Untitled

MAKEEN Gas Solutions A/S

CVR no 25 69 08 69

Annual Report for 2024

Alsvej 21

DK-8940 Randers SV

The Annual Report has been presented

and adopted at the Annual General

Meeting of the Company on 30 June

2025

Chairman Mads Bach Christensen

Table of contents

Page

Management’s Statement and Auditors’ Report

Management’s Statement on the Annual Report

Independent Auditors’ report

Management's Review

Company information

Group overview

Financial Highlights

Management's Review

Consolidated and Parent Company Financial Statements

Accounting Policies

Income Statement 1 January - 31 December

Balance Sheet 31 December

Statement of changes in equity

Cash Flow Statement 1 January – 31 December

Notes to the Annual Report

Notes to the Cash Flow Statement

Management’s Statement on the Annual Report

CEO

COO

Mads Bach Christensen

(chairman)

Poul Jørgensen

Søren Mikkelsen

Sulaiman Abdulrahman

Bo Larsen

The Executive and Board of directors have today considered and adopted the Annual Report of

MAKEEN Gas Solutions A/S for the financial year 1 January 2023 – 31 December 2024.

The Annual Report is prepared in accordance with the Danish Financial Statements Act.

We recommend that the Annual Report be adopted at the Annual General Meeting.

Executive Board

Randers SV, 30 June 2025

Board of directors

In our opinion, the Financial Statements and the Consolidated Financial Statements give a true and fair

view of the financial position at 31 December 2024 of the Company and the Group and of the results of

the Company and Group operations and consolidated cash flows for 2024.

In our opinion, Management’s Review includes a true and fair account of the matters addressed in the

Review.

João Cardoso

Bent Lindrup Nielsen

Independent Auditors’ report

To the Shareholder of MAKEEN Gas Solutions A/S

Opinion

In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements

give a true and fair view of the financial position of the Group and the Parent Company at 31

December 2024, and of the results of the Group’s and the Parent Company’s operations as well as the

consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the

Danish Financial Statements Act.

We have audited the Consolidated Financial Statements and the Parent Company Financial Statements

of MAKEEN Gas Solutions A/S for the financial year 1 January - 31 December 2024, which comprice

income statement, balance sheet, statement of changes in equity and notes, including a summary of

significant accounting policies, for both the Group and the Parent Company, as well as consolidated

statement of cash flows ("the Financial Statements").

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 Group 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.

Statement on Management’s Review

In connection with our audit of the Financial Statements, our responsibility is to read Management’s

Review and, in doing so, consider whether Management’s Review is materially inconsistent with the

Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially

misstated.

Management is responsible for Management’s Review.

Our opinion on the Financial Statements does not cover Management’s Review, and we do not express

any form of assurance conclusion thereon.

Moreover, it is our responsibility to consider whether Management’s Review provides the information

required under the Danish Financial Statements Act.

Based on the work we have performed, in our view, Management’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.

Independent Auditors’ report

• 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.

In preparing the Financial Statements, Management is responsible 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 Management either intends to liquidate the Group or the Parent Company or to cease operations,

or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Statements

• Identify and assess the risks of material misstatement of the 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.

Management’s responsibilities for the Financial Statements

Management is responsible for the preparation of Consolidated Financial Statements and 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.

Our objectives are to obtain reasonable assurance about 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 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 aggregate, they could reasonably be expected to

influence the economic 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 professional judgement and maintain professional scepticism throughout the

audit. We also:

Independent Auditors’ report

Aarhus C, 30 June 2025

PricewaterhouseCoopers

Statsautoriseret Revisionspartnerselskab

CVR no 33 77 12 31

mne30222

mne51057

State Authorised Public Accountant

• 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 Group’s and the

Parent 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 Group and the Parent Company to cease to continue as a going concern.

Frederik Kjeldgaard

• 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 group audit to obtain sufficient appropriate audit evidence regarding the

financial information of the entities or business units within the group as a basis for forming an opinion

on the Consolidated Financial Statements and the Parent Company Financial Statements. We are

responsible for the direction, supervision and review of the audit work

performed for purposes of the group audit. 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.

Thyge Belter

Company information

The Company

Board of directors

Executive Board

Auditors

Telephone: 87 40 30 00

E-mail: info@makeenenergy.com

João Cardoso

Facsimile: 87 40 30 10

Mads Bach Christensen (chairman)

Poul Jørgensen

Bo Larsen

MAKEEN Gas Solutions A/S

Alsvej 21

DK-8940 Randers SV

Sulaiman Abdulrahman Alkharraz

CVR no 25 69 08 69

DK-8000 Aarhus C

Website: www.makeenenergy.com

Bent Lindrup Nielsen

Søren Mikkelsen

Financial period: 1 January - 31 December

PricewaterhouseCoopers

Nobelparken

Municipality of reg. office: Randers

Jens Chr. Skous Vej 1

Financial year: 25

Group Overview

100%

60% 100%

100% MAKEEN Gas Equipment Denmark A/S 100%

100% 100%

60% 100%

80% 100%

100% 100%

82% 20%

MAKEEN Energy BD Ltd.

Fas Poland Sp.z o.o.

DK EL Holding ApS

PT MAKEEN Energy Indonseia

Sri Lanka

France

34%

MAKEEN Energy USA Inc.

Bangladesh

MAKEEN Energy Lanka (Pvt.) Ltd.

Uruguay

Denmark

Tanzania

France

MAKEEN Energy Moroc

Italy

Siraga Do Brazil LTDA

100%

Germany

MAKEEN Gas Equipment Belgium SA

Belgium

France

Poland

MAKEEN Energy France S.A.S.

Flüssiggas-Anlagen GmbH

ME MAKEEN Energy Site Service SRL

India

MAKEEN Energy Do Brasil Servicos

Brazil

100%

Denmark

MAKEEN Energy India (Pvt.) Ltd.

MAKEEN Energy for Maintenance

MAKEEN Gas Equipment UK Ltd.

100%

MAKEEN Gas Equipment USA Inc.

MAKEEN Gas Equipment Portugal SA

Portugal

MAKEEN Energy A/S

Denmark

MAKEEN Gas Solutions A/S

MAKEEN EnviroTech a/s

100%

Saudi Arabia

MAKEEN Gas Equipment ApS

MAKEEN Energy Portugal S.A.

Portugal

Denmark

House of MAKEEN Energy A/S

100%

MAKEEN ProSupply NA

Morocco

Denmark

100%

USA

Denmark

Cameroun

USA

Romania

100%

66%

MAKEEN Energy Technology Center

Siraga East Africa Tanzania Ltd.

WeDeal S.A.S.

USA

Indonesia

Makeen Energy Italy Srl

KC Asia Pacific Sdn. Bhd.

