Advent Technologies A/SAktiv

The principal activities of the company In conformity with earlier years the main activity has consisted of development, production and sales of fuel cells and related systems. Uncertainties relating to going concern As a result of current losses, the company needs a continuous supply of capital. During the financial year, the company received the required capital from the parent company. A total of DKK 61m has been added to equity in 2022. Management expects that the company will also receive the required capital from the parent company in 2023. No binding commitment has been made from the parent company, and there is uncertainty as to whether the parent company has sufficient capital at hand. Thus, there is considerable uncertainty about going concern.

The result for the year totals DKK -145,8m against DKK 74,9m last year. The equity had decreased from DKK 120m to DKK 35m. The Company made a loss during the year due to the suspension of its contractual production, distribution and R&D relationship that was in place with the former owners. With new owners a new business set-up has been developed, requiring the Company to need financial support from the owners until the development projects have reduced the product costs enough to allow a contribution from sales to cover the cost base. The result for the financial year 2022 was un-satisfactory but broadly in line with expectations. Although management believes transactions have been done at arms length, there is a risk that the Danish and/or German tax authorities have a different point of view. It is not possible for management to estimate the potential financial effect should this be the case. Intra-Group Transactions A number of intra-Group commercial agreements which had been in place in prior years during the previous ownership were terminated and replaced, effective from 1st January 2022. Trading and financial transactions during 2022 has been documented, but the new agreements done in 2022 has not been reviewed by the relevant authorities in terms of arms length principle etc. Although management believes transactions have been done at arms length, there is a risk that the Danish and/or German tax authorities have a d

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