Annual Report (ESEF) • Mar 20, 2025
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Download Source FileGreenMobility A/S ANNUAL REPORT 2024 GreenMobility A/S I Landgreven 3, 4.sal I 1301 Copenhagen I Denmark I CVR-nr. 35521585 GreenMobility I To index MANAGEMENT REVIEW 1 FROM THE CEO 2 HIGHLIGHTS & FINANCIAL REVIEW 4 OUR BUSINESS 6 GUIDANCE 2025 7 ESG APPROACH 8 ESG INITIATIVES 9 CORPORATE GOVERNANCE 22 SHAREHOLDER INFORMATION 24 RISK FACTORS 25 EXECUTIVE MANAGEMENT 26 BOARD OF DIRECTORS 27 COMPANY DETAILS STATEMENTS 28 STATEMENT BY MANAGEMENT ON THE ANNUAL REPORT 29 INDEPENDENT AUDITOR’S REPORT FINANCIAL STATEMENTS 33 CONSOLIDATEDFINANCIALSTATEMENTS-GROUP 69 FINANCIALSTATEMENTS-PARENT CONTENT GreenMobility I To index 1 At the end of 2023, GreenMobility made a significant strategic shift from hyper-growth to profitable growth. By closing international and non-profita- ble markets, we aimed to refocus the company’s resources on building a financially sustainable business with a cash flow-positive operation. This transition required significant effort, particularly in the first half of 2024, as we redeployed vehicles to Denmark. The full infleeting of international vehi- cles into our Danish operations was realized in the second half of 2024 and beyond, which required careful plan- ning and operational adjustments. However, this move has strengthened our ability to scale sustainably, ensuring long-term, controlled growth. Given the shifts in equity markets at the time, our goal was clear: to secure a pos- itive net profit in 2024 on continuing markets and establish GreenMobility as the first profitable European shared electric vehicle service. I am proud that our significant strategy change has worked. I am also pleased that we have not only met our guidance but have even raised and met the new targets during the year. As we move forward, we remain committed to profitable growth and expanding our role as an integrated part of people’s daily transport needs, reach- ing even more clients. We see exciting growth opportunities not only within personal car-sharing but also in the pro- fessional segment, longer-term rentals, and new mobility services. To support this, we will continue investing in our products and services to ensure that our cars are available at the right time, place, and price making GreenMobility an even more convenient and reliable choice for our customers. Our strong collaboration in 2024 with the Municipality of Copenhagen has been a positive development. During the year, we were granted access to 1.000 dedicated public parking spots for our car-sharing fleet - 400 of which most became available in 2024, with the remaining to follow in 2025. This ini- tiative has significantly enhanced the customer experience, making car-shar - ing more convenient and reinforcing our role in shaping the future of urban mobility. As we look to 2025, our ambition remains clear: to continue driving the green transition while maintaining sustainable and profitable growth. We have proven that a shared electric mobility model can work both finan- cially and environmentally, and we will build on this success to further solid- ify our market position in the years to come. With green regards, Kasper Gjedsted Group CEO FROM THE CEO GROWTH GreenMobility I To index 2 HIGHLIGHTS FINANCIAL REVIEW GreenMobility continued its growth in 2024 and realized a revenue growth of 72% for a total of DKK 129,5 million for the continuing operations. The revenue is within the adjusted guidance and the result is considered satisfying given closing of markets, which has required a significant effort from all parts of the organisation. As announced on 12 March 2024, GreenMobility decided to close or divest its market in Belgium to focus on its core market in Denmark. The background was to ensure that GreenMobility could become a profitable business in 2024. In addition, we intend to show the market that the green transition can become profitable within shared mobility, and our ambition was to become the first European electric vehicle operator to do so. We achieved both targets in 2024 in continuing markets. Costs associated with closing of the markets outside Denmark did affect the result for 2024 negatively and the costs related to closing of these activities is treated as discontinued operations in the 2024 Annual Report. Net profit from continuing operations amounted to DKK 9,7 million, compared to a net loss of DKK 25,0 million in 2023 from the continuing operations, which shows that GreenMobility has achieved the target of becoming profitable. In December 2024, GreenMobility com- pleted a capital increase with gross proceeds of DKK 15,0 million. The capi- tal was raised to support the company’s strategy of continued investment in the Danish market to reach profitability in 2024. Our equity is 6,3 million DKK at the end of 2024. Group assets decreased by DKK 38,1 mil- lion to a total of DKK 167,0 million. The main changes are on the fleet, which has decreased by 20,7 million to a total of DKK 129,4 million, which is tied to the operational depreciation of the fleet. As a consequence of the year’s activity, cash has dropped to DKK 9,5 million. Overall, the cash flow ended with a lower cash position due to the opera- tion of the company. In addition to the operation, cash flow has been impacted negatively by increased financial cost and loan repayment. The main reason is discontinued operations. GreenMobility has no bank financing or debt associated with the daily oper- ations. Loan liability is only related to the financing of the fleet. The com- pany’s loans from the Danish Green Investment Fund and Nefco are both note 3, 19 and 20 for more details on liquidity and financing. GreenMobility I To index 3 Electric car sharing Electric car sharing HIGHLIGHTS 3.429 TONNES CO saved in 2024 1.313.927 TRIPS IN 2024 1.400 EV FLEET DKK'000 2024 2023 2022 2021 2020 Revenue 129.538 75.263 75.604 62.414 34.650 EBITDA 35.758 5.190 (14.685) (28.321) (43.432) Operating Profit/loss 11.920 (18.489) (36.363) (48.922) (57.360) Financial items (10.599) (5.695) (2.491) (2.656) (2.952) Profit/loss before tax (continuing operations) 1.321 (24.184) (38.854) (51.578) (60.312) Profit/loss - continuing operations 9.709 (24.971) (37.996) (51.578) (60.312) Profit/loss for year from discontinued operations (27.033) (57.385) (39.228) 0 591 Profit/loss for the year (17.324) (82.356) (77.224) (51.578) (59.721) Assets 166.972 205.062 285.586 266.105 147.232 Property, plant and equipment 131.219 150.556 209.371 119.306 100.888 Cash 9.526 36.227 43.613 130.132 32.443 Other assets 26.227 18.279 32.602 16.667 13.901 Equity and Liabilities 166.972 205.062 285.586 266.105 147.232 Equity incl minority interests 6.302 10.227 65.702 144.084 51.290 Liabilities 160.670 194.835 219.884 122.021 95.942 Investment in Property, plant and equipment 4.217 0 99.344 7.816 37.305 3,8 5,0 23,0 54,1 34,8 * Comparative figures for the consolidated income statement for 2022 and 2023 have been restated due to discontinued operations GreenMobility I To index 4 VISION MISSION Our mission is to make urban car transportation cleaner, more accessible, affordable, and flexible, while providing significant benefits to cities and their inhabitants by way of reduced private car own- ership and reduced air pollution. We aim to offer a mobility solution for both individuals and companies that is in accordance with their climate awareness and conscientious environmental choices. Our vision is to create more liveable and less con- gested urban areas and to become the leading provider of green shared mobility in this endeavour. Our purpose is to provide an on-demand mobility platform of the highest quality in terms of our value proposition and the service we provide, while gen- erating value for our stakeholders. PURPOSE OUR BUSINESS WHO WE ARE GreenMobility aspires to create cities with fewer cars, less noise, and zero emissions. We seek to change urban mobility for the benefit of current and future generations. We do this by reducing the use of pri- vately owned vehicles, by contributing to cleaner urban air, and by reducing carbon emissions from the transportation sector. GreenMobility was established in 2016. We are head- Main Market Copenhagen BACKGROUND Economy are the three pillars, GreenMobility was founded upon, and remain to this day, as important to improve mobility in cities through shared use of the resources. Through our service we help reduce private cars in the cities, improve ever annoying issues such as parking, noise, traffic and naturally pollution. proven both our business model, but also our ability to reduce CO 2 help reduce the number of private cars in the city. Over time, this factor is expected to increase to the benefit of our environment. GreenMobility I To index 5 OUR BUSINESS OUR FLEET In addition to our well-known Renault Zoe’s, which is our widely used EV in the fleet, we also offer small and large cargo vans for whenever you need to move something or if your shopping ended up taking a bit more space than expected. We also offer premium rides with Polestars. Over time our fleet will be more diverse and offerings will grow. BUSINESS MODEL Our fleet of electric vehicles which we operate across our cities is measured on a per-car basis, as the car is our revenue driver as well as our cost center. Revenue is typically comprised of minutes, packages, subscriptions and fees. Cost includes all cost relevant for that city, including cost of the car, salaries, marketing as well as a relative part of shared services. We report on our progress on a quarterly basis to ensure a transparent performance. OUR APPROACH & SERVICES GreenMobility offers a free float carsharing service, using only 100% electric vehicles, of which we have approximately 1.400 (as of 31 December 2024). The vehicles are easily located through our app, where you can also reserve the car until you get to it. Once at the car, you simply unlock the car via the app, and you are ready to go. The service is available within a defined zone in each of our operational cities. You will also find additional sub-zones away from the main zone. It will enable you to drive to an airport or suburb and to drive to neighboring cities. For all locations, you have to be in a zone or sub-zone to start and end the trip. You will be able to find much more information as well as our various price models for use per minute, hour, day or month. To enable our customers to have a better access to our cars, not least when time may be critical, we also offer a prebook service where the GreenMobility car will be delivered to you. Our service is on-demand whenever and wherever our customers need mobility. With our operational experience and strong platform development, we can pro- vide availability when it is needed and thereby ensure optimised usage of the car around the clock. GreenMobility I To index 6 GUIDANCE 2025 At the end of 2023 GreenMobility took a significant strategic decision to change the strategy from hyper growth to prof- itable growth. By closing international and non-profitable markets we wanted to re-focus the company's resources on securing a viable and sustainable growth company with a cash flow pos- itive operation. In 2024 we have achieved our financial goals and guidance and created the basis for the future of GreenMobility. GreenMobility will continue its profit- able growth strategy focusing on our Danish home market. Our key focus points are: To become an integrated part of peo- ple’s transport needs with many more customers To exploit the identified growth oppor- tunities within personal cars, the professional segment, longer term rentals and new services To continue to invest in the product and service to make cars more available at the right time, place, and price for our customers’ convenience To run an efficient and cost effective operation second to none This guidance is based on current market conditions, as we do not antic- ipate any significant changes in the regulatory and competitive landscape. The majority of costs related to dis- continued operations were incurred in 2024, and we do not expect costs from discontinued operations to have a material impact on our 2025 guidance. FORWARD LOOKING STATEMENTS expressed in the annual report, reflect GreenMobility’s current expectations for future events and financial results. The nature of these statements is affected by risk, uncertainties and other ele- ments that are out of GreenMobility’s control. Therefore, the company’s actual results can differ from the expectations expressed in the management report. AND PROFITABILITY For 2025 our guidance is the following: Revenue growth of 7-13% EBITDA growth of 20-40% GreenMobility I To index 7 The aim of our materiality assessment has been to identify, assess, and pri- oritise issues that are material and salient to our stakeholders, and how our business strategy can help solve these issues. In 2024 we have evaluated our analysis with external support, to get an unbiased outside-in perspective on our business. The assessment has resulted in the identification of a short list of key material issues. The material issues mainly touch upon already identified areas of opportu- nity and impact on our current business model, both across the company and along our full value chain. We have systematically prioritised the mate- rial issues according to their importance to both our stakeholders and our and the key material issues salient to both our stakeholders and business strategy, relates to the green transition and to responsible and ethical busi- ness conduct. In regards to the green transition material issues counts car ownership, reduction of company transportation, urban mobility patterns, and reduc- ing the use of non-renewable energy. The issues related to responsible and ethical business conduct and practices are employee retention and satisfac- tion, responsible suppliers, safety of our customers and board governance. ESG APPROACH ON MATERIALITY GreenMobility I To index 8 Measuring our business development and success beyond our financial fig- ures has always been an inherent part of GreenMobility. GreenMobility is born on the idea of contributing actively to a sus- tainable future. Here is a select overview 2 With our fully electric fleet our focus is on powering the fleet with electricity 2023, we have planned to include estimates of the effect of car-sharing and substitution of privately owned cars in the calculation of avoided emissions. However, we have still not found a reliable data source for doing these calculations, and until such data is available we will only calculate the amount of avoided CO 2 emissions from the actual number of cars in our fleet even though we believe that there is a signifi- cantly greater impact on the avoided CO 2 emissions due to the amount of privately owned cars one shared car is expected to replace. RECYCLING All parts of our cars are either reused, recycled or rematerialized. We store all spare parts from old and used cars, and all spare parts can easily be re-used. This leads to significant optimisation of resources. In this way, we limit scrap and new purchases. Cars that are damaged to an extent that they cannot re-enter ESG INITIATIVES the fleet, are disassembled. Parts from the car that need to be rematerialized into scrap metal, are recycled. Our team of technicians and mechanics always stands by to repair cars with minor or major damages. Depending on the size of the damage, the different parts are either changed or disassembled for recycling and reuse. The EV-batteries from cars that need to be completely disassembled are reused in other cars in the fleet or resold. Furthermore, safe driving has our full attention. In 2024 we have further increased the tracking of the speed in our cars and banned reckless drivers from using our cars, which hopefully results in safer driving for both driv- ers, passengers and people in the city. We continue to implement new and improved features to ensure and promote safe driving in our cars as opportunities arise. AND HEALTH Just like we prioritize safety for our customers and the communities we operate in, we’re committed to pro- tecting our employees. We monitor injuries and take appropriate action. Our Employee Handbook also outlines key labor and employment policies to ensure fair and safe working conditions. EMPLOYEE Measuring employee satisfaction helps us evaluate and improve our work envi- ronment and cultural environment, encourage active engagement, and attract and retain talent. To compare, measure progress and initiate new ini- tiatives, we will continue to conduct employee satisfaction surveys. PRIVACY AND DATA We leverage cloud providers to give us high security and every access to data is logged. Data is stored encrypted at third party data centers. Privacy of users is a priority and access is restricted so that only required people have access to customer data. Due to the nature of our business, we produce and process a lot of data. Therefore, we identified a need to select a cloud service which had actively taken an environmental stance on the energy consumption related to data centers, as data centers consume a lot of energy. On that basis, we have chosen Google Cloud, as they disclose transparently, and they continuously seek to decrease 1 . 