Brazil

Malaysia

100%

Sedecam S.A.

20%

MAKEEN Energy Malaysia sdn. Bhd.

Festus S.A.

Nordliq A/S

33%

Malaysia

15%

100%

Denmark

Financial Highlights

Group

2024 2023 2022 2021 2020

DKK mio. DKK mio. DKK mio. DKK mio. DKK mio.

Key figures

Profit/loss

Revenue 982,3 1.098,8 946,4 871,8 894,6

Gross profit/loss 161,1 222,3 177,6 179,7 210,6

EBITDA 26,0 69,0 32,3 63,4 72,9

EBITA

8,8 50,8 14,7 47,3 61,5

Profit/loss before financial

income and expenses

8,8 50,8 14,7 46,7 58,2

Net financials 2,7 -4,3 8,2 10,5 -11,3

Net profit/loss for the year after

minority interests

1,1 35,1 8,2 37,3 28,4

Balance sheet

Balance sheet total 747,6 736,2 707,4 744,5 667,1

Investment in property, plant

and equipment

5,1 11,2 17,6 31,3 20,0

Equity allocated to shareholders

of the parent company

314,4 308,5 275,8 293,0 248,7

92 89 83 81 105

Average number of employees

outside Denmark

1.537 1.510 1.341 1.161 1.169

Ratios

Gross margin 16,4% 20,2% 18,8% 20,6% 23,5%

EBITDA margin 2,7% 6,3% 3,4% 7,3% 8,1%

EBITA margin 0,9% 4,6% 1,6% 5,4% 6,9%

Profit margin 0,9% 4,6% 1,6% 5,4% 6,5%

Return on assets 1,2% 6,9% 2,1% 6,3% 8,7%

Solvency ratio 42,1% 41,9% 39,0% 39,4% 37,3%

Return on equity 0,3% 12,0% 2,9% 4,5% 11,7%

The ratios have been prepared in accordance with the definitions stated in the section accounting

policies.

Average number of employees

in Denmark

Management's Review

Special Risks

Credit and Liquidity Risks

Main activities

MAKEEN Gas Solutions A/S is the world’s leading global supplier of systems, products and services

for filling and maintenance of LPG cylinders. Moreover, other requirements within the LPG- and

Cryogenetic business and technical gasses are covered where there is a related business or strategic

gain.

Development during the Year

The result for the year is a profit of DKK 4.3 million versus DKK 37.5 million in 2023. The operating

profit for the year is DKK 7.1 million, which is lower then the expected result of operating profit

between DKK 60-70 million at the beginning of the year.

The performance in the Facility management and spare parts segment have exceed expectations and

have continued to develop positively thorugout the year.

In the standard systems for LPG the ordre intake for the year have been very positiv with the turnover

level just below the expectations for the year.

However in the Cryogenetic business the result is effect negativly with higher cost and more

ressources for designing and manufacturing a new Biogas liquefaction plant.

The plant is expected to be operational in 2025

Macro-economic and Political Conditions

During the financial year the Group has continued its investments in new business segments, in

particular in facility management, product development and infrastructure. A number of the

subsidiaries established during recent years have contributed significantly to the turnover and the

result for the year. This infrastructure, combined with new products and concepts, ensures the Group a

strong position to continuously benefit from the improvement of the market situation, which is

expected to continue in the coming year.

The Group sells products and services world-wide. The geographical distribution ensures a

considerable diversification of risks, but also implies that the Group’s sales often are influenced

positively or negatively by macro-economical or political conditions on specific markets.

The Group’s activities on a large number of markets involve a certain exposure to deferred payments

and non-payments from customers. Such risks are met by strict management of payment conditions

and use of normal payment instruments.

Management's Review

Foreign Exchange Risks

As the major part of the Group’s revenue is generated abroad, results and equity are affected by the

development in exchange rates in respect of a number of currencies. However, the risk is limited by a

material part of revenue being settled in Euro. It is Group policy to hedge against commercial foreign

exchange exposure through forward exchange contracts. The Company does not enter into foreign

exchange positions for speculative purposes.

Statutory statement on CSR according to section 99a of the Danish Financial Act

The Group's primary line of business is within LPG and Cryogenetics, are important energy resources

in most countries of the world. Especially within Facility Service and Facility management there is an

increased demand which is expected to help drive the growth in the coming year

For a description of the Group's policies accordring to section 99a of the Danish Financial Act, please

refer to the annual report for MAKEEN Energy A/S, Cvr.: 36 71 84 63 for 2024.

The Group's existing subsidiaries continue to develop positively: the sale and service subsidiaries are

developing very positively, particularly in after-sales, service and facility management.

The Group has a foreign branch located in India called "MAKEEN Gas Solutions A/S, India Branch

Office"

Expectations for the Year Ahead

For the financial year 2025 the Group expects to realize an operating profit between DKK 60 - 75

million.

Subsidiaries and Local Offices

A material element in the Group strategy and growth plans is to establish and develop or acquire local

sales and service enterprises. But In 2024 the Group have had focus on consolidating the existing

subsidiaries and haven’t made any significant acquisitions during the financial year.

Statutory statement on Data ethics according to section 99d of the Danish Financial Act

For a description of the Group's policies accordring to section 99d of the Danish Financial Act, please

refer to the annual report for MAKEEN Energy A/S, Cvr.: 36 71 84 63 for 2024.

Management's Review

Development

Ownership

The Company’s share capital of DKK 15,000k by 31 December 2024 is wholly owned by MAKEEN

Energy A/S, Alsvej 21, DK-8940 Randers SV, Denmark.

This financial year, the Group has incurred expenses for development totalling DKK 12.7 million.

DKK 7.8 million out of this amount have been charged as production costs as the Group assesses that

these costs do not meet the criteria for recognition in the balance sheet. The remaining amount of

DKK 4.9 million have been capitalised as development projects.

Intellectual Capital Resources

The Group gives priority to continuing training of employees in the Parent Company and the

subsidiaries abroad. Training in sales management, project management, project training and general

leadership has been carried through during the year. Similar training will continue in the coming year.

Development projects mainly consists of components, systems and software within the area of LPG

filling plants and LNG solutions. The new developments is expected to lead to a competitive

advantage and thus directly influence the activity and future financial performance of the Group.

Accounting Policies

The accounting policies are unchanged compared to previous years.

The Annual Report of MAKEEN Gas Solutions A/S for 2024 has been prepared in accordance with the

provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C

and current Danish Accounting Standards.

The financial statements are presented in TDKK.

Basis of Preparation

Recognition and measurement

The financial statements have been prepared under the historical cost method.

