5
Staff costs
Wages and salaries
195,102
257,330
Pensions, defined contribution plans
19,639
15,071
Other expenses for social security
8,350
6,639
Termination Remuneration
63,595
0
286,686
279,040
Of this amount:
Board of Directors, wages and salaries
0
43
Executive Management, wages and salaries
6,628
19,393
Executive Management, pensions
1,470
1,285
Executive Management, other expenses for social security
8
7
Executive Management, termination remuneration
12,817
0
20,923
20,728
The Executive Management has a bonus scheme that is based on achieved Group earnings.
Average number of full time employees
246
220
6
Development project costs
Relationship between costs and expensed research and development:
Incurred IT-development costs
IT-development costs accounted for under intangible assets
52,312
30,115
IT-development costs for the year in the income statement
0
0
Notes to the Consolidated Financial Statements 37
Notes
DKK '000
2023
2022
7
Depreciation and amortisation
Amortisation of intangible assets
51,026
58,191
Depreciation of tangible assets
5,024
3,788
Depreciations of leased assets
10,375
8,698
66,425
70,677
8
Fees paid to auditors appointed at the annual general meeting
Statutory audit
1,402
1,091
Consultancy
7,848
0
Tax assistance
471
1,128
Other assistance
4,006
2,728
13,727
4,947
9
Finance income
Interest income, credit institutions
195,804
34,833
Interest on late payments
6,455
11,545
Interest rate swaps
66,862
24,513
Other interest income
19,581
1,758
288,702
72,649
10
Finance costs
Interest expenses, credit institutions
26,695
94,328
Interest expense, lease liability
1,002
1,093
Interest expenses, loans from related parties
0
12,099
Interest rate swaps
0
2,435
Other interest expenses
18,643
265
46,340
110,220
Notes to the Consolidated Financial Statements 38
Notes
DKK '000
2023
2022
11
Tax
Tax on profit for the year has been calculated as follows:
Current tax for the year
21,468
2,771,313
Change of deferred tax
11,170
-275,100
Adjustment of prior-year current tax
1,750
1,071
Tax on profit for the year in the income statement
34,388
2,497,284
Specification of the tax on the profit for the year:
Calculated 22% tax of the profit for the year
7,425
2,498,152
Adjustment of calculated tax in foreign subsidiaries
236
-2,041
Non-deductible costs and non-taxable income
24,977
102
Adjustment of tax, previous years
1,750
1,071
Effective tax
34,388
2,497,284
Income tax receivable/payable
Income tax receivable/payable at 1 January
-2,133,559
5,944
Foreign currency translation adjustments, income tax
84
-461
Adjustment of tax, previous years
0
-8
Transferred from deferred tax
238,516
30,715
Current tax for the year
-21,468
-2,771,313
Income tax received
-7,406
-51,158
Income tax paid
1,978,078
652,722
Income tax receivable/payable at 31 December
54,245
-2,133,559
Income tax is recognised in the balance sheet:
Income tax receivable
54,245
2,988
Income tax payable
0
-2,136,547
54,245
-2,133,559
Notes to the Consolidated Financial Statements 39
Notes
DKK '000
2023
2022
Deferred tax
Deferred tax, 1 January
-336,673
-84,067
Foreign currency translation, adjustments, deferred tax
80
3
Transferred to income tax
238,516
30,715
Adjustment of deferred tax, previous year
1,750
1,063
Change of deferred tax
3,434
-284,387
Deferred tax 31 December
-92,893
-336,673
Deferred tax relates to:
Intangible assets
11,045
10,860
Tangible assets
-2,228
-2,399
Loss allowance on trade receivables
-26,200
-25,102
Foreign accounting policies
-2,895
5,725
Tax losses carry forward
-56,309
-3,279
Leasing
-319
-103
Provision and hedge
-15,987
-322,375
Carrying amount 31 December
-92,893
-336,673
Deferred tax is recognised as follows in the balance sheet:
Deferred tax asset
-93,682
-345,830
Deferred tax liability
789
9,157
-92,893
-336,673
Deferred tax assets are measured at the value at which the asset is expected to be realised.
Either by elimination in tax on future earnings or by set-off against deferred tax liabilities.
The group excpects to realise the deferred tax assets in the future earnings in coming years.
Notes to the Consolidated Financial Statements 40
Notes
DKK '000
12
Intangible assets
2023
Completed
development
projects
Development
projects in
progress
Cost 1 January
435,075
0
Foreign currency translation adjustment
15
0
Additions
0
52,312
Transfers
52,312
-52,312
Disposals
-78,127
0
Cost 31 December
409,275
0
Accumulated amortisations 1 January
315,384
0
Foreign currency translation adjustment
13
0
Amortisations
51,078
0
Amortisations on disposals
-76,808
0
Accumulated amortisations 31 December
289,667
0
Carrying amount 31 December
119,608
0
2022
Completed
development
projects
Development
projects in
progress
Cost 1 January
405,031
0
Foreign currency translation adjustment
-71
0
Additions
0
30,115
Transfers
30,115
-30,115
Disposals
0
0
Cost 31 December
435,075
0
Accumulated amortisations 1 January
257,263
0
Foreign currency translation adjustment
-70
0
Amortisations
58,191
0
Amortisations on disposals
0
0
Accumulated amortisations 31 December
315,384
0
Carrying amount 31 December
119,691
0
Development projects in progress includes development and test of IT-systems, which support the daily operation of the
Group. The costs consists of internal costs, e.g. salary and external costs, e.g. assistance from external IT developers. The de-
velopment of the IT systems is expected to lead to better service of customers.
Notes to the Consolidated Financial Statements 41
Notes
DKK '000
13
Tangible assets
2023
Leasehold
improve-
ments
Vehicles
Tools and
equipment
Buildings
Cost 1 January
4,843
7,439
21,279
88,873
Foreign currency translation
adjustment
-10
-41
-51
0
Additions
16
4,984
3,457
0
Disposals
0
-4,511
0
0
Cost 31 December
4,849
7,871
24,685
88,873
Accumulated depreciation 1 January
918
3,438
11,999
18,623
Foreign currency translation adjustment
-8
-21
-42
0
Depreciations for the year
471
1,352
3,213
10,375
Depreciations, disposals for the year
0
-2,497
0
0
Accumulated depreciations
31 December
1,381
2,272
15,170
28,998
Carrying amount 31 December
3,468
5,599
9,515
59,875
Depreciation period
10 years
5 years
3-5 years
3-4 years
In the carrying amount of Buildings, DKK 59.9 m is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) were DKK 10.4 m.
For assets pledged as security, please refer to Note 16.
The Group has no significant contractual commitment to invest in tangible assets in future years.
Leases
The Group leases various offices. Extension and termination
options are included in a number of property and equipment
leases across the Group. The majority of extension and ter-
mination options held are exercisable only by the Group and
not by the respective lessor.
Interests on lease debt expensed in profit (loss) were DKK
1.0 m (2022: DKK 1.1 m) in 2023. There are no expenses re-
lated to leases of low-value assets.
Total cash outflows for leases were DKK 10.3 m in 2023.
2022
Leasehold
improve-
ments
Vehicles
Tools and
equipment
Buildings
Cost 1 January
10,905
9,045
20,496
86,435
Foreign currency translation adjustment
-30
-35
-225
134
Additions
478
2,688
1,008
2,304
Disposals
-6,510
-4,259
0
0
Cost 31 December
4,843
7,439
21,279
88,873
Accumulated depreciation 1 January
6,993
5,349
10,085
9,925
Foreign currency translation adjustment
-20
-14
-172
0
Depreciations for the year
455
1,247
2,086
8,698
Depreciations, disposals for the year
-6,510
-3,144
0
0
Accumulated depreciations 31 December
918
3,438
11,999
18,623
Carrying amount 31 December
3,925
4,001
9,280
70,250
Depreciation period
10 years
5 years
3-5 years
3-4 years
In the carrying amount of Buildings, DKK 70.3 m is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) were DKK 8.7 m.
For assets pledged as security, please refer to Note 16.
The Group has no significant contractual commitment to invest in tangible assets in future years.
Notes to the Consolidated Financial Statements 42
Notes
DKK '000
14
Interest in subsidiaries
Name
Address
Country of
incorpora-
tion
Voting right
and owner-
ship share
Energi Danmark Securities A/S
Knud Højgaards Vej 2, 2. 2860 Søborg
Denmark
100%
Energi Försäljning Sverige AB
Hyllie Stationstorg 31, 21532 Malmö
Sweden
100%
Energia Myynti Suomi Oy
Teknoboulevardi 7, 01530 Vantaa
Finland
100%
Energi Salg Norge AS
Drammensveien 123, Skøyen, 0277 Oslo
Norway
100%
Energie Vertrieb Deutschland EVD GmbH
Christoph-Probst-Weg 4, 20150 Hamburg
Germany
100%
ED Business Support A/S
Tangen 29, 8200 Aarhus N
Denmark
100%
Energi Danmark Anadolu Elektrik Enerjisi
Toptan Ticaret Limited Sirketi
Esentepe Mahallesi Ecza Sokak Polcenter Is-
merkezi C Blok No: 4/1 Levent Sisli Istanbul
Turkey
100%
Disam Nm Dooel Skopje
Str. 8-ma Udarna Briada no. 43/3, Skopje -
Centar
Macedonia
100%
DISAM BH d.o.o.
Maglajska 1, 71000 Sarajevo
Bosnia-Her-
zegovina
100%
DISAM Australia Pty. Ltd.
Market Street 1, 2000 Sydney NSW
Australia
100%
DISAM US LLC
Little Falls Drive 251, Wilmingtong, Dela-
ware 19808-1674 New Castle County
USA
100%
DISAM GE LLC
Vazha-Pshavela Ave., N71, Tbilisi
Georgia
100%
15
Share Capital
Capital management
The capital structure is managed by Energi Danmark on
behalf of the Group. This applies to managing capital
used in daily operation as well as planning and deciding
dividends to Energi Danmark.
