The activities of Zonnepark Rilland B.V., with its registered office in Woensdrecht, mainly comprise the production of electricity by solar cells, heat pumps and hydropower and the production of electricity from wind energy. The company is registered in the Trade Register under number 69321361.

 

The company' registered office is actually at Evert van de Beekstraat 1, -104 The Base B in Schiphol.

 

 

The company was till December 20, 2019 part of a group, of which Coöperatie Unisun Energy U.A. at Rotterdam is at the head.

 

The company is from December 20, 2019 part of a group, of which Alternus Energy Inc. at New York is at the head.

 

 

All legal entities that can be controlled, jointly controlled or significantly influenced are considered to be a related party. Also entities which can control the Company are considered to be a related party. In addition, statutory directors, other key management of Zonnepark Rilland B.V. or the ultimate parent company and close relatives are regarded as related parties.

 

Transactions with related parties are disclosed in the notes insofar as they are not transacted under normal market conditions. The nature, extent and other information is disclosed if this is necessary in order to provide the required insight.

 

 

The financial information have been prepared in accordance with Title 9 Book 2 of the Dutch Civil Code.

 

Furthermore, account is taken of the provisions of the Guidelines for Annual Reporting for small legal entities.

 

The financial information have been drawn up on the basis of historical cost. Unless stated otherwise, assets and liabilities are carried at face value.

 

 

The equity of Zonnepark Rilland B.V. amounts to € 225.130 negative as at 31 December 2018. It is financed in full with long-term debts, including loans provided by banks and group companies. We expect that the cash flow will develop positively in the next few financial years as a result of the fact that the solar power plant is operational in the course of January 2019 and will start generating revenues from that moment.

 

 

In applying the principles and policies for drawing up the special purpose financial information, the directors of Zonnepark Rilland B.V. make different estimates and judgments that may be essential to the amounts disclosed in the special purpose financial information. If it is necessary in order to provide the transparency required under Book 2, article 362, paragraph 1, the nature of these estimates and judgments, including related assumptions, is disclosed in the notes to the relevant special purpose financial information item.

 

 

 

 

Tangible fixed assets are carried at acquisition price or cost of manufacture, net of straight line depreciation based on their expected economic life. Land is not depreciated. Account is taken of expected impairments at the balance sheet date.

 

Assets in operation

The tangible fixed assets operating assets under construction and payments on account concern the investments in the solar power plant.

 

 

Other receivables

Transaction costs which can be directly attributed to the acquisition of the long-term debts are presented in the financial fixed assets. The transaction costs are initially measured at fair value and subsequently carried at amortised cost.

 

Deferred tax assets

The deferred tax claim based on the offsettable loss is valued at the nominal 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.

 

 

An assessment is made on every balance sheet date as to whether there are indications that an asset may be subject to impairment. If such indications are present, the recoverable amount of the asset will be established. Impairment can be said to exist if the carrying amount of an asset is higher than its recoverable amount. The recoverable amount is the asset's net realisable value or its value in use, whichever is higher. Impairment is directly recorded in the profit and loss account as a charge.

 

 

Receivables are recognised initially at fair value and subsequently measured at amortised cost. If payment of the receivable is postponed under an extended payment deadline, fair value is measured on the basis of the discounted value of the expected revenues. Interest gains are recognised using the effective interest method. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables.

 

 

The cash is valued at face value. If cash equivalents are not freely disposable, then this has been taken into account in the valuation.

 

 

On initial recognition long-term debts are recognised at fair value. After initial recognition non-current liabilities are recognised at the amortised cost price, being the amount received, taking into account premiums or discounts. This usually is the nominal value.

 

Transaction costs which can be directly attributed to the acquisition of the long-term debts are presented in the financial fixed assets.

 

 

On initial recognition current liabilities are recognised at fair value. After initial recognition current liabilities are recognised at the amortised cost price. When there are no premiums, discounts or transaction costs, the amortised cost is equal to the nominal value.

 

 

 

 

The result is defined as the difference between the revenue from goods delivered and services performed on one hand and, on the other hand, the costs and expenses for that year, valued at historical costs.

 

 

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.

 

 

Interest income and expenses are recognised on a pro rata basis, taking account of the effective interest rate of the assets and liabilities to which they relate. In accounting for interest expenses, the recognised transaction expenses for loans received are taken into consideration.

 

 

Tax on the result is calculated based on the result before tax in the income statement, taking account of the losses available for set-off from previous financial years (to the extent that they have not already been included in the deferred tax assets) and exempt profit components and after the addition of non-deductible costs. Due account is also taken of changes which occur in the deferred tax assets and deferred tax liabilities in respect of changes in the applicable tax rate.

 

 

The cash flow statement has been prepared using the indirect method.

 

The cash items disclosed in the cash flow statement comprise cash at banks and in hand except for deposits with a maturity longer than three months.

 

Interest paid and received and income taxes are included in cash from operating activities. Transactions not resulting in inflow or outflow of cash, including finance leases, are not recognised in the cash flow statement.

 

 

 

 

 

 

Zonnepark Rilland was not operational as of December 31, 2018. The solar power plant is operational from January 2019. The depreciation was calculated from the moment the solar power park was operational.

 

 

 

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As of December 31, 2018, an amount of €554,800 is not freely disposable.

 

 

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The mortgage loan of € 7,300,000 is granted to finance the solar power plant. Redemptions are paid during a period of 15 years. The interest rate is 1.70% fixed until 2028 and 2.20% from 2028 until 2033. Repayment is by means of monthly instalments of € 41,954 each. The remaining number of instalments are 162.

 

As of September 30, 2019 an amount of € 4,489,082 of the mortgage loans has a residual term longer than five years.

 

 

Repayment takes place upon mutual agreement.

 

 

 

Long-term financial obligations

 

 

The company has long-term commitments for the lease of the ground until 2043. The obligations at the end of the reporting period can be specified as follows:

 

- Within one year: € 125 000;

 

- Between one and five years: € 500 000;

 

- After five years: € 1,700,000;

 

- Total: € 2,325,000.