Revenues are recognised in the income statement as earned. Furthermore, value adjustments of

financial assets and liabilities measured at fair value or amortised costs are recognised. Moreover, all

expenses incurred to achieve the earnings for the year are recognised in the income statement,

including depreciation, amortisation, impairment losses and provisions as well as reversals due to

changed accounting estimates of amounts that have previously been recognised in the income

statement.

Assets are recognised in the balance sheet when it is probable that future economic benefits

attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when it is probable that future economic benefits will

flow out of the Company, and the value of the liability can be measured reliably.

Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as

described for each item below.

Danish kroner is used as the measurement currency. All other currencies are regarded as foreign

currencies.

Certain financial assets and liabilities are measured at amortised cost, which involves the recognition

of a constant effective interest rate over the maturity period. Amortised cost is calculated as original

cost less any repayments and with addition/deduction of the cumulative amortisation of any difference

between cost and the nominal amount. In this way, capital losses and gains are allocated over the

maturity period.

Recognition and measurement take into account predictable losses and risks occurring before the

presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the

balance sheet date.

Accounting Policies

Basis of consolidation

Minority interests

Leases

The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent

Company’s share of the net asset value of subsidiaries stated at the time of consolidation.

On consolidation, items of a uniform nature are combined. Elimination is made of intercompany

income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised

profits and losses on transactions between the consolidated enterprises.

The Consolidated Financial Statements comprise the Parent Company, MAKEEN Gas Solutions a/s,

and enterprises in which the Parent Company directly or indirectly holds more than 50% of the votes or

in which the Parent Company, through share ownership or otherwise, exercises control.

On acquisition of subsidiaries, the difference between cost of acquisition and net asset value of the

enterprise acquired is determined at the date of acquisition after the individual assets and liabilities

having been adjusted to fair value (the purchase method). In this connection any restructuring

provisions decided concerning the acquired enterprise are deducted. Any remaining positive

differences are recognised in “Investments in subsidiaries” and are amortised on a straight-line basis

over the estimated useful life, but not exceeding 20 years.

Due to change in recognition and measurement of net assets, differences from acquired enterprises may

be adjusted until the end of the financial year following the year of acquisition. These adjustments are

at the same time reflected in the value of goodwill, including amortisation already made.

On statement of Group results and Group equity, the shares of results and equity of subsidiaries

attributable to minority interests are recognised as separate items in the income statement and the

balance sheet. Minority interests are recognised on the basis of a re-measurement of acquired assets

and liabilities to fair value at the time of acquisition of subsidiaries. At subsequent changes in minority

interests the changed share of results is recognised from the time of the change.

All of the Group’s leases are classified as either operating or finance leases. Payments concerning

operating leases are recognised in the income statement on a straight-line basis over the leasing period.

The payments concerning finance leases are divided between financial expenses and repayments on the

leasing debt to obtain a constant interest rate for the remaining leasing debt.

Amortisation of goodwill is recognised in the line goodwill amortisation.

Accounting Policies

Translation policies

Hedge accounting

Changes in the fair values of financial instruments that are designated and qualify as hedges of net

investments in independent foreign subsidiaries or associates are recognised directly in equity as

regards the effective portion of the hedge, whereas the ineffective portion is recognised in the income

statement.

Income statements of foreign subsidiaries are translated at transaction date rates or approximated

average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet

date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments

arising from the translation of the income statements at the exchange rates at the balance sheet date are

recognised directly in equity.

Derivative financial instruments are initially recognised in the balance sheet at cost and are

subsequently remeasured at their fair values. Positive and negative fair values of derivative financial

instruments are classified as “Other receivables” and “Other payables”, respectively.

Changes in the fair values of derivative financial instruments are recognised in the income statement

unless the derivative financial instrument is designated and qualify as hedge accounting, see below.

Changes in the fair values of financial instruments that are designated and qualify as fair value hedges

of a recognised asset or a recognised liability are recognised in the income statement as are any

changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.

Changes in the fair values of derivative financial instruments that are designated and qualify as hedges

of expected future transactions are recognised in retained earnings under equity as regards the effective

portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged

transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and

recognised in the cost of the asset or the liability, respectively. If 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 transaction is recognised. The amount is recognised in the same item

as the hedged transaction.

Receivables, payables and other monetary items in foreign currencies that have not been settled at the

balance sheet date are translated at the exchange rates at the balance sheet date. Any differences

between the exchange rates at the balance sheet date and the transaction date rates are recognised in

financial income and expenses in the income statement; however, see the section on hedge accounting.

Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains

and losses arising due to differences between the transaction date rates and the rates at the dates of

payment are recognised in financial income and expenses in the income statement.

Derivative financial instruments

Accounting Policies

Income Statement

Revenue

Cost of sales

Distribution expenses

Administrative expenses

Distribution expenses comprise costs in the form of salaries to sales and distribution staff, advertising,

marketing and exhibition expenses as well as operation of motor vehicles, depreciation, etc.

Revenue from the sale of goods for resale and finished goods is recognised in the income statement

when the sale is considered effected based on the following criteria:

• delivery has been made before year end;

Administrative expenses comprise expenses for Management, administrative staff, office expenses,

depreciation, etc.

Other operating income and other operating expenses comprise items of a secondary nature to the core

activities of the enterprises, including gains and losses on the sale of intangible assets and property,

plant and equipment.

The item "Income from investments in subsidiaries" in the income statement includes the proportionate

share of the profit for the year after tax.

Other operating income and expenses

Income from investments in subsidiaries

Cost of sales also includes development costs that do not qualify for capitalisation.

• a binding sales agreement has been made;

• the sales price has been determined; and payment has been received or may with reasonable

certainty be expected to be received.

Contract work in progress is recognised at the rate of completion of the projects, which means that

revenue equals the selling price of the work completed for the year (percentage-of-completion

method). This method is applied when total revenues and expenses in respect of the project and the

stage of completion at the balance sheet date can be measured reliably, and it is probable that the

economic benefits, including payments, will flow to the Company. Contract work in progress includes

agreements of delivery of projects with a high level of individual customization.

Cost of sales comprises costs incurred to achieve revenue for the year. Cost comprises purchases for

projects, raw materials, consumables, direct labour costs and indirect production costs such as

maintenance and depreciation, etc, as well as operation, administration and management of factories.

Accounting Policies

Tax on profit/loss for the year

Balance Sheet

Intangible assets

Goodwill

Development projects

The item "Income from investments in associates" in the income statement includes the proportionate

share of the profit for the year after tax.

Financial income and expenses comprise interest, realised and unrealised exchange adjustments, price

adjustment of securities as well as extra payments and repayment under the on-account taxation

scheme.

Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to

the profit for the year is recognised in the income statement, whereas the tax attributable to equity

transactions is recognised directly in equity.