The Group uses own funding, bank facilities and support
from owners to finance working capital requirements.
The overall objective when managing capital is to ensure
a continued development and strengthening of the
Group’s capital structure to support profitable growth.
The solvency ratio at 31 December 2023 amounts to 48.7 %
(31 December 2022: 33.4 %)
Share capital
The share capital as of 31 December 2023 consists of
500,000,000 shares of a nominal value of 1 DKK. (2022:
500,000,000 shares of a nominal value of 1 DKK).
All shares have the same voting rights.
2023
2022
16
Pledges, collateral and contingent liabilities
The following assets are pledged as collateral for trading
on power exchanges as well as balances with counterpar-
ties:
Power exchange Nord Pool Spot, EEX, APX , Nasdaq OMX
and other counterparties etc. Deposited cash
1,490,932
3,975,179
The group has entered into agreements for the future pur-
chase of gas capacities with an unrecognized obligation
454,000
3,406,000
Guarantees
Guarantees provided by a financial institute
2,235,460
3,052,310
Notes to the Consolidated Financial Statements 43
Notes
17
Risks, financial instruments and recognised transactions
The Energi Danmark Group is exposed to market risks
(primarily power and gas prices, volume, currency ex-
change risks), operational risks, credit risks, inflation and
interest rate risks and liquidity risks. The Group’s Execu-
tive Directors oversees the management of these risks.
The Group’s senior management is supported by a risk
management team that advises on financial risks and the
appropriate financial risk governance framework for the
Group.
All derivative activities for risk management purposes are
carried out by specialist teams that have the appropriate
skills, experience and supervision. The Board of Directors
reviews and agrees policies for managing each of these
risks, which are summarised below. Energi Danmark is ex-
posed to credit risks from our trading partners and cus-
tomers.
Credit risk
Energi Danmark is exposed to credit risks from our trad-
ing partners and customers.
The credit risk exposure depends on the creditworthiness
of the customers and counterparts. The customers are
primarily to be found within the public sector, utility sec-
tor and across business markets (B2B).
Trading partners
The counterparts are typically established companies
trading with commodities. Our trading with these compa-
nies is regulated under standard agreements, such as
EFET and ISDA agreements which feature, for instance
credit rating and netting provisions.
All counterparts are subject to a credit-rating before
starting to trade. Existing counterparts are also reevalu-
ated on an ongoing basis especially when new contracts
are due to be signed.
Counterparts are all evaluated and given a line of exposure
within which daily exposures are calculated and monitored by
the Risk Management department.
The daily credit risk regarding counterparties varies signifi-
cantly due to fluctuations in market prices (ie. fluctuations in
electricity and gas prices, currencies etc.), as well as trading ac-
tivity with the different counterparts.
Customers
All customers are subject to a credit-rating before starting to
trade. Existing customers are also reevaluated on an ongoing
basis especially when new contracts are due to be signed. To
do the credit rating Energy Denmark uses a credit rating score
model from an external party. If the score is below certain pre-
defined levels a manual credit-rating is done as well, either ac-
cepting the new contract or asking for additional security be-
fore signing.
It is the credit rating policy not to decline any customer that
would like to trade with Energy Denmark, however when eval-
uating the credit-score and, if necessary, security require-
ments, the Finance department demands high standards. The
necessity of maintaining high standards has become even
more relevant since the Wholesale Model was implemented
because losses from customers not paying their energy taxes
and the transport of electricity have shifted from grid compa-
nies/Energinet.dk to trading companies like Energi Danmark.
The maximum exposure for credit risk on financial assets is re-
flected in the carrying amounts of financial assets in the bal-
ance sheet, without deducting the received deposits.
Trade receivable and provisions for impairment:
2023
2022
Carrying
amount
before
impairment
Provision for im-
pairment
Carrying
amount
before
impairment
Provision for
impairment
Customers not due
7,309,337
100,000
14,534,949
100,000
Customers in dunning process
23,763
19,010
15,301
12,241
Insolvent customers
6,331
5,065
8,334
6,667
Total
7,339,431
124,075
14,558,584
118,908
Trade receivables are subject to impairment, where the actual provision is made based on a predefined percentage de-
pendent on the numbers of reminders sent to the customer. If the customer enters into bankruptcy or equivalent proce-
dure a full writeoff of the receivable is performed.
Notes to the Consolidated Financial Statements 44
Notes
Liquidity risk
In Energi Danmark many of the working capital require-
ments from trading activities exist due to the funding of
purchase of electricity for delivery to our customers and
day-to-day settlement on incoming futures towards ex-
changes. Especially since the Wholesale Model was im-
plemented, the liquidity requirements has increased by
the end of each month, but rapidly declines at the begin-
ning of the following month. The increase is due to the
fact that Energi Danmark has to pay grid companies/Ener-
ginet.dk for customer consumption-related energy taxes,
transportation of electricity and PSO before receiving
payments from customers.
Market price fluctuations in power and gas can signifi-
cantly affect cash requirements, primarily due to changes
in working capital for customers and adjustments in col-
lateral and margins for spot and future contracts towards
exchanges and counterparts.
Rising prices increase working capital and collateral re-
quirements on exchanges. Conversely, price increases
typically yield positive margins on Energi Danmark's fu-
ture positions, which consists of larger buying volumes
than selling volumes, mostly due to hedging of consumer
contracts on the exchanges.
All things considered, higher market prices will normally
result in higher total liquidity usage with more uncer-
tainty and bigger cash fluctuations. Given the current net
future position, a 10 EUR increase in power and gas mar-
ket prices will increase Energi Danmark's liquidity draw by
roughly DKK 30m in the coming month, whereas a 10 EUR
decrease will reduce the draw by approximately the same
amount.
The liquidity risk is managed and monitored on a daily basis
and a cash flow prognosis showing expected future cash move-
ments is maintained
When trading electricity on the exchanges there is a require-
ment for margin calls to be covered by collaterals in the form
of guarantees or cash. The mentioned guarantee’s given can
be seen in Note 16. The amount to be covered by guarantees
is calculated by the exchange every day and sent to Energi
Danmark. Back office receives and monitors the collaterals al-
ways making sure that sufficient collateral is in place.
Energi Danmark estimates that there is sufficient liquidity and
collateral lines to support the business the coming year.
Notes to the Consolidated Financial Statements 45
Notes
DKK '000
Contractual maturity incl. interest (cash flow)
Carrying
amount
Total
< 1 year
1-5 years
> 5 years
31 December 2023
Non-derivative financial instruments
Lease liabilities
61,721
61,721
11,801
41,242
8,678
Other non-current liabilities
34,923
34,923
0
34,923
0
Trade payables
3,678,470
3,678,470
3,678,470
0
0
Debt to related parties
438,629
438,629
438,629
0
0
Deposits
61,550
61,550
61,550
0
0
Other liabilities
932,794
932,794
932,794
0
0
Derivative financial instruments
Derivatives
3,946,398
3,946,398
3,551,758
276,248
118,392
Total financial instruments
9,154,485
9,154,485
8,675,002
352,413
127,070
Contractual maturity incl. interest (cash flow)
Carrying
amount
Total
< 1 year
1-5 years
> 5 years
31 December 2022
Non-derivative financial instruments
Lease liabilities
71,064
71,064
7,106
63,958
0
Trade payables
8,367,388
8,367,388
8,367,388
0
0
Deposits
1,260,524
1,260,524
1,260,524
0
0
Other liabilities
676,210
676,210
676,210
0
0
Derivative financial instruments
Derivatives
10,881,602
10,881,602
7,617,121
3,046,849
217,632
Total financial instruments
21,256,788
21,256,788
17,928,349
3,110,807
217,632
The contractual maturity analysis is based on the expected contractual cash flows.
Notes to the Consolidated Financial Statements 46
Notes
Interest rate risk
Energy Denmark is partly financing its operation with
loans from banks. The loans are subject to a variable in-
terest rate. Cash flows and interest rate levels are moni-
tored on a regular basis.
The interest rate is hedged using interest rate swaps for
the coming year.
Sensitivity analysis
Regarding the balances and loans with variable interest
rate, a decrease in the interest rate of 1%-point com-
pared to the interest rates at the balance sheet date,
would lead to a positive effect of DKK 21.6 m (2022: DKK
11.1 m) in the profit and loss before tax and DKK 16.8 m
(2022: DKK 8.7 m) on the equity. A corresponding in-
crease in the interest rate would lead to a negative effect
of DKK 21.6 m (2022: DKK 11.1 m) in the profit and loss
before tax and DKK 16.8 m (2021: DKK 8.7 m) on the eq-
uity.
The sensitivity analysis is based on the recognised finan-
cial assets and liabilities and the interest rate swaps at
the balance sheet date. No repayments of loans or new
borrowings has been taken into account. The used
change in interest rate is assessed to be reasonably likely
considering the current market conditions.
Market risk
The market price for electricity has shown to be quite vol-
atile and subject to changes and events that can not be
predicted.
The spot price is determined hourly on the physical ex-
changes and forms the basis for financial trading of elec-
tricity on futures and forward contracts.
The price risk from selling electricity with fixed price ele-
ments are hedged by buying corresponding financial con-
tracts on the exchange markets thereby securing Energi
Danmark the contract margin.
Another market risk is the volume risk, when trading elec-
tricity based on future prices (with fixed price elements)
because the corresponding price hedge needs to match
actual customer volume in order to avoid ineffective posi-
tions. Ineffective positions are the risk of the company
and settled as the difference between the hedge and the
spot price, which can give both a profit and losses. If ac-
tual consumption is lower than the hedged volume and
the hedged price higher than the spot price, the result is
a loss and vice versa.
Combined customer consumption is monitored on a regu-
lar basis in order to predict and adjust the corresponding
hedge position.
Being present in multiple countries with different curren-
cies (primarily DKK, NOK, SEK, EUR and GBP) also exposes
the group to fluctuations and changes in exchange rates
against DKK. Exposure is monitored on a daily basis and
the Group enters into currency rate contracts in order to
hedge exposure thereby minimizing the risk.
