ELCOGEN GROUP LIMITED

• ◆

  Material uncertainty over going concern

  We draw attention to note 1 in the financial statements, which indicates that additional funding is required to be raised to ensure the Group can remain operational and meet its obligations as they fall due throughout the period of 12 months from the date of approval of these consolidated financial statements. While the Directors conclude that there is a reasonable expectation that the Group will be able to access sufficient funds there can be no certainty over this. As stated in note 1, these events or conditions along with the other matters, as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the group's and the parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ·

  Going-concern uncertainty disclosed

Figures converted to GBP from EUR at 0.857 per EUR (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. ELCOGEN GROUP LIMITED 2026-01-13 → present
2. ELCOGEN GROUP PLC 2021-05-28 → 2026-01-13
3. BALTIC NEWCO PLC 2021-05-27 → 2021-05-28
4. BALTIC NEWCO LIMITED 2021-03-24 → 2021-05-27

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1 in the financial statements, which indicates that additional funding is required to be raised to ensure the Group can remain operational and meet its obligations as they fall due throughout the period of 12 months from the date of approval of these consolidated financial statements. While the Directors conclude that there is a reasonable expectation that the Group will be able to access sufficient funds there can be no certainty over this. As stated in note 1, these events or conditions along with the other matters, as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the group's and the parent company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Group structure

1. ELCOGEN GROUP LIMITED · parent
   1. Elcogen AS 100% · Estonia · SOFC/SOEC cells development and manufacturing, stocks manufacturing
   2. Elcogen OY 100% · Finland · SOFC/SOEC stacks development and manufacturing

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

15

last 12 months

Capital events

2

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.