1 GreenMobility I To index 9 GOVERNANCE We are committed to ensuring a trans- parent management of GreenMobility with an open approach to sharing the structures, responsibilities, and policies, that we govern by, with the Board of Directors, investors, customers, and other stakeholders. The company has a two-tier gov- ernance structure consisting of the Board of Directors and the Executive Management as separate bodies with- out overlapping members. The board is comprised of four members elected by the general meeting, comprising the Chairman and board members. Management, and the day-to-day and Investor Relations department. corporate policies. All our policies are available on our website www.green- mobility.com/governance. As part of Executive Management, the the organisation and is also responsi- ble for implementing the strategy and achieving the goals across the organ- isation. However, all managers and departments play an important role in reaching and supporting these targets. CORPORATE GOVERNANCE Annual General Meeting Board of Directors Executive Management Organization Audit Committee The statement contains a review of the company's work with the recommen- dations for good corporate governance, of which GreenMobility follows the majority. Governance documents remain avail- able on our website. GreenMobility’s business and other activities are subject to significant regulation, including stock exchange, competition, privacy, data use and security law, and regulations. POLICY GreenMobility’s remuneration policy has been prepared in accordance with the principles in sections 139 and 139(a) of the Danish Companies Act, and the policy sets out the frame- work for remuneration to members of the Board of Directors and Executive Management. The overall objective of the Remuneration Policy is to attract, motivate and retain qualified members to the Board of Directors and Executive management, as GreenMobility’s future development and success depends on management performance. The Remuneration Policy will be reviewed by the Board of Directors at least once a year, and updates to the policy will be proposed to the general meeting, if deemed relevant. The annual general meeting in April 2024 approved the Remuneration Policy applicable for the board and management, and the compensation has been determined in accordance with the principles set out in this policy. The policy can be read or downloaded at www.greenmobility. com/governance. REMUNERATION REPORT 2024 At the annual general meeting in 2025, our Remuneration Report will be pre- sented for approval for the first time. The report can be read or downloaded at www.greenmobility.com/governance. Diversity Policy Environmental Policy Human and Labor Rights Policy Anti-corruption Policy statutory statement on corporate gov- ernance, cf. section 107(a) and 107(b) of which can be read or downloaded at www.greenmobility.com/governance. GreenMobility I To index 10 CORPORATE GOVERNANCE Gender Female Male Board of Directors 25% 75% Executive Management 0% 100% Management 17% 83% All FTEs 23% 77% Nationalities 6 The diversity in GreenMobility at the end of 2024 CODE OF Our Code of Conduct stipulates the terms that all our suppliers must declare to In the Code of Conduct, we emphasize our intention to be as sustainable as possi- ble throughout the business. This means working with suppliers who comply with national, and where applicable, interna- tional laws on human and labour rights, environmental laws and regulations, and anti-corruption. We encourage all Compact principles and to support and development goals. It is underlined that the inability to meet the requirements set out in our Code of Conduct does not necessarily mean that we will terminate the contract, but we reserve the right to do so if the supplier refuses to implement the changes needed to meet our require- ments. It is the supplier’s responsibility to ensure that subcontractors and other rel- evant subjects comply with all applicable laws and our Code of Conduct. Finally, we reserve the right to request documenta- tion of compliance, if necessary. The board of directors of GreenMobility has reviewed the current diversity, includ- ing gender diversity and prepared a review of the gender-based composition of the Executive Management and Board of Directors. It is the board’s assessment that GreenMobility has an appropriate representation of both genders, when taking the industry into account. Diversity across all layers of the organiza- tion is vital for GreenMobility’s continued growth. This includes gender, age and nationality. GreenMobility is particularly aware of the importance of promoting diversity at management level and on the board, and has adopted a Diversity Policy, which can be read or downloaded at www.greenmobility.com/governance. The diversity policy details the impor- tance of promoting diversity at all management levels. Further it details recruiting based on merits and experi- ence exclusively and the ban from basing recruitment, promotion or dismissal on race, gender, religion, sexual orientation or similar. GreenMobility I To index 11 NOTE METRIC 2024 2023 ENVIRONMENTAL GHG Emissions 1.1 Indirect on premises (scope 2) Indirect on fleet (scope 2) tonnes CO 2e tonnes CO 2e tonnes CO 2e 9,7 1.310,9 51,5 29,4 1.372,6 44,7 Avoided emissions 1.2 From electric vehicle fleet Accumulated tonnes CO 2 tonnes CO 2 3.429 12.084 3.010 8.655 Energy consumption 1.3 Indirect power consumed MWh 3.998 3.384 SOCIAL Employees 2.1 Total number of full-time employees Total number of part-time employees Nationalities 17 82 6 38 60 13 Employee well-being 2.1 Employee injuries Employee turnover - total Employee turnover - voluntary Index Percentage Percentage 81 0 52% 25% N/A 1 84% 36% Gender diversity 2.2 Overall female/male Management female/male BoD female/male Ratio Ratio Ratio 24:76 17:83 25:75 23:77 0:100 33:67 Salary 2.3 Gender pay gap CEO pay ratio Reports on CEO pay ratio in regulatory filings Percentage Ratio -22% 2,7:1 Yes -25% 2,6:1 Yes Customer satisfaction Customer satisfaction rating 2.4 Percentage N/A 85% GOVERNANCE Board composition 3.1 Total board members Independent/non-independent board members Average age Ratio 4 100:0 51 3 100:0 49 Nationality 3.3 Danish/non-Danish Ratio 100:0 100:0 Board meetings 3.1 Board meetings Board attendance Percentage 8 89% 5 100% Data security Total data security breaches 3.4 Percentage 0% 0% ESG STATEMENT- PERFORMANCE AND PROGRESS GreenMobility I To index 12 NOTES ON THE ESG STATEMENT About the statement The report is compiled to ensure a high degree of transparency between GreenMobility and our stakeholders on the issues related to the Environment, Social impact, and corporate Governance. The report is based on internal data retrieved from our own databases, as well as data retrieved from our vehi- emissions are aligned with the method- ology recommended by GHG Protocol and electricity grid data is retrieved from the European Environment Agency’s database. The methodology recommended by GHG ESG data collection and quality now have at least 5 years performance available for all KPIs. We are presenting the current years result and last years result for comparison. 1. ENVIRONMENTAL PERFORMANCE It is important to measure and manage our environmental performance to reduce current risks and mitigate future risks stemming from our business. The following section describe what KPI’s we have chosen to measure this year, as we believe that by increasing the awareness of our own footprint, we can effectively plan and set a strategy for reduction action. One of the risks we have identified to potentially have a negative impact is related to our energy consumption. Our main source of energy consumption is charging our fleet of electric vehicles. To reduce the impact, we have imple- mented an environmental policy stating this fact. GHG emissions (Scope 2, location-based emissions) Tonnes C0 2024 2023 Office 9,7 29,4 Cars 1.310,9 1.372,6 Total 1.320,6 1.402 1.1 Greenhouse gas emissions The purpose of the KPI is to measure our direct and indirect greenhouse gas (GHG) emissions. GHG emissions, whether indirectly or directly consumed by the company, are significant determinants of climate change and is therefore a crit- ical KPI for us to measure. Furthermore, by measuring our carbon emissions, we may understand where we can make a significant change and decrease any potential negative impacts identified in the process. 2 https://ghgprotocol.org/scope_2_guidance 3 https://www.eea.europa.eu Accounting policy Scope 1 As a service company, it is evaluated that the COe emitted from primary sources of production remains below our minimum threshold. The source of production considered is the fugitive emissions from air condition systems and domestic refrigerators. Scope 2 Our indirect consumption of COe emis- sions stem from the consumption of electricity in our offices and from the electricity that our electric vehicle fleet consume. Location-based emissions reflect the average emissions intensity of a country’s grid on which the energy consumption occurs. The grid-average emissions factor data is the most recent published by EEA for each country that we operate in. GreenMobility I To index 13 NOTES ON THE ESG STATEMENT Scope 3 the activities of the company but occur from sources not owned or controlled by the company. purchase of new cars. The production includes the extraction of raw materials and their processing, the manufacturing of parts and the assembly of the vehicle. Production also includes logistics from the supplier to the end customer. The down- of the fleet from one of our locations to another and business travels followed the distance-based method described in the GHG Protocol and outsourced distribution. GHG emissions (Scope 3) Tonnes C0e 2024 2023 0 0 Downstream 51,50 44,74 Total 51,50 44,74 Avoided carbon emissions Tonnes 2024 2023 From electric vehicles 3.429 3.010 1.2 Avoided emissions Measuring avoided emissions illustrates the benefits of an electric vehicle fleet com- pared to an ICE vehicle fleet. The progress is measured in tonnes of CO emissions saved from the combustion of ICE vehicles, as electric vehicles’ combustion is estimated to not emit any carbon emissions. Accounting policy The measuring of carbon emissions avoided by having only electric vehicles in the fleet, is based on comparing the combustion of an ICE vehicle with that of an electric vehicle. This is in line with the reporting method used in the previous years. Only the combustion is compared, meaning that the total amount of avoided emissions is not fully displayed. Including these would have a positive impact on the numbers, as shared mobility is estimated to have a significant impact on private car owner- ship and urban air pollution. However, we have still not found a reliable data source for doing these calculations, and until such data is available we will only calculate the amount of avoided CO 2 emissions from the actual number of cars in our fleet even though we believe that there is a signifi- cantly greater impact on the avoided CO 2 emissions due to the amount of privately owned cars one shared car is expected to replace 4 . 1.3 Energy Consumption Measuring the energy consumption of the company allows us to identify and manage where we can optimise and reduce our energy consumption. This is an important KPI for us, as energy availability and resil- ience directly will impact the company’s ability to operate in the future. Energy consumption MWh 2024 2023 Total indirect power 3.998 3.384 Accounting policy The energy consumption is the total power indirectly consumed by the company, as the energy consumed is bought from our external energy suppliers. Our main energy source is electricity and since our energy suppliers have not been able to provide us with accurate data, the amount of renew- able energy compared to non-renewable energy, we did not want to disclose an inac- curate number. GreenMobility I To index 14 2. SOCIAL PERFORMANCE It is key for us to remain vigilant regard- ing significant risks related to our work environment and the well-being of our employees. Risks concerning employees could be illness, work-related stress, or lack of motivation. Preventive measures are performed in the respective depart- ments in the close relation between manager and employees. On a general level, risks posed to our workplace and environment are put into words in our Employee Handbook, ensuring aware- ness and support on topics of basic importance to employees. Further, our policies on Human and Labour Rights, and Diversity address risks and prescribed action. In this section, we describe the KPIs we employ to measure our social performance. 2.1 Employee overview and well-being The GreenMobility team form the basis of the company’s operations and success. An accurate overview of staff numbers and distribution is essential to measure our performance. Measuring employee satisfaction helps us evaluate and improve our work environment and cultural environment, encourage active engagement, and attract and retain talent. To compare, measure progress and initiate new initiatives, we conduct an employee satisfaction survey across all offices. Accounting policy A full-time equivalent (FTE), or part-time equivalent (PTE), are units to measure employed personnel in a way that makes them comparable across time within their respective category. The number of employees accounted for is the total number of employees registered at the end of December 2024. The employee turnover rate is based on FTEs that left the company during 2024 relative to the total number of FTE in the same period. Employee overview FTEs 2024 2023 Denmark 17 22 Belgium 0 11 Finland 0 2 The Netherlands 0 3 Total 17 38 PTEs 2024 2023 Denmark 82 57 Finland 0 3 Total 82 60 2.2. Gender Diversity Gender diversity is important for us to create and maintain an equal and equi- table workplace. With more genders in our teams, we benefit from multiple viewpoints, approaches, and experiences, which contribute to making our com- pany more innovative and productive, as well as enhance employee satisfaction. We firmly believe that diversity is good for business. We expect that the number of female employees in the organi- zation will grow, as it is a focus point for us and one of the implementation measures is ensuring that female candi- dates are always considered in the final stage of the hiring process for senior management positions. Our Diversity Policy is available https://www.green- mobility.com/investors/governance/ governance-documents/. Accounting policy The total number of employees are sep- arated by their position and personal specification of their gender. Mid/entry level positions include positions below positions include employees in manager positions or in executive management. The numbers represent totals at the end of December each year. The street crew is predominantly made up by men. Within our office teams, the gender diversity is more balanced. 2.3. Salary It is our goal to have gender pay equality. Thus, a gender pay gap is an important KPI for us. Accounting policy To account for our gender pay gap, we first calculate the median monthly salary for all FTEs hired before December.These figures can be derived from our internal salary system. The figures do not include pension contributions. The gender pay gap median percentage difference is calculated based on the median male salary and median female salary. The CEO pay ratio is based on the CEO’s monthly salary excluding bonus and the median paid fixed-monthly-salary employee. The company report on CEO pay ratio metric can be found on our website. 2.4 Customer Satisfaction Rating - age disclosed are the customers who are GreenMobility. The rating is an important KPI for us to measure, as it is a clear indi- cator of our customers’ experiences and opinions about our product and the ser- vice we provide. We are constantly on the lookout for ways to improve our custom- ers’ satisfaction and have included daily/ hourly packages extending the usability of the car, as well as introducing an incen - tive to report the state of the car through a cleaning rating system. Accounting policy The customer satisfaction rating is based on 2.393 respondents from our customer survey carried out in all countries in 2023. No survey was conducted in 2024. NOTES ON THE ESG STATEMENT GreenMobility I To index 15 3. GOVERNANCE PERFORMANCE 3.1 Board composition and attendance The Board has adopted a target of 40-60% female representation in the Board. Currently the board consist of four members (one female and three male) and thereby 25% is realized. The KPI exists to ensure that the board is composed of competent and diverse individuals who can ensure that the business is overseen properly, move for- ward on a continuous basis, and comply with internal policies. Furthermore, the KPI also illustrates our ability to attract the right candidates and deliver the high degree of variation of competen- cies that a young company require. The board is used actively as sparring partners, both at board meetings and outside the meetings. The board meets on a regular and pre-arranged schedule, according to the yearly process in GreenMobility. Additional ad hoc meetings can be called for as a natural consequence of our growth plans and close cooperation with the board. During 2024, the board held a total of 8 meetings, with a total attendance of 100%. Accounting policy The numbers in this table are accounted for by the minutes-taker at every board meeting during the year. This individ- ual oversees collecting data and ensures that the data is consistent. 3.2. Management body composition and the underrepresented gender Composition of the management body: 3.3. Nationality The Board currently consists of four Danish nationals. 