41819863 2020-11-03 2021-12-31 41819863 2020-11-03 2021-12-31 1 41819863 2020-11-03 2021-12-31 0 41819863 2020-11-03 2021-12-31 1 41819863 2020-11-03 2021-12-31 2 41819863 2020-11-03 2021-12-31 3 41819863 2020-11-03 2021-12-31 2 41819863 2020-11-03 2021-12-31 3 41819863 2020-11-03 2021-12-31 fsa:RetainedEarningsMember 41819863 2021-12-31 41819863 2020-11-03 2021-12-31 fsa:ContributedCapitalMember 41819863 2020-11-03 2021-12-31 fsa:RetainedEarningsMember 41819863 2021-12-31 fsa:ContributedCapitalMember 41819863 2021-12-31 fsa:RetainedEarningsMember iso4217:EUR Annual report 2022-06-30 Nikolaj Holtet Hoff NS Global V ApS Strandvejen 102E 3 1 2900 Hellerup 41819863 2020-11-03 2021-12-31 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB Strandvejen 44 2900 Hellerup DK Denmark 33771231 1016959517 <p xmlns="http://www.w3.org/1999/xhtml">The Executive Board has today considered and adopted the Annual Report of NS Global V ApS for the financial year 3 November 2020 - 31 December 2021.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Annual Report is prepared in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and of the results of the Company operations for 2020/21.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> We recommend that the Annual Report be adopted at the Annual General Meeting.</p> Hellerup 2022-06-30 Holger Emil Bang Anders Søgaard-Jensen Nikolaj Holtet Hoff Tim Janusch Gadatsch The independent auditor's report on financial statements To the Shareholders of NS Global V ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021, and of the results of the Company’s operations for the financial year 03 November 2020 - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of NS Global V ApS for the financial year 03 November 2020 - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2022-06-30 PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB 33771231 Henrik Ødegaard mne31489 State Authorised Public Accountant PRICEWATERHOUSECOOPERS STATSAUTORISERET REVISIONSPARTNERSELSKAB 33771231 Kristian Pedersen mne35412 State Authorised Public Accountant <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Key activities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Company's key activities are to invest in solar energy enterprises and/or to operate in solar and related <br/> businesses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Development in the year</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The income statement of the Company for 2021 shows a loss of EUR 14,929, and at 31 December <br/> 2021 the balance sheet of the Company shows negative equity of EUR 9,923.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Capital resources</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Parent Company has stated that it will support NS Global V ApS financially in the form of  loans and cash and cash equivalents, to the extent necessary to finance the Company's ordinary operating activities. The loan with the Parent Company resigns for current and future creditors. The Statement is valid until 30 June 2023. Reference is also made to the description in note 3 of the Financial Statements. Based on this, the Annual Report have been prepared on a going concern basis.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Subsequent events</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> No events materially affecting the assessment of the Annual Report have occurred after the balance sheet <br/> date.</p> The annual report has been prepared in accordance with the regulation applying to Reporting class B.<br xmlns="http://www.w3.org/1999/xhtml"/>There have been options of certain rules in reporting class C.<br xmlns="http://www.w3.org/1999/xhtml"/> Reporting class B <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Financial Statements for 2021 are presented in EUR.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Consolidated financial statements</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> With reference to section 112 of the Danish Financial Statements Act, no consolidated financial statements <br/> are prepared.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Recognition and measurement</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Translation policies</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">EUR is used as the presentation currency. All other currencies are regarded as foreign currencies.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Fixed assets acquired in foreign currencies are measured at the transaction date rates.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong> <span style="font-size: 16.0px;">Income Statement</span></strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Other external expenses</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Other external expenses comprise administration.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Income from investments in group enterprises</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The item “Income from investments in group enterprises” in the income statement includes the proportionate share of the profit for the year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Financial income and expenses</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Tax on profit/loss for the year</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Company is jointly taxed with the Parent Company and its Danish subsidiaries. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong> <span style="font-size: 16.0px;">Balance Sheet</span></strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Investments in group enterprises</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Investments in subsidiaries are recognised and measured under the equity method.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The item“Investments in group enterprises” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Subsidiaries with a negative net asset value are recognised at EUR 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Receivables</strong> <br/>  </p> <p xmlns="http://www.w3.org/1999/xhtml">Receivables are measured at amortised cost, which usually corresponds to face value. In order to meet expected losses, they are written down for impariment to the net realisable value.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Deferred tax assets and liabilities</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Deferred income tax is measured using the balance sheet liability method in respect of temporary differences <br/> arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Financial debts</strong></p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> Debts are measured at amortised cost, substantially corresponding to nominal value.</p> 0 2787 -2787 -2787 -12579 2346 3 2575 -15592 -663 -14929 -14929 -14929 1902813 617013 2519826 2519826 663 663 16872 17535 2537361 5368 -15291 -9923 2353718 2353718 2852 190714 193566 2547284 2537361 0 362 362 0 -14929 -14929 5368 0 5368 5368 -15291 -9923 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse;border: 0;width: 650.0px;"> <thead> <tr> <th style="border: 0;width: 60.0%;"> </th> <th style="border: 0;font-weight: bold;text-align: right;width: 25.0%;">2020/21</th> <th style="border: 0;font-weight: bold;text-align: right;width: 15.0%;"> </th> </tr> <tr> <th> </th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;">EUR</th> <th style="border-bottom: 1.0px solid;padding-bottom: 10.0px;text-align: right;"> </th> </tr> </thead> <tbody> <tr> <td> <p>Interest paid to group enterprises</p> <p>Other financial expenses</p> </td> <td style="text-align: right;"> <p>2,432</p> <p>143</p> </td> <td style="text-align: right;"> <p> </p> <p> </p> </td> </tr> <tr> <td> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;">2,575</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;text-align: right;"> </td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-bottom: 0.0pt;border-collapse: collapse;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;width: 650.0px;"> <tbody> <tr> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;width: 40.0%;"> </th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">Total debt, end of year</th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">Repayments, next year</th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">Longterm share</th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">Outstanding debt after 5 years</th> </tr> <tr> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;width: 40.0%;"> </th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">EUR</th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">EUR</th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">EUR</th> <th style="border-bottom: 0.0pt;border-left: 0.0pt;border-right: 0.0pt;border-top: 0.0pt;font-weight: bold;text-align: right;width: 15.0%;">EUR</th> </tr> <tr> <td>Payables to group enterprises</td> <td style="text-align: right;">2,353,718</td> <td style="text-align: right;">0</td> <td style="text-align: right;">2,353,718</td> <td style="text-align: right;">2,353,718</td> </tr> <tr> <td> </td> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> <td style="text-align: right;"> </td> </tr> <tr> <td> </td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">2,353,718</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">0</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">2,353,718</td> <td style="border-bottom: 2.0px solid;border-top: 2.0px solid;font-weight: bold;text-align: right;">2,353,718</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml">At the end of 2021, the Company has a negative equity of EUR 10k.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Parent Company has stated that it will support the Company financially in the form of loans and cash and cash equivalents to the extent necessary to finance the Company's ordinary operating activities. The loan with the Parent Company resigns for current and future creditors. The declaration is valid until 30 June 2023. Based on this, the Annual Report have been prepared on a going concern basis.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Nordic Solar A/S, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.</p> <h3 xmlns="http://www.w3.org/1999/xhtml">Related parties</h3> <p xmlns="http://www.w3.org/1999/xhtml">The Company is included in the Group Annual Report for the Parent Company: <br/> Nordic Solar A/S, Strandvejen 102E, 3. 1. 2900 Hellerup</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> The Group Annual Report of Nordic Solar A/S may be obtained at the address mentioned above.</p> <h3 xmlns="http://www.w3.org/1999/xhtml"> </h3> <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2020/21</th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Average number of employees </span> </td> <td class="col2"> </td> <td class="col3"> 0 </td> <td class="col4 lastyear"> </td> </tr> </tbody> </table> 0 false false true Erhvervsstyrelsen Regnskab Basis Auditor's report on audited financial statements false false false false Simon Poulsen Flaskegade 5 1799 København V