H4-DH-23-A chine output power rating P in kW or torque T in N Helical speed reduction gearboxes H4

Flender/Flender Gear Units/Helical speed reduction gearboxes H4

in 1 to 1,4 in 2. Theaverage cost per employee in 2 thus total-led DKK 3,0 as against DKK 3,0 in1. Depreciation and write-downs Depreciation and write-downs for 2amounted to DKK 7 million compared toDKK 1 million in 1, of which DKK 9million concerned extraordinary write-downsof goodwill as result of re-evaluation ofthe companies acquired. Adjusted to take thisinto account, depreciation and write-downsfor the year were at the same level as in 1.The Groups new blade factory on the Isle ofWight was finally completed towards the end of2. Consequently depreciation on this facilityhas not affected depreciation for the year. Financial items Net financing costs amounted to DKK 4million in 2 compared to DKK 3 million in1. The increase is due to lower interestincome and increased interest expensesrelated to the Groups long-term financing.The consolidated annual accounts include loss of DKK 2 million, which refers toparticipating interests in associated under-takings. The result covers the & Group andis attributable to postponement of develop-ment projects, primarily in the United States. Corporation tax Tax on profit for the year amounts to DKK 2million, which primarily concerns current taxand changes to deferred tax in subsidiaries,where joint taxation cannot be used to bal-ance tax payments. For reasons of prudence, similar to 1, the taxable value of loss carried forward has notbeen capitalised. Thus as of 3 December2, there is an unbooked tax asset in theorder of DKK 1 million. Balance sheet Fixed assets The net value of fixed assets has increased byDKK 1 million, which is primarily attribu-table to the completion of new blade facto-ry on the Isle of Wight, and to goodwill aris-ing from the acquisition of the remainingshares in TAIM NEG Micon Elica .. Total investments in tangible fixed assets amounted to DKK 2 million in 2, whiletangible fixed assets to the value of DKK 2million were sold during the year. Working capital Stocks Stocks at year end 2 were valued at DKK