Income from investments in associates

Financial income and expenses

The Company assesses for Danish tax purposes jointly with the Danish consolidated company. Foreign

subsidiaries are not part of the joint taxation.

The effect of the joint taxation is divided among the involved companies according to the taxable profit

or loss of each company. The companies that are part of the joint taxation are entered into the tax

prepayment scheme.

Goodwill is amortised on a straight-line basis over the estimated useful life determined on the basis of

Management’s experience with the individual business areas. The maximum amortisation period is 20

years, the longest period applying to enterprises acquired for strategic purposes with a strong market

position and a long earnings profile.

Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly

attributable to the Company’s development activities.

Development projects that are clearly defined and identifiable and in respect of which technical

feasibility, sufficient resources and a potential future market or development opportunity in the

enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project,

are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of

future earnings can cover cost of sales, distribution and administrative expenses involved as well as the

development costs.

Accounting Policies

Land and buildings 20 years

Plant and machinery 2-10 years

2-10 years

Leasehold improvements 5-12 years

Impairment of fixed assets

Capitalised development costs are measured at cost less accumulated amortisation and impairment

losses or at a lower recoverable amount. An amount equal to the recognised development projects are

reserved in "Reserve according to development costs" under equity. The reserve comprises

development costs recognised on 1 January 2016 or later. The reserve is reduced by amortisation and

impairment losses on development projects.

Other fixtures and fittings, tools and equipment

Property, plant and equipment are measured at cost less accumulated depreciation and less any

accumulated impairment losses.

Property, plant and equipment

As of the date of completion, capitalised development costs are amortised on a straight-line basis over

the period of the expected economic benefit from the development work, but not exceeding 5 years.

Development projects that do not meet the criteria for recognition in the balance sheet are recognised

as expenses in the income statement as incurred.

Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time

when the asset is ready for use. In the case of assets of own construction, cost comprises direct and

indirect expenses for labour, materials, components and sub-suppliers.

Interest expenses on loans raised directly for financing the construction of property, plant and

equipment are recognised in cost over the period of construction. All indirectly attributable borrowing

expenses are recognised in the income statement.

Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the

expected useful lives of the assets, which are:

The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine

whether there is any indication of impairment other than that expressed by amortisation and

depreciation. If so, an impairment test is carried out to determine whether the recoverable amount is

lower than the carrying amount, and the asset is written down to its lower recoverable amount.

Assets costing less than DKK 20,000 are expensed in the year of acquisition.

Accounting Policies

Deposits

Inventories

Receivables

Deposits compromise prepaid deposits concerning rental agreements.

The cost of goods for resale, raw materials and consumables equals landed cost.

The recoverable amount of the asset is calculated as the higher of net selling price and value in use.

Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in

the smallest group of assets for which a reliable recoverable amount can be determined based on a total

assessment.

Assets for which a separate value in use cannot be determined as the asset does not on an individual

basis generate future cash flows are reviewed for impairment together with the Group of assets to

which they are attributable.

Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value,

which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are

determined on the basis of an individual assessment of each receivable, and in respect of trade

receivables, a general provision is also made based on the Company’s experience from previous years.

The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to

"Reserve for net revaluation under the equity method" under equity. The reserve is reduced by

dividend distributed to the Parent Company and adjusted for other equity movements in subsidiaries.

The items “Investments in subsidiaries” and “Investments in associates” in the balance sheet include

the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the

fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised

intercompany profits or losses and with addition of any remaining value of positive differences

(goodwill).

Investments in subsidiaries and associates are recognised and measured under the equity method.

The cost of finished goods, semi-finished goods and work in progress comprises the cost of raw

materials, consumables and direct labour with addition of indirect production costs. Indirect production

costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the

machinery, factory buildings and equipment used in the manufacturing process as well as costs of

factory administration and management.

Inventories are measured at the lower of cost under the weighted average method and net realisable

value. The net realisable value of inventories is calculated at the amount expected to be generated by

sale in the process of normal operations with deduction of selling expenses and costs of completion.

The net realisable value is determined with consideration for the marketability, obsolescence and

development in expected sales sum.

Investments in subsidiaries and associates

Accounting Policies

Contract work in progress

Prepayments

Equity

Dividend

Provisions

Prepayments and payments received on account are set off against the selling price. The individual

contracts are classified as receivables when the net selling price is positive and as liabilities when the

net selling price is negative.

Dividend distribution proposed by Management for the year is disclosed as a separate equity item.

Expenses relating to sales work and the winning of contracts are recognised in the income statement as

incurred.

Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and

interest.

Deferred tax assets and liabilities

Where the selling price cannot be measured reliably, the selling price is measured at the lower of

expenses incurred and net realisable value.

Provisions are recognised when - in consequence of an event occurred before or on the balance sheet

date - the Company has a legal or constructive obligation and it is probable that economic benefits

must be given up to settle the obligation.

Deferred tax is recognised in respect of all temporary differences between the carrying amount and the

tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary

differences concerning goodwill not deductible for tax purposes and other items - apart from business

acquisitions - where temporary differences have arisen at the time of acquisition without affecting the

profit for the year or the taxable income.

Provisions are made for warranty obligations in respect of repair work within the warranty period of 1

year. Provisions are measured and recognised based on experience with guarantee work.

Contract work in progress is measured at the selling price of the work performed calculated on the

basis of the stage of completion. The stage of completion is measured by the proportion that the

contract expenses incurred to date bear to the estimated total contract expenses. Contract work in

progress includes agreements of delivery of projects with a high level of individual customization.

Where it is probable that total contract expenses will exceed total revenues from a contract, the

expected loss is recognised as an expense in the income statement.

Accounting Policies

Financial debts

Deferred income

Cash Flow Statement

Current tax receivables and liabilities

The cash flow statement shows the Group’s cash flow for the year broken down by operating, investing

and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash

and cash equivalents at the beginning and end of the year.

Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the

legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In

cases where the computation of the tax base may be made according to alternative tax rules, deferred

tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.

Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for

changes in working capital and non-cash operating items such as depreciation, amortisation and

impairment losses, and provisions. Working capital comprises current assets less short-term debt

excluding items included in cash and cash equivalents.

No cash flow statement has been prepared for the Parent Company as the Parent Company cash flows

are included in the Consolidated Cash Flow Statement.

Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on

the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior

years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an

intention to settle on a net basis or simultaneously.

Deferred tax assets, including the tax base of tax loss carry-forwards, 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.

Cash flows from operating activities

Other debts are measured at amortised cost, substantially corresponding to nominal value.

Fixed-interest loans, such as loans from credit institutions, are recognised initially at the proceeds

received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost;

the difference between the proceeds and the nominal value is recognised as an interest expense in the

income statement over the loan period.