To manage all of these risks the Risk Management de-
partment is using an ETRM-system called Elviz. Elviz is the
foundation for calculating daily exposures using both
VaR-based models and models developed inhouse show-
ing day-to-day risks and MWh-exposure. Elviz contains al-
most all of Energy Denmark’s positions/contracts, which
are used as a basis for calculating the exposure using
price curves derived from exchange quotes (where appli-
cable).
Sensitivity analysis
2023
P/L effect
before tax
Equity
effect
Reasonably possible change in
variable%
Electricity
28,871
22,519
40%
Currency exchange rate
5,272
4,112
1%
2022
P/L effect
before tax
Equity
effect
Reasonably possible change in
variable%
Notes to the Consolidated Financial Statements 47
Electricity
-111,923
87,300
40%
Currency exchange rate
22,416
17,484
1%
The sensitivity analysis is based on the recognised financial assets and liabilities at the balance sheet date.
Expected volatility of 40% is used for electricity and 1% for currency exchange rate in the sensitivity analysis.
Notes to the Consolidated Financial Statements 48
Notes
DKK '000
18
Information about financial instruments
Categories of financial instruments
2023
2022
Carrying
amount
Fair value
Carrying
amount
Fair value
Trade receivables
7,215,356
7,215,356
14,439,676
14,439,676
Receivables from related parties
998,667
998,667
0
0
Other receivables and deposits
2,804,777
2,804,777
5,538,979
5,538,979
Cash
3,262,970
3,262,970
5,602,788
5,602,788
Financial assets measured at amortised cost
14,281,770
14,281,770
25,581,443
25,581,443
Derivative assets
2,796,714
2,796,714
8,185,704
8,185,704
Financial assets measured at fair value through profit or loss
2,796,714
2,796,714
8,185,704
8,185,704
Other non-current liabilities
34,923
34,923
0
0
Trade payables
3,678,470
3,678,470
8,367,388
8,367,388
Debt to related parties
438,629
438,629
0
0
Lease liabilities
61,721
61,721
71,064
71,064
Other payables and deposits
994,344
994,344
1,936,734
1,936,734
Financial liabilities measured at amortised costs
5,208,087
5,208,087
10,375,186
10,375,186
Derivative liabilities
3,946,398
3,946,398
10,881,602
10,881,602
Financial liabilities measured at fair value through profit or loss
3,946,398
3,946,398
10,881,602
10,881,602
2023
2022
Derivative assets
Financial
350,936
967,383
Physical
2,445,778
7,218,321
2,796,714
8,185,704
Derivative liabilities
Financial
576,672
4,252,788
Physical
3,369,726
6,628,814
3,946,398
10,881,602
Notes to the Consolidated Financial Statements 49
Notes
DKK '000
Fair value measurement of financial instruments
2023
Level 1
Level 2
Level 3
Financial assets measured at fair value
Derivative financial assets:
Foreign exchange forward
0
33,893
0
Commodity derivative
20,939
2,290,594
451,288
Total
20,939
2,324,487
451,288
Financial liabilities measured at fair value
Derivative financial liabilities:
Foreign exchange forward
0
22,381
0
Commodity derivative
61,372
3,582,756
279,889
Total
61,372
3,605,137
279,889
2022
Level 1
Level 2
Level 3
Financial assets measured at fair value
Derivative financial assets:
Interest rate swaps
0
62,209
0
Foreign exchange forward
0
47,442
0
Commodity derivative
16,289
7,368,338
691,426
Total
16,289
7,477,989
691,426
Financial liabilities measured at fair value
Derivative financial liabilities:
Foreign exchange forward
0
40,634
0
Commodity derivative
306,416
10,247,630
286,922
Total
306,416
10,288,264
286,922
Notes to the Consolidated Financial Statements 50
Notes
Fair value is the price that would be received to sell an as-
set or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liabil-
ity takes place either in the principal market or, if not
available, in the most advantageous market.
The Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of rel-
evant observable inputs and minimising the use of unob-
servable inputs.
Foreign exchange forwards and interest rate swaps
Foreign exchange forwards and interest rate swaps are
measured using generally accepted valuation techniques
based on relevant observable swap-curves and foreign
exchange rates.
Commodity derivatives
Commodity derivatives are measured using generally ac-
cepted valuation techniques based on relevant observa-
ble electricity price curves, foreign exchange rates etc.
and manual calculated charges.
Since there are no active markets for the long-term prices
of electricity, the fair value has been determined through
an estimate of the future prices. The most important pa-
rameter resulting in the commodity contracts being clas-
sified as level 3 is the electricity price. Normally, the price
can be observed for 5 years in the electricity market, af-
ter which an active market no longer exist. Beyond this
horizon the electricity prices are based on, the known
prices are used together with an appropriate interest rate
to extrapolate the prices to future periods, where no
prices are available. The used interest rate amounts to 4
% at 31 December 2023 (0 % at 31 December 2022).
All assets and liabilities for which fair value is measured or dis-
closed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as
a whole:
Level 1: Quoted (unadjusted) market prices in active markets
for identical assets or liabilities
Level 2: Valuation techniques for which the lowest level input
that is significant to the fair value measurement is directly or
indirectly observable
Level 3: Valuation techniques for which the lowest level input
that is significant to the fair value measurement is unobserva-
ble
If electricity prices changes with 5% the net level 3 value will
change with DKK 7.6 m. (2022: DKK 21.5m.)
The transfers from level 3 to level 2 consists primarily of wind
contracts, where the terms of the contract is less than 5 year
at the year end. Besides this DKK -286.4 m in new transactions
related to level 3.
Trade receivables, trade receivables from associates,
other receivables and deposits, credit institutions, trade-
and other payables
Trade receivables, trade receivables from associates, other re-
ceivables and deposits, credit institutions, trade- and other
payables with a short credit time is assessed to have a fair
value, which equals the carrying amount.
2023
Level 3
Opening balance 1 January
404,505
Gains/loss recognised
50,220
Transfers
-286,427
Total
168,298
Notes to the Consolidated Financial Statements 51
Notes
Cash flow hedge
The Group’s purchase contracts with it’s previously owned
company Energi Danmark Vind are maintained. As part of
managing the electricity price risk in these contracts, the
Group enters into financial derivatives comprising of Nord
Pool system price contracts and contracts for difference be-
tween the Nord Pool system price and the local area price.
The contracts are designated as cash flow hedges of the price
risk related to highly probable sales of electricity.
The combination of these contracts establish a perfect hedge
in respect of price risk. In some cases, only the Nord Pool sys-
tem price is hedged.
This is considered a hedge of the component of the local
area price and is therefore also fully effective in respect of
price risk. Ineffectiveness may arise due to difference be-
tween actual production volumes and hedged production
volumes.
The average price in EUR/MWh is 33.45.
As of 31 December 2023, the Group has the following contracts designated as cash flow hedges:
Fair value 2023
Settlement 2024
Settlement 2025
DKK'000
MWh
MWh
Cash flow hedges
-9,962
37,700
37,700
As of 31 December 2022, the Group had the following contracts designated as cash flow hedges:
Fair value 2022
Settlement 2023
Settlement 2024
Settlement 2025
DKK'000
MWh
MWh
MWh
Cash flow hedges
-43,778
37,700
37,700
37,700
Offsetting
Financial assets and financial liabilities are offset and the net
amount is reported in the consolidated balance sheet if
there is a currently enforceable legal right to offset the rec-
ognised
amounts and there is an intention to settle on a net basis, or
to realise the assets and settle the liabilities simultaneously.
Notes to the Consolidated Financial Statements 52
Notes
DKK '000
Offsetting of current derivatives
2023
Derivative
assets
Derivative
liabilities
Total
Gross
20,431,636
-21,538,572
-1,106,936
Netting
-17,634,922
17,592,174
-42,748
Financial assets/liabilities in the balance sheet
2,796,714
-3,946,398
-1,149,684
Collateral
0
-124,463
-124,463
Net
2,796,714
-4,070,861
-1,274,147
2022
Derivative
assets
Derivative
liabilities
Total
Gross
48,649,534
-51,738,960
-3,089,426
Netting
-40,463,830
40,857,358
393,528
Financial assets/liabilities in the balance sheet
8,185,704
-10,881,602
-2,695,898
Collateral
1,249,406
-258,939
990,467
Net
9,435,110
-11,140,541
-1,705,431
The sales contracts and the associated hedging contracts
can only be offset to a limited extent, as the transactions
are made with different counterparties. As a conse-
quence, the net value of the derivatives will be affected
by the difference between the
average sales price, the price of the hedging and the current
market price at the balance sheet date as well as the size of
the open positions.
19
Related party disclosures
Energi Danmark’s related parties include the following:
Controlling interest
Andel-Group has controlling interest.
Ownership
The following shareholders are noted in the company's
shareholder list and are considered to have significant influence
over Energi Danmark A/S:
Andel A.m.b.a. and Andel Energi A/S (Andel-Group), Hovedgaden 36, Svinninge
NRGi A.m.b.a., Dusager 22, Aarhus N
Notes to the Consolidated Financial Statements 53
Notes
Management
The Group’s related parties further includes members of
the Board of Directors and Executive Management. Remu-
neration to the Board of Directors and Executive Manage-
ment is disclosed in note 5.
The Group has had the following transactions and balances
with related parties:
2023
Sale of power to owners
3,303,486
Sale of gas to owners
1,367,887
Sale of power to subsidiaries
10,551,571
Sale of gas to subsidiaries
350,964
Purchase of power from owners
1,726,860
Purchase of gas from owners
162,089
Purchase of power to subsidiaries
545,973
Purchase of power from key personnel
7,709
Purchase of activity from owners
27,200
Receivables from owners
998,667
Debt to owners
438,629
Receivables from subsidiaries
1,811,892
Debt to subsidiaries
175,599
Related-party transactions are made on arm’s length
terms.