3.4. Cyber security and data systems We take data ethics very seriously and this is how we comply with the Danish Company Act, section 99d. Our Data Ethics Policy is available https:// www.greenmobility.com/investors/ governance/governance-documents/. GreenMobility is driven by technology as a key driver in the sharing economy. Thus, it is an essential KPI for us to meas- ure on, as the company’s platform has multiple interfaces, including an app, which the customers use for all inter- action with our fleet of electric shared vehicles. On the backend side, all sys- tems are cloud-based, which means we do not store data locally and which significantly reduce risk of security breaches. All payment data between GreenMobility and the customer is han- dled in an encrypted form, unavailable for our employees, thereby protecting our customers’ credit card information. Across all systems, a two-factor sign-in security has been implemented on all internal systems. The fleet of electric vehicles are continuously tracked for security purposes and cannot be acti- vated without our app and a verified customer profile, as activation of the vehicle requires authentication from GreenMobility’s system. Female Male Total Board of Directors 1 3 4 Executive Management 0 1 1 Management 1 5 6 Total 2 9 11 NOTES ON THE ESG STATEMENT As part of its ongoing recruiting and planning, the company’s goal for the underrepresented gender in the Board For the Executive Management, the goal on short term is 0%, as the Executive Management has been reduced to one person as of January 2024. For the second management level, the goal is to have 20-40% representation to be achieved within the next two years. This will however depend on actual recruit- ing needs and the continued size of this group. For more information on our GreenMobility I To index 16 OUR SUSTAINABILITY FOCUS ENVIRONMENT GOVERNANCE Avoiding carbon emissions Promoting green charging Safer driving Private car reduction Promotegreenandexible transportation Permanently change mobility patterns in urban areas Employee retention rate Public policies Board composition Supplier due diligence Track 2. Responsible business conduct Track 1. Adapting to the green transition SOCIAL We have coupled the material issues with our sustainability agenda under two headlines: ‘Track 1. Adapting to the green transition’ and ‘Track 2. Responsible and ethical business con- duct and practice’. Based on our materiality assessment (Responsible consumption and pro- as the goals providing us with the best opportunities to impact the green tran- sition and society the most. GreenMobility I To index 17 Material issue Sustainability Agenda Business strategy Goal and Indicators/ Impact on the SDGs Reduction of transportation Promote green and flexible transportation Based on our fundamental business purpose, we facil- itate a change in behavior, to help people move away from private polluting cars and into sustainable and shared solutions. Over time, we see an increased use of our service. SDG 17 Goal 17.16 - Indicator 17.16.1 Goal 17.17 - Indicator 17.17.1 SDG 11 Goal 11.3 - Indicator 11.3.2 Goal 11.6 - Indicator 11.6.2 possibility of alternative sustainable transportation. mobility patterns (change readiness) Permanently change mobility patterns in urban areas urban transportation viable in the future. Traffic density and the derived health threatening air pollution require appealing shared mobility options, leading to a reduction in private car ownership and a higher usage of each car in urban areas, resulting in a better traffic flow and reduced parking load. We provide affordable, accessible, and flexible on-de - mand carsharing, supported by a 24-hour service at hand and designated hotspots to optimize parking for our customers. SDG 7 Goal 7.2 - Indicator 7.2.1 SDG 8 Goal 8.4 - Indicator 8.4.1 SDG 11 Goal 11.3 - Indicator 11.3.2 Goal 11.6 - Indicator 11.6.2 Goal 11.a - Indicator 11.a.1 11 by taking part in changing the current urban mobility patterns. Infrastructure for urban transportation Promoting green charging For GreenMobility, it is essential for our social license to operate that we charge our electric vehicles with renewable energy sources, to the extent possible. By actively pursuing and engaging with our charging pro- viders about extending the charging grid, we take part in pushing the electric vehicle agenda and proving the con- venience of electric vehicles to all our customers. SDG 7 Goal 7.2 - Indicator 7.2.1 SDG 11 Goal 11.6 - Indicator 11.6.2 by partaking in extending the demand for a better charging grid and the convenience of electric vehicles. Track 1. Adapting to the green transition GreenMobility I To index 18 Track 1. Adapting to the green transition (continued) Material issue Sustainability Agenda Business strategy Goal and Indicators/ Impact on the SDGs Reducing non-renewable energy Avoiding carbon emissions With our fleet of electric vehicles, we strive to reduce emis- sions by substituting ICE vehicles, as well as charging based on renewable energy. SDG 11 Goal 11.6 - Indicator 11.6.2 the impact of urban transportation. Car ownership Private car reduction By offering an easy, accessible, and affordable carsharing solution, we seek to encourage urbanities to give up their own car. With the introduction of vans, our fleet facilitates even more practical choices for urbanites, reducing the need for owning a car. We will continuously adapt our fleet to new and/or more diverse shared mobility demand on types of cars. SDG 12 Goal 12.2 - Indicator 12.2.1 Goal 12.5 - Indicator 12.5.1 SDG 9 Goal: 9.4 - Indicator 9.4.1 incentives to buy your own car. Safer driving In general, car vandalism incidences have surged in recent years. With our effort to increase awareness on responsible driving, we strive to prevent our cars from being used in reckless manners. Actions include introduction of a customer clearing rating system and follow up on incidents stemming from damages made on the car. In the event of reckless driv- ing, or even repeated incidents, by a registered user, we may decide to terminate the user account. SDG 3 Goal 3.6 - Indicator 3.6.1 By increasing awareness and information, we strive to reduce car vandalism incidences and avoid reckless driving in our cars. GreenMobility I To index 19 Material issue Sustainability Agenda Business strategy Goals and Indicators / Impact on the SDGs Employee retention and satisfaction Employee retention rate We aspire for satisfied and healthy employees with a high level of integrity and work ethics, as well as being open and considerate to both colleagues and society, ensuring equity among all genders. SDG 5 Goal 5.5 - Indicator 5.5.2 SDG 8 Goal 8.8 - Indicator 8.8.2 on-going basis to continuously improve our equality in the workforce, as well as the best conditions for decent work and economic growth. Responsible suppliers Supplier Due Diligence Global Compact’s 10 principles, which must be signed by our main suppliers. Compact principles and to support and actively work the risk, we are always very attentive when new suppliers are achieved. SDG 12 Goal 12.2 - Indicator 12.2.1 Goal 12.5 - Indicator 12.5.1 Goal 12.6 - Indicator 12.6.1 SDG 13 Goal 13.3 - Indicator 13.2.2 By ensuring that our suppliers have an ethical business conduct reflecting our value chain, increasing our requirements to responsible production and any related negative impact. Public Policies Improving our society We want to work closely with cities and governments as well as other public stakeholders in the markets we oper- ate in. The object is to find the best solution to improve sustainable mobility and the infrastructure it requires. We have engaged directly with cities on ideal parking solutions across cities (to promote more shared use), shared mobility signage (to help users) and how to pro- mote better changing habits for all electric vehicles. SDG 11 Goal 11.6 - Indicator 11.6.2 SDG 13 Goal 13.3 - Indicator 13.2.2 SDG 17 Goal 17.14 - Indicator 17.14.1 Track 2. Responsible business conduct GreenMobility I To index 20 Material issue Sustainability Agenda Business strategy Goals and Indicators / Impact on the SDGs Board governance Board composition The board is composed of competent individuals with various business backgrounds. They oversee the gov- ernance of the company’s compliance with its policies and continuously improve our internal processes across the company. In view of the size and scope of the company, we have chosen a more simplified board, to enable the best focus on operation and achieving short and long-term goals. SDG 17 Goal 17.14 - Indicator 17.14.1 Track 2. Responsible business conduct (continued) GreenMobility I To index 21 Human Rights Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights Human and Labour Rights Policy, cf. page 8 & 19. Link to our web: www. greenmobility.com/investors/governance Principle 2: Make sure that they are not complicit in human rights abuses Human and Labour Rights Policy, cf. page 8 & 19. Link to our web: www. greenmobility.com/investors/governance Labour Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining Human and Labour Rights Policy, cf. page 8 & 19. Link to our web: www. greenmobility.com/investors/governance Principle 4: The elimination of all forms of forced and compulsory labour Human and Labour Rights Policy, cf. page 8 & 19. Link to our web: www. greenmobility.com/investors/governance Principle 5: The effective abolition of child labour Human and Labour Rights Policy, cf. page 8 & 19. Link to our web: www. greenmobility.com/investors/governance Principle 6: The elimination of discrimination in respect of employment and occu- pation Human and Labour Rights Policy, cf. page 8 & 19. Link to our web: www. greenmobility.com/investors/governance Environment Principle 7: Businesses should support a precautionary approach to environmental challenges 8 & 18. Link to our web: www.greenmobility.com/investors/governance 8, 17 & 18. Link to our web: www.greenmobility.com/investors/gover- nance Principle 9: Encourage the development and diffusion of environmentally friendly technologies 17 & 18. Link to our web: www.greenmobility.com/investors/governance Anti Curruption Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery Anti-corruption policy and initiatives, cf. page 8 & 19. Link to our web: www.greenmobility.com/investors/governance Communication on Progress in implementing its ten princi- ples. Here is where to find information on our approach and actions in relation to each principle. GreenMobility I To index 22 GreenMobility wants to secure an open and transparent dialogue with investors. We host online and physical investor meetings and participates in conferences and seminars where appropriate. We wish to have the highest possible com- mitment and dialogue with our investors GreenMobility has an attractive share- holder benefit program. If an investor holds a minimum of 100 shares by mid January or mid June, the shareholder is entitled to 100 free minutes on a semi-an- nual basis. SHARE CAPITAL As of December 31, 2024, GreenMobility’s share capital had a nominal value of DKK 2.366.621,20 divided into 5.916.553 shares with a nominal value of DKK 0,40 each. Each share carries one vote; therefore, the shares are equal to 5.916.553 votes, all In December 2024, GreenMobility com- pleted a direct issue without pre-emptive subscription rights for GreenMobility’s existing shareholders, securing gross proceeds of DKK 15,0 million. The direct issue was completed in accord- ance with article 3.2 in GreenMobility’s articles of association pursuant to which the Board of Directors is authorized to increase the share capital without pre-emptive rights for GreenMobility’s OWNERSHIP As of 31 December 2024, GreenMobility had 4.371 registered shareholders. The following shareholders state that they own 5% or more of the company’s shares/ voting rights, at the end of 2024. existing shareholders. In the direct issue, GreenMobility issued 508.474 new shares (with a nominal value of DKK 203.389,60) for a total of 5.916.553 shares (with a nom- inal value of DKK 2.366.621,20) issued. is authorized, without pre-emptive rights for the company's existing shareholders, to increase the company's share capi- tal by up to a nominal amount of DKK 538.146,40. The increase must at least be made at market price. GreenMobility had a market value of DKK 195,2 million at the end of 2024 (end of 2023: DKK 192,7 million). The average daily trading in 2024 was DKK 84.555 (2023: DKK 148.452). SHARE PRICE SHAREHOLDER COMPOSITION (as of 31 December 2024) Landsbank, 17,7 % 20,2 % 9,1 % Larger shareholders (>10.000 shares), 16,5 % Other shareholders, 21,2 % Board & management, 0,7 % SHAREHOLDER INFORMATION Kapitalforeningen MP Invest, 9,8 % • • • Kapitalforeningen MP Invest: 9,8 % • Kapitalforeningen BankInvest, 4,9 % GreenMobility I To index 23 SHAREHOLDER INFORMATION DIVIDEND POLICY GreenMobility’s policy is that share- holders should receive a return on their investment in the form of a share price increase based on the group’s growth. CHANGE OF CONTROL GreenMobility has a part of some of its financing agreements related to its fleet change of control clauses that can be subject to exercise in the case the com- pany delists from Nasdaq Copenhagen. ANNUAL SHAREHOLDER MEETING shareholder meeting on April 22, 2025. Details on exact timing and location will be announced according to the articles of association on the company’s inves- tor website: www.greenmobility.com/ investors/ WARRANT PROGRAM The Board has established three war- rant programs, the first in 2019, the second in 2020 and the third in 2023, pursuant to the authorization from the General Meetings. The warrant programs have been established with the purpose of ensuring incentive for retaining and motivating management and employees. At the end of 2024, a total of 118.935 war- rants were outstanding for exercise and an additional 150.000 warrants can be granted in accordance with the authori- zation to grant warrants in section 4.1 in the Company's Articles of Association. The warrant program is described in more detail in note 8 to the consoli- dated financial statements. GreenMobility I To index 24 RISK FACTORS OPERATIONAL RISKS GreenMobility’s fleet is entirely electric and therefore exposed to changes in energy cost related to charging. GreenMobility’s fleet is financed by leas- ing agreements and/or asset financing agreements on reasonable commercial terms, where changes in interest rates will impact the financing conditions and thus GreenMobility’s cost levels on a monthly basis. Interest rates are still subject to uncertainty and may impact GreenMobility’s business negatively. Changes in prices of electric cars, whether new or used ones, may impact GreenMobility negatively. As GreenMo- by itself, any drop in market prices on used electric cars may have a negative An outbreak of disease or similar public health threat, such as the COVID-19 pandemic, may impact GreenMobility negatively as a result of less overall mobil- ity among GreenMobility users due to quarantine measures or strict work-from- home policies along with a decreased or entirely dissipated travel demand from airports, educational institutions, as well as decreased social and cultural activities in society. Given the changes in society as a con- sequence of increased living cost, a change in consumer behaviour where customers change their mobility prefer- ences as a consequence, may also impact GreenMobility’s business negatively. As a data-driven platform GreenMobility faces a general cyber security risk where a hacker attack on the company’s backend could potentially interrupt or damage the operational functions with immediate consequences for the customer relations, revenue etc. This threat is addressed by a vigilant oversight on our part. company’s vehicles can add additional cost to the company, as well as impacting fleet availability and brand reputation. Additional cost can be caused by confis- cation of vehicles due to reckless driving. GreenMobility continue to practice a policy of blocking certain customers that are deemed reckless drivers or in others way not suitable to drive the compa- ny’s cars and will pursue compensation from any customer violating laws or GreenMobility’s terms & conditions. We are not threatened in a substantial way by customers’ loss of ability or unwilling- ness to pay. Pre-paid minute packages contribute to secure timely payment and protect the company from losses. STRATEGIC RISKS GreenMobility is dependent of a contin- ued positive trend and response in the market of car sharing. However, we do not foresee a departure in the green agen- da’s foothold in consumers demand or with law makers and we are prepared to accommodate surges in new forms of transportation, like autonomous cars. The continued sourcing of new electric vehicles may by impacted by external factors to manufacturers production and ultimately impacting GreenMobility’s fleet needs due to delays. The market of free-floating car sharing services is characterized by rapid changes in technology, shifting user needs and frequent introduction of new services and offerings. Generally, we believe that presence of direct or indirect competitors in the market is positive as it increases the combined availability of cars and services, which is important to users. GreenMobility looks to anticipate or react to changes in the competitive environment or market terms and compete successfully to attain a leading car sharing provider position. GreenMobility I To index 25 EXECUTIVE MANAGEMENT Warrants: 40.000 Gender: Male Joined: 2023 Kasper Gjedsted Group CEO Managing director of GreenMobility I To index 26 BOARD OF DIRECTORS Born: 1971 Joined: 2020 End of term: 2025 Gender: Male Independent: Yes Warrants: 6.352 Director and owner of CEO of Chairman of the board of Board member of Chairman Audit Committee Member Tue Østergaard Born: 1965 Joined: 2019 End of term: 2025 Gender: Male Independent: Yes Warrants: 6.725 Founder and CEO of Director of Danstrup Vin Aps Chairman of the board of Copenhagen-Malmø Port A/B Board member of Nordea Invest Claus Juhl Board Member Born: 1987 Joined: 2018 End of term: 2025 Gender: Female Independent: Yes Warrants: 6.725 Chief Growth Officer at Valified Owner of Kolibri v/Levi Fenger Board member of Mie Levi Fenger Board Member Audit Committee Chair Born: 1968 Joined: 2024 End of term: 2025 Gender: Male Independent: Yes Warrants: 0 Group CIO of Chairman of the board of Nord Insuretech Group Kim Haugstrup Mikkelsen Board Member GreenMobility I To index 27 COMPANY DET AILS Company GreenMobility A/S Landgreven 3, 4. 1301 Copenhagen Business Registration No: 35521585 Registered in: Copenhagen, Denmark Date of establishment: 24.10.2013 Financial year: 01.01.2024 to 31.12.2024 Board of Directors Tue Østergaard, Chairman Mie Levi Fenger Kim Haugstrup Mikkelsen ExecutiveManagement Kasper Gjedsted Company auditors GreenMobility I To index 28 STATEMENT BY MANAGEMENT ON THE ANNUAL REPORT The Board of Directors and the Executive Management have today considered and approved the Annual Report of December 2024. The annual report is prepared in accord- ance with International Financial for listed companies. In our opinion, the Consolidated a true and fair view of the financial position of the Group and the Parent Company as of 31 December 2024 as well as of the results of the Group and Parent Company operations and cash flows for the financial year 1 January - 31 December 2024. In addition, in our opinion the Annual January - 31 December 2024 with the file name GREENMOBILITY-2024-12- 31-0-en.zip in all material aspects is Regulation. In our opinion, Management’s Review gives a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Company, of the results for the year, cash flows and of the Parent Company’s financial position, as well as a description of the key risks and uncertainties facing the Group and the Parent Company. COPENHAGEN, 20.03.2025 Board of Directors Tue Østergaard, Chairman Mie Levi Fenger Claus Schønemann Juhl Kim Haugstrup Mikkelsen Kasper Gjedsted ExecutiveManagement GreenMobility I To index 29 INDEPENDENT AUDITOR’S REPORT Opinion - which comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in including material accounting policy information, for the Group as well as for statements are prepared in accord- disclosure requirements for listed enti- ties in Denmark. - statements give a true and fair view of position at 31.12.2024, and of the results additional disclosure requirements for listed entities in Denmark. Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors. Basis for opinion We conducted our audit in accord- requirements applicable in Denmark. Our responsibilities under those stand- ards and requirements are further described in the "Auditor’s responsibil- ities for the audit of the consolidated auditor’s report. We are independent of the Group in accordance with the for Accountants’ International Code of Ethics for Professional Accountants requirements applicable in Denmark, - cal responsibilities in accordance with Code. We believe that the audit evi- and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation We were appointed auditors of We have been reappointed annually by decision of the general meeting for a total contiguous engagement period - cial year 2024. GreenMobility I To index 30 Key audit matters Key audit matters are those matters that, in our professional judgement, 31, 2024. These matters were addressed in the context of our audit of the con- and in forming our opinion thereon, and we do not provide a separate opin- ion on these matters. Continuing financing The availability of sufficient funding and the assessments of whether the Group and Parent will be able to con- tinue meeting its obligations based on the Group’s and Parent’s activity This assessment is largely based on the expectations of and the estimates made by Management. The expectations and estimates - ments such as estimated future cash in current and new operations, and Management’s ability to attract and successfully complete capital increases from credit institutions. Estimates are based on assumptions including expectations, regarding future developments in the economy procedures we performed consist of, among other things, an assessment of the assumptions made by Management - cally challenged the assumptions made with respect to growth projections and profitability initiatives, results, and the and Parent’s ability to continue meet- ing its payment obligations and its activities in the year ahead. We have considered the Group’s and Parent’s have assessed the completeness and accuracy of the disclosures in note 3. Further, we have held discussions with Management on the main terms of the - ities and any uncertainties and risks 2025, including possible alternative measures to be taken by Management. Statement on the management commentary Management is responsible for the management commentary. Our statements does not cover the man- agement commentary, and we do not express any form of assurance conclu- sion thereon. In connection with our audit of the responsibility is to read the manage- ment commentary and, in doing so, consider whether the management commentary is materially inconsist- statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the informa- tion required by relevant law and regulations. Based on the work we have performed, we conclude that the management commentary is in accordance with the has been prepared in accordance with the requirements of the relevant law and regulations. We did not identify any material misstatement of the manage- ment commentary. Management's responsibilities for the consolidated financial statements and the parent financial statements Management is responsible for the - ments that give a true and fair view additional disclosure requirements for listed entities in Denmark, and for such internal control as Management determines is necessary to enable the - ments that are free from material misstatement, whether due to fraud or error. statements, Management is responsi- ble for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consoli- Management either intends to liqui- date the Group or the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statements Our objectives are to obtain reasonable assurance about whether the consol- 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 requirements applicable in Denmark will always detect a material misstate- ment when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably decisions of users taken on the basis of INDEPENDENT AUDITOR’S REPORT GreenMobility I To index 31 related to events or conditions that may the Parent’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 con- 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 Entity to cease to con- tinue as a going concern. • Evaluate the overall presentation, struc- ture and content of the consolidated - closures in the notes, and whether the - sent 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 - mation of the entities or business units within the group as a basis for forming - statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsi- ble for our audit opinion. We communicate with those charged with governance regarding, among other As part of an audit conducted in accord- requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of mate- rial misstatement of the consolidated 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 mate- rial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenta- tions, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro- priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent’s internal control. • Evaluate the appropriateness of account- ing policies used and the reasonableness of accounting estimates and related dis- closures made by Management. • Conclude on the appropriateness of Management’s use of the going con- cern basis of accounting in preparing based on the audit evidence obtained, whether a material uncertainty exists matters, the planned scope and timing of internal control that we identify during our audit. We also provide those charged with gov- ernance with a statement that we have complied with relevant ethical require- ments regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independ- ence, and, where applicable, safeguards put in place and measures taken to elim- inate threats. From the matters communicated with those charged with governance, we determine those matters that were of current period and are therefore the key audit matters. We describe these mat- ters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse conse- quences of doing so would reasonably be expected to outweigh the public interest INDEPENDENT AUDITOR’S REPORT GreenMobility I To index 32 Copenhagen, March 20, 2025 Deloitte Statsautoriseret Revisionspartnerselskab Business Registration No 33 96 35 56 Eskild Nørregaard Jakobsen State-Authorized Public Accountant Identification No mne11681 Jens Serup State-Authorized Public Accountant Identification No mne45825 Report on compliance with the ESEF Regulation As part of our audit of the consolidated express an opinion on whether the name GREENMOBILITY-2024-12-31, is prepared, in all material respects, in compliance with the Commission requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated Management is responsible for prepar- ing an annual report that complies with includes: • The preparing of the annual report in XHTML format; • The selection and application of appropriate iXBRL tags, including the anchoring thereof to elements in the taxonomy, for financial information required to be tagged using judgement where necessary; • Ensuring consistency between iXBRL tagged data and the Consolidated human readable format; and • For such internal control as Manage- ment determines necessary to enable the preparation of an annual report that Our responsibility is to obtain reasona- ble assurance on whether the annual report is prepared, in all material Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the require- whether due to fraud or error. The pro- cedures include: • Testing whether the annual report is prepared in XHTML format; • Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • Evaluating the completeness of the iXBRL tagging of the Consolidated • Evaluating the appropriateness of the company’s use of iXBRL elements the creation of extension elements taxonomy has been identified; • Evaluating the use of anchoring of extension elements to elements in the • Reconciling the iXBRL tagged data with the audited Consolidated Financial In our opinion, the annual report of January 1 - December 31, 2024 , with the 31-0-en.zip, is prepared, in all material Regulation. INDEPENDENT AUDITOR’S REPORT GreenMobility I To index 33 CONSOLIDATED FINANCIAL STATEMENTS - GROUP 34 Consolidated income statement 35 Consolidated statement of comprehensive income 36 Consolidated balance sheet 38 Consolidated statement of changes in equity 39 Consolidated cash flow statement 41 Notes GreenMobility I To index 34 CONSOLIDATED INCOME STATEMENT DKK’000 Notes 31.12.2024 31.12.2023 Revenue 4 129.538 75.263 Other operating income 5 1.118 3.337 External expenses 6 (70.987) (45.259) Gross profit/loss 59.669 33.342 7 (23.911) (28.152) EBITDA 35.758 5.190 Amortisation & depreciation 9 (23.838) (23.679) Operating profit/loss 11.920 (18.489) Financial expense (10.599) (5.695) Profit/loss before tax 1.321 (24.184) Tax on profit/loss for the year 11 8.388 (787) Profit/loss - continuing operations 9.709 (24.971) 28 (27.033) (57.385) Profit/loss for the year (17.324) (82.356) Distribution of profit/loss (17.324) (76.659) Minority Interests 0 (5.697) (17.324) (82.356) Earnings per share Basic earnings per share – continuing operations 12 1,81 (5,58) Diluted earnings per share– continuing operations 12 1,74 (5,33) Basic earnings per share for the year 12 (3,23) (18,41) Diluted earnings per share for the year 12 (3,11) (17,59) GreenMobility I To index 35 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME DKK’000 Notes 2024 2023 Profit/loss for the year (17.324) (82.356) Items that may be reclassified subsequently to profit or loss: Other comprehensive income - Exchange rate gain/loss 0 (490) Total comprehensive income (17.324) (82.846) Distribution of comprehensive income (17.324) (77.149) Minority Interests 0 (5.697) Total comprehensive income (17.324) (82.846) GreenMobility I To index 36 CONSOLIDATED BALANCE SHEET DKK’000 Notes 31.12.2024 31.12.2023 13 809 1.795 Land and buildings 14 1.800 397 Cars incl. prepayments 15, 16 129.419 150.159 Deferred tax asset 11 8.388 0 Deposits 398 325 Non-current assets 140.814 152.676 Inventories 3.092 3.494 Trade receivables 17 10.045 9.358 Other receivables 2.452 444 Prepayments and accrued income 1.043 769 Cash at bank in hand 9.526 36.227 Assets classified as held for sale 0 2.094 Current assets 26.158 52.386 Assets 166.972 205.062 GreenMobility I To index 37 DKK’000 Notes 31.12.2024 31.12.2023 18 2.367 2.135 Retained earnings 6.638 16.632 Currency reserves (2.703) (2.703) Equity Shareholders of GreenMobility A/S 6.302 16.064 Equity Minority interest 0 (5.837) Total equity 6.302 10.227 Lease liabilities 19 44.788 80.055 Loan 20 18.145 42.082 Non-current liabilities 62.933 122.137 Lease liabilities 19 59.542 33.816 Loan 20 11.535 15.608 Trade payables 12.720 6.875 Other payables 21 13.940 13.480 Liabilities directly associated with assets classified as held for sale 0 2.919 Current liabilities 97.737 72.698 Liabilities 160.670 194.835 Equity and liabilities 166.972 205.062 CONSOLIDATED BALANCE SHEET GreenMobility I To index 38 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY DKK’000 Share capital Retained earnings Currency reserves Shareholders of GreenMobility A/S Minority interests Equity Total Equity at 01.01.2023 1.780 66.275 (2.213) 65.842 (140) 65.702 Profit/loss 0 (76.659) 0 (76.659) (5.697) (82.356) Other comprehensive income 0 0 (490) (490) 0 (490) Capital increase 355 25.874 0 26.229 0 26.229 Expenses related to capital increase 0 (992) 0 (992) 0 (992) 0 2.134 0 2.134 0 2.134 Equity at 31.12.2023 2.135 16.632 (2.703) 16.064 (5.837) 10.227 Equity at 01.01.2024 2.135 16.632 (2.703) 16.064 (5.837) 10.227 Profit/loss 0 (17.324) 0 (17.324) 0 (17.324) Other comprehensive income 0 0 0 0 0 0 Transfers 0 (5.837) 0 (5.837) 5.837 0 Capital increase 232 14.838 0 15.070 0 15.070 Expenses related to capital increase 0 (928) 0 (928) 0 (928) 0 (743) 0 (743) 0 (743) Equity at 31.12.2024 2.367 6.638 (2.703) 6.302 0 6.302 GreenMobility I To index 39 DKK’000 Notes 2024 2023 Operating profit/loss 11.920 (18.489) Amortisation & depreciation 23.838 23.679 (743) 2.134 Working capital changes 24 3.738 12.179 Other non-cash operating activities 0 (423) Cash flows from continuing operations 38.753 19.080 Cash flows from discontinued operations (21.818) (24.790) Cash flows from operating activities 16.935 (5.710) Cars acquired (4.217) 0 Cars sold 3.506 10.563 Deposits repaid 0 98 Deposits paid (73) 0 Cash flows from investing activities (784) 10.661 CONSOLIDATED CASH FLOW STATEMENT GreenMobility I To index 40 CONSOLIDATED CASH FLOW STATEMENT Financial expenses paid (10.599) (5.695) Lease repayments made, lease liabilities 24 (32.462) (31.883) Proceeds from refinancing of cars 17.007 32.010 0 0 Loan (28.010) (24.743) Proceeds from non-controlling interest 0 0 Capital increase 15.070 26.229 Expenses related to capital increase, recognised in equity (928) (992) Cash flows from financing, continuing operations (39.922) (5.074) Cash flows from financing, discontinued operations (2.930) (7.263) Cash flows from financing activities (42.852) (12.337) Increase/decrease in cash and cash equivalents (26.701) (7.386) Cash and cash equivalents at 01.01 36.227 43.613 Cash and cash equivalents at 31.12. 9.526 36.227 GreenMobility I To index 41 NOTES 1. Summary of material accounting policies The consolidated financial statements included in this Annual Report have been prepared in accordance with International Financial Reporting additional requirements of the Danish class D enterprises. The accounting policies as a whole are disclosed in Note 30. New and amended standards and interpretations that have not yet taken effect Management has assessed the impact of new or amended and revised accounting standards and interpre- 2024. It is assessed that application of amendments effective from January 1, 2024, have not had a material impact on the financial statements for 2024. Furthermore, management does not anticipate any significant impact from new or amended accounting standards not yet become effective. The Group has initiated but has not yet completed the Group’s financial statements and accompanying notes. Share-based payments The company has issued warrants to Board of Directors and Executive Board as part of the company’s incentive plans in accordance with the authorization given by the shareholders to the Board of Directors. The value of services received in exchange for warrants granted is meas- ured at fair value on the grant date using an appropriate valuation method. The fair value is recognized in profit or loss as staff costs with a corresponding entry in equity, over the period in which the service conditions are fulfilled (vest- ing period). At the initial recognition of the war- rants, the number of warrants expected the amount is adjusted for changes in the estimated number of war- rants ultimately vested. Reference is made to Note 2 regarding significant accounting judgements, estimates and assumptions. GreenMobility I To index 42 2. Judgements and estimates In relation to the practical application of the accounting policies described, Management has made material accounting estimates and assessments which may have a significant influ- ence of the Annual Report’s assets and liabilities at the balance sheet date. Management bases its estimates on historical experience and a number of assumptions which are assessed as being reasonable in the circumstances. The result thereof forms the basis of the reported carrying amounts of assets and liabilities and of the reported income and expenses which are not directly dis- closed in other documentation. Actual results realised may vary from these estimates recognised at the balance sheet date. The following accounting estimates are considered significant to the financial statements: Share based payments (estimate) The Company has issued warrants and allocated to the Board of Directors, Executive Board and other employees. The calculated fair value and subse- quent compensation expenses for the Company’s share-based compensation are subject to significant assumptions and estimates. The fair value of each warrant granted during the year is calculated using pricing model requires the input of sub- jective assumptions. The key assumptions used for determin - ing the fair value of these are: NOTES 3. Going concern GreenMobility continued its growth in 2024 and realized a revenue growth of 72% for a total of DKK 129,5 million for the continuing operations. As announced on 12 March 2024 (see company announcement 146), GreenMobility decided to close or divest its market in Belgium to focus on its core market in Denmark. The background was to ensure that GreenMobility could become a profitable business in 2024. In addition, we intended to show the market that the green transition can become profitable within shared mobil- ity, and our ambition was to become the first European electric vehicle oper- ator to do so. We achieved both targets in 2024 in continuing markets. In December 2024, GreenMobility suc- cessfully raised DKK 15,0 million in a private placement with support from its main shareholders. The purpose of the capital increase was to supports Expected volatility • Expected future dividend yield per share • Expected life of warrants • Annual risk-free interest rate The expected volatility is based on the historic volatility of the Company’s share over a period similar to the life of the warrants is indicative of future trends, which may not necessarily be the actual outcome. The market share-price at the time of grant has been determined as the share price at the valuation date. The Company does not expect to pay dividend in the foreseeable future. The expected life of warrants is based on vesting terms, expected rate of exercise and life terms in the warrant programs. For details on exercise prices, volatility & fair value estimates, see note 8. Estimates related to cars In connection with recognition of leased cars, Management makes an assessment of the lease term, including assessing the expected useful lives and residual values. The leased cars include purchase obligations at the expiry of the lease term. The purchase obliga- tions are considered equivalent to the fair value of the cars. Furthermore, Management consider the need for write down of recognized assets at the balance sheet date for impairment based on an estimates of the value of the assets which is the higher of fair value net of selling costs and value in use. In respect of leased cars Management has assessed the values of the cars based on observable asking prices of cars. As the fair value net of selling costs does not involve any indication of impair- ment, the Company has not estimated the value in use. Based on this assess- ment, a detailed impairment review of the carrying amount of recognized cars has not been carried out. For further information on cars, see notes 15 and 16. the company’s strategy of continued investment in the Danish market. No operational credit facilities were in place or needed as of 31 December 2024. 