AHT Syngas Technology : Jahresbericht zum Geschäftsjahr 2023

REPORT issued to

Shareholders and management of A.H.T. Syngas Technology NV Kennedyplein 200

5611 ZT EINDHOVEN

Annual report 2023

TABLE OF CONTENTS

Page

1. Annual report

1.1	Balance sheet as at December 31, 2023	2
1.2	Profit and loss accounts for 2023	4
1.3	Accounting policies	5
1.4	Notes to the balance sheet	12
1.5	Notes on the profit and loss account	21

A.H.T. Syngas Technology NV, Eindhoven

2.1 Balance sheet as at December 31, 2023

		December 31, 2023		December 31, 2022
ASSETS		€		€		€		€
Fixed assets
Intangible fixed assets	[1]	204.799			307.198
Engineering designs
Software		13.820			7.283
Goodwill		94.946			108.510
Intangible fixed assets under		6.689				68.479
construction		320.254	491.470
Tangible fixed assets	[2]	35.807		29.509
Inventory		35.807	29.509
Financial fixed assets		2.360	4.362
Associates	[3]
Investment in group company	[4]	171.647			-
Deferred tax assets	[5]	14.230	188.237	357.356	361.718
Current assets
Inventories		2.154.973			592.159
Work in progress	[6]
Stock	[7]	334.000	2.488.973		-	592.159
Receivables		454.355	359.185
Trade debtors	[8]
Loan to group company	[9]	200.000			-
Receivables NRG	[10]	555.252			555.252
Other receivables and accrued income	[11]	288.865	1.498.472	148.044	1.062.481
Cash and cash equivalents	[12]		2.184.316			1.321.131
Total asset side
		6.716.059			3.858.468

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A.H.T. Syngas Technology NV, Eindhoven

2.1 Balance sheet as at December 31, 2023

		December 31, 2023		December 31, 2022
EQUITY AND LIABILITIES		€	€		€	€
Shareholders' equity		2.340.000		2.340.000
Issued share capital	[13]
Share premium reserve	[14]	6.627.072		6.615.665
Legal reserve	[15]	211.488		375.677
Other reserves	[16]	-5.121.576	4.056.984		-6.007.840	3.323.502
Provisions		-		52.000
Other provisions	[17]	-	52.000
Long-term liabilities		182.000		173.600
Long-term loan	[18]	182.000	173.600
Current liabilities		2.350.699	268.872
Trade creditors	[19]
Other liabilities and accruals	[20]	126.376	2.477.075	40.494	309.366

Total liability side	6.716.059		3.858.468

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A.H.T. Syngas Technology NV, Eindhoven

2.2 Profit and loss account for 2023

Sales

Cost of sales

Gross margin

Other operating income

Gross operating result

Wages and salaries Social contributions Pension costs

Amortisation and depreciation intangible fixed assets

Amortisation and depreciation tangible fixed assets

Other operating expenses

Total costs

Operating result

Financial income

Financial expenses

Total financial income and expenses

Result (before taxes)

Taxation

Share in the result of associated companies

Result (after taxes)

[21]

[22]

[23]

[24]

[25]

[26]

[27]

[28]

[29]

[30]

2023		2022
€	€		€	€
			13.648.606					1.926.756
			10.979.256					1.516.420
			2.669.350					410.336
			-					15.229
			2.669.350					425.565
271.116				116.253
55.634				22.306
902				1.656
120.650				116.277
12.195				6.925
950.720			1.411.217	652.281			915.698
			1.258.133					-490.133
4.068				481
-141.345			-137.277	-105.643			-105.162
			1.120.856					-595.295
			-343.126					179.382
			-55.655					-
			722.075					-415.913

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A.H.T. Syngas Technology NV, Eindhoven

1.3 Accounting policies

GENERAL NOTES

Activities

A.H.T. Syngas Technology NV mainly acts as an operational company through it's place of business in Germany and as holding and financing company.

Assumption of continuity

The numbers are based on the assumption of ongoing business. There are no reasons to assume that the Company will not be able to operate as a going concern in the foreseeable future.

Registered office, legal form and registration number at the chamber of commerce

A.H.T. Syngas Technology NV is located in Overath (Germany) and Bonn (Germany) and registered in Eindhoven (Netherlands) and is registered at the chamber of commerce under 14095766.

Estimates

In applying the principles and policies for drawing up the financial statements, the directors of A.H.T. Syngas Technology NV make different estimates and judgments that may be essential to the amounts disclosed in the financial statements. If it is necessary in order to provide the transparency required under art. 362, sub 1, book 2 of the Dutch Civil Code the nature of these estimates and judgments, including related assumptions, is disclosed in the Notes to the relevant financial statement item.

GENERAL PRINCIPLES

General

The financial statements are drawn up in accordance with the provisions of Title 9, Book 2, of the Dutch Civil Code and the Dutch Accounting Standards applicable to small legal entities, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving').

Assets and liabilities are generally valued at historical cost, production cost or at fair value at the time of acquisition. If no specific valuation principle has been stated, valuation is at historical cost.