Deferred income comprises amount received for goods or services which have not yet been delivered.

Deferred tax assets and liabilities are offset within the same legal tax jurisdiction.

Accounting Policies

Cash and cash equivalents

Gross margin

EBITDA margin

EBITA margin

Profit margin

Return on assets

Solvency ratio

Return on equity

Explanation of financial ratios

The cash flow statement cannot be immediately derived from the published financial records.

Cash and cash equivalents comprise "Cash at bank and in hand".

Cash flows from financing activities comprise cash flows from the raising and repayment of long-term

debt, movement in credit institutions as well as payments to and from shareholders.

Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible

assets, property, plant and equipment as well as fixed asset investments.

Cash flows from financing activities

Cash flows from investing activities

Income Statement 1 January 2024 - 31 December 2024

Group Parent Company

Note 2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

Revenue

1 982.267 1.098.760 442.890 520.554

Cost of sales

3 -821.169 -876.489 -420.727 -438.068

Gross profit/loss

161.098 222.271 22.163 82.486

Distribution expenses

3 -79.103 -103.930 -41.074 -52.276

Administrative expenses

3, 4 -74.879 -68.034 -28.418 -30.839

Operating profit/loss

7.116 50.307 -47.329 -629

Other operating income

1.651 515 0 0

Profit/loss before financial income

and expenses

8.767 50.822 -47.329 -629

Income from investments in

subsidiaries after tax

4 0 0 32.296 35.767

Income from investments in

associates after tax

-3.678 -195 -1.283 -331

Financial income

5 17.891 8.221 17.836 9.938

Financial expenses

6 -11.490 -12.321 -9.516 -9.461

Profit/loss before tax

11.490 46.527 -7.996 35.284

Tax on profit/loss for the year

7 -7.148 -8.996 9.080 -169

Net profit/loss for the year

4.342 37.531 1.084 35.115

Distribution of profit

Balance Sheet 31 December 2024

Assets Group Parent Company

Note 2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

Completed development projects

12.411 9.807 12.411 9.438

Development projects in progress

6.811 10.348 6.811 10.348

Intangible assets

9 19.222 20.155 19.222 19.786

Land and buildings

19.095 28.372 0 0

Plant and machinery

18.020 21.804 0 0

Other fixtures and fittings, tools and

equipment

7.214 7.938 217 1.322

Leasehold improvements

4.335 5.740 2.673 3.310

Property, plant and equipment

10 48.664 63.854 2.890 4.632

Investments in subsidiaries

0 0 252.100 231.652

Investments in associates

16.105 16.988 15.475 13.966

Deposits

1.267 1.527 58 58

Loans to group enterprises

98.786 88.693 119.073 104.199

Fixed asset investments

11 116.158 107.208 386.706 349.875

Fixed assets

184.044 191.217 408.818 374.293

Inventories

12 147.936 168.507 21.857 27.878

Trade receivables

147.234 146.520 14.578 21.322

Contract work in progress

13 31.831 46.110 15.517 24.363

Loans to group enterprises

11 0 0 5.968 5.959

Receivables from group enterprises

125.288 55.210 185.579 118.500

Other receivables

29.428 44.603 4.650 2.694

Corporation tax

4.606 3.164 0 18

Deferred tax asset

14 5.979 7.702 0 0

Prepayments

15 7.143 10.862 347 928

Receivables

351.509 314.171 226.639 173.784

Cash at bank and in hand

64.138 62.298 1.109 509

Current assets

563.583 544.976 249.605 202.171

Assets

747.627 736.193 658.423 576.464

Balance Sheet 31 December 2024

Liabilities and equity

Group Parent Company

Note 2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

Share capital

15.000 15.000 15.000 15.000

Reserve for currency conversion

-1.177 -6.057 0 0

Reserve for development costs

0 0 15.016 15.433

Reserve for net revaluation under the

equity method

0 0 145.421 124.407

Proposed dividend for the year

0 0 0 0

Retained earnings

300.621 299.537 139.007 153.640

Equity allocated to shareholders of

the parent company

314.444 308.480 314.444 308.480

Minority interests

7.255 6.462 0 0

Total equity

16 321.699 314.942 314.444 308.480

Deficit, subsidiaries

0 0 9.340 11.264

Warranty obligations

17 4.911 5.475 2.551 3.288

Provision for deferred tax

14 6.137 17.329 3.369 13.538

Other provisions

18 36.765 22.137 18.288 3.283

Provisions

47.813 44.941 33.548 31.373

Credit institutions

19 17.328 8.001 0 0

Other payables

19 286 835 0 0

Long-term debt

17.614 8.836 0 0

Current portion of long-term debt

19 1.537 6.202 94.957 70.095

Credit institutions

29.791 16.354 24.915 15.117

Prepayments received from

customers

13 103.034 93.006 69.267 57.137

Trade payables

115.386 149.488 52.566 47.574

Payables to group enterprises

32.403 19.133 55.353 29.788

Deferred income

3.868 3.860 0 0

Corporation tax

6.356 4.697 0 13

Other payables

68.126 74.734 13.373 16.887

Short-term debt

360.501 367.474 310.431 236.611

Debt

378.115 376.310 310.431 236.611

Liabilities and equity

747.627 736.193 658.423 576.464

Balance Sheet 31 December 2024

Note

Fee to auditors appointed at the

general meeting

Contingent assets, liabilities and

other financial obligations

Related parties and Group Annual

Report

Subsequent events 22

Statement of changes in equity

Group

capital

Reserve for

currency

conversion

Retained

earnings

Parent

company

shareholders

share of

equity

Minority

interests

Total

DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 DKK '000

Equity at 1 January 2024 15.000 -6.057 299.537 308.480 6.462 314.942

Exchange adjustments 0 4.880 0 4.880 2 4.882

Dividend paid 0 0 0 0 -2.467 -2.467

Net profit/loss for the year 0 0 1.084 1.084 3.258 4.342

Equity at 31 December

2024

15.000 -1.177 300.621 314.444 7.255 321.699

Parent Company

capital

Reserve for

developme

nt costs

Reserve for

net

revaluation

under the

equity

method

Retained

earnings

Total

DKK '000 DKK '000 DKK '000 DKK '000 DKK '000

Equity at 1 January 2024 15.000 15.433 124.407 153.640 308.480

Exchange adjustments 0 0 5.149 -269 4.880

Adjustments in subsidiaries 0 0 -252 252 0

Net profit/loss for the year 0 -417 16.117 -14.616 1.084

Equity at 31 December

2024

15.000 15.016 145.421 139.007 314.444

Cash Flow Statement 1 January 2024 - 31 December 2024

