Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Statement by the Board of Directors and the Executive Board

Independent auditor's report

	Management's review
	Company details
	Operating review

	Financial statements 1 January – 31 December
	Income statement
	Balance sheet
	Statement of changes in equity
	Notes

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Statement by the Board of Directors and the Executive Board

	The Board of Directors and the Executive Board have today discussed and approved the annual report for Helios Energy A/S for the financial year 1 January - 31 December 2024.

	The annual report has been prepared in accordance with the Danish Financial Statements Act.

	In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024.

	Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.

	We recommend that the annual report be approved at the annual general meeting.

	Hasselager, 27 February 2025

Executive Board:
Niels Hyldegaard Kristensen CEO	Henrik Mikkelsen
Board of Directors:
Henning Balle Chairman	Carsten Mikkelsen	Jan Benjamin Mahr
Niels Hyldegaard Kristensen

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Independent auditor's report

To the shareholder of Helios Energy A/S

	Opinion

	We have audited the financial statements of Helios Energy A/S for the financial year 1 January - 31 December 2024, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

	In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act.

	Basis for Opinion

	We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.

	We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International 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 accordance with these requirements and the IESBA Code.

	We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

	Management's responsibility for the financial statements

	Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that 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 responsible for assessing the 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 Management either intends to liquidate the Company 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 as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made 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 professional judgement and maintain professional scepticism throughout the audit. We also

	●	identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive 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 misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, 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 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 preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required 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 opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

	●	evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

	●	plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.

	We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

	Statement on the Management's review

	Management is responsible for the Management's review.

	Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.

	In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.

	Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.

	Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.

Aarhus, 27 February 2025

KPMG

Statsautoriseret Revisionspartnerselskab

CVR no. 25 57 81 98

Steffen S. Hansen

State Authorised Public Accountant

mne32737

Mikkel Trabjerg Knudsen

State Authorised Public Accountant

mne34459

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Management's review

Company details

	Helios Energy A/S
	Elmegårdsvej 38
	DK-8361 Hasselager

	Telephone:	52 15 02 98



	CVR no.:	41 61 94 49
	Established:	26 August 2020
	Registered office:	Aarhus
	Financial year:	1 January - 31 December

	Board of Directors

	Henning Balle, Chairman
	Carsten Mikkelsen
	Jan Benjamin Mahr
	Niels Hyldegaard Kristensen

	Executive Board

	Niels Hyldegaard Kristensen, CEO
	Henrik Mikkelsen

	Audit

	KPMG
	Statsautoriseret Revisionspartnerselskab
	Frederiks Plads 42
	DK-8000 Aarhus C
	CVR no. 25 57 81 98

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Management's review

Operating review

	Principal activities

	The principal activities of the Company are through investment, directly as well as indirectly, in companies with related purposes to trade in electricity and products derived therefrom. In addition, the Company develops and supplies trading infrastructure to its subsidiaries.

	Development in activities and financial position

	The Company's income statement for 2024 shows a profit of DKK 2,053 thousand as against a loss of DKK 15,985 thousand in 2023.

	Equity in the Company's balance sheet at 31 December 2024 stood at DKK 27,079 thousand as against DKK 25,026 thousand at 31 December 2023.

	Given the improvements in the result of the Company and its subsidiaries compared to the previous year the result is viewed as acceptable.

	Outlook

	The Company expects to report a profit for 2025 in range of DKK 5.000 to 10.000 thousand.

	Events after the balance sheet date

	No events have occurred after the balance sheet date of material importance to the annual report for 2024.

	Treasury shares

Treasury shares are specified as follows:

		Number		Nom. DKK'000		% of contributed capital
	Treasury shares at 31 December 2024	4.000		4.000		2

	No treasury shares has been acquired during the financial year.

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Financial statements 1 January – 31 December

Income statement

DKK'000

Note

2024

2023

Gross profit		8,951 8,951	8,468 8,468
Staff costs	2	-8,371 8,371	-7,188 7,188
Depreciation of property, plant and equipment and amortisation of intangible assets		-1,278 1,278	-1,278 1,278
Profit/loss before financial income and expenses		-698 698	2 2
Income from investments in group entities		2,137 2,137	-17,089 17,089
Other financial income	3	624 624	1,213 1,213
Other financial expenses		-35 35	0 0
Profit/loss before tax		2,028 2,028	-15,874 15,874
Tax on profit/loss for the year		25 25	-111 111
Profit/loss for the year		2,053 2,053	-15,985 15,985

	Proposed profit appropriation/distribution of loss

Reserve for development costs	- 890	- 890
Reserve for net revaluation using the equity method	0	- 1,117
Retained earnings	2,943	- 13,978
	2,053	-15,985

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Financial statements 1 January – 31 December

