Kommune og Amts Revision Danmark Statsautoriseret Revisionsaktieselskab

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1 Kommune og Amts Revision Danmark Statsautoriseret Revisionsaktieselskab RESULTATOPGØRELSE 1. JANUAR DECEMBER Note 23 Nettoomsætning Andre eksterne omkostninger Bruttoresultat 1 Afskrivninger Resultat af primær drift Finansielle indtægter Finansielle omkostninger Resultat før ekstraordinære poster og skat 2 Avance ved salg af vindmøller Avance ved salg af aktier Resultat før skat Selskabsskat ÅRETS RESULTAT ( ) ( ) ( ) ( ) der foreslås henlagt til overført resultat

2 Kommune og Amts Revision Danmark Statsautoriseret Revisionsaktieselskab BALANCE PR. 31. DECEMBER Note AKTIVER ANLÆGSAKTIVER Skrotningsbeviser Hawindmøller Materielle anlægsaktiver Aktier Gældsbrev Finansielle anlægsaktiver ANLÆGSAKTIVER I ALT Tilgodehavende salgssum Tilgodehavende merværdiafgift OMSÆTNINGSAKTIVER I ALT AKTIVER I ALT PASSIVER EGENKAPITAL Aktiekapital Overført resultat (83.21) 3 EGENKAPITAL I ALT GÆLDSFORPLIGTELSER Selskabsskat Gæld til pengeinstitut Merværdiafgift Anden gæld GÆLDSFORPLIGTELSER I ALT PASSIVER I ALT

3 Kommune og Amts Revision Danmark Statsautoriseret Revisionsaktieselskab NOTER Note 23 1 AFSKRIVNINGER Vindmøllen inkl. skrotningsbeviser, omkostninger m.m., 1 mdr MATERIELLE ANLÆGSAKTIVER Hawindmøller og skrotningsbeviser Saldo primo Tilgang i året Afskrivninger g Salgssum Avance ved salg Anlægsværdi ft 3 EGENKAPITAL Aktiekapital 1.. Overført resultat Primo (83.21) Årets resultat j

4 Economical result 23 for 5 municipal offshore wind-turbines (Ltd) Net turnover External expenses Gross result Write offs Result of primary running Financial incomes Financial expenses Result before extraordinary entries and tax Profit from sale of wind-turbines Profit from sale of shares Result before tax Corporation tax Result for the year 15,863, ,952, Note 1 5,212,524 8, ,759 2,9,965 Note ,194, L Balance, December 31 Actives Construction actives: Scrape documents Offshore turbines Material construction actives ,132, , Shares Letter ofdebt Financial construction actives , , Construction actives in total , Sales credit VAT credit Turnover actives in total 3,157,629 3, Actives in total Note Passives: Share capital Transferred result Capital in total 1,, 1,, ,411,788 Note 3 9, Debt obligations: Corporation tax Debt to financial institution VAT Additional debt Debts in total Poccn;po in tr\ta1 699, , ,62,851 i"*n-v> *?Q 18,142, , IS IN7 III 1

5 Notes Note 1: Write offs Turbines incl. of scrape documents, expenses etc, 1 month Note 2: Material construction actives Primo balance Increase over the year Write offs Sales value Profit by sale Construction value 14,179, ,98, ,359, Note 3: Total capital Share capital Primo Result of the year - 83, ,,

6 Economical result March - December 23 (1 month) for five municipal offshore wind-turbines (Ltd) Net turnover External expenses Gross result Write offs Result of primary limning Financial incomes Financial expenses Result before extraordinary entries and tax Profit from sale of wind-turbines Profit from sale of shares Result before tax Corporation tax Result for the year 15,863, ,952, Note 1 5,212,524 8, ,759 2,9,965 Note ,194, , Actives Construction actives: Scrape documents Offshore turbines Material construction actives Shares Letter of debt Financial construction actives Construction actives in total Sales credit VAT credit Turnover actives in total Actives in total Passives Balance, December ,875, 9,875, 3,157,629 3,157, T ,132, ,179, , , , Share capital Transferred result Capital in total 1,, 1,, Note 3 9,916.79