Group

Note 2024 2023

DKK '000 DKK '000

Net profit/loss for the year

4.342 37.531

Adjustments

23 34.101 40.873

Change in working capital

24 -44.545 -35.473

-6.102 42.931

Financial income

17.891 8.221

Financial expenses

-11.490 -12.321

299 38.831

Corporation tax paid

-16.400 -11.299

-16.101 27.532

Purchase of intangible assets

-4.981 -11.132

Purchase of property, plant and equipment

-5.144 -11.201

Fixed asset investments made

-2.793 -1.679

Sale of intangible assets

399 0

Sale of property, plant and equipment

12.611 2.650

Sale of fixed asset investments

299 34

391 -21.328

15.974 0

-11.861 -3.692

Movements in Credit institutions

13.437 -6.530

17.550 -10.222

Change in cash and cash equivalents

1.840 -4.018

Cash and cash equivalents at 1 January 2024

62.298 66.316

64.138 62.298

Cash at bank and in hand

64.138 62.298

Cash flows from financing activities

Cash flows from operating activities before financial income and

expenses

Cash flows from ordinary activities

Cash flows from operating activities

Repayment of long-term debt

Cash and cash equivalents at 31 December 2024

Cash and cash equivalents are specified as follows:

Cash and cash equivalents at 31 December 2024

Cash flows from investing activities

Raising of long-term debt

Notes to the Annual Report

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

Revenue

Europe

182.997 246.339 188.319 214.700

Outside Europe

799.270 852.421 254.571 305.854

982.267 1.098.760 442.890 520.554

Activity segments

Project sales

359.217 526.032 283.703 374.618

Aftersales

623.050 572.728 159.187 145.936

982.267 1.098.760 442.890 520.554

2 Fee to auditors appointed at the general meeting

809 795 468 450

0 174 0 0

0 13 0 13

964 917 33 33

1.773 1.899 501 496

3 Staff

Wages and salaries

294.566 268.979 57.157 54.921

Pensions

14.245 13.099 4.783 4.158

25.693 23.084 837 738

334.504 305.162 62.777 59.817

Executive Board

3.964 3.787 3.964 3.787

Board of directors

0 0 0 0

3.964 3.787 3.964 3.787

Non-audit services

Tax assistance

Other social security expenses

Other audit companies

PricewaterhouseCoopers

Audit fee

Remuneration to the Executive and Board of directors amounts to:

Audit fee and non-audit services

Geographical segments

Notes to the Annual Report

Staff (continued)

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

1.629 1.599 93 90

4 Income from investments in subsidiaries after tax

Share of earnings of subsidiaries after tax

32.296 35.767

Amortisation of goodwill 0 0

32.296 35.767

Financial income

7.872 5.227 11.140 7.848

8.874 2.423 6.220 1.869

1.145 571 476 221

17.891 8.221 17.836 9.938

Interest expenses to group enterprises 429 100 5.155 1.753

Bank charges 3.902 3.437 1.877 1.213

4.857 7.045 2.417 5.591

Other financial expenses 2.302 1.739 67 904

11.490 12.321 9.516 9.461

Current tax for the year

16.617 11.760 1.089 -1.925

-9.469 -2.764 -10.169 2.094

Total tax for the year

7.148 8.996 -9.080 169

Deferred tax for the year

Other financial income

Interest received from group enterprises

Average number of employees

which breaks down as follows:

Exchange adjustments

The booked salaries for the Executive boards for 2024 contains DKK 0k concerning bonus from

previous years (2023: DKK 0k).

Exchange adjustments

Tax on profit/loss for the year

Financial expenses

Tax on profit/loss for the year

Notes to the Annual Report

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

8 Distribution of profit

Proposed distribution of profit

0 0 16.117 33.864

0 0 -417 297

3.258 2.416 0 0

Retained earnings

1.084 35.115 -14.616 954

4.342 37.531 1.084 35.115

9 Intangible assets

Group Goodwill

Develop-

ment

projects

Develop-

ment

projects in

progress

DKK '000 DKK '000 DKK '000

Cost at 1 January 2024 42.351 56.283 14.580

Additions for the year 0 291 4.690

Transferred 0 8.197 -8.197

Disposals for the year 0 -537 -30

Cost at 31 December 2024 42.351 64.234 11.043

Amortisation at 1 January 2024 42.351 46.476 4.232

Amortisation for the year 0 5.515 0

0 -168 0

Amortisation at 31 December 2024 42.351 51.823 4.232

Carrying amount at 31 December 2024 0 12.411 6.811

Amortised over 5-10 years 3-5 years

5.515

Net capitalized development costs

Reversal of impairment and amortisation

of disposed assets

Cost of sales

Amortisation and impairment of intangible assets are recognised in the following items:

Minority interests' share of net profit/loss

of subsidiaries

Net revaluation according to the equity

method

Notes to the Annual Report

Intangible assets (continued)

Parent Company Goodwill

Develop-

ment

projects

Develop-

ment

projects in

progress

DKK '000 DKK '000 DKK '000

Cost at 1 January 2024 6.606 55.746 14.580

Additions for the year 0 291 4.690

Transferred 0 8.197 -8.197

Disposals for the year 0 0 -30

Cost at 31 December 2024 6.606 64.234 11.043

Amortisation at 1 January 2024 6.606 46.308 4.232

Amortisation for the year 0 5.515 0

Amortisation at 31 December 2024 6.606 51.823 4.232

Carrying amount at 31 December 2024 0 12.411 6.811

Amortised over 5-10 years 3-5 years

Cost of sales 5.515

5.515

Goodwill

Development projects

Development project in progress

Completed development projects comprise development and testing of components and systems

within the area of gas filling plants. Completed development projects are amortized over 3-5 years.

The management has not identified any indication of impairment in relation to the carrying amount.

Development projects mainly consists of development of new components, systems and software

within the area of LPG filling plants and CRYO plants. The costs mainly consists of external costs.

The new components and systems leads to competitive advantage and thus directly influence the

activity and future financial performance of the Group.

Amortisation and impairment of intangible assets are recognised in the following items:

Investment in subsidiaries are considered to be of strategic importance for the Group. In consideration

of the Groups plans for development and increasing the activities in the acquired subsidiaries the

useful life of goodwill is set up to 10 years.