Comparison with previous year

The valuation principles and method of determining the result are the same as those used in the previous year, with the exception of the changes in accounting policies as set out in the relevant notes.

Foreign currency

Items included in the financial statements of A.H.T. Syngas Technology NV are valued with due regard for the currency in the economic environment in which the company carries out most of its activities (the functional currency).

The financial statements are denominated in euros; this is both the functional currency and presentation currency of A.H.T. Syngas Technology NV.

Exceptional items

Exceptional items are items of income and expense from the normal, non-incidental activities or transactions, but which need to be disclosed separately on the basis of the nature, size or incidental character of the item.

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A.H.T. Syngas Technology NV, Eindhoven

1.3 Accounting policies

ACCOUNTING PRINCIPLES APPLIED TO THE MEASUREMENT OF ASSETS AND LIABILITIES

Intangible fixed assets

Intangible fixed assets are stated at historical costs less amortization. Impairments are taken into consideration; this is relevant in the event that the carrying amount of the asset (or of the cash- generating unit to which the asset belongs) is higher than its realizable value.

Development costs

Expenditure on development projects is capitalised as part of the production cost if it is likely from both a commercial and technical perspective that the project will be successful (i.e.: if it is likely that economic benefits will be realised) and the cost can be determined reliably. A legal reserve has been formed within equity with regard to the recognised development costs for the capitalised amount. The amortisation of capitalised development costs commences at the time when the commercial production starts and takes place on a straight-line basis over the expected future useful life of the asset. Research costs are recognised in the profit and loss account.

Goodwill

Positive goodwill resulting from acquisitions and calculated in accordance with note "Participations" is capitalised and amortised on a straight-line basis over the estimated economic life.

Tangible fixed assets

Land and buildings are valued at historical cost plus additional costs or production cost less straight-line depreciation based on the expected life. Land is not depreciated. Impairments expected on the balance sheet date are taken into account. With regard to the determination as to whether a tangible fixed asset is subject to an impairment, please refer to the relevant note.

Other tangible fixed assets are valued at historical cost or production cost including directly attributable costs, less straight-line depreciation based on the expected future life and impairments.

Subsidies on investments will be deducted from the historical cost price or production cost of the assets to which the subsidies relate.

Financial fixed assets

Participations

Participations, over which significant influence can be exercised, are valued according to the net asset value method. In the event that 20% or more of the voting rights can be exercised, it may be assumed that there is significant influence.

The net asset value is calculated in accordance with the accounting principles that apply for these financial statements; with regard to participations in which insufficient data is available for adopting these principles, the valuation principles of the respective participation are applied.

If the valuation of a participation based on the net asset value is negative, it will be stated at nil. If and insofar as A.H.T. Syngas Technology NV can be held fully or partially liable for the debts of the participation, or has the firm intention of enabling the participation to settle its debts, a provision is recognised for this.

Newly acquired participations are initially recognised on the basis of the fair value of their identifiable assets and liabilities at the acquisition date. For subsequent valuations, the principles that apply for these financial statements are used, with the values upon their initial recognition as the basis.

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A.H.T. Syngas Technology NV, Eindhoven

1.3 Accounting policies

The amount by which the carrying amount of the participation has changed since the previous financial statements as a result of the net result achieved by the participation is recognised in the profit and loss account.

Participations over which no significant influence can be exercised are valued at historical cost. The result represents the dividend declared in the reporting year, whereby dividend not distributed in cash is valued at fair value.

In the event of an impairment, valuation takes place at the recoverable amount (see also note "Impairment of fixed assets"); an impairment is recognised and charged to the profit and loss account.

Deferred tax assets

Deferred tax assets are recognised for all deductible temporary differences between the value of the assets and liabilities under tax regulations on the one hand and the accounting policies used in these financial statements on the other, on the understanding that deferred tax assets are only recognised insofar as it is probable that future taxable profits will be available to offset the temporary differences and available tax losses.

The calculation of the deferred tax assets is based on the tax rates prevailing at the end of the reporting year or the rates applicable in future years, to the extent that they have already been enacted by law.

Deferred tax assets are valued at their nominal value.

Impairments of fixed assets

On each balance sheet date, the company assesses whether there are any indications that a fixed asset may be subject to impairment. If there are such indications, the recoverable amount of the asset is determined. If it is not possible to determine the recoverable amount of the individual asset, the recoverable amount of the cash-generating unit to which the asset belongs is determined. An impairment occurs when the carrying amount of an asset is higher than the recoverable amount; the recoverable amount is the higher of the realisable value and the value in use.

An impairment loss is directly recognised in the profit and loss account while the carrying amount of the asset concerned is concurrently reduced.

The realisable value is initially based on a binding sale agreement; if there is no such agreement, the realisable value is determined based on the active market, whereby usually the prevailing bid price is taken as market price. The costs deducted in determining net realizable value are based on the estimated costs that are directly attributable to the sale and are necessary to realize the sale.