Balance sheet

DKK'000

Note

31/12 2024

31/12 2023

ASSETS
Fixed assets
Intangible assets	4
Completed development projects		2,280 2,280	3,421 0
Property, plant and equipment	5
Fixtures, fittings, tools and equipment		277 277	414 0
Financial assets
Equity investments in group entities	6	7,088 7,088	4,894 0
Deposits		150 150	0 0
		7,238 7,238	4,894 4,894
Total fixed assets		9,795	8,729


Current assets
Receivables
Trade receivables	25 25	0 0
Receivables from group entities	18,737 18,737	17,635 0
Other receivables	54 54	168 0
	18,816 18,816	17,803 17,803
Cash at bank and in hand	771 771	890 890
Total current assets	19,587	18,693
TOTAL ASSETS	29,382	27,422

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Financial statements 1 January – 31 December

Balance sheet

DKK'000

Note

31/12 2024

31/12 2023

EQUITY AND LIABILITIES
Equity
Contributed capital	7	20,000 20,000	20,000 20,000
Reserve for development costs		1,778 1,778	2,668 2,668
Retained earnings		5,301 5,301	2,358 2,358
Total equity		27,079 27,079	25,026 25,026

Provisions
Provisions for deferred tax		514 514	687 687
Total provisions		514 514	687 687

Liabilities other than provisions

Current liabilities other than provisions
Debt to credit institutions	31 31	0 0
Trade payables	68 68	97 97
Other payables, including taxes payable	1,690 1,690	1,612 1,612
	1,789 1,789	1,709 1,709
Total liabilities other than provisions	1,789	1,709
TOTAL EQUITY AND LIABILITIES	29,382	27,422

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Financial statements 1 January – 31 December

Statement of changes in equity

DKK'000	Contributed capital	Reserve for development costs	Retained earnings	Total
Equity at 1 January 2024	20,000	2,668	2,358	25,026
Transferred over the profit appropriation	0	- 890	2,943	2,053
Equity at 31 December 2024	20,000	1,778	5,301	27,079

Helios Energy A/S

Annual report 2024

CVR no. 41 61 94 49

Financial statements 1 January – 31 December

Notes

1	Accounting policies

	The annual report of Helios Energy A/S for 2024 has been prepared in accordance with the provisions applying to reporting class B under the Danish Financial Statements Act with opt-in from higher reporting classes.

The accounting policies used in the preparation of the financial statements are consistent with those of last year.

	Omission of presentation of consolidated financial statements

Pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Helios Energy A/S and group entities are included in the consolidated financial statements of HELI Group ApS, Vejle, CVR no. 29139601.

Income statement

	Revenue

	Revenue comprises net income from management fee.

	Other external costs

	Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc.

	Staff costs

	Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, excluding reimbursements from public authorities.

	Income from equity investments in participating interests

	The proportionate share of the individual participating interests' profit/loss after tax is recognised in the Parent Company's income statement after elimination of a proportionate share of intra-group gains/losses and amortisation of goodwill.

	Financial income and expenses

	Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.

	Tax on profit/loss for the year

	Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity.

Balance sheet

	Intangible assets

	Development projects comprise costs directly and indirectly attributable to the Company's development activities and which comply with the criteria for recognition under the Danish Financial Statement Act.

	Capitalised development projects are measured at cost less accumulated amortisation or at recoverable amount if the latter is lower.

	Capitalised development projects are amortised on a straight-line based for estimated useful lives after completion of the development project. The estimated useful lives are 5 years.

	Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal.

	Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.

	Property, plant and equipment

	Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.

	Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.

	Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.

	The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:

	Fixtures, fittings, tools and equipment		5-10 years

The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.

	Financial assets

	Equity investments in subsidiaries and participating interests (including associates) are measured at the proportionate share of the entities' net asset value calculated in accordance with the Parent Company's accounting policies plus or minus unrealised intra-group gains or losses and plus or minus the residual value of positive and negative goodwill calculated in accordance with the acquisition method.

	Other receivables and deposits are recognised at amortised cost.

	Securities and equity investments

	Other securities consist of listed equities and papers.

	Other securities recognised as current assets comprise listed securities measured at fair value at the balance sheet date, corresponding to market value.

	Receivables

	Receivables are measured at amortised cost.

	Write-downs are made to counter losses on the basis of expected losses using the simplified expected credit

	Cash at bank and in hand

	Cash at bank and in hand comprise cash and bank deposits.

	Equity

	Net revaluation reserve according to the equity method

	Net revaluation reserve according to the equity method comprises net revaluation of equity investments in subsidiaries and participating interests (including associates) in proportion to cost.

	Dividends that are expected to be received before the balance sheet date are not tied to the reserve.

	The reserve can be eliminated in case of loss, realisation of equity investments or changes to accounting estimates.

	The reserve cannot be recognised at a negative amount.

	Reserve for development costs

	The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the development costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis.

	Dividends

	The expected dividend payment for the year is disclosed as a separate item under equity.

	Corporation tax and deferred tax

	Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.

	Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income.

	Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value.

	Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively.

	Liabilities other than provisions

	Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses.