Notes to the Annual Report

10 Property, plant and equipment

Group

Land and

buildings

Plant and

machinery

Other

fixtures

and

fittings,

tools and

equipment

Leasehold

improve-

ments

DKK '000 DKK '000 DKK '000 DKK '000

Cost at 1 January 2024 34.829 46.645 56.512 10.185

Exchange adjustments 3.521 1.828 1.488 112

Additions for the year 1.087 689 3.305 63

Disposals for the year -12.799 -2.583 -50 -526

Cost at 31 December 2024 26.638 46.579 61.255 9.834

6.457 24.841 48.574 4.445

Exchange adjustments 501 915 1.257 43

Depreciation for the year 1.719 4.989 4.237 1.011

-1.134 -2.186 -27 0

7.543 28.559 54.041 5.499

19.095 18.020 7.214 4.335

Depreciated over 20 years 2-10 years 2-10 years 5-12 years

2024

DKK '000

9.624

Distribution expenses 370

1.962

11.956

Impairment losses and depreciation at 31

December 2024

Cost of sales

Depreciation and impairment of property, plant and equipment are recognised in the following items:

Administrative expenses

Carrying amount at 31 December

2024

Reversal of impairment and depreciation

of sold assets

Impairment losses and depreciation at 1

January 2024

Notes to the Annual Report

Property, plant and equipment (continued)

Parent Company

Plant and

machinery

Other

fixtures

and

fittings,

tools and

equipment

Leasehold

improve-

ments

DKK '000 DKK '000 DKK '000

Cost at 1 January 2024 2.002 28.005 6.392

Exchange adjustments 0 8 1

Cost at 31 December 2024 2.002 28.013 6.393

Impairment losses and depreciation at 1 January 2024 2.002 26.683 3.082

Exchange adjustments 0 0 1

Depreciation for the year 0 1.113 637

Impairment losses and depreciation at 31 December 2024 2.002 27.796 3.720

0 217 2.673

Depreciated over 2-10 years 2-10 years 5-12 years

2024

DKK '000

Cost of sales 613

Administrative expenses 1.137

1.750

Carrying amount at 31 December 2024

Depreciation and impairment of property, plant and equipment are recognised in the following items:

Notes to the Annual Report

11 Fixed assets investments

Group

Investments

in associates

Deposits

Loans to

group

enterprises

DKK '000 DKK '000 DKK '000

Cost at 1 January 2024 21.138 1.527 88.693

Exchange adjustments 1 39 5.397

Additions for the year 2.793 0 5.385

Disposals for the year 0 -299 -689

Cost at 31 December 2024 23.932 1.267 98.786

Value adjustment at 1 January 2024 -4.150 0 0

Exchange adjustments 1 0 0

Net profit/loss for the year -3.678 0 0

Value adjustments at 31 December 2024 -7.827 0 0

16.105 1.267 98.786

Fixed assets

16.105 1.267 98.786

Current assets

0 0 0

16.105 1.267 98.786

Parent Company

Investments

subsidiaries

Investments

in associates

Deposits

Loans to

group

enterprises

DKK '000 DKK '000 DKK '000 DKK '000

Cost at 1 January 2024 90.093 19.854 58 110.158

Exchange adjustments 0 0 0 5.421

Additions for the year 74 2.793 0 12.985

Disposals for the year 0 0 0 -3.523

Cost at 31 December 2024 90.167 22.647 58 125.041

130.295 -5.888 0 0

Exchange adjustments

5.149 0 0 0

Net profit/loss for the year 32.296 -1.284 0 0

Dividend to the Parent Company

-14.895 0 0 0

Other equity adjustments -252 0 0 0

152.593 -7.172 0 0

9.340 0 0 0

252.100 15.475 58 125.041

Fixed assets

252.100 15.475 58 119.073

Current assets

0 0 0 5.968

252.100 15.475 58 125.041

Carrying amount at 31 December

2024

Value adjustment at 31 December 2024

Equity investments with negative net

asset value transferred to provision

Value adjustment at 1 January 2024

Carrying amount at 31 December 2024

Notes to the Annual Report

Fixed assets investments (continued)

Name Place of registered office

capital

Votes and

ownership

Subsidiaries:

Kosan Crisplant Asia Pacific Sdn. Bhd. Malaysia kMYR 350 100%

- MAKEEN Energy Malysia Sdn. Bhd Malaysia kMYR 6.000 100%

- PT MAKEEN Energy Indonesia Indonesien mIDR 1.995 100%

MAKEEN Energy do Brasil Servicos De GLP Ltda. Brazil kBRL 516 100%

MAKEEN Energy India (Pvt.) Ltd. India kINR 5.500 100%

MAKEEN Energy Lanka (Pvt.) Ltd. Sri Lanka kLKR 15.000 100%

MAKEEN Energy USA Inc. USA kUSD 1 100%

MAKEEN Energy Portugal SA Portugal kEUR 100 60%

MAKEEN Energy France S.A.S. France kEUR 425 99,98%

- Alpilles Tech. Services S.A.(dormant) France TEUR 200 75%

MAKEEN Energy Technology Center S.A.S. France kEUR 7.294 100%

Siraga Do Brazil LTDA Brazil kBRL 2.365 100%

Siraga East Africa Tanzania Ltd. Tanzania kTZS 100.000 82%

MAKEEN Energy BD Ltd. Bangladesh kBDT 19.400 80%

ME MAKEEN Energy Site Services SRL Romania RON 200 60%

MAKEEN Energy Moroc Morocco kMAD 100 100%

MAKEEN Energy Italy Italy kEUR 10 100%

Associates:

Festus S.A Uruguay USD 589,6 33,33%

Sedecam S.A. Cameroun mXAF 2.522 20%

Nordliq A/S Denmark kDKK 700 33,33%

Wedeal S.A.S. France kEUR 822 20,12%

DK EL Holding ApS Denmark kDKK 500 15,00%

Branches:

MAKEEN Gas Solutions A/S, India Branch India 100%

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

12 Inventories

131.197 162.021 21.509 27.193

Work in progress

16.739 6.486 348 685

147.936 168.507 21.857 27.878

Subsidiaries and associated companies are recognised and measured as separate entities.

Investments in subsidiaries and associates are specified as follows:

Raw materials and consumables

Of this amount, goodwill amounts to

Notes to the Annual Report

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

13 Contract work in progress

748.565 828.441 356.631 451.561

-819.768 -875.337 -410.381 -484.335

-71.203 -46.896 -53.750 -32.774

Recognised in the balance sheet as follows:

31.831 46.110 15.517 24.363

-103.034 -93.006 -69.267 -57.137

½ ½

-71.203 -46.896 -53.750 -32.774

Fixed assets 3.848 6.350 1.291 2.627

Current assets 7.427 12.422 7.216 12.353

Debt -3.612 -1.443 -3.612 -1.442

Tax loss carry-forward -1.526 0 -1.526 0

6.137 17.329 3.369 13.538

Provision for deferred tax at 1. January 17.329 16.171 13.538 11.444

-11.192 1.158 -10.169 2.094

6.137 17.329 3.369 13.538

Prepayments received recognised in debt

Contract work in progress recognised in

assets

Amounts recognised in the income

statement for the year

Payments received on account

Contract work in progress, net

Selling price of production

Provision for deferred tax

Provision for deferred tax at 31.