30% of the current leasing contracts expire late 2025. We have received confirmation from existing financing partners of the possibility to extend the leasing period and hence we do not expect to need additional cash resources in this matter. The company cash resources are consid- ered sufficient to bring GreenMobility to the guided result. We will diligently work with our cash management, our working capital and in addition focus on structurally bringing down our overall cost base, among other leasing matters considerably change we will consider establishing credit facilities. We have obtained commitment from financing partners and investors to provide additional financing should the need arise within the next twelve months. Based on this, the Management con- siders the company’s cash resources, to be sufficient to ensure its future oper- ations at least one year ahead so as to present the financial statements on a going concern basis. GreenMobility I To index 43 DKK’000 2024 2023Revenue from rental of cars 129.538 75.263Denmark 129.538 75.263129.538 75.263 4. Segmentation The reporting of operating segments is in accord- ance with the internal reporting to the Executive accordance with the Group’s accounting policies and the internal financial reporting framework. DKK’0002024 2023Non-recurring operating grants 1.118 3.337 5. Other operating income DKK’0002024 2023Operating expenses of cars 59.171 37.432 3.086 3.336Costs of premises 845 580Administrative expenses 7.885 3.91170.987 45.259 6. External expenses NOTES Operating expenses of cars has increased due to increased charging and insurance cost as well as over- all operation related to a significantly higher fleet size in the markets of the continuing business. Administrative expenses have increased significantly mainly due to more cost related to legal, external consultants and software licenses. GreenMobility I To index 44 7. Staff costs DKK’000 2024 2023 23.392 24.338 (743) 2.134Defined contribution plans 787 1.177Other social security costs 475 50323.911 28.152FTE (incl. part-time employees converted to full-time) 55 56 2Other managementBoard of Directors Executive ManagementDKK’000 2024 2023 2024 2023 2024 2023Director’s remuneration 950 1.200 0 0 0 0Wages and salaries 0 0 1.989 3.019 4.195 3.846 0 306 0 1.403 0 482Defined contribution plans 0 0 138 162 281 230950 1.506 2.127 4.585 4.476 4.558 For purposes of motivating and retaining key staff and encouraging the achievement of common objectives for staff, management and shareholders, the Company has set up a share-based remuneration programme in the form of a share option scheme for members of the Executive Board, other management employees.The scheme which may be used only to purchase the shares in question (equity-settled share-based payment arrangement) entitles staff members to purchase a number of shares at a previously set price. For further information on share-based payment, please refer to note 8. The warrant programs vest over 2-3 years, however share-based payment cost is recognized according to IFRS 2 and rules applying to graded vesting. This implies that the cost of the warrant programs are recognized over the vesting time. This does not reflect the remuneration paid out in 2024. NOTES In 2023 the executive management consisted of 2 members. Other management group was extended by 1 during the year, for a total of 6. GreenMobility I To index 45 Warrants employees can only opt to buy shares in the Company (warrants) are measured at the equity instruments’ fair value at the grant date and recognized in the income statement over the vesting period. The balancing item is recognized directly in equity. The fair value on the date of grant model. 8.Share-based payment The Board of Directors has been granting and selected employees of the Company and its subsidiaries. The warrants are granted at DKK 0 in accordance with the authorizations given to the Board of Directors by the shareholders. The Board of Directors has fixed the terms of and the size of the grants of warrants, taking into account authorizations from the shareholders, the Group’s guidelines for incentive pay, an assessment of expectations of - as the need to motivate and retain the recipient. Grant takes place on the date of establishment of the program. Exercise of warrants is by default subject to continuing employment with the Group. The warrants granted are subject to the provisions of the Danish Public Companies Act regarding termination of employees prior to their exercise of warrants in the case of recipients who are subject to the act. NOTES Outstanding Outstanding Can be exercised Average exercise price Warrant overview - 2024Additions Exercised Forfeitedas of 01.01as of 31.12as of 31.12(outstanding warrants)General Warrant Program 2019 36.846 0 0 (36.846) 0 0 0Extraordinary Warrant Program 2020 70.302 0 (69.917) 0 385 385 1,00General Warrant Program 2020 16.550 0 0 0 16.550 16.550 91,87Warrant Program 2023 102.000 0 0 0 102.000 89.444 58,06225.698 0 (69.917) (36.846) 118.935 106.379 62,58Warrant overview - 2023General Warrant Program 2019 37.202 0 0 (356) 36.846 36.846 93,83Extraordinary Warrant Program 2020 70.687 0 0 (385) 70.302 70.302 1,00General Warrant Program 2020 16.902 0 0 (352) 16.550 16.550 91,87Warrant Program 2023 0 112.000 0 (10.000) 102.000 77.000 58,06124.791 112.000 0 (11.093) 225.698 200.698 48,61 GreenMobility I To index 46 8.Share-based payment (continued) Outstanding Outstanding Warrant overview - 2024Additions Exercised Annulled Transferredas of 01.01as of 31.12Board of Directors 22.538 0 0 (7.482) 0 15.056Executive Management 112.079 0 0 0 (72.079) 40.000Other Management 24.837 0 0 (29) (24.423) 385Other employees 4.601 0 0 0 (4.601) 0Resigned employees 61.643 0 (69.917) (29.335) 101.103 63.494Total 225.698 0 (69.917) (36.846) 0 118.935Weighted average exercise price (outstanding warrants) 62,58Number of warrants which can be exercised as of December 31, 2024 106.379at a weighted average exercise price of DKK 63,11Outstanding Outstanding Warrant overview - 2023Additions Exercised Annulled Transferredas of 01.01as of 31.12Board of Directors 10.538 12.000 0 0 0 22.538Executive Management 42.079 70.000 0 0 0 112.079Other Management 5.222 30.000 0 (10.385) 0 24.837Other employees 5.309 0 0 (708) 0 4.601Resigned employees 61.643 0 0 0 0 61.643Total 124.791 112.000 0 (11.093) 0 225.698 Weighted average exercise price (outstanding warrants) 48,61 Number of warrants which can be exercised as of December 31, 2023 200.698 at a weighted average exercise price of DKK 47,43 NOTES GreenMobility I To index 47 General Extraordinary Warrant General Warrant General Warrant Warrant Program Program Program 2020Program 202320202019Average share price 96,00 99,50 99,50 59,60Average exercise price at 93,83 1,00 91,87 58,06grantExpected volatility rate 33,4% 37% 37% 50%Expected life (years) 5 4 4 5Expected dividend per 0 0 0 0shareRisk-free interest rate p.a. 0 0 0 3% Specification of parameters for Black-Scholes model 8.Share-based payment (continued) General Warrant Program 2019 Warrants can be exercised in the period from 12 December 2021 until 11 December 2024. Extraordinary Warrant Program 2020 Warrants can be exercised in the period General Warrant Program 2020 Warrants can be exercised in the period General Warrant Program 2023 Warrants can be exercised in the period from 23 March 2023 until 21 March 2028. For all programs, only vested warrants can be exercised. Within the Exercise Period, vested warrants may be exercised four times a year in a 3 (three) weeks' utilization window beginning at the time of publication of the Company's annual report, respectively interim reports (3, Warrantexerciseperiods: • • NOTES • • GreenMobility I To index 48 9. Amortisation and depreciation DKK’000 2024 2023Depreciation of cars 21.986 21.342Depreciation of land and buildings 866 1.348Amortisation of software 986 989Amortisation and depreciation 23.838 23.679 10. Financial expenses DKK’000 2024 2023Financial expenses regarding finance leases 5.772 2.472Financial expenses regarding loan 3.828 2.712Other financial expenses 999 499Guarantee commission to related parties 0 12Interest expenses for financial liabilities 10.599 5.695measured at amortized cost NOTES GreenMobility I To index 49 11. Tax on profit/ loss for the year, continued business DKK’000 2024 2023Current tax including adjustments from prior years 0 (787)Change in deferred tax 8.388 0Tax recognised in profit/loss 8.388 (787)Tax computed on profit/loss before tax, 22% 290 (10.797)Tax effect of non-deductible items (723) 2.729Recognition of deferred tax asset (related to tax losses carried forward) 8.821 7.281Tax recognised in profit/loss 8.388 (787)Effective tax rate (%) (635,0) (1,8) NOTES GreenMobility I To index 50 Deferred tax is incumbent on the following items: DKK’000 2024 2023Intangible assets (178) (395)Assets held under finance leases 1.900 4.186Tax deductible losses 70.627 66.92872.349 70.719Deferred tax asset not recognised (63.961) (70.719)Carrying amount 8.388 0 As GreenMobility has reached profitabil- ity in 2024 on the continuing operations, Management has assessed that future taxable profits are likely and meet the Measurement of deferred tax assets on tax losses are subject to management judgement and are recognised in the balance sheet at the estimated realis- able value. 11. Tax on profit/ loss for the year continued business (continued) NOTES GreenMobility I To index 51 12. Earnings per share DKK’000 2024 2023Profit/loss – continuing operations 9.709 (24.971)Profit/loss for the year (17.324) (82.356)Number of shares at DKK 0.4 each 5.916.553 5.338.163Average number of shares 5.365.298 4.473.394Basic earnings per share – continuing operations 1,81 (5,58)Diluted earnings per share – continuing operations * 1,74 (5,33)Basic earnings per share for the year (3,23) (18,41)Diluted earnings per share for the year * (3,11) (17,59) 13. Software DKK’000 2024 2023Cost at 01.01. 5.108 5.108Additions 0 0Disposals 0 0Cost at 31.12. 5.108 5.108Amortisation and impairment losses at 01.01. (3.313) (2.324)Amortisation for the year (986) (989)Reversal regarding disposals 0 0Amortisation and impairment losses at 31.12. (4.299) (3.313)Carrying amount at 31.12. 809 1.795 NOTES * Calculation of diluted earnings is based on 5.564.525 shares GreenMobility I To index 52 14. Land and buildings (right-of-use assets) DKK’000 2024 2023Cost at 01.01. 4.736 7.522Additions 2.311 190Disposals (4.736) (2.976)Cost at 31.12. 2.311 4.736Depreciation at 01.01. (4.339) (5.256)Depreciation for the year (866) (1.348)Reversal regarding disposals 4.694 2.265Depreciation at 31.12. (511) (4.339)Carrying amount at 31.12. 1.800 397 The carrying amount of land and buildings solely comprises assets held under leases. NOTES GreenMobility I To index 53 15. Cars (right-of-use assets) DKK’000 2024 2023Cost at 01.01. 176.977 196.168Additions 23.057 17.625Disposals (18.428) (36.816)Cost at 31.12. 181.606 176.977Depreciation at 01.01. (82.530) (72.999)Depreciation for the year, continuing operations (14.628) (22.990)Depreciation for the year, discontinued operations (2.741) (7.451)Reversal regarding disposals 12.185 20.910Depreciation at 31.12. (87.714) (82.530)Carrying amount at 31.12. 93.892 94.447 The carrying amount of cars solely comprises assets held under leases. Assets held under leases are owned by the leasing companies and therefore cannot be provided as security for the Company's com- mitments or new debt For cars owned by the Group, please refer to note 16. NOTES GreenMobility I To index 54 16. Cars (own cars) DKK’000 2024 2023Cost at 01.01. 69.433 91.187Additions 0 54.657Disposals (25.061) (76.411)Cost at 31.12. 44.372 69.433Depreciation and impairment losses at 01.01. (13.721) (7.251)Depreciation for the year, continuing operations (7.358) (7.945)Depreciation for the year, discontinued operations (369) (6.795)Reversal regarding disposals 12.603 8.270Depreciation and impairment losses at 31.12. (8.845) (13.721)Carrying amount at 31.12. 35.527 55.712 The carrying amount comprises assets owned by the Group. NOTES * For information on the financing of owned cars see note 20 GreenMobility I To index 55 BetweenBetween20242023 More thanNot due1 and 3031 andDKK'000DKK’000 60 daysdays60 daysTotalTotalGross receivables 4.062 1.102 375 16.861 22.400 36.630Provisions for bad and0 0 (76) (12.279) (12.355) (27.272)doubtful debtsNet receivables 4.062 1.102 299 4.582 10.045 9.358 17. Trade receivables 2023 Age analysis DKK’000 2024 2023Provisions account at 01.01. 27.272 8.378Change in provision (net) (14.917) 18.894Provisions account at 31.12. 12.355 27.272 The Gross Receivables can, for the significant part, be attributed to outstanding damage claims. The expected credit losses on trade receiv- ables are estimated using a provision matrix and assessment of individual debtors. Approximately 55% of receiv- ables ex. VAT above 60 days is offset in the allowance for loss. Historical experience has indicated that a certain part of the outstanding debt is paid through collection agencies. Receivables from 1-60 days are consid- ered with a small credit risk and offset accordingly. Receivables that are not past due are predominantly deemed to have a high credit quality, thus no allowance for loss is offset for these receivables. A provision of 70% is made on receiv- ables regarding damage to cars due to the highere credit risk on these customers. The Group’s customers are typically individual persons with a limited out- standing debt why the customers are generally not credit rated. With NOTES * Totals presented as historically accumulated. GreenMobility I To index 56 18. Share capital The share capital consists of 5.916.553 shares at DKK 0,4. The shares are not divided into classes. Change in share capital since the establishment of the Company: DKK'000Establishment, registered on 24.10.2013 (private limited company) 80Capital increase, registered on 11.03.2016 as part of the conversion into a public limited company 420Capital increase, registered on 16.06.2017 as part of the Company’s admission for listing on Nasdaq First North 167Capital increase, registered on 25.03.2019 147Capital increase, registered on 15.11.2019 141Capital increase, registered on 19.10.2020 224Capital increase, registered on 29.09.2021 589Capital increase, registered on 09.05.2022 and on 26.09.2022 12Capital increase, registered on 14.12.2023 355Capital increase, registered on 05.06.2024 14Capital increase, registered on 19.11.2024 14Capital increase, registered on 14.12.2024 204Share capital at 31.12.2024 2.367 NOTES GreenMobility I To index 57 19. Lease liabilities Lease payments Nominal amount DKK’000 31.12.2024 31.12.2023Within one year from the 63.304 35.387balance sheet dateBetween one and five years 48.355 83.773from the balance sheet dateAfter more than five years 0 0from the balance sheet date111.659 119.160Discounting premium to be recognised (7.329) (5.289)in future as an expensePresent value of lease payments 104.330 113.871Current liabilities 59.542 33.816Non-current liabilities 44.788 80.055104.330 113.871 The Company leases cars through finance lease agreements. The lease periods vary from three to four years, after which a residual value has been agreed, that is guaranteed by the Company, and the Company has an option to buy the cars at the resid- ual value. All lease agreements follow a fixed repayment profile, and no agreements contain provisions about contingent lease payments. The lease agreements are non-cancellable over the agreed lease periods but may be prolonged on renewed terms. The Company has an obligation to take over the cars as the lease term ends, why the lease liabilities and assets cf. note 15 and 16 include the residual value. The Company has entered into a lease agreement on the office premises. This agreement was non-cancellable until 31.05.2024, after which it may be terminated at six months’ notice. The lease agreement follows a fixed repayment profile that is subject to indexation, and it does not contain any provisions about contingent lease pay- ments. The annual lease payment is DKK 666 thousand. exclusive of VAT. NOTES The Company has entered into a lease agreement on the work- shop premises as of 01.03.2024. This agreement is non-cancella- ble until 01.03.2027, after which it may be terminated at six months’ notice. The lease agreement fol- lows a fixed repayment profile that is subject to indexation, and it does not contain any provisions about contingent lease payments. The annual lease payment is DKK 609 thousand. exclusive of VAT. The increase in the portion of the lease liability falling due in less than one year is due to a signifi- cant amount of existing contracts ending in 2025. However, we are negotiating new terms to prolong the contracts since the cars are in still in good condition. Thus we do not expect to have to find an exter- nal buyer or purchase these cars ourselves in 2025. The guaranteed residual value of these contracts amount to DKK 38,3 million. GreenMobility I To index 58 20. Loans Loan from EIFO a loan agreement with EIFO (at that time called the Danish Green Investment Fund) for financing of the company’s electric Germany. In 2024, GreenMobility moved all cars financed under this agreement to Denmark. The loan agreement is provided as a loan frame of DKK 100 million, of which GreenMobility has drawn a total of DKK 82,8 million. The last draw possibility was in June of 2023 and no further loan will be drawn on the facility. GreenMobility has repaid DKK 24,8 million in 2024 on the loan, resulting in a loan bal- ance of DKK 26,2 million as of 31 December 2024. The loan is repaid over a 5-year period, respectively from each tranche beginning, and as such on a profile corresponding to the depreciation model of the cars. In 2024, a first ranking pledge on the financed cars has been granted to EIFO. The pledged cars have a book value of DKK 30,2 million. The interest rate on the loan is variable and a 1%-point change in the interest rate will impact interest cost by approximately DKK 260 thousand. During the loan period, GreenMobility must ensure sufficient liquidity for debt service for the following 9 months, meas- ured on a quarterly basis. Additionally ensure that the loan value does not exceed 74% of the asset value. As of 31 December 2024, no covenants have been breached. Loan from NEFCO In June 2022, GreenMobility entered a loan agreement with NEFCO, for partly financ- ing of its electric fleet in Finland. The loan agreement provides GreenMobility with a loan of € 1 million. The loan is repaid over a 6-year period, with the first year being without repay- ments. Therefore, the first repayment was made in 2023, and the loan balance as of 31 December 2024 is € 0,4 million. In 2024, GreenMobility moved all cars financed under this agreement to Denmark and a first ranking pledge on the financed cars has been granted to NEFCO. The pledged cars have a book value of DKK 3,9 million. The interest rate on the loan is variable and a 1%-point change in the interest rate will impact interest cost by approximately DKK 35 thousand. The loan carries similar covenants as the loan from The Danish Green Investment Fund and similarly no covenants have been broken as of 31 December 2024. NOTES GreenMobility I To index 59 21. Other payables DKK’000 2024 2023575 1.693social security costs, etc payableHoliday pay obligations538449Other expenses payable 12.827 11.33813.940 13.480 23. Recourse guarantee commitments, contingent liabilities and contractual obligations The Company has entered into long- term agreements with two major IT providers to support the software solution of the platform. The contracts can be terminated 6 or 12 months in advance, respectively. The Company’s liabilities at the end of December 2024 total DKK 5,514 thousand (2023: DKK 6,857 thousand). GreenMobility has provided an on-de- mand guarantee of DKK 991k to for any balances between GreenMobility and Københavns Lufthavne pursu- ant to a cooperation agreement on car rental service. The guarantee is non-cancellable by GreenMobility. The agreement may be terminated at six months’ notice, equivalent to an amount of DKK 930 thousand (2023: DKK 930 thousand). GreenMobility has entered into a com- mercial lease agreement with Jeudan about premises at Landgreven. The lease may be terminated at six months’ notice, equivalent to an amount of DKK 666 thousand (2023: DKK 603 thousand). Refer also to note 19 on contingent liabilities regarding lease liabilities. As mentioned in company announce- ment 151 on 21 May 2024, the minority shareholders of GreenMobility NV made a minority claim towards the parent entity. It is the firm belief of completely unfounded. The case is being handled with legal assistance in Belgium and based on the infor- mation gathered since company announcement 151 on 21 May 2024, the management and Board of Directors in - tion that the claim remains completely unfounded. DKK’000 2024 2023 571 483 75 71Tax related services related to VAT 0 8Other services Comprised of warrants, reporting standards & subsidiaries 18 30Total fee to statutory auditors 664 592 22. Fee to statutory auditors NOTES GreenMobility I To index 60 24. Cash flows DKK’000 2024 2023Change in receivables, inventory,(2.567) 10.304prepayments and accrued incomeChange in trade payables, other 6.305 1.875payables etcWorking capital changes 3.738 12.179Lease liabilities at 01.01. 