Intra-group transactions have been eliminated in the con-
solidated financial statements.
20
Subsequent events
No events have occurred after the reporting date of im-
portance to the consolidated financial statements.
21
Effects of new or amended IFRS standards
The group has implemented all new standards and inter-
pretations effective in the EU from 2023.
The IASB has issued a number of new or amended and re-
vised accounting standards and interpretations which are
not yet effective. The group will adopt these new stand-
ards when they become mandatory.
The new amended standards or interpretations are not
expected to have a significant impact on our consolidated
financial statements.
Parent Financial Statements 54
Parent Financial Statements
Income Statement
Notes
DKK '000
2023
2022
3
Revenue - Sales of power etc.
120,070,009
343,825,684
Purchase of power
-118,784,969
-344,924,611
Net income/loss from financial instruments
-980,874
12,882,800
Gross profit
304,166
11,783,873
4
Staff costs
-218,141
-212,966
Other external costs
-265,250
-305,733
5
Depreciation and amortisation
-46,823
-28,504
Operating profit
-226,048
11,236,670
Profit on investments in subsidiaries, net of tax
30,549
113,513
6
Finance income
285,580
68,659
7
Finance costs
-66,700
-112,684
Profit before tax
23,381
11,306,158
8
Tax
-24,017
-2,462,037
Profit for the year
-636
8,844,121
Parent Financial Statements 55
Parent Balance Sheet
Assets
Notes
DKK '000
2023
2022
Non-current assets
9
Intangible assets
52,207
43,583
10
Tangible assets
71,099
76,524
Total intangible and tangible assets
123,306
120,107
11
Investments in subsidiaries
838,919
812,167
14
Deferred tax assets
89,899
340,408
Total financial assets
928,818
1,152,575
Total non-current assets
1,052,124
1,272,682
Current assets
Inventory
442,410
817,714
16
Trade receivables
4,432,205
9,083,806
12
Tax receivable
60,060
0
Receivables from related parties
998,667
0
Receivables from subsidiaries
1,811,892
4,125,372
Derivative assets
2,251,715
7,147,802
Deposits
2,525,411
4,841,021
Other receivables
52,210
253,940
16, 17
Total receivables
12,574,570
26,269,655
Cash
3,087,056
5,560,300
Total current assets
15,661,626
31,829,955
Total assets
16,713,750
33,102,637
Parent Financial Statements 56
Parent Balance Sheet
Liabilities
Notes
DKK '000
2023
2022
Equity
13
Share capital
500,000
500,000
Reserve for development costs
40,721
33,995
Reserve for net revaluation according to the equity method
518,126
491,374
Retained earnings
7,718,831
7,756,742
Cash flow hedge
-71,207
-43,778
Proposed dividend
0
3,000,000
Total equity
8,706,471
11,738,333
Non-current liabilities
Lease liabilities
50,139
55,254
Other payables
34,923
0
Total non-current liabilities
85,062
55,254
Current liabilities
Lease liabilities
5,571
6,139
Trade payables
3,145,049
7,445,895
12
Income tax payable
0
2,108,020
Debt to related parties
438,629
0
Debt to subsidiaries
175,599
42,523
Derivative liabilities
3,563,351
10,097,837
Deposits
61,550
1,260,524
Other payables
532,468
348,112
Total current liabilities
7,922,217
21,309,050
16, 17
Total liabilities
8,007,279
21,364,304
Total equity and liabilities
16,713,750
33,102,637
15
Pledges, collateral and contingent liabilities
18
Subsequent events
19
Related party transactions
Parent Financial Statements 57
Parent Statement of Changes in Equity
Notes
DKK '000
Share
capital
Develop-
ment
Reserve
Reserve for
net
revaluation
according to
the equity
method
Retained
earnings
Proposed
Dividend
Cash
flow
hedge
Total
Equity 1 January 2023
500,000
33,995
491,374
7,756,742
3,000,000
-43,778
11,738,333
Dividends provided for or paid
0
0
0
0
-3,000,000
0
-3,000,000
Transactions with owners
0
0
0
0
-3,000,000
0
-3,000,000
Foreign currency translation
adjustment
0
0
-3,797
0
0
0
-3,797
Cash flow hedge after tax
0
0
0
0
0
-27,429
-27,429
Transferred through
distribution of net profit
0
6,726
30,549
-37,911
0
0
-636
Equity 31 December 2023
500,000
40,721
518,126
7,718,831
0
-71,207
8,706,471
Equity 1 January 2022
350,000
36,145
399,577
1,173,984
0
-10,850
1,948,856
Capital increase
150,000
0
0
850,000
0
0
1,000,000
Transactions with owners
150,000
0
0
850,000
0
0
1,000,000
Foreign currency translation
adjustment
0
0
-21,716
0
0
0
-21,716
Cash flow hedge after tax
0
0
0
0
0
-32,928
-32,928
Transferred through
distribution of net profit
0
-2,150
113,513
5,732,758
3,000,000
0
8,844,121
Equity 31 December 2022
500,000
33,995
491,374
7,756,742
3,000,000
-43,778
11,738,333
Notes to the Parent Financial Statements 58
Notes to the Parent Financial Statements
Notes
1
Accounting policies
The parent financial statements at 31 December 2023 for
Energi Danmark A/S is presented in accordance with the
provisions of the Danish Financial Statements Act regard-
ing Class C (large) companies.
The parent financial statements are presented in Danish
kroner (DKK) and all values are rounded to the nearest
thousand (DKK 000’s), except when otherwise indicated.
Reserve for development cost
The reserve for development costs comprises recognised
development costs. The reserve cannot be used to dis-
tribute dividend or cover losses. The reserve will be re-
duced or
dissolved if the recognised development costs are no longer part
of the Group’s operations by a transfer directly to the distributa-
ble reserves under equity. Furthermore the reserve will be re-
duced in accordance with the depreciations of the development
costs.
IFRS for financial instruments
Following the Danish Financial Statements Act §37,5 the finan-
cial assets and financial liabilities are recognised and measured
in accordance with the International Financial Reporting Stand-
ards. Please refer to the accounting policies for the Group for
further description.
Additional accounting principles for the parent company
Profit on Investments in Subsidiaries
The proportionate share of the profit after tax of subsidi-
aries is recognised in the income statement of the parent
company after elimination of the proportionate share of
internal profit/loss.
Investments in Subsidiaries
Investments in subsidiaries are measured according to
the equity method. Investments in subsidiaries are meas-
ured at the proportionate share of the companies’ equity
calculated in accordance with the Group’s accounting pol-
icies, minus or plus unrealised intercompany profit and
loss, with the remaining value of positive or negative
goodwill added or subtracted in accordance with the ac-
quisition method.
Net revaluation of investments in subsidiaries is trans-
ferred to the reserve for net revaluation according to the
equity method in equity to the extent
that the carrying amount exceeds the acquisition cost. Dividends
from subsidiaries expected to be adopted before the adoption of
the annual report of Energi Danmark A/S are not bound to the
revaluation reserve.
Cash flow statements
The consolidated financial statements contain a cash flow state-
ment for the whole group, why a separate statement for the par-
ent company is not included, cf. the exception clause section 86
of the Danish Financial Statements Act.
IFRS for revenue and leases
Revenue and lease assets and lease liabilities are recognised and
measured in accordance with the International Financial Report-
ing Standards. Please refer to the accounting policies for the
Group for further description.
Notes to the Parent Financial Statements 59
Notes
2
Significant accounting judgements, estimates and assumptions
The preparation of the parent’s consolidated financial -
statements requires management to make judgements,
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure of con-
tingent liabilities. Uncertainty about these assumptions
and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or
liabilities affected in future periods.
Management continuously reassesses these estimates
and judgements based on a number of factors in the
given circumstances. The following accounting estimates
are considered significant for the financial reporting.
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjust-
ment to the carrying amounts of assets and liabilities
within the next financial year, are described in the follow-
ing. Energi Danmark based its assumptions and estimates
on parameters available when the financial statements
were prepared. Existing circumstances and assumptions
about future developments, however, may change due to
market changes or circumstances arising that are beyond
the control of the Company. Such changes are reflected
in the assumptions when they occur.
In the process of applying the Company’s accounting poli-
cies, management has made the following estimates and
assumptions, which have the most significant effect on
the amounts recognised in the financial statements.
Other disclosures relating to the Company’s exposure to
risks and uncertainties includes capital management, fi-
nancial instrument risk management, liquidity risk and
sensitivity analysis disclosures (Note 16 and 17).
Fair value of financial and physical contract
Energi Danmark measures its financial and physical con-
tracts at fair value in accordance with the accounting poli-
cies as summarised in note 1.
Energi Danmark’s strategy for measuring the fair value of
these energy contracts is to utilise quoted prices in an ac-
tive trading market.
In the absence of quoted prices for identical or similar en-
ergy contracts, general acceptable valuation models are
applied and observable market data is used as input to
the fair value calculations. Where the instruments are
complex combinations of standard or non-standard prod-
ucts, unobservable market data may be used in the valua-
tion models in order to calculate the fair value.
To ensure the validity and accuracy of the models all as-
sumptions and inputs are approved and continuously
tested.
The assumptions within the models used to determine
the fair value of the physical and financial energy con-
tracts in accordance with IFRS 13 are central, since any
changes in assumptions could have a significant impact
on the fair values and movements which are reflected in
the income statement and balance sheet.
The physical contracts classified in the balance sheet as
derivate assets or liabilities are valued based on expected
future consumption or production of energy to which
there is some uncertainty attached as the expectations
may deviate from what will be realized.
More detail on the assumptions used in the fair value
measurement of the energy contracts and related sensi-
tivities are further described in note 17.
On physical fixed price contracts the fair value is com-
prised by the financial element of the contract, which at
initial recognition is zero.
At 31 December 2023, the carrying amount of derivative
assets and liabilities amounts to DKK 2,252 m (2022: DKK
7,148m) and DKK 3,563 m (2022: DKK 10,098m), respec-
tively.