December

Notes to the Annual Report

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

Fixed assets -204 -351 0 0

Current assets 4.020 2.953 0 0

Debt 19 17 0 0

Tax loss carry-forward 2.144 5.083 0 0

5.979 7.702 0 0

Deferred tax asset at 1. January 7.702 3.780 0 0

-1.723 3.922 0 0

5.979 7.702 0 0

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

15 Prepayments

Prepayments

7.143 10.862 347 928

10.861 10.861

7.143 10.862 347 928

16 Share Capital

2024 2023 2022 2021 2020

DKK '000 DKK '000 DKK '000 DKK '000 DKK '000

Share capital 15.000 15.000 15.000 15.000 15.000

Deferred tax asset at 31. December

Share capital for the past five years is specified as follows:

Amounts recognised in the income

statement for the year

Deferred tax asset at 31. December

Deferred tax asset (continued)

The share capital consists of 15.000.000 shares of a nominal amount of DKK 1. No shares carry any

special rights.

Based on the budgets for the next three years, management has considered it likely that prior years tax

losses and unused tax credits can be utilized within 3-5 years.

Notes to the Annual Report

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

17 Warranty obligations

Within 1 year 4.911 5.475 2.551 3.288

4.911 5.475 2.551 3.288

Other provisions

19 Long-term debt

The debt falls due for payment as specified below:

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

Credit institutions

After 5 years

10.683 0 0 0

Between 1 and 5 years

6.645 8.001 0 0

Long-term part

17.328 8.001 0 0

Within 1 year

1.445 5.477 0 0

18.773 13.478 0 0

Within 1 year

0 0 94.957 70.095

Other payables

After 5 years

286 222 0 0

Between 1 and 5 years

0 613 0 0

Long-term part

286 835 0 0

Within 1 year

92 725 0 0

378 1.560 0 0

Kortfristet del

Loans from group enterprises

Other provisions are related to retirement obligations and provision for loss-making sales projects.

Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term

debt.

Notes to the Annual Report

Group Parent Company

2024 2023 2024 2023

DKK '000 DKK '000 DKK '000 DKK '000

No later than 1 year

5.978 5.734 568 500

Later than 1 year and no later than 5 years 12.536 9.698 333 264

Later than 5 years

4.142 3.540 0 0

22.656 18.972 901 764

Group

Parent Company

The Group's banks have at 31 December 2024 issued bank guarantees totalling DKK 104,937k

towards the Group's customers and banks.

The Company has issued a guarantee for MAKEEN Gas Solutions Lanka (Private) Ltd.'s engagement

with Sampath Bank for total EUR 750k.

The Company has issued a surety guarantee for MAKEEN Energy A/S, MAKEEN EnviroTech A/S,

House of MAKEEN Energy A/S, MAKEEN Gas Equipment Denmark A/S, MAKEEN ProSupply

North America and MAKEEN Gas Equipment ApS' engagement with banks for a total of DKK

305,455k.

Contingent assets, liabilities and other financial obligations

The Company's banks have at 31 December 2024 issued bank guarantees totalling DKK 46,292k

towards the Group's customers and banks.

The future minimum lease payments under operating leases are as follows:

The Group has issued a surety guarantee for MAKEEN Energy A/S, MAKEEN EnviroTech A/S,

House of MAKEEN Energy A/S, MAKEEN Gas Equipment Denmark A/S, MAKEEN ProSupply

North America and MAKEEN Gas Equipment ApS' engagement with banks for a total of DKK

305,455k.

The Group is a party in a pending claim for damages related to product liability, and also a party in a

mutual claim for contract breach. The outcome of these claims are expected not to constitute financial

obligations on part of the Group beyond what is allocated in the Annual Report.

The Group has issued a guarantee for MAKEEN Gas Solutions Lanka (Private) Ltd.'s engagement

with Sampath Bank for total EUR 750k.

The Group has issued a guarantee with security in plant and machinery with carrying amount of total

USD 247k.

The Group has issued a guarantee with security in inventory and trade receivables with carrying

amount of total INR 855,586k.

The Company has issued a mortgage bond with security in land and buildings with carrying amount of

total DKK 59,423k.

Notes to the Annual Report

21 Related parties and Group Annual Report

Transactions

Group Annual Report

The Group Annual Report can be obtained from the following address:

MAKEEN Energy A/S

Alsvej 21

8940 Randers SV

Denmark

No events materially affecting the assessment of the financial position of the Company at 31

December 2024 have occurred after the balance sheet date.

The Company has issued a Comfort Letter providing sufficient financial support to MAKEEN Energy

Technology Center S.A.S. The Comfort Letter expire 6th March 2026.

Contingent assets, liabilities and other financial obligations (continued)

The Company is a party in a pending claim for damages related to product liability. The outcome of

the claim is expected not to constitute financial obligations on part of the Company beyond what is

allocated in the Annual Report.

The Company has chosen only to disclose transactions which have not been made on arm's length

basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.

The Danish companies in the Group are subject to mandatory Danish national joint taxation. The

jointly taxed companies share the liability for the Danish income tax etc.

In 2024 the Company had no transactions with related parties, which are not on arm's length basis.

Subsequent events

The Company is included in the Group Annual Report for the parent company MAKEEN Energy A/S

and Ultimate parent company Al Ayuni Investment & Contracting Company.

Unit no. 2

Riyadh 13316 – 8580

Saudi Arabia

3769 ath thumamah rd, ar rabi

Al Ayuni Investment & Contracting Company

Notes to the Annual Report

Group

2024 2023

DKK '000 DKK '000

Financial income -17.891 -8.221

11.490 12.321

3.678 195

11.956 13.780

5.515 10.752

Tax on profit/loss for the year 7.148 8.996

Equity adjustments -2.652 -3.498

793 1.365

14.064 5.183

34.101 40.873

Change in inventories 20.571 -36.244

Change in receivables -714 2.852

14.279 -8.325

Change in other receivables 15.175 -10.839

3.719 29.134

Change in prepayments from customers 10.028 -16.547

Change in trade payables etc. -34.102 4.139

-66.901 -2.355

Change in other debt -6.608 5.449

8 -2.737

-44.545 -35.473

Cash flow statement - adjustments

Financial expenses

Income from investments in associates before tax

Change in deferred income

Change in prepayments (assets)

Change in contract work in progress

Change in receivables from group enterprises, net

Change in other provisions

Cash Flow Statement - change in working capital

Change in minority interests' share of equity

Amortisation and impairment of intangible assets

Depreciation of property, plant and machinery