113.871 118.971Lease payments made for the year (32.462) (31.883)Interest charged for the year on lease liabilities 5.772 4.414Adjustment of other non-cash items, including:New lease liabilities incurred and settlement of lease liabilities 17.149 22.369Lease liabilities at 31.12. 104.330 113.871 NOTES GreenMobility I To index 61 25. Related parties Other Related Parties Name Registered in Basis of influence HC Andersen Capital Holding Aps Hellerup, Denmark Tue Østergaard, Chairman of the Board NOTES Transactions between related parties and GreenMobility A/S DKK’000 2024 2023 Other related parties 2.082 1.079 - ties comprise administrative services and consultancy. They are acquired at normal selling prices as well and all arrangements have been made on an arm’s length basis. - ports the Company with consultancy services related to capital market and capital increase. Please refer to Note 7 and 8 for informa- tion about remuneration to the Board of Directors, the Executive Board and other management employees. 26. Ownership and group structure The Company has registered the follow- ing shareholders as holding more than 5% of the voting rights or more than 5% of the nominal value of share capital as of 31 December 2024: • AL BANK, Reg. No 31467012. Ownership 17,7% • • • Kapitalforeningen MP Invest, Reg. No 28386540. Ownership 9,8% GreenMobility I To index 62 27. Financial risks and financial instruments Categories of financial instruments DKK’000 2024 2023Deposits 398 325Trade receivables 10.045 9.358Other receivables 2.452 444Receivables from other related parties 0 0Cash 9.526 46.354Financial assets measured at amortised cost 22.421 48.377Lease liabilities 104.330 113.871Trade payables 12.720 6.875Payables to other related parties 51 51Other payables 13.889 13.429Loans 29.680 57.690Financial liabilities measured at amortised cost 160.670 191.916 NOTES GreenMobility I To index 63 27. Financial risks and financial instruments (continued) For all of the Company’s assets and liabilities, their carrying amount is con- sidered to be an approximation of the fair value as they are either current or applicable to leases incepted shortly before the balance sheet date, for which reason there has not been any signifi- cant changes in the market rate since their inception. The Group has no financial instruments measured at fair value. Because of its activities and invest- ments, the Group is exposed to various financial risks, including credit risks. The Group pursues a policy of operating with a low risk profile so that currency risks, interest rate risks and credit risks only arise from commercial affairs and conditions. It is the Company’s policy not to conduct active speculation in financial risks. With the current Group structure, the company is only exposed Relevant circumstances regarding the Group’s risk management are described below. Interest rate risks The Group has cash deposited with its banks at market terms. The Group is exposed to increased interest rates which would impact the Groups leasing and loan agreements. An increase in the interest rate by 1% on lease liabilities would have an effect of estimated DKK 1 million on finance expenses of the group on a yearly basis. A part of the Group’s leasing agreement is on fixed interest rates but more than half of the Group’s interest-bearing debt is on variable interest rates. Liquidity risks The Group ensures sufficient cash resources in managing its liquidity. The Group’s cash resources are com- posed as follows: DKK’000 2024 2023Cash 9.526 36.227Total 9.526 36.227 Credit risks The Group’s primary credit risk is related to trade receivables. The Group is not exposed to major risks from any single customer or business partner. However, in cases of total damages and/or reck- less driving (causing confiscation of the car), the Group would incur a risk of the loss towards its customer to the extent the issue is not covered by the sustained any major losses (defined as more than DKK 0,5 million) on receiv- ables, and the risk of such losses on total receivables at 31.12.2024 is deemed acceptable. For further details, refer to Note 19 To reduce the Group’s counter party risks, deposits are only made with rep- utable banks. Capital structure Management regularly assesses whether the Group’s capital structure is consistent with the interests of the Group and its shareholders. The general objective is to ensure a capital struc- ture that supports long-term economic growth as well as maximizes returns for the Group’s shareholders. The Group has subsequently raised capital through five capital increases in 2019, 2020, 2021, 2023 and 2024 since its original listing in 2017. The Group’s capital structure is com- posed of equity (including share capital and retained earnings) for its operation and a combination of leasing and loans to finance its fleet of electric cars. For further details, please refer to Note 3 "Going Concern". NOTES GreenMobility I To index 64 29. Events after the balance sheet date 28. Discontinued operations Following the Company Announcement 146 from 12 March 2024, GreenMobility has decided to close or sell its operations in Belgium with the intention to focus all resources on the Danish market. In 2023 GreenMobility announced the closing of and The Netherlands and thus all markets outside Denmark are treated as discontinued, as specified here. The 2023 figures have been restated to include the results for Belgium, which was treated as continuing oper- ations in 2024. The cars and associated liabilities in the discontinued operations has been transferred to the con- tinued operations. Depreciations and impairment of intangible assets include a write-down of the trademarks of Fetch Mobility of DKK 5 million in 2023. 2024 2023Revenue 5.791 38.569Other operating income 75 161External expenses (22.782) (46.035) (4.077) (13.465)Depreciations and impairment of intangible (3.110) (28.865)assetsOperating profit/loss (24.103) (49.635)Financial expenses (2.930) (7.263)Profit/loss before tax (27.033) (56.898)Tax on profit/loss for the year 0 (487)Profit/loss for the year from (27.033) (57.385)discontinued operationsCash flow from discontinued operations (21.818) (24.790)Cash flows from financing, discontinued (2.930) (7.263)operations No events have occurred in the period from the balance sheet date until the presentation of the financial statements that materially affect the assessment of the consolidated financial statements. NOTES GreenMobility I To index 65 30. Summary of material accounting policies The Annual Report is presented in accordance with International Financial reporting class D enterprises. The annual report has been presented in DKK. Basis of recognition and measurement Assets are recognized in the balance sheet when it is probable as a result of a prior event that future economic bene- fits will flow to the Group, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the Group has a legal or constructive obligation as a result of a prior event and it is probable that future economic benefits will flow out of the Group, and the value of the liability can be measured reliably. On initial recognition, assets and liabili- ties are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or inval- idate affairs and conditions existing at the balance sheet date are considered on recognition and measurement. Income is recognized in the income statement when earned, whereas costs are recognized by the amounts attrib- utable to the financial year. Principles of consolidation The consolidated financial statements are prepared on the basis of the finan- cial statements of the parent company and the individual subsidiaries, and these are prepared in accordance with the Group’s accounting policies and for the same accounting period. Intra-group income and expenses together with all intra-group profits, receivables and payables are eliminated on consolidation. In the preparation of the consolidated financial statements, the book value of shares in subsidiaries held by the parent company is set off against the equity of the subsidiaries. Segmentation The reporting of operating segments is in accordance with the internal report- ing to the Executive Management which constitute The Group’s chief information is prepared in accordance with the Group’s accounting policies and the internal financial reporting framework. GreenMobility has identified several operating segments which have been aggregated into reporting segment. The operating segments all share sim- ilar economic characteristics, are similar in the nature of services, the methods used to provide the services and cus- tomer base. Cash flow statement The cash flow statement is compiled according to the indirect method based in the income statement. Cash flows show how the following three activities have affected cash for the year: • Cash flows from operating activities are composed of operating profit or loss adjusted for non-cash operat- ing items, working capital changes for the year and income taxes paid or received. • Cash flows from investing activities comprise cash flows from the pur- chase and sale of intangible assets, property, plant and equipment. • Cash flows from financing activi- ties are composed of cash flows from capital increases, loans from group enterprises, and payments (repayments and interest) regard- ing leases. Cash and cash equivalents comprise cash and bank deposits. NOTES GreenMobility I To index 66 30. Summary of material accounting policies (continued) INCOME STATEMENT Revenue Revenue primarily arises from users’ car drives, and it is recognized when the drive has ended. Revenue is calculated net of VAT, duties and discounts. Subsidies and grants virtually certain that the conditions underlying the subsidies have been met and that the subsidy will be received. deducted from the cost of such asset whereas operating grants, grants for marketing activities, and government COVID-19 compensation packages are recognized as other operating income as and when the conditions have been fulfilled. Other operating income Other operating income comprises income of a secondary nature as viewed in relation to the Group’s primary activ- ities. Other operating income consists of non-recurring operating grants, gov- ernment grants, marketing grants and income not related to primary activities. External expenses External expenses comprise expenses for the operation of cars, advertising, administration, premises, bad debts, etc. The Group recognizes lease payments for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as personal computers, small items of office furniture and telephones) as external expense on a straight-line basis over the term of the lease. Staff costs social security costs, pension contri- butions, etc. for the Group’s staff. All pension plans are defined contribution plans. Share-based payments The Group has issued equity-settled warrants to Board of Directors and Executive Board as part of the Group’s incentive plans in accordance with the authorization given by the shareholders to the Board of Directors. The value of services received in exchange for warrants granted is meas- ured at fair value on the grant date using an appropriate valuation method. The fair value is recognized in profit or loss as staff costs with a corresponding entry in equity, over the period in which the service conditions are fulfilled (vest- ing period). At the initial recognition of the warrants, the number of warrants expected to be vested is estimated. for changes in the estimated number of warrants ultimately vested. Depreciation and amortisation on intangible assets and cars Intangible assets and cars includ- ing leased assets where an option to acquire the assets is expected to be exercised is depreciated over the useful life of the asset. Leased assets without an option to acquire the assets after expiry of the lease term are depreciated over the shorter of the useful life of the asset and the lease term. The expected useful lives and resid- ual value of the assets are unchanged compared to previous years and are as follows: Leasing of property, plant and equip- ment: lease term Cars: 4-5 years Software & trademarks: 3 years For leased cars the residual values are estimated at the purchase obligation price as contractually agreed with the lessor. For owned cars the residual values are estimated at the expected fair value at the end of the expected useful lives. Gains or losses arising from the disposal of items of intangible assets or cars are determined as the difference between the selling price net of selling costs and the carrying amount at the time of sale, and it is recognized in the income statement as part of amortisation and depreciations. NOTES GreenMobility I To index 67 30. Summary of material accounting policies (continued) Financial income and expenses Financial income and expenses are recognized in the income statement by the amounts attributable to this financial year. These items comprise interest income and interest expenses, realized and unrealized exchange gains and losses on liabilities and foreign cur- rency transactions. Income tax Tax on profit for the year comprises current tax on the expected taxable income for the year and adjustments for the year of deferred tax less the portion of tax for the year which con- cerns other comprehensive income and changes in equity. Current and deferred tax relating to other comprehensive income and changes in equity is rec- ognized directly in equity. BALANCE SHEET Intangible assets - mulated amortisation and impairment losses. Amortisation occurs from the time when the software is put into ser- lower of recoverable amount and car- rying amount. Property, plant and equipment Property, plant and equipment com- prise land and buildings held under leases and cars, both held under leases and directly owned, and is initially measured at cost. For assets held under leases, cost is present value of future lease payments plus lease payments made before the commencement date and direct transaction costs and less any lease incentives received. Leased assets where an option to acquire the assets is expected to be exercised is depreciated over the useful life of the asset. For directly owned assets the cost includes the costs directly attributable to the purchase of the asset, until the asset is ready to use. The basis of depre- ciation is cost less residual value. The residual value is measured under the assumption that the entity exercise an option to acquire the assets after the expiry of the lease term and is the esti- mated amount that would be earned if selling the asset today net of selling costs, if the asset is of an age and a con- dition that is expected after the end of useful life. Leased assets without an option to acquire the assets after expiry of the lease term are depreciated over the shorter of the useful life of the asset and the lease term. Depreciation methods, useful lives and residual values are reassessed annually. Property, plant and equipment are writ- ten down to the lower of recoverable amount and carrying amount, refer to the section below on impairment losses. Impairment losses on property, plant and equipment The carrying amounts of items of prop- erty, plant and equipment are tested at the balance sheet date for any indi- cation of impairment. If impaired, the recoverable amount of the asset is estimated to determine the need for any writedown for impairment and the extent thereof. The recoverable amount is calculated as the higher of the asset’s fair value net of selling costs and value in use. When the value in use is determined, esti- mated future cash flows are discounted at present value using a discount rate that reflects current market estimates of the time value of money and the par- ticular associated risks, and for which no adjustment has been made in the estimated future cash flows. If the recoverable amount of the asset is lower than the carrying amount, the carrying amount is written down to recoverable amount. Impairment losses are recognized in profit or loss. In case of any subsequent reversals of impairment losses resulting from changes in assumptions underly- ing the calculated recoverable amount, the carrying amount of the asset is increased to the adjusted recoverable amount, however, not exceeding the carrying amount which the asset would have had if no writedown for impair- ment had been made. Receivables Receivables are measured at amortized cost, usually equalling nominal value less writedowns for bad and doubtful debts. Inventory Inventories are measured at cost prices. Lifespan on spare parts is long due to use of the same car model, therefore no amortization is assumed. Prepayments and accrued income Prepayments and accrued income comprise incurred costs relating to sub- sequent financial years. Prepayments and accrued income are measured at cost. Dividends Dividend is recognized as a liability at the time of adoption at the general meeting. Dividend proposed for the financial year is disclosed as a separate item in equity. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commence- ment date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. Lease payments included in the meas- urement of the lease liability comprise: • Fixed lease payments including lease payments during periods covered by an option to extend the lease if it is rea- sonably certain that such options will be exercised less any lease incentives receivable; • Variable lease payments that depend on an index or rate, initially measured using the index or rate at the com- mencement date; • The amount expected to be payable by the lessee under residual value guar- antees; and • The exercise price of purchase options, if it is reasonably certain that such options will be exercised. NOTES GreenMobility I To index 68 The lease liability is presented as a sep- arate line in the consolidated statement of financial position. The lease liability is subsequently meas- ured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjust- ment to the related right-of-use asset) whenever: • The lease term has changed or there is a significant event or change in cir- cumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • The lease payments change due to changes in an index or rate or a change in expected payment under a guaran- teed residual value, in which cases the lease liability is remeasured by discount - ing the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease pay- ments using a revised discount rate at the effective date of the modification. The Group did not make any such adjust- ments during the periods presented. Current tax and deferred tax The current tax payable and receivable is recognized in the balance sheet as tax computed on this year’s taxable income, adjusted for prior years’ taxable income and prepaid taxes. Deferred tax is measured in accordance with the balance sheet liability method of temporary differences between the carrying amount and tax-based value of assets and liabilities. Where the computation of the tax base can be made according to alternative tax rules, deferred tax is measured on the basis of the planned use of the asset or settle- ment of the liability. Deferred tax assets, including the tax base of tax loss carryforwards, are measured by the amount at which the asset is expected to be realized either as an elimination against tax on future income or as a set-off against deferred tax liabilities. Any deferred net tax assets are measured at their net realizable value. Deferred tax is measured based on the tax regulations and tax rates that will be in effect using the laws at the bal- ance sheet date, when the deferred tax is estimated to be triggered as current tax. Changes in deferred tax resulting from changed tax rates are recognized in the income statement. Other financial liabilities Other financial liabilities are measured at amortised cost, which usually equals nominal value. Loan liabilities The loan liability related to the loan from the Danish Green Investment Fund is measured at present value, however split into short-term and long-term lia- bility. As the loan is repaid the present value will be adjusted accordingly. To the extent additional tranches of the loan is committed, then such tranches will follow a separate value calculation relative to its installment date and repayments. Any fees will be recognized as financial expenses. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in for- eign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange dif- ferences that arise between the rate at the transaction date and the rate in effect at the payment date, or the bal- ance sheet date, are recognized in the income statement as financial income or financial expenses. Key figures definition incl. minority interests divided by total assets. 30. Summary of material accounting policies (continued) NOTES GreenMobility I To index 69 FINANCIAL STATEMENTS - PARENT 70 Income statement 71 Statement of comprehensive income 72 Balance sheet 74 Statement of changes in equity 77 Note 75 Cash flow statement GreenMobility I To index 70 DKK’000 Notes 31.12.2024 31.12.2023 Revenue 2 129.828 77.146 Other operating income 3 1.126 3.337 External expenses 4 (80.122) (45.260) Gross profit/loss 50.832 35.223 5 (24.879) (28.152) Amortisation & depreciation 6 (23.756) (23.679) Operating profit/loss 2.197 (16.608) Results from investments in subsidiaries 13 (21.312) (53.571) Financial expenses 7 (11.995) (5.694) Profit/loss before tax (31.110) (75.873) Tax on profit/loss for the year 8 8.388 (786) Profit/loss (22.722) (76.659) INCOME STATEMENT GreenMobility I To index 71 STATEMENT OF COMPREHENSIVE INCOME DKK’000 Notes 2024 2023 Profit/loss for the year (22.722) (76.659) Other comprehensive income - Exchange rate gain 0 (490) Comprehensive income (22.722) (77.149) Distribution of comprehensive income (22.722) (77.149) Comprehensive income (22.722) (77.149) GreenMobility I To index 72 DKK’000 Notes 31.12.2024 31.12.2023 9 809 1.795 Intangible assets 809 1.795 Land and buildings 10 1.800 355 Cars 11, 12 129.419 77.609 Property, plant and equipment 131.219 77.964 Deposits 398 325 Deferred tax asset 8.388 0 Investments in subsidiaries 13 8 79 Receivables from group enterprises 17 0 48.819 Fixed asset investments 8.794 49.223 Non-current assets 140.822 128.982 Inventories 3.092 1.892 Trade receivables 9.967 7.080 Receivables from group enterprises 17 0 6.846 Other receivables 2.521 443 Prepayments and accrued income 943 748 Receivables 13.431 15.117 Cash at bank and in hand 9.056 33.238 Current assets 25.579 50.247 Assets 166.401 179.229 BALANCE SHEET GreenMobility I To index 73 DKK’000 Notes 31.12.2024 31.12.2023 2.367 2.135 Retained earnings 5.083 14.638 Currency reserves (709) (709) Equity 6.741 16.064 Lease liabilities 14 44.788 61.722 Loan 18.145 42.082 Provisions, subsidiaries 13 1.502 760 Non-current liabilities 64.435 104.564 Lease liabilities 14 59.542 24.343 Loan 11.535 15.608 Trade payables 10.806 5.828 Other payables 15 13.342 12.822 Current liabilities 95.225 58.601 Liabilities 159.660 163.165 Equity and liabilities 166.401 179.229 BALANCE SHEET GreenMobility I To index 74 STATEMENT OF CHANGES IN EQUITY DKK’000 Share capital Retained earnings Currency reserves Equity Total Equity at 01.01.2023 1.780 64.281 (219) 65.842 Profit/loss 0 (76.659) 0 (76.659) Other comprehensive income 0 0 (490) (490) Capital increase 355 25.874 0 26.229 Expenses related to capital increase 0 (992) 0 (992) 0 2.134 0 2.134 Equity at 31.12.2023 2.135 14.638 (709) 16.064 Equity at 01.01.2024 2.135 14.638 (709) 16.064 Profit/loss 0 (22.722) 0 (22.722) Other comprehensive income 0 0 0 0 Capital increase 232 14.838 0 15.070 Expenses related to capital increase 0 (928) 0 (928) 0 (743) 0 (743) Equity at 31.12.2024 2.367 5.083 (709) 6.741 GreenMobility I To index 75 CASH FLOW STATEMENT DKK’000 Notes 2024 2023 Operating profit/loss 2.197 (16.608) Amortisation & depreciation 23.756 23.679 (743) 2.134 Working capital changes 19 338 5.241 Interest on leasing 0 0 Other non-cash operating activities (259) (88) Cash flows from operating activities 25.289 14.358 Cars acquired (4.397) 0 Deposits repaid 0 28 Deposits paid (73) 0 Investment in subsidiaries 0 (4.738) Cash flows from investing activities (4.470) (4.710) GreenMobility I To index 76 Financial expenses paid, less interest on lease liabilities (11.995) (5.694) Lease repayments made, lease liabilities 18 (27.149) (18.802) Proceeds from refinancing of cars 8.011 32.010 Change in external loans (net) (28.010) (24.743) Capital increase 15.070 26.229 Expenses related to capital increase, recognised in equity (928) (992) Cash flows from financing activities (45.001) 8.008 Increase/decrease in cash and cash equivalents (24.182) 17.656 Cash and cash equivalents at 01.01 33.238 15.582 Cash and cash equivalents at 31.12. 9.056 33.238 CASH FLOW STATEMENT GreenMobility I To index 77 1. Summary of material accounting policies The Annual Report is presented in accordance with International Financial reporting class D enterprises. The annual report has been presented in DKK, which is also the functional currency of the Parent Company. The accounting policies are unchanged from previous year. Basis of recognition and measurement Assets are recognized in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognized in the balance sheet when the Company has a legal or constructive obligation as a result of a prior event and it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. On initial recognition, assets and liabili- ties are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or inval- idate affairs and conditions existing at the balance sheet date are considered on recognition and measurement. Income is recognized in the income statement when earned, whereas costs are recognized by the amounts attrib- utable to the financial year. Segmentation in one segment, and its management reporting does not include any other operating segments, for which reason no operating segment information is reported in the financial statements. Cash flow statement The cash flow statement is compiled according to the indirect method based in the income statement. Cash flows show how the following three activities have affected cash for the year: • Cash flows from operating activities are composed of operating profit or loss adjusted for non-cash operat- ing items, working capital changes for the year and income taxes paid. • Cash flows from investing activities comprise cash flows from the pur- chase and sale of intangible assets, property, plant and equipment. • Cash flows from financing activi- ties are composed of cash flows from capital increases, loans from group enterprises, and payments (repayments and interest) regard- ing leases. Cash and cash equivalents comprise cash and bank deposits. INCOME STATEMENT Revenue Revenue primarily arises from users’ car drives, and it is recognized when the drive has ended. Revenue is calculated net of VAT, duties and discounts. Grants Grants are recognized when it is virtually certain that the conditions underlying the grants have been met and that the grant will be received. Grants related to an asset are deducted from the cost of such asset whereas operating grants, grants for marketing activities, and government COVID-19 compensation packages are recognized as income as and when the conditions have been fulfilled. Other operating income Other operating income comprises income of a secondary nature as viewed in relation to the Company’s primary activities. Other operating income con- sists of non-recurring operating grants, government grants, marketing grants and income not related to primary activities. Other external expenses Other external expenses comprise expenses for the operation of cars, advertising, administration, premises, bad debts, etc. The Company recog- nizes lease payments for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as personal computers, small items of office furni- ture and telephones) as other external expense on a straight-line basis over the term of the lease. Staff costs social security costs, pension contribu- tions, etc. for the Company’s staff. All pension plans are defined contribution plans. Share based payments The Group has issued equity-settled warrants to Board of Directors and Executive Board as part of the Group’s incentive plans in accordance with the authorization given by the shareholders to the Board of Directors. NOTES GreenMobility I To index 78 The value of services received in exchange for warrants granted is measured at fair value on the grant date using an appro- priate valuation method. The fair value is recognized in profit or loss as staff costs with a corresponding entry in equity, over the period in which the service conditions are fulfilled (vesting period). At the initial recognition of the warrants, the number of warrants expected to be vested is estimated. for changes in the estimated number of warrants ultimately vested. Depreciation and amortisation on intangible assets and cars Intangible assets and cars including leased assets where an option to acquire the assets is expected to be exercised is depreciated over the useful life of the asset. Leased assets without an option to acquire the assets after expiry of the lease term are depreciated over the shorter of the useful life of the asset and the lease term. The expected useful lives and residual value of the assets are unchanged com- pared to previous years and are as follows: Leasing of property, plant and equip- ment: lease term Cars: 4-5 years Software & trademarks: 3 years For leased cars the residual values are estimated at the purchase obligation price as contractually agreed with the lessor. For owned cars the residual values are estimated at the expected fair value at the end of the expected useful lives. Gains or losses arising from the disposal of items of intangible assets or cars are determined as the difference between the selling price net of selling costs and the carrying amount at the time of sale, and it is recognized in the income statement as part of amortisation and depreciations. Income from investment in subsidiaries include the proportionate share of the profit for the year. Other operating expenses Other operating expenses comprise costs of a secondary nature as viewed in relation to the Company’s primary activi- ties. Other operating expenses consist of retirement of software acquired by the Company. Financial income and expenses Financial income and expenses are rec- ognized in the income statement by the amounts attributable to this finan- cial year. These items comprise interest income and interest expenses, realized and unrealized exchange gains and losses on liabilities and foreign currency transactions. Income tax Tax on profit for the year comprises cur- rent tax on the expected taxable income for the year and adjustments for the year of deferred tax less the portion of tax for the year which concerns other compre- hensive income and changes in equity. Current and deferred tax relating to other comprehensive income and changes in equity is recognized directly in equity. The danish part of the Group was until 19.10.2020 in joint taxation arrangements with its former ultimate parent com- joint taxation arrangement the Danish corporation tax was allocated between profit-making and loss-making Danish companies in ratio to their taxable income (full allocation). BALANCE SHEET Intangible assets - mulated amortisation and impairment losses. Amortisation occurs from the time when the software is put into ser- lower of recoverable amount and carry- ing amount. Property, plant, and equipment Property, plant and equipment comprise land and buildings held under leases and cars, both held under leases and directly owned, and is initially measured at cost. For assets held under leases, cost is present value of future lease payments plus lease payments made before the commencement date and direct trans- action costs and less any lease incentives received. Leased assets where an option to acquire the assets is expected to be exercised is depreciated over the useful life of the asset. For directly owned assets the cost includes the costs directly attrib- utable to the purchase of the asset, until the asset is ready to use. The basis of depreciation is cost less residual value. The residual value is measured under the assumption that the entity exercise an option to acquire the assets after the expiry of the lease term and is the esti- mated amount that would be earned if selling the asset today net of selling costs, if the asset is of an age and a condition that is expected after the end of useful life. Leased assets without an option to acquire the assets after expiry of the lease term are depreciated over the shorter of the useful life of the asset and the lease term. Depreciation methods, useful lives and residual values are reassessed annually. Property, plant and equipment are writ- ten down to the lower of recoverable amount and carrying amount, refer to the section below on impairment losses. 1. Summary of material accounting policies (continued) NOTES GreenMobility I To index 79 Impairment losses on property, plant and equipment The carrying amounts of items of prop- erty, plant and equipment are tested at the balance sheet date for any indication of impairment. If impaired, the recover- able amount of the asset is estimated to determine the need for any writedown for impairment and the extent thereof. The recoverable amount is calculated as the higher of the asset’s fair value net of selling costs and value in use. When the value in use is determined, estimated future cash flows are discounted at present value using a discount rate that reflects current market estimates of the time value of money and the particular associated risks, and for which no adjust- ment has been made in the estimated future cash flows. If the recoverable amount of the asset is lower than the carrying amount, the carrying amount is written down to recoverable amount. Impairment losses are recognized in profit or loss. In case of any subsequent reversals of impairment losses resulting from changes in assumptions underlying the calculated recoverable amount, the carrying amount of the asset is increased to the adjusted recoverable amount, however, not exceeding the carrying amount which the asset would have had if no writedown for impairment had been made. Investments in subsidiaries Investments in subsidiaries are recog- nized and measured under the equity method. in the balance sheet include the pro- portionate ownership share of the net asset value of enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with addition of any remaining value of posi- tive differences (goodwill). The total net revaluation of investments in subsidiaries and associates is trans- ferred upon distribution of profit to “Reserve for net revaluation under the The reserves is reduced by dividend dis- tributed to the Company and adjusted for other equity movements in the subsidiaries. value are recognized as DKK 0. Any legal or constructive obligation of the Company to cover the negative bal- ance of the enterprise is recognized in provisions. Receivables Receivables are measured at amortized cost, usually equalling nominal value less writedowns for bad and doubtful debts. Inventory Inventories are measured at cost prices. Lifespan on spare parts is long due to use of the same car model, therefore now amortization is assumed. Prepayments and accrued income Prepayments and accrued income comprise incurred costs relating to sub- sequent financial years. Prepayments and accrued income are measured at cost. Dividends Dividend is recognized as a liability at the time of adoption at the general meeting. Dividend proposed for the financial year is disclosed as a separate item in equity. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commence- ment date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments included in the meas- urement of the lease liability comprise: • Fixed lease payments including lease payments during periods covered by an option to extend the lease if it is rea- sonable certain that such options will be exercised less any lease incentives receivable; • Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • The amount expected to be payable by the lessee under residual value guaran- tees; and • The exercise price of purchase options, if it is reasonable certain that such options will be exercised. The lease liability is presented as a sep- arate line in the consolidated statement of financial position. The lease liability is subsequently meas- ured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: • The lease term has changed or there is a significant event or change in cir- cumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • The lease payments change due to changes in an index or rate or a change in expected payment under a guaran- teed residual value, in which cases the 1. Summary of material accounting policies (continued) NOTES GreenMobility I To index 80 lease liability is remeasured by discount- ing the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discount- ing the revised lease payments using a revised discount rate at the effective date of the modification. The Company did not make any such adjustments during the periods presented. Current tax and deferred tax The current tax payable and receivable is recognized in the balance sheet as tax computed on this year’s taxable income, adjusted for prior years’ taxable income and prepaid taxes. Deferred tax is measured in accordance with the balance sheet liability method of temporary differences between the carry- ing amount and tax-based value of assets and liabilities. Where the computation of the tax base can be made according to alternative tax rules, deferred tax is meas- ured on the basis of the planned use of the asset or settlement of the liability. Deferred tax assets, including the tax base of tax loss carryforwards, are meas- ured by the amount at which the asset is expected to be realized either as an elim- ination against tax on future income or as a set-off against deferred tax liabilities. Any deferred net tax assets are measured at their net realizable value. Deferred tax is measured based on the tax regulations and tax rates that will be in effect using the laws at the balance sheet date, when the deferred tax is estimated to be triggered as current tax. Changes in deferred tax resulting from changed tax rates are recognized in the income statement. Other financial liabilities Other financial liabilities are measured at amortised cost, which usually equals nominal value. Loan liabilities The loan liability related to the loan from the Danish Green Investment Fund is measured at present value, however split into short-term and long-term liability. As the loan is repaid in quarterly install- ments, the present value will be adjusted accordingly. To the extent additional tranches of the loan is committed, then such tranches will follow a separate value calcula- tion relative to its installment data and repayments. Any fees will be recognized as financial expenses. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other mon- etary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transac- tion date and the rate in effect at the payment date, or the balance sheet date, are recognized in the income statement as financial income or financial expenses. 1. Summary of material accounting policies (continued) NOTES GreenMobility I To index 81 NOTES DKK’000 2024 2023 Revenue from rental of cars 129.828 77.146 129.828 77.146 Denmark 129.828 77.146 129.828 77.146 2. Segmentation NOTES 3. Other operating income DKK’000 2024 2023 Non-recurring operating grants & projects 1.126 3.337 DKK’000 2024 2023 Operating expenses of cars 65.876 37.432 3.171 3.336 Costs of premises 862 579 Administrative expenses 10.213 3.913 80.122 45.260 4. External expenses GreenMobility I To index 82 5. Staff costs DKK’000 2024 2023 Wages and salaries 24.360 24.338 (743) 2.134 Defined contribution plans 787 1.177 Other social security costs 475 503 24.879 28.152 Average FTE (including part-time) 55 56 For information regarding remuneration to the Board of Directors and Executive Management, please refer to note 7 to the consolidated financial statements. 6. Amortisation, and depreciation DKK’000 2024 2023 Depreciation of cars 21.904 21.342 Depreciation of land and buildings 866 1.348 Amortisation of software 986 989 23.756 23.679 7. Financial expenses DKK’000 2024 2023 Financial expenses regarding finance leases 5.772 3.242 Financial expenses regarding finance loan 3.828 2.713 Other financial expenses 2.395 (273) Guarantee commission 0 12 Interest expenses for financial liabilities measured at amortized cost 11.995 5.694 For information regarding share-based payment, please refer to note 8 to the consolidated financial statements. NOTES GreenMobility I To index 83 8. Tax on profit/ loss for the year NOTES DKK’000 2024 2023 Current tax including adjustments from prior years 0 (786) Change in deferred tax 8.388 0 Tax recognised in profit/loss 8.388 (786) Tax computed on profit/loss before tax, 22% (5.217) (16.723) Tax effect of non-deductible items 2.901 11.420 Recognition of deferred tax asset (related to tax losses carried forward) 10.704 4.517 Tax recognised in profit/loss 8.388 (786) Effective tax rate (%) 35,4 (1,0) GreenMobility I To index 84 8. Tax on profit/ loss for the year (continued) Deferred tax is incumbent on the following items: DKK’000 2024 2023 Intangible assets (178) (395) Assets held under finance leases 1.900 4.539 Tax deductible losses 46.791 45.559 48.513 49.703 Deferred tax asset not recognised (40.125) (49.703) Carrying amount 8.388 0 Software to note 13 to the Consolidated Financial statements as the parent company covers the groups consolidated software 10. Land and buildings (right-of-use assets) For information on Land and buildings (right of use assets), please refer to note 14 to the Consolidated Financial state- ments as the parent company covers the groups consolidated Land and buildings (right of use assets). 9. Intangible assets NOTES GreenMobility I To index 85 11. Cars (right-of-use assets) The carrying amount of cars solely comprises assets held under leases. Assets held under leases cannot be provided as security for the Company’s commitments. DKK’000 2024 2023 Cost at 01.01. 16.056 2.521 Additions 41.089 27.467 Disposals (12.773) (13.932) Cost at 31.12. 44.372 16.056 Depreciation at 01.01. (3.482) (601) Depreciation for the year (7.358) (4.026) Reversal regarding disposals 1.995 1.145 Depreciation at 31.12. (8.845) (3.482) Carrying amount at 31.12. 35.527 12.574 12. Cars (own cars) NOTES DKK’000 2024 2023 Cost at 01.01. 134.671 138.216 Additions 55.141 0 Adjustments (48.303) 0 Disposals (13.765) (3.545) Cost at 31.12. 127.744 134.671 Depreciation at 01.01. (69.636) (61.563) Depreciation for the year (14.546) (17.316) Adjustments 48.303 0 Reversal regarding disposals 2.027 9.243 Depreciation at 31.12. (33.852) (69.636) Carrying amount at 31.12. 93.892 65.035 GreenMobility I To index 86 13. Investment in subsidiaries DKK’000 2024 2023 Cost at 01.01. 75.402 71.676 Additions 0 3.726 Adjustments 0 0 Disposals 0 0 Cost at 31.12. 75.402 75.402 Revaluations at 01.01. (75.323) (68.692) Net result for the year (18.714) (49.197) Amortisation of goodwill 0 (5.026) Adjustments 0 652 Exchange rate gain /loss 0 (490) Investments with negative equity value depreciated over receivables 17.901 46.670 Investments with negative equity value transferred to provi- sions (742) 760 Revaluations at 31.12. (75.394) (75.323) Carrying amount at 31.12. 8 79 In 2023 GreenMobility merged their German companies, GreenMobility Germany GmbH and Twist Mobility GmbH, with GreenMobility Germany GmbH as the continuing company. Investments in subsidiaries are specified as follows: Name Registered office Ownership interest 100% GreenMobility Finland OY Helsinki, Finland 100% GreenMobility Belgium NV Antwerp, Belgium 78,6% GreenMobility Gent BV Gent, Belgium 78,6% GreenMobility Germany GmbH Hamburg, Germany 100% GreenMobility Austria GmbH Vienna, Austria 100% Fetch Mobility BV Amsterdam, Netherlands 100% NOTES GreenMobility I To index 87 14. Lease liabilities Lease payments Nominal amount DKK’000 31.12.2024 31.12.2023 Within one year from the balance sheet date 63.304 26.810 Between one and five years from the balance sheet date 48.355 61.659 After more than five years from the balance sheet date 0 0 111.659 88.469 Discounting premium to be recognised in future as an expense (7.329) (2.404) Present value of lease payments 104.330 86.065 Current liabilities 59.542 24.343 Non-current liabilities 44.788 61.722 104.330 86.065 The increase in the portion of the lease lia- bility falling due after more than one year is due to existing contracts being prolonged on new terms. The Company leases cars through finance lease agreements. The lease periods vary from three to four years, after which a residual value has been agreed, that is guaranteed by the Company, and the Company has an option to buy the cars at the resid- ual value. All lease agreements follow a fixed repayment profile, and no agreements contain provisions about contingent lease payments. The lease agreements are non-cancellable over the agreed lease periods but may be prolonged on renewed terms. The Company has an obligation to take over the cars as the lease term ends, why the lease liabilities and assets cf. note 15 and 16 include the residual value. The Company has entered into a lease agreement on the office premises. This agreement was non-cancellable until 31.05.2024, after which it may be terminated at six months’ notice. The lease agreement follows a fixed repayment profile that is subject to indexation, and it does not contain any provisions about contingent lease pay- ments. The annual lease payment is DKK 666 thousand. exclusive of VAT. The Company has entered into a lease agreement on the workshop prem- ises as of 01.03.2024. This agreement is non-cancellable until 01.03.2027, after which it may be terminated at six NOTES GreenMobility I To index 88 15. Other payables DKK’000 2024 2023 575 915 Holiday pay obligations 538 459 Other expenses payable 12.229 11.448 Current liabilities 13.342 12.822 16. Fee to statutory auditors DKK’000 2024 2023 543 410 26 24 Tax related services 0 8 Other services Comprised of warrants, reporting standards & subsidiaries 18 30 Total fee to statutory auditors 587 472 NOTES GreenMobility I To index 89 17. Group enterprises and Related parties Group enterprises Name Registered in Basis of influence 100% subsidiary GreenMobility Finland OY Helsinki, Finland 100% subsidiary GreenMobility Belgium NV Antwerp, Belgium 78,6% subsidiary GreenMobility Gent BV Gent, Belgium 78,6% subsidiary GreenMobility Germany GmbH Hamburg, Germany 100% subsidiary GreenMobility Austria GmbH Vienna, Austria 100% subsidiary Fetch Mobility BV Amsterdam, Netherlands 100% subsidiary Other Related Parties Name Registered in Basis of influence HC Andersen Capital Holding Aps Hellerup, Denmark Tue Østergaard, Chairman of the Board NOTES GreenMobility I To index 90 17. Group enterprises and Related parties (continued) NOTES Other Related Parties Name Registered in Basis of influence HC Andersen Capital Holding Aps Hellerup, Denmark Tue Østergaard, Chairman of the Board Transactions between related parties and GreenMobility A/S DKK’000 2024 2023 Other related parties 2.082 1.079 parties comprise administra- tive services and consultancy. They are acquired at normal selling prices as well and all arrangements have been made on an arm’s length basis. H. C. Andersen Capital Holding with consultancy services related to capital market and capital increase. Please refer to Note 7 and 8 for information about remunera- tion to the Board of Directors, the Executive Board and other management employees. GreenMobility I To index 91 18. Recourse guarantee commitments, contingent liabilities and contractual obligations The Company has entered into long- term agreements with two major IT providers to support the software solution of the platform. The contracts can be terminated 6 or 12 months in advance, respectively. The Company’s liabilities at the end of December 2024 total DKK 5,514 thousand (2023: DKK 6,857 thousand). GreenMobility has provided an on-demand guarantee of DKK 991k - lateral for any balances between GreenMobility and Københavns Lufthavne pursuant to a coopera- tion agreement on car rental service. The guarantee is non-cancellable by GreenMobility. The agreement may be terminated at six months’ notice, equivalent to an amount of DKK 930 thousand (2023: DKK 930 thousand). GreenMobility has entered into a com- mercial lease agreement with Jeudan about premises at Landgreven. The lease may be terminated at six months’ notice, equivalent to an amount of DKK 666 thousand (2023: DKK 603 thousand). Refer also to note 19 on contingent liabilities regarding lease liabilities. As mentioned in company announce- ment 151 on 21 May 2024, the minority shareholders of GreenMobility NV have made a minority claim towards the parent entity. It is the firm belief is completely unfounded. The case is being handled with legal assistance in Belgium and based on the infor- mation gathered since company announcement 151 on 21 May 2024, the management and Board of Directors in - tion that the claim remains completely unfounded. NOTES GreenMobility I To index 92 19. Cash flows DKK’000 2024 2023 Change in receivables, inventory and prepayments and accrued income (5.160) (2.997) Change in trade payables, other payables etc 5.498 8.238 Working capital changes 338 5.241 Lease liabilities at 01.01. 86.065 79.078 Lease payments made for the year (27.149) (18.802) Adjustment of other non-cash items, including: New lease liabilities incurred and settlement of lease liabilities 39.642 22.547 Interest charged for the year on lease liabilities 5.772 3.242 Lease liabilities at 31.12. 104.330 86.065 NOTES GreenMobility I To index 93 20. Financial risks and financial instruments Categories of financial instruments DKK’000 2024 2023 Deposits 398 325 Trade receivables 9.967 7.080 Other receivables 2.521 443 Receivables from Group enterprises 6.371 55.665 Cash 9.056 33.238 Financial assets measured at amortised cost 28.313 96.751 Lease liabilities 104.330 86.065 Loan 29.680 57.690 Trade payables 10.806 5.828 Payables to other related parties 51 51 Other payables 13.291 12.771 Loans 29.680 57.690 Financial liabilities measured at amortised cost 187.838 220.095 For other information on Financial risk and financial instruments than spe- cifically mentioned in the Financial Liquidity risks The Group ensures sufficient cash resources in managing its liquidity. The Group’s cash resources are com- posed as follows: DKK’000 2024 2023 Cash 9.056 33.238 Total 9.056 33.238 For further details, please refer to Note 3 "Going Concern" in the Consolidated NOTES GreenMobility I To index 94 Landgreven 3, 4 1301 Copenhagen K, Denmark Business Registration No 35 52 15 85 Annual Report 2024 (11 th financial year) The Annual Report has been presented and adopted at the Company’s Annual General Meeting on 22.04.2025 Chairman of the General Meeting A/S GreenMobility I To index 95 GreenMobility A/S I Landgreven 3, 4.sal I 1301 Copenhagen I Denmark I CVR-nr. 35521585 GreenMobility I To index 96 GreenMobility A/S I Landgreven 3, 4.sal I 1301 Copenhagen I Denmark I CVR-nr. 35521585 GreenMobility I To index Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-01-012024-12-312023-01-012023-12-31213800PLNNPY2L2GUV16Reporting class DOpinionBasis for Opinion2025-03-20213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember213800PLNNPY2L2GUV162024-01-012024-12-31213800PLNNPY2L2GUV162023-01-012023-12-31213800PLNNPY2L2GUV162024-12-31213800PLNNPY2L2GUV162023-12-31213800PLNNPY2L2GUV162022-12-31ifrs-full:IssuedCapitalMember213800PLNNPY2L2GUV162023-01-012023-12-31ifrs-full:IssuedCapitalMember213800PLNNPY2L2GUV162023-12-31ifrs-full:IssuedCapitalMember213800PLNNPY2L2GUV162022-12-31ifrs-full:RetainedEarningsMember213800PLNNPY2L2GUV162023-01-012023-12-31ifrs-full:RetainedEarningsMember213800PLNNPY2L2GUV162023-12-31ifrs-full:RetainedEarningsMember213800PLNNPY2L2GUV162022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800PLNNPY2L2GUV162023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800PLNNPY2L2GUV162023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800PLNNPY2L2GUV162022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800PLNNPY2L2GUV162023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800PLNNPY2L2GUV162023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800PLNNPY2L2GUV162022-12-31ifrs-full:NoncontrollingInterestsMember213800PLNNPY2L2GUV162023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember213800PLNNPY2L2GUV162023-12-31ifrs-full:NoncontrollingInterestsMember213800PLNNPY2L2GUV162022-12-31213800PLNNPY2L2GUV162024-01-012024-12-31ifrs-full:IssuedCapitalMember213800PLNNPY2L2GUV162024-12-31ifrs-full:IssuedCapitalMember213800PLNNPY2L2GUV162024-01-012024-12-31ifrs-full:RetainedEarningsMember213800PLNNPY2L2GUV162024-12-31ifrs-full:RetainedEarningsMember213800PLNNPY2L2GUV162024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800PLNNPY2L2GUV162024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800PLNNPY2L2GUV162024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800PLNNPY2L2GUV162024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800PLNNPY2L2GUV162024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember213800PLNNPY2L2GUV162024-12-31ifrs-full:NoncontrollingInterestsMember213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember1213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember2213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember3213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember4213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember1213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember1213800PLNNPY2L2GUV162024-01-012024-12-31cmn:ConsolidatedMember2213800PLNNPY2L2GUV162023-01-012023-12-31cmn:ConsolidatedMemberiso4217:DKKiso4217:DKKxbrli:sharesxbrli:pure
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