Notes to the Parent Financial Statements 60
Notes
DKK '000
2023
2022
3
Revenue
Sale of power
40,878,783
85,461,412
Sale of gas
3,274,907
0
Gas trading
75,916,319
258,364,272
120,070,009
343,825,684
Denmark
108,888,106
323,153,033
Sweden
2,242,978
4,455,976
Finland
256,170
4,209,280
Germany
2,253,071
2,147,400
Norway
3,940,571
8,580,259
Turkey
35,287
0
Macedonia
2,453,826
1,279,736
120,070,009
343,825,684
4
Staff costs
Wages and salaries and remuneration
203,168
202,943
Pensions, defined contribution plans
12,931
8,600
Other expenses for social security
2,042
1,423
218,141
212,966
Of this amount:
Board members’ fees
0
43
Executive Management, wages and salaries
20,923
20,685
20,923
20,728
The Executive Management has a bonus scheme that is based on achieved Group earnings.
Average number of full time employees
157
134
5
Depreciation and amortisation
Amortisation of intangible assets
35,879
20,252
Depreciation of tangible assets
4,278
3,014
Depreciation of leased assets
6,666
5,238
46,823
28,504
Notes to the Parent Financial Statements 61
Notes
DKK '000
2023
6
Finance income
Interest income, credit institutions
191,577
Interest income, subsidiaries
4,975
Interest income, on late payments
3,016
Interest income, rate swaps
66,862
Other interest income
19,150
285,580
7
Finance costs
Interest expenses, credit institutions
26,694
Interest expenses, subsidiaries
20,616
Interest expenses, related parties
0
Interest expenses, rate swaps
0
Other interest expenses
18,560
Interest expense, lease liability
830
66,700
8
Tax
Current tax
-4,288
Adjustment of prior year deferred tax
0
Deferred tax
-19,729
-24,017
Specified as follows:
Tax on profit from ordinary activities
24,017
Effective tax
29.8%
Income tax, received/paid
1,933,852
Notes to the Parent Financial Statements 62
Notes
DKK '000
9
Intangible assets
2023
Completed
development
projects
Development
projects in
progress
Cost 1 January
295,709
0
Additions
0
44,500
Transfers
44,500
-44,500
Disposals
-76,808
0
Cost 31 December
263,401
0
Accumulated amortisation 1 January
252,126
0
Amortisations for the year
35,876
0
Amortisations, disposals for the year
-76,808
0
Accumulated amortisation 31 December
211,194
0
Carrying amount 31 December
52,207
0
2022
Completed
development
projects
Development
projects in
progress
Cost 1 January
278,214
0
Additions
0
17,495
Transfers
17,495
-17,495
Disposals
0
0
Cost 31 December
295,709
0
Accumulated amortisation 1 January
231,874
0
Amortisations for the year
20,252
0
Amortisations, disposals for the year
0
0
Accumulated amortisation 31 December
252,126
0
Carrying amount 31 December
43,583
0
Development projects in progress includes development and test of IT-systems, which support the daily operation of the
parent company. The costs consist of internal costs, e.g. salary, and external costs, e.g. assistance from external IT develop-
ers. The development of the IT systems is expected to lead to better service of customers.
Notes to the Parent Financial Statements 63
Notes
DKK '000
10
Tangible assets
2023
Leasehold
improve-
ments
Vehicles
Tools and
equipment
Buildings
Cost 1 January
4,403
5,477
17,597
75,252
Additions
0
4,057
3,384
0
Disposals
0
-4,024
0
0
Cost 31 December
4,403
5,510
20,981
75,252
Accumulated depreciation 1 January
567
2,531
8,779
14,328
Depreciations for the year
441
921
2,916
6,666
Depreciations, disposals for the year
0
-2,102
0
0
Accumulated depreciations 31 December
1,008
1,350
11,695
20,994
Carrying amount 31 December
3,395
4,160
9,286
54,258
Depreciation period
10 years
5 years
3-5 years
3-4 years
In the carrying amount of Buildings, DKK 54.2 m (2022: DKK 60.9m) is relating to leases.
Depreciation expenses relating to leases recognised in profit (loss) were DKK 6.7 m (2022: DKK 5.2m).
2022
Leasehold
improve-
ments
Vehicles
Tools and
equipment
Buildings
Cost 1 January
10,435
6,320
16,653
74,996
Additions
478
2,231
944
256
Disposals
-6,510
-3,074
0
0
Cost 31 December
4,403
5,477
17,597
75,252
Accumulated depreciation 1 January
6,670
3,898
7,047
9,090
Depreciations for the year
407
875
1,732
5,238
Depreciations, disposals for the year
-6,510
-2,242
0
0
Accumulated depreciations 31 December
567
2,531
8,779
14,328
Carrying amount 31 December
3,836
2,946
8,818
60,924
Depreciation period
10 years
5 years
3-5 years
3-4 years
Notes to the Parent Financial Statements 64
Notes
DKK '000
2023
2022
11
Investments in subsidiaries
Cost 1 January
446,023
446,022
Additions
0
1
Disposals
0
0
Cost 31 December
446,023
446,023
Value adjustments 1 January
366,144
274,347
Regulation on equity in subsidiaries
-3,797
-21,716
Dividends paid
0
0
Profit for the year
30,549
113,513
Adjustment, disposals for the year
0
0
Value adjustments 31 December
392,896
366,144
Carrying amount 31 December
838,919
812,167
Name
Address
Country of
incorporation
Voting right
and ownership
share
Energi Danmark Securities A/S
Knud Højgaards Vej 2, 2. 2860 Søborg
Denmark
100%
Energi Försäljning Sverige AB
Hyllie Stationstorg 31, 21532 Malmö
Sweden
100%
Energia Myynti Suomi Oy
Teknoboulevardi 7, 01530 Vantaa
Finland
100%
Energi Salg Norge AS
Drammensveien 123, Skøyen, 0277 Oslo
Norway
100%
Energie Vertrieb Deutschland EVD GmbH
Christoph-Probst-Weg 4, 20150 Hamburg
Germany
100%
ED Business Support A/S
Tangen 29, 8200 Aarhus N
Denmark
100%
Energi Danmark Anadolu Elektrik Enerjisi
Toptan Ticaret Limited Sirketi
Esentepe Mahallesi Ecza Sokak Polcenter Is-
merkezi C Blok No: 4/1 Levent Sisli Istanbul
Turkey
100%
Disam Nm Dooel Skopje
Str. 8-ma Udarna Briada no. 43/3, Skopje -
Centar
Macedonia
100%
DISAM BH d.o.o.
Maglajska 1, 71000 Sarajevo
Bosnia-Her-
zegovina
100%
DISAM Australia Pty. Ltd.
Market Street 1, 2000 Sydney NSW
Australia
100%
DISAM US LLC
Little Falls Drive 251, Wilmingtong, Delaware
19808-1674 New Castle County
USA
100%
DISAM GE LLC
Vazha-Pshavela Ave., N71, Tbilisi
Georgia
100%
The subsidiaries are autonomous legal entities.
Notes to the Parent Financial Statements 65
Notes
DKK '000
2023
2022
12
Income tax receivable/payable
Income tax receivable/payable 1 January
-2,108,020
3,569
Income tax for the year
-4,288
-2,734,020
Income tax received
0
-35,639
Income tax paid
1,933,852
632,415
Transferred from deferred tax
238,516
25,655
Income tax receivable/payable 31 December
60,060
-2,108,020
13
Share capital
For information in regard to the share
capital, please refer to Note 15 in the
Consolidated Financial Statements.
Proposal for the distribution of net profit
Reserve for net revaluation according to the equity
method
30,549
113,513
Reserve for development costs
6,726
-2,150
Retained earnings
-37,911
8,732,758
Total
-636
8,844,121
14
Deferred tax
Deferred tax, 1 January
340,408
84,793
Adjustments of deferred tax, previous years
0
424
Transferred to income tax
-238,516
-25,655
Adjustment of deferred tax
-11,993
280,846
Deferred tax 31 December
89,899
340,408
Deferred tax relates to:
Intangible assets
-4,198
-7,442
Tangible assets
2,182
2,380
Bad debt provision
22,991
22,991
Tax losses carryforward
52,618
0
Leasing
319
103
Provision and hedge
15,987
322,376
Carrying amount 31 December
89,899
340,408
Deferred tax assets are measured at the value at which the asset is expected to be realised. Either by elimination in tax on fu-
ture earnings or by set-off against deferred tax liabilities. The group excpects to realise the deferred tax assets in the future
earnings in coming years.
Notes to the Parent Financial Statements 66
Notes
DKK '000
2023
2022
15
Pledges, collateral and contingent liabilities
The following assets are pledged as collateral for trading on
power exchanges as well as balances with
counterparties:
Power exchange Nord Pool Spot, EEX, APX,
Nasdaq OMX
and other counterparties etc. Deposited
cash
1,264,861
3,595,072
The company has entered into agreements for the future
purchase of gas capacities with an unrecognized obligation
454,000
3,406,000
Guarantees
Guarantees provided by a financial institute
2,235,460
3,052,310
Contingent liabilities for joint and several liabilities for
corporate tax etc.
The parent company is included as a part of group taxa-
tion with Danish subsidiaries and in the Andel-Group. The
companies are jointly and severally liable to pay Danish
corporate tax and tax at source on dividends, interest and
royalties within the sphere of
joint taxation. The joint taxation amounts to DKK 0 as at 31
December 2023 (2022: DKK 2,734 m). Any subsequent cor-
rection of the joint taxable income or tax at source on divi-
dends etc. may lead to the company being liable to pay
a larger amount.
Notes to the Parent Financial Statements 67
Notes
DKK'000
16
Risks, financial instruments and recognised transactions
Energi Danmark is exposed to market risks (primarily
power and gas prices, volume, currency exchange rate
risks), operational risks, inflation and credit risks, interest
rate risks and liquidity risks. The Executive Directors over-
sees the management of these risks. The Group’s senior
management is supported by a risk management team
that advises on financial risks and the appropriate finan-
cial risk governance framework for the Company.