For the determination of the value in use, an estimate is made of the future net cash flows in the event of continued use of the asset / cash-generating unit; these cash flows are discounted. The discount rate does not reflect risksalready taken into account in future cash flows.

Accounts receivable

Receivables are initially valued at the fair value of the consideration to be received, including transaction costs if material. Receivables are subsequently valued at the amortised cost price. Provisions for bad debts are deducted from the carrying amount of the receivable.

Cash at banks

Cash at banks represent bank balances and deposits with terms of less than twelve months. Overdrafts at banks are recognised as part of debts to lending institutions under current liabilities. Cash at banks is valued at nominal value.

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A.H.T. Syngas Technology NV, Eindhoven

1.3 Accounting policies

Equity

If A.H.T. Syngas Technology NV purchases some of its own shares, the historical cost of the purchased shares is deducted from the "other reserves", or from any other reserves, provided that this is permitted under the articles of association, until these shares are cancelled or sold. If purchased shares are sold, any proceeds are added to the reserve from which the purchase of these shares was initially deducted.

Costs directly related to the purchase, sale and/or issue of new shares are recognised directly in share capital, net of any relevant tax effects.

Revaluation reserve

If revaluations have been recognised in the revaluation reserve after the deduction of relevant (deferred) tax liabilities, the gross result of the realised revaluations is recognised in the profit and loss account. The corresponding release of the (deferred) tax liabilities is charged to the operating result as tax on the result.

Provisions

General

Provisions are recognised for legally enforceable or constructive obligations that exist at the balance sheet date, and for which it is probable that an outflow of resources will be required and a reliable estimate can be made.

Provisions are measured at the best estimate of the amount that is necessary to settle the obligation as per the balance sheet date. Provisions for pension are valued on the basis of actuarial principles. The other provisions are carried at the nominal value of the expenditure that is expected to be necessary in order to settle the obligation, unless stated otherwise.

If obligations are expected to be reimbursed by a third party, such reimbursement is included as an asset in the balance sheet if it is probable that such reimbursement will be received when the obligation is settled.

Warranty provision

This provision relates to costs that must be reimbursed for products that have been sold or services that have been performed, if the legal entity has an obligation because the agreed quality standards have not been met.

Long-term debts

On initial recognition long-term debts are recognised at fair value. Transaction costs which can be directly attributed to the acquisition of the long-term debts are included in the initial recognition. After initial recognition long-term debts are recognised at the amortised cost price, being the amount received taking into account premiums or discounts and minus transaction costs.

The difference between stated book value and the mature redemption value is accounted for as interest cost in the profit and loss account on the basis of the effective interest rate during the estimated term of the long- term debts.

Current liabilities

On initial recognition current liabilities are recognised at fair value. After initial recognition current liabilities are recognised at the amortised cost price, being the amount received taking into account premiums or discounts and minus transaction costs. This is usually the nominal value.

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A.H.T. Syngas Technology NV, Eindhoven

1.3 Accounting policies

PRINCIPLES FOR THE DETERMINATION OF THE RESULT

The result is the difference between the realisable value of the goods/services provided and the costs and other charges during the year. The results on transactions are recognised in the year in which they are realised.

In the determination of the result the unrealised movements in value are also taken into account for the following items recognised at fair value:

-Investment properties;

-Securities included in current assets.

Revenue recognition

General

Net turnover comprises the income from the supply of goods and services and realised income from construction contracts after deduction of discounts and such like and of taxes levied on the turnover.

Supply of goods

Revenues from the goods supplied are recognised when all significant risks and rewards in respect of the goods have been transferred to the buyer.

Supply of services

Revenues from the services rendered are recognised in proportion to the services delivered, based on the services rendered up to the balance sheet date in proportion to the total of services to be rendered.

Contract (project) revenue and costs

If the outcome of a project can be estimated reliably, contract revenue and contract costs are recognised as net revenue and expenses in the profit and loss account by reference to the stage of completion of the contract as at the balance sheet date (the 'Percentage of Completion' method, or PoC method).

The progress made on the contract is determined based on the contract costs incurred as at the balance sheet date in proportion to the total estimated contract costs. If the result of the contract cannot (yet) be estimated reliably, the revenue is recognised in the profit and loss account for the amount of the contract costs incurred from which it is likely that they can be recovered; the contract costs are then recognised in the profit and loss account for the period in which they were incurred. As soon as the result can be estimated reliably, revenue recognition takes place in accordance with the PoC method in proportion to the stage of completion of the contract as at the balance sheet date.

The result is the difference between the contract revenue and - costs.

Contract revenue is the contractually agreed revenues and revenues from extra work and less work, claims and compensations if and insofar as it is likely that they are realised and can be estimated reliably. Contract costs are the expenditures directly related to the project, which in general can be attributed to project activities and allocated to the project, and other costs which can be attributed under the contract to the commissioner of the project.

If it is probable that the total contract costs exceed the total revenue, the expected losses will be directly recognised in the profit and loss account. This loss is taken into account in the cost price of the operating result.

The provision for the loss is included in the balance sheet under Current projects.

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