	Other liabilities are measured at amortised cost, which usually corresponds to nominal value.

2	Staff costs

DKK'000

2024

2023

Wages and salaries	7,623 7,623	6,181 6,181
Pensions	712 712	663 663
Other social security costs	36 36	344 344
	8,371	7,188

Average number of full-time employees

6

3	Financial income

DKK'000

2024

2023

Interest income from participating interests	618 618	756 756
Other interest income	2 2	457 457
Exchange gains	4 4	0 0
	624	1,213

4	Intangible assets

	DKK'000		Completed development projects
	Cost at 1 January 2024		5,701
	Cost at 31 December 2024		5,701
	Amortisation and impairment losses at 1 January 2024		- 2,280
	Amortisation		- 1,141
	Amortisation and impairment losses at 31 December 2024		- 3,421
	Carrying amount at 31 December 2024		2,280

5	Property, plant and equipment

	DKK'000		Fixtures, fittings, tools and equipment
	Cost at 1 January 2024		691
	Cost at 31 December 2024		691
	Depreciation and impairment losses at 1 January 2024		- 276
	Depreciation for the year		- 138
	Depreciation and impairment losses at 31 December 2024		- 414
	Carrying amount at 31 December 2024		277

6	Financial assets

	DKK'000		Equity investments in group entities
	Cost at 1 January 2024		21,745
	Additions		132
	Disposals		- 75
	Cost at 31 December 2024		21,802
	Revaluations at 1 January 2024		- 16,851
	Profit/loss for the year		2,137
	Revaluations at 31 December 2024		- 14,714
	Carrying amount at 31 December 2024		7,088

Name/legal form	Registered office	Equity interest	Equity	Profit/loss for the year
			DKK'000	DKK'000
Equity investments in group entities:
Helios Power Trading A/S	Viby J.	96%	7,383	2,226

7	Contributed capital

	Treasury shares at 31 December 2024, 4,000 shares of nom. DKK 1,000 each, which totals 2% of contributed capital.

8	Contractual obligations, contingencies, etc.

	Lease obligations

	The Company has entered into operating leases at the following amounts:

	The remaining term of the leases is 3 months with an average monthly lease payment of DKK 65 thousand, totaling DKK 195 thousand.

	Joint liabilities

	The Company is jointly taxed with the other Danish companies in the Heli Group ApS. As a wholly-owned subsidiary, together with the other companies included in the joint taxation, the Company has joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends. Any subsequent correction of the taxable jointly taxed income or withholding taxes may entail an adjustment of the Company's liability.

9	Mortgages and collateral

	The Company has issued a declaration on dividend ban to its bankers.

	As collateral for its bank balance, the Company has provided security in its shares in Helios Power Trading A/S, including voting rights and a ban against trading in shares without prior consent from its bankers.

	The Company has issued a guarantee assuming primary liability to Helios Power Trading A/S' bankers

10	Related parties disclosure

Helios Energy A/S' related parties comprise the following:

Control



	Helios Energy A/S holds the majority of the contributed capital in the Company.

	Helios Energy A/S is part of the consolidated financial statements of Heli Group ApS, Vejle, which is the smallest and largest group, in which the Company is included as a subsidiary.

	The consolidated financial statements of Heli Group ApS can be obtained by contacting the Company at the above address.

Annual report 2024

Contents

Statement by the Board of Directors and the Executive Board

Independent auditor's report

Management's review

Company details

Operating review

Financial statements 1 January – 31 December

Income statement

Balance sheet

Statement of changes in equity

Notes

Statement by the Board of Directors and the Executive Board

Independent auditor's report

To the shareholder of Helios Energy A/S

Opinion

Basis for Opinion

Management's responsibility for the financial statements

Auditor's responsibilities for the audit of the financial statements

Statement on the Management's review

Management's review

Company details

Board of Directors

Executive Board

Audit

Management's review

Operating review

Principal activities

Development in activities and financial position

Outlook

Events after the balance sheet date

Treasury shares

Financial statements 1 January – 31 December

Income statement

Proposed profit appropriation/distribution of loss

Financial statements 1 January – 31 December

Balance sheet

Financial statements 1 January – 31 December

Balance sheet

Financial statements 1 January – 31 December

Statement of changes in equity

Financial statements 1 January – 31 December

Notes

1

Accounting policies

Omission of presentation of consolidated financial statements

Income statement

Revenue

Other external costs

Staff costs

Income from equity investments in participating interests

Financial income and expenses

Tax on profit/loss for the year

Balance sheet

Intangible assets

Property, plant and equipment

Financial assets

Securities and equity investments

Receivables

Cash at bank and in hand

Equity

Net revaluation reserve according to the equity method

Reserve for development costs

Dividends

Corporation tax and deferred tax

Liabilities other than provisions

2

Staff costs

3

Financial income

4

Intangible assets

5

Property, plant and equipment

6

Financial assets

7

Contributed capital

8

Contractual obligations, contingencies, etc.