All derivative activities for Risk Management purposes
are carried out by specialist teams that have the appro-
priate skills, experience and supervision. The Board of Di-
rectors reviews and agrees policies for managing each of
these risks, which are summarised below.
Credit risk and counterparts
Energi Danmark is exposed to credit risks from our trad-
ing partners and customers. The counterparts are typi-
cally established companies trading with commodities.
Our trading with these companies is regulated under
standard agreements, such as EFET and ISDA agreements
which feature, for instance credit rating and netting pro-
visions.
The credit risk exposure depends on the creditworthiness
of the customers and counterparts. The customers are
primarily to be found within the public sector, utility sec-
tor and across business markets (B2B). Counterparts are
typically established companies trading with commodi-
ties.
All customers and counterparts are subject to a credit rat-
ing before starting to trade. Existing customer and counter-
parts are also reevaluated on an ongoing basis, especially
when new contracts are due to be signed. To do the credit
rating Energi Danmark uses a credit rating score model
from an external party. If the score is below certain prede-
fined levels a manual credit rating is done as well, either ac-
cepting the new contract or asking for additional security
before signing. Counterparts are all evaluated and given a
line of exposure within which daily exposures are calculated
and monitored by the Risk Management department.
It is the credit rating policy not to decline any customer that
would like to trade with Energi Danmark; however, when
evaluating the credit score and, if necessary, security re-
quirements, the Finance department demands high stand-
ards. The necessity of maintaining high standards has be-
come even more relevant since the Wholesale Model was
implemented because losses from customers not paying
their energy taxes and the transport of electricity have
shifted from grid companies/Energinet.dk to trading com-
panies like Energi Danmark.
Trade receivable and provisions for impairment:
2023
2022
Carrying
amount
before im-
pairment
Provision for
impairment
Carrying
amount
before im-
pairment
Provision for
impairment
Customers not due
4,531,078
100,000
9,182,679
100,000
Customers in dunning process
3,498
2,798
1,399
1,119
Insolvent customers
2,136
1,709
4,235
3,388
Total
4,536,712
104,507
9,188,313
104,507
Trade receivables are subject to impairment, where the actual provision made is based on a predefined percentage depend-
ent on the numbers of reminders sent to the customer. If the customer enters into bankruptcy or equivalent procedure a full
writeoff of the receivable is performed.
Notes to the Parent Financial Statements 68
Notes
Liquidity risk
In Energi Danmark many of the working capital require-
ments from trading activities exist due to the funding of
purchase of electricity for delivery to our customers and
day-to-day settlement on incoming futures towards ex-
changes. Especially since the Wholesale Model was im-
plemented, the liquidity requirements has increased by
the end of each month, but rapidly declines at the begin-
ning of the following month. The increase is due to the
fact that Energi Danmark has to pay grid companies/Ener-
ginet.dk for customer consumption-related energy
taxes, transportation of electricity and PSO before receiv-
ing payments from customers.
Market price fluctuations in power and gas can signifi-
cantly affect cash requirements, primarily due to changes
in working capital for customers and adjustments in col-
lateral and margins for spot and future contracts towards
exchanges and counterparts.
Rising prices increase working capital and collateral re-
quirements on exchanges. Conversely, price increases
typically yield positive margins on Energi Danmark's fu-
ture positions, which consists of larger buying volumes
than selling volumes, mostly due to hedging of consumer
contracts on the exchanges.
All things considered, higher market prices will normally
result in higher total liquidity usage with more uncer-
tainty and bigger cash fluctuations. Given the current net
future position, a 10 EUR increase in power and gas mar-
ket prices will increase Energi Danmark's liquidity draw by
roughly DKK 30m in the coming month, whereas a 10 EUR
decrease will reduce the draw by approximately the same
amount.
The liquidity risk is managed and monitored on a daily basis and
a cash flow prognosis showing expected future cash movements
is maintained.
When trading electricity on the exchanges there is a require-
ment for margin calls to be covered by collaterals in the form of
guarantees or cash. The mentioned guarantee’s given can be
seen in Note 15. The amount to be covered by guarantees is cal-
culated by the exchange every day and sent to Energi Danmark.
Back office receives and monitors the collaterals always making
sure that sufficient collateral is in place.
Energi Danmark estimates that there is sufficient liquidity and
collateral lines to support the business the coming year.
Notes to the Parent Financial Statements 69
Notes
DKK '000
Contractual maturity incl. interest (cash flow)
Carrying amount
Total
< 1 year
1-5 years
> 5 years
31 December 2023
Non-derivative financial instruments
Lease liabilities
55,710
55,710
7,340
36,190
12,180
Other non-current liabilities
34,923
34,923
0
34,923
0
Debt to related parties
438,629
438,629
438,629
0
0
Deposits
61,550
61,550
61,550
0
0
Trade payables
3,145,049
3,145,049
3,145,049
0
0
Other liabilities
708,067
708,067
708,067
0
0
Derivative financial instruments
Derivatives
3,563,351
3,563,351
3,207,016
249,435
106,901
Total financial instruments
8,007,279
8,007,279
7,567,651
320,548
119,081
31 December 2022
Non-derivative financial instruments
Lease liabilities
61,393
61,393
6,139
55,254
0
Deposits
1,260,524
1,260,524
1,260,524
0
0
Trade payables
7,445,895
7,445,895
7,445,895
0
0
Other liabilities
390,635
390,635
390,635
0
0
Derivative financial instruments
Derivatives
10,097,837
10,097,837
7,068,486
2,827,394
201,957
Total financial instruments
19,256,284
19,256,284
16,171,679
2,882,648
201,957
Notes to the Parent Financial Statements 70
Notes
DKK'000
Interest rate risk
Energi Danmark is partly financing its operation with
loans from banks. The loans are subject to a variable in-
terest rate. Cash flows and interest rate levels are moni-
tored on a regular basis.
The interest rate risk is hedged using interest rate swaps
for the coming year.
Market risk
The market price for electricity has proven to be quite
volatile and subject to changes and events that can not
be predicted.
The spot price is determined hourly on the physical ex-
changes and forms the basis for financial trading of elec-
tricity on futures and forward contracts.
The price risk from selling electricity with fixed price ele-
ments are hedged by buying corresponding financial con-
tracts on the exchange markets thereby securing Energi
Danmark the contract margin.
Another market risk is the volume risk when trading elec-
tricity based on future prices (with fixed price elements)
because the corresponding price hedge needs to match
actual customer volumes in order to avoid ineffective
hedging positions.
Combined customer consumption is monitored on a regu-
lar basis in order to predict and adjust the
corresponding hedging position.
Being present in multiple countries with different curren-
cies (primarily DKK, NOK, SEK, EUR and GBP) also exposes
Energi Danmark to fluctuations and changes in exchange
rates against DKK. Exposure is monitored on a daily basis
and the Company enters into currency rate contracts in
order to hedge exposure, thereby minimizing the risk.
To manage all of these risks, the Risk Management de-
partment is using an ETRM-system called Elviz. Elviz is the
foundation for calculating daily exposure using both VaR-
based models and models developed inhouse showing
day-to-day risks and MWh-exposure. Elviz contains al-
most all of Energi Danmark’s positions/contracts, which
are used as a basis for calculating the exposure using
price curves derived from exchange quotes (where appli-
cable).
Sensitivity analysis
P/L effect
before tax
Equity
effect
Reasonably possible change
in variable%
2023
Electricity
28,691
22,379
40%
Currency exchange rate
4,973
3,879
1%
2022
Electricity
-115,900
-90,402
40%
Currency exchange rate
20,659
16,114
1%
The equity will be affected with the P/L effect less tax of approximately 22%
Notes to the Parent Financial Statements 71
Notes
DKK '000
17
Information about financial instruments
Categories of financial instruments
2023
2022
Carrying
amount
Fair value
Carrying
amount
Fair value
Trade receivables
4,432,205
4,432,205
9,083,806
9,083,806
Trade receivables from associates and subsidiaries
1,811,892
1,811,892
4,125,372
4,125,372
Receivables from related parties
998,667
998,667
0
0
Other receivables and deposits
2,577,621
2,577,621
5,094,961
5,094,961
Cash
3,087,056
3,087,056
5,560,300
5,560,300
Financial assets measured at amortised cost
12,907,441
12,907,441
23,864,439
23,864,439
Derivative assets
2,251,715
2,251,715
7,147,802
7,147,802
Financial assets measured at fair value through profit or loss
2,251,715
2,251,715
7,147,802
7,147,802
Other non-current liabilities
34,923
34,923
0
0
Trade payables
3,145,049
3,145,049
7,445,895
7,445,895
Debt to related parties
438,629
438,629
0
0
Lease liabilities
55,710
55,710
61,393
61,393
Other payables and deposits
769,617
769,617
1,651,159
1,651,159
Financial liabilities measured at amortised costs
4,443,928
4,443,928
9,158,447
9,158,447
Derivative liabilities
3,563,351
3,563,351
10,097,837
10,097,837
Financial liabilities measured at fair value through profit or
loss
3,563,351
3,563,351
10,097,837
10,097,837
2023
2022
Derivative assets
Financial
143,013
630,785
Physical
2,108,702
6,517,017
2,251,715
7,147,802
Derivative liabilities
Financial
522,935
4,144,668
Physical
3,040,416
5,953,169
3,563,351
10,097,837
Notes to the Parent Financial Statements 72
Notes
DKK '000
Fair value measurement of financial instruments
2023
Level 1
Level 2
Level 3
Financial assets measured at fair value
Derivative financial assets:
Foreign exchange forward
0
39,314
0
Commodity derivative
20,939
1,743,275
448,187
Total
20,939
1,782,589
448,187
Financial liabilities measured at fair value
Derivative financial liabilities:
Foreign exchange forward
0
22,901
0
Commodity derivative
61,372
3,199,189
279,889
Total
61,372
3,222,090
279,889
If electricity prices changes with 5% the net level 3 value
will change with DKK 7.6 m (2022: DKK 20.5m).
