Annual Report 2017 Enovos Luxembourg S.A.

44 45 Part I Our Mission 6 Part II Our Achievements 14 Part III Annual Accounts 22 Annual Report 2017 Enovos Luxembourg Note 5 – Tangible assets Transactions for the year were as follows: Other fixtures and fittings, tools and equipment Payments on account and tangible assets in the course of construction TOTAL 2017 TOTAL 2016 € € € € Gross book value - opening balance 115,275,247 2,099,429 117,374,676 116,650,315 Additions for the year 1,226,555 205,491 1,432,046 575,800 Disposals for the year (2,430) (727,000) (729,430) (105,130) Transfers for the year 1,372,429 (1,372,429) 0 253,691 Gross book value - closing balance 117,871,801 205,491 118,077,292 117,374,676 Accumulated value adjustments - opening balance (7,210,409) 0 (7,210,409) (4,604,418) Allocations for the year (2,836,292) 0 (2,836,292) (2,709,313) Reversals for the year 0 0 0 103,322 Accumulated value adjustments - closing balance (10,046,701) 0 (10,046,701) (7,210,409) Net book value - closing balance 107,825,100 205,491 108,030,591 110,164,267 The Company has participated in the construction of the 11 th turbine at the Vianden pumping station of SEO S.A. This investment qualifies as a finance lease and consequently has been recorded in the books of Enovos Luxembourg S.A. Production at the pumping station has started on 1 st August 2015. The depreciation period mirrors the duration of the contract between the Company and SEO S.A. which ends in 2063. In 2017, the project has been closed and a final settlement has been issued. Consequently, an amount of EUR 1,370,000 has been transferred to the heading “Other fixtures and fittings, tools and equipment”, whereas the gross value has been decreased by an amount of EUR 727,000. The total investment for that project amounts to EUR 111,071,439. The remaining balance of the finance obligation towards SEO S.A. of EUR 78,642,300 (2016: EUR 83,002,500) is posted under the heading “Other creditors becoming due and payable after more than one year” and EUR 4,915,050 (2016: EUR 8,329,500) is posted under the heading “Other creditors becoming due and payable within one year” (see also note 12.2). Furthermore, EUR 867,647 have been invested in solar panels in Belgium, which are subsequently leased to end customers for a period of 10 years. The Board of Directors is of the opinion that no exceptional depreciation on tangible assets are necessary. Note 6 – Financial assets Movements for the year were as follows: Affiliated undertakings Participating interests Invest- ments held as fixed assets Total 2017 Shares Loans Shares Loans € € € € € € Value at beginning of the year 324,513,585 35,442,715 23,762,262 16,950,000 835,055 401,503,617 Additions for the year 9,350,002 4,556,655 181,075 126,200 34,648 14,248,580 Learning Factory S.A. 0 0 181,075 0 0 181,075 Windpark Mosberg GmbH & Co. KG 650,000 0 0 0 0 650,000 NPG Energy NV 8,700,002 2,801,655 0 0 0 11,501,657 NPG Agro BVBA 0 1,155,000 0 0 0 1,155,000 NPG Groningen NV 0 600,000 0 0 0 600,000 Twinerg S.A. 0 0 0 126,200 0 126,200 Loan to customers (Enoheat) 0 0 0 0 33,648 33,648 Guarantees 0 0 0 0 1,000 1,000 Disposals for the year (5,200) (13,021,033) 0 (4,815,190) 0 (17,841,423) Biogas Ohretal GmbH 0 (2,709,949) 0 0 0 (2,709,949) Biogas Oebisfelde GmbH 0 (489,966) 0 0 0 (489,966) Enovos Solar Investments II S.r.l. Unipersonale 0 (677,796) 0 0 0 (677,796) La Benâte Energies S.à r.l. 0 (204,371) 0 0 0 (204,371) Ferme Eolienne de la Côte du Gibet S.à r.l 0 (649,658) 0 0 0 (649,658) Energiepark Trelder Berg GmbH 0 (5,286,714) 0 0 0 (5,286,714) NPG Agro BVBA 0 (1,282,500) 0 0 0 (1,282,500) NPG Groningen 0 (100,000) 0 0 0 (100,000) NPG Energy NV (5,200) (1,620,079) 0 0 0 (1,625,279) Twinerg S.A. 0 0 0 (1,040,190) 0 (1,040,190) SEO S.A. 0 0 0 (3,775,000) 0 (3,775,000) Transfers for the year 7,069,497 (6,883,422) (186,075) 0 0 0 Learning Factory S.A. 186,075 0 (186,075) 0 0 0 NPG Energy NV 3,696,592 (3,696,592) 0 0 0 0 Enovos Solar Investments II S.r.l. Unipersonale 3,186,830 (3,186,830) 0 0 0 0 Allocations of value adjustment for the year (25,904,970) 0 (95,000) 0 0 (25,999,970) Enovos Solar Investments II S.r.l. Unipersonale (2,122,301) 0 0 0 0 (2,122,301) NPG Energy NV (12,396,594) 0 0 0 0 (12,396,594) NPG Agro BVBA 0 0 0 0 0 0 Energiepark Trelder Berg GmbH (11,200,000) 0 0 0 0 (11,200,000) Learning Factory S.A. (186,075) 0 (95,000) 0 0 (281,075) Reversals of value adjustment for the year 1,705,200 6,710,650 0 913,990 0 9,329,840 Twinerg S.A. 0 0 0 913,990 0 913,990 NPG Energy NV 5,200 5,560,849 0 0 0 5,566,049 NPG Agro BVBA 0 127,500 0 0 0 127,500 Enovos Solar Investments II S.r.l. Unipersonale 0 1,022,301 0 0 0 1,022,301 La Benâte Energies S.à r.l. 1,700,000 0 0 0 0 1,700,000 Value at end of the year 316,728,114 26,805,565 23,662,262 13,175,000 869,703 381,240,644