7 Samsø of-shore wind turbines Expenses for developing, investigations and construction 1 Developing expenses Public approvals Expenses for management and secretariat In all 9, ,818 12,965 Turn key expenses for 1 wind turbines Extra expenses: - Weather problems - Sea bed problems - Other expenses In all In total, exclusive of VAT Expenses paid by the owner groups, per turbine 221,352 2, 3, , ,3 : 7.5 / x mill mill. Planning and organising expenses only paid by the Danish Energy Agency Pre investigations for 4 locations concerning: Wind resources, Electrical grids, Sea bed and Foundations, Environment, Visualizations, Organisation, Economics etc ,71 Investigations for the final location, detailing of the subjects above, 2 - '1 4,853 Test drillings in the seabed, 21 Total, excl. VAT ,362 : 7.5 / x mill. AJN, d

8 Economical result March - December 23 (loyi month) for the local cooperative offshore turbine Sale of electricity (net) Running expenses: Insurances EDP-expenses Office expenses Administrative assistance Account assistance Legal assistance Meeting expenses Earning contribution Write offs: The Turbine EDP-program Ordinary result Interest Net result 2,519,529 Note 1 177,727 16,138 3,369 89,25 19,3 16, ,195,84 1,57, ,133, ,31 26,4 8, 4,71 4, Division between the shareholders, in Total Ordinary sale 2,557,275 Extra charge.2 kr./kwh Scrape documents 121,33 Common expenses - 159,49 Capacity expenses - 323,725 One shareholder 3,8 shares 1,251,467-77, ,423 Small shareholders 3,965 shares 1,35,83 121,33-81, Earning contribution 2,195,84 1,15,29 1,18,595 Write offs 1,61, , Result Interest 1,133, ,828 3, ,353 6,862 Net result /l.a/vc^ lizjla. V & l (

9 Balance, December 31, 23 Actives/Assets 22 Part in the Windfarm (1/1) Administrative program Debtors (produced electricity December '3) VAT Prepaid Subscription Bank deposit Total Passives/Liabilities Capital The large shareholder (December & regulation) Rest on account payment VAT Samsø Seawind Ltd Debt in all Total 23,123,81 Note 2 8, 571,425 2, 547, ,631,498 Note 3 333,944 16, 182,747 88, , ,181, 12, 1,925 2, 348, ,545,344 9,5 9, Note 1 - Sale of produced electricity Ordinary sale, Extra charge scrap value,.17 kr./kwh Gross sale Rent of scrap documents,.15 kr./kwh Subscription, Electricity Company Common expenses, the wind farm Notes 2,557,275 1, ,588,358 99,78 8, Note 2 - for the cooperative turbine Start value Write offs, 23, 1 V% month 24,181, ,181, Value, ultimo

10 Note 3 - Canital Invested shares Part in results: Part in result, 22 Part in result, 23 (before subscriptions) Parcelling out, 23 Write offs, 23 Capital 24,459,75 85,596 2,25,965-2,57,894-1,61, ,459,75 85, Result per share 23 (lo 1^ month) Gross sale 3,588,358 : 7765 shares = 462 /share Tax relations The investors can choose one of two tax rules: The schematic rule: Normally used by small shareholders Gross sale Result before interests and write offs 2,195,84 ('3)-4,71 ('2) Interests, 1,161 ('3) + 126,295 ('2) KR in total 3,588,358 2,155,13 136,456 per share Tax relations, for instance for an investor with 7 shares: 7 shares x 462 3,234 Tax allowance - 3, Calculation basis 234 Tax basis sale, 234 x,6 Tax basis interests, 7 shares x As it appears the tax paying from small investors are very low!

11 The commercial rule: Used by larger investors: Gross sale Result before interests and write offs Interests Tax related write offs Deficit transferred to following years in total 3,588,358 2,155,13 136,456-2,291,559-3,756,691 per share Tax relations, for instance for an investor with 3 shares Result before write offs, ( ) x 3 shares 8,88 Tax related write offs, x 3 shares - 8,88 Deficit transferred to following years, x 3 shares - 14,52 Tax As it appears all large investors don't pay tax. In principal they will end up with tax paying later on, but at that time they have made new investments in other hard-wares, and so it continues in the commercial sector. It's the same story for the four other "private wind turbines". 4