Fair value is the price that would be received to sell an as-
set or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liabil-
ity takes place either in the principal market or, if not
available, in the most advantageous market.
The principal or the most advantageous market must be
accessible by Energi Danmark.
The fair value of an asset or a liability is measured using
the assumptions that market participants would use
when pricing the asset or liability, assuming that market
participants act in their economic best interest.
A fair value measurement of a non-financial asset takes
into account a market participant’s ability to generate
economic benefits by using the asset in its highest and
best use or by selling it to another market participant that
would use the asset in its highest and best use.
Energi Danmark uses valuation techniques that are ap-
propriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the
use of relevant observable inputs and minimising the use
of unobservable inputs.
Commodity derivative are measures using generally ac-
cepted valuation techniques based on relevant observa-
ble electricity price cures, foreign exchange rates ect. and
manual calculated changes.
Since there are no active markets for the long term prices of
electricity, the fair value has been determined through an esti-
mate of the future prices. The most important parameter re-
sulting in commodity contracts being classified as level 3 in the
electricity price.
Normally the price can be observed for a maximum of 2-3
years in the electricity market, after which an active market no
longer exist. Beyond this horizon the electricity prices are
based on the known prices and are used together with an ap-
propriate interest rate to extrapolate the prices to the future
periods, where no prices are available. The used interest rate
amounts to 4 % on 31 December 2023 (0% at 31 December
2022).
All assets and liabilities for which fair value is measured or dis-
closed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as
a whole:
Level 1: Quoted (unadjusted) market prices in active markets
for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level input
that is significant to the fair value measurement is directly or
indirectly observable.
Level 3: Valuation techniques for which the lowest level input
that is significant to the fair value measurement is unobserva-
ble.
Notes to the Parent Financial Statements 73
Notes
DKK '000
Fair value measurement of financial instruments
2022
Level 1
Level 2
Level 3
Financial assets measured at fair value
Derivative financial assets:
Interest rate swaps
0
62,209
0
Foreign exchange forward
0
47,636
0
Commodity derivative
16,289
6,398,501
623,167
Total
16,289
6,508,346
623,167
Financial liabilities measured at fair value
Derivative financial liabilities:
Foreign exchange forward
0
46,053
0
Commodity derivative
306,416
9,478,508
266,860
Total
306,416
9,524,561
266,860
2023
Level 3
Opening balance 1 January 2023
356,307
Gains recognised
31,017
Transfers
-243,569
Total
143,755
Notes to the Parent Financial Statements 74
Notes
DKK'000
Offsetting
Financial assets and financial liabilities are offset and the
net amount is reported in the statement of financial posi-
tion if there is a currently enforceable
legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets
and settle the liabilities simultaneously,
Offsetting of current derivatives
2023
Derivative assets
Derivative
liabilities
Total
Gross
19,546,264
-20,750,808
-1,204,544
Netting
-17,294,549
17,187,457
-107,092
Financial assets/liabilities in the balance sheet
2,251,715
-3,563,351
-1,311,636
Collateral
0
-124,463
-124,463
Net
2,251,715
-3,687,814
-1,436,099
2022
Derivative assets
Derivative
liabilities
Total
Gross
38,051,032
-41,395,788
-3,344,756
Netting
-30,903,230
31,297,951
394,721
Financial assets/liabilities in the balance sheet
7,147,802
-10,097,837
-2,950,035
Collateral
1,249,406
-258,939
990,467
Net
8,397,208
-10,356,776
-1,959,568
The sales contracts and the associated hedging contracts
can only be offset to a limited extent, as the transactions
are made with different counterparties. As a conse-
quence, the net value of the derivatives will
be affected by the difference between the average sales
price, the price of the hedging and the current market
price at the balance sheet date as well as the size of the
open positions.
18
Subsequent events
No events have occurred after the reporting date of im-
portance to the financial statements.
19
Related party transactions
See note 19 to the consolidated financial statements for
information on related party transactions.
Statement by the Board of Directors and the Execuve Board 75
Statement by the Board of Directors and the Executive Board
The Board of Directors and the Executive Board have today dis-
cussed and approved the annual report of Energi Danmark A/S
for the financial year 1 January – 31 December 2023,
The consolidated financial statements have been prepared in ac-
cordance with International Financial Reporting Standards as
adopted by the EU and additional requirements in the Danish Fi-
nancial Statements Act, The financial statements of the parent
company, Energi Danmark A/S, have been prepared in accord-
ance with the Danish Financial Statements Act,
It is our opinion that the consolidated financial statements and
parent company financial statement give a true and fair value of
the Group’s and the Parent Company’s assets, liabilities and
financial position at 31 December 2023 and of the results of the
Group’s and the Parent Company’s operations and the Group
cash flows for the financial year 1 January – 31 December 2023,
In our opinion the managements review provides a true and fair
account of the development in the Group’s and the Parent Com-
pany’s operations and financial circumstances, of the result for
the year and of the overall financial position of the Group and
the Parent Company as well as a description of the most signifi-
cant risks and elements of uncertainty facing the Group and the
Parent Company,
We recommend that the annual report is approved at the annual
general meeting,
Aarhus, 8 April 2024
Executive Management
Louise Hahn, CEO
Bord of Directors
Chair, Jesper Hjulmand
Deputy Chair, Jacob Vittrup
Ole Hillebrandt Jensen
Morten Bryder Pedersen
Anne Broeng
Torben Möger Pedersen
Independent Auditor’s Report 76
INDEPENDENT AUDITOR’S REPORT
To the shareholders of Energi Danmark Group
Opinion
In our opinion, the Consolidated Financial Statements give a true
and fair view of the Group’s financial position at 31 December
2023 and of the results of the Group’s operations and cash flows
for the financial year 1 January to 31 December 2023 in accord-
ance with IFRS Accounting Standards as adopted by the EU and
further requirements in the Danish Financial Statements Act.
Moreover, in our opinion, the Parent Company Financial State-
ments give a true and fair view of the Parent Company’s financial
position at 31 December 2023 and of the results of the Parent
Company’s operations for the financial year 1 January to 31 De-
cember 2023 in accordance with the Danish Financial State-
ments Act.
We have audited the Consolidated Financial Statements and the
Parent Company Financial Statements of Energi Danmark Group
for the financial year 1 January - 31 December 2023, which com-
prise income statement, balance sheet, statement of changes in
equity and notes, including material accounting policy infor-
mation, for both the Group and the Parent Company, as well as
statement of comprehensive income and cash flow statement
for the Group (“financial statements”).
Basis for Opinion
We conducted our audit in accordance with International Stand-
ards on Auditing (ISAs) and the additional requirements applica-
ble in Denmark. Our responsibilities under those standards and
requirements are further described in the Auditor’s Responsibil-
ities for the Audit of the Financial Statements section of our re-
port. We are independent of the Group in accordance with the
International Ethics Standards Board for Accountants’ Interna-
tional Code of Ethics for Professional Accountants (IESBA Code)
and the additional ethical requirements applicable in Denmark,
and we have fulfilled our other ethical responsibilities in accord-
ance with these requirements and the IESBA Code. We believe
that the audit evidence we have obtained is sufficient and ap-
propriate to provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does not cover Manage-
ment’s Review, and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our re-
sponsibility is to read Management’s Review and, in doing so,
consider whether Management’s Review is materially incon-
sistent with the financial statements or our knowledge obtained
during the audit, or otherwise appears to be materially mis-
stated.
Moreover, it is our responsibility to consider whether Manage-
ment’s Review provides the information required under the Dan-
ish Financial Statements Act.
Based on the work we have performed, in our view, Manage-
ment’s Review is in accordance with the Consolidated Financial
Statements and the Parent Company Financial Statements and
has been prepared in accordance with the requirements of the
Danish Financial Statement Act. We did not identify any material
misstatement in Management’s Review.
Management’s Responsibilities for the Financial State-
ments
Management is responsible for the preparation of Consolidated
Financial Statements that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the EU and fur-
ther requirements in the Danish Financial Statements Act and for
the preparation of Parent Company Financial Statements that
give a true and fair view in accordance with the Danish Financial
Statements Act, and for such internal control as Management
determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, Management is responsi-
ble for assessing the Group’s and the Parent Company’s ability
to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting in preparing the financial statements unless Manage-
ment either intends to liquidate the Group or the Parent Com-
pany or to cease operations, or has no realistic alternative but to
do so.
Auditor’s Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from ma-
terial misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assur-
ance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs and the additional re-
quirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the ag-
gregate, they could reasonably be expected to influence the eco-
nomic decisions of users taken on the basis of these financial
statements.
As part of an audit conducted in accordance with ISAs and the
additional requirements applicable in Denmark, we exercise pro-
fessional judgement and maintain professional scepticism
throughout the audit. We also:
⌐ Identify and assess the risks of material misstatement
of the financial statements, whether due to fraud or
error, design and perform audit procedures respon-
sive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstate-
ment resulting from fraud is higher than for one re-
sulting from error as fraud may involve collusion,
Independent Auditor’s Report 77
forgery, intentional omissions, misrepresentations, or
the override of internal control.
⌐ Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness
of the Group’s and the Parent Company’s internal
control.
⌐ Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by Management.
⌐ Conclude on the appropriateness of Management’s
use of the going concern basis of accounting in pre-
paring the financial statements and, based on the au-
dit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast
significant doubt on the Group’s and the Parent Com-
pany’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are re-
quired to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opin-
ion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. How-
ever, future events or conditions may cause the Group
and the Parent Company to cease to continue as a go-
ing concern.
⌐ Evaluate the overall presentation, structure and con-
tents of the financial statements, including the disclo-
sures, and whether the financial statements represent
the underlying transactions and events in a manner
that gives a true and fair view.
⌐ Obtain sufficient appropriate audit evidence regard-
ing the financial information of the entities or busi-
ness activities within the Group to express an opinion
on the Consolidated Financial Statements. We are re-
sponsible for the direction, supervision and perfor-
mance of the group audit. We remain solely responsi-
ble for our audit opinion.
We communicate with those charged with governance regard-
ing, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant de-
ficiencies in internal control that we identify during our audit.
Aarhus, 8 April 2024
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Henrik Kragh
Christine Tveteraas
State Authorised Public Accountant
State Authorised Public Accountant
mne-no. 26783
mne-no. 34341
Organisaon 78
ORGANISATION
Corporate Information
Energi Danmark A/S
Tangen 29
DK-8200 Aarhus N
Tel. +45 87 42 62 62
Email: ed@energidanmark.dk
www.energidanmark.com
CVR no: 17 22 58 98
Established: The 1st of July 1993
Domicile: Aarhus Municipality
Financial year: 1st of January - 31st of December
Board of Directors
⌐ Chair, Jesper Hjulmand, Andel
⌐ Deputy Chair, Jacob Vittrup, NRGi
⌐ Ole Hillebrandt Jensen, Andel
⌐ Morten Bryder Pedersen, NRGi
⌐ Anne Broeng
⌐ Torben Möger Pedersen
Auditor
PricewaterhouseCoopers
Approved Public Accountants
Jens Chr. Skous Vej 1
DK-8000 Aarhus C
Main Bank
Danske Bank A/S
Jyske Bank A/S
The Management Team
Executive Management
⌐ Louise Hahn, CEO
Management
⌐ Ole Joachim Jensen, CFO
⌐ Mia Hansson, SVP International Sales and Origination
⌐ Thomas Bech Pedersen, SVP ED Business Support
⌐ Dorthe Rømer Frost, SVP People Communications & ESG
⌐ Ronni Bruun Bodal, VP Proprietary Trading
⌐ Mads Bang-Christensen, VP Legal & Compliance
⌐ Magnus Thomsen, VP Group Administration
Ownership
Energi Danmark is owned by three electricity companies, which
in turn are owned by private shareholders, The shareholders are
Andel, NRGi and Andel Energi
% ownership
Share Capital (DKK ‘000)
Andel a.m.b.a., Svinninge, Denmark
45.54
227,700.00
NRGi a.m.b.a., Aarhus N, Denmark
36.35
181,750.00
Andel Energi A/S, Svinninge, Denmark
18.11
90,550.00
100.00
500,000.00
Organisaon 79
Board of Directors
Jesper Hjulmand
CEO of Andel
MSc (Business Administration)
Born in 1963
Member of the Board since 2005
Board memberships, honorary offices:
⌐ Energi Danmark A/S (Chair)
⌐ Green Power Denmark (Chair)
⌐ Fibia P/S (Chair)
⌐ Employer’s Association for Danish Energy and Utility
Companies, DEA (Chair)
⌐ Dansk Industri Hovedbestyrelse (Executive committee)
⌐ Andel Energi A/S (Chair)
⌐ Watts A/S (Chair)
Committee memberships:
⌐ DI Executive Committee
⌐ Green Power Denmark Executive Committee
⌐ Supervisory board in Dansk Energi
⌐ Supervisory board in Forenet Kredit
Jacob Vittrup
CEO of NRGi
MSc in Economics
Born in 1971
Member of the Board since 2018
Board memberships, honorary offices:
⌐ NRGi Holding A/S (Chair)
⌐ NRGi Renewables A/S (including subsidiaries) (Chair)
⌐ NRGi Elhandel A/S (Chair)
⌐ ELCON A/S (Chair)
⌐ NRGi Rådgivning A/S (Chair)
⌐ Kuben Management A/S (Chair)
⌐ Energi Danmark A/S (Deputy Chair)
⌐ Fibia P/S (Deputy Chair)
⌐ Dansk Energi
⌐ Dansk Industri – Energi
Ole Hillebrandt Jensen
CFO of Andel
HD(R)
Born in 1962
Member of the Board since 2021
Board memberships, honorary offices:
⌐ Nexel A/S (Chair)
⌐ Andel Lumen A/S (Chair)
⌐ Rødsand 2AB (Chair)
⌐ Andel Ratio A/S (Chair)
⌐ Tryggevælde Solar Park ApS (Chair)
⌐ Klimafonden
⌐ Klimafonden Invest A/S
⌐ Better Energy Andel P/S
⌐ Impagt Invest Sjælland A/S
⌐ Fibia P/S
⌐ Energi Danmark A/S
Morten Bryder Pedersen
CFO of NRGi
Cand. Merc. Aud.
(Msc, Business Economics and Auditing)
Born in 1969
Member of the Board since 2021
Board memberships, honorary offices:
⌐ NRGi Holding A/S
⌐ NRGi Renewables A/S (including subsidiaries)
⌐ NRGi Elhandel A/S
⌐ NRGi Rådgivning A/S
⌐ Energi Danmark A/S
⌐ Kuben Management A/S
⌐ Fibia P/S
⌐ Clever A/S
Anne Broeng
Former Group Executive Vice President, CFO and CIO of PFA
Pension
MSc in Economic Science
Born in 1961
Member of the Board since 2023
Board memberships, honorary offices:
⌐ Velliv (Chair)
⌐ SleepCycle AB (Chair)
⌐ Asta og Jul,P Justesen Fond (Chair)
⌐ Børns Vilkår (Deputy Chair)
⌐ Rambøll Gruppen A/S (Chair of Risk and Audit Commit-
tee)
⌐ Energi Danmark A/S
⌐ VKR Holding A/S (Chair of Audit Committee)
⌐ Aquaporin A/S (Chair of Audit Committee)
Committee memberships:
⌐ NASDAQ Nordic (special advisor)
Torben Möger Pedersen
Former CEO of PensionDanmark
M,Sc, Economics
Born in 1955
Member of the Board since 2023
Board memberships, honorary offices:
⌐ The Export and Investment Fund of Denmark (Chair)
⌐ Copenhagen Business School (Chair)
⌐ The CIP Foundation (Chair)
⌐ The Danish Society for Education and Business (Chair)
⌐ Gefion Gymnasium (Chair)
⌐ Hedorf’s Foundation (Chair)
⌐ UN PRI
⌐ Energi Danmark A/S
⌐ The Danish Foreign Policy Society
⌐ Foundation for Children's trauma hospital and institu-
tion Nadija
⌐ The Danish Bocuse d’Or Foundation
Organisaon 80
Executive Board
Louise Hahn
CEO of Energi Danmark A/S since 2023.14.08.
MSc in Engineering and Graduate Diploma in Business
Administration (Finance)
Born in 1976
Board memberships, honorary offices:
⌐ ED Business Support A/S (Chair)
⌐ Energi Danmark Securities A/S
⌐ Energi Försäljning Sverige AB
⌐ Energia Myynti Suomi Oy
⌐ Energi Salg Norge AS
A a r hu s
S ø b or g
O d e ns e
V e j le
M a l mö
S t o ck h ol m
V a n ta a
K r i st i ne s ta d
T u r ku
O s l o
T r o nd h ei m
H a m b u r g
E n e r g i D a n m a r k A / S
T a n g e n 2 9
D K - 8 2 0 0 A a r h u s N
T e l . + 4 5 8 7 4 2 6 2 6 2
e d @ e n e r g i d a n m a r k . d k
w w w . e n e r g i d a n m a r k . d k
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2023-01-012023-12-312022-01-012022-12-312024-04-25Mads Bang-Christensen549300JN1F17UXJMM315Reporting class C, large enterprise172258981993-07-012024-04-08529900VSWLQF0O3GA94633771231Strandvejen 442900 HellerupOpinionBasis for Opinion2024-04-08mne2678333771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabJens Chr. Skous Vej18000Aarhus Cmne34341549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember1549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember2549300JN1F17UXJMM3152023-01-012023-12-31549300JN1F17UXJMM3152022-01-012022-12-31549300JN1F17UXJMM3152023-12-31549300JN1F17UXJMM3152022-12-31549300JN1F17UXJMM3152022-12-31ifrs-full:IssuedCapitalMember549300JN1F17UXJMM3152023-01-012023-12-31ifrs-full:IssuedCapitalMember549300JN1F17UXJMM3152023-12-31ifrs-full:IssuedCapitalMember549300JN1F17UXJMM3152022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JN1F17UXJMM3152023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JN1F17UXJMM3152023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JN1F17UXJMM3152022-12-31ifrs-full:RetainedEarningsMember549300JN1F17UXJMM3152023-01-012023-12-31ifrs-full:RetainedEarningsMember549300JN1F17UXJMM3152023-12-31ifrs-full:RetainedEarningsMember549300JN1F17UXJMM3152022-12-31ENE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300JN1F17UXJMM3152023-01-012023-12-31ENE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300JN1F17UXJMM3152023-12-31ENE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300JN1F17UXJMM3152022-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JN1F17UXJMM3152023-01-012023-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JN1F17UXJMM3152023-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JN1F17UXJMM3152021-12-31ifrs-full:IssuedCapitalMember549300JN1F17UXJMM3152022-01-012022-12-31ifrs-full:IssuedCapitalMember549300JN1F17UXJMM3152021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JN1F17UXJMM3152022-01-012022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300JN1F17UXJMM3152021-12-31ifrs-full:RetainedEarningsMember549300JN1F17UXJMM3152022-01-012022-12-31ifrs-full:RetainedEarningsMember549300JN1F17UXJMM3152021-12-31ENE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300JN1F17UXJMM3152022-01-012022-12-31ENE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember549300JN1F17UXJMM3152021-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JN1F17UXJMM3152022-01-012022-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300JN1F17UXJMM3152021-12-31549300JN1F17UXJMM3152022-01-012022-12-31cmn:ConsolidatedMember549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember1549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember1549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember2549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember3549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember4549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember5549300JN1F17UXJMM3152023-01-012023-12-31cmn:ConsolidatedMember6iso4217:DKKxbrli:pure