The Board of Directors and the Managing Director of. Modity Energy Trading AB. Corporate Id no submit the following.

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1 The Board of Directors and the Managing Director of Modity Energy Trading AB submit the following Annual report for the financial year January 1 - December Table of contents page Administration Report 2 Income statement - 4 Balance sheet - 5 Assets pledged and contingent liabilities - 6 Income statement - 7 Balance sheet - 8 Assets pledged and contingent liabilities - 9 Statement of cash flows - 10 Notes to the financial statements 12 Signing of the Annual report 23

2 2 (23) Administration Report General information on the company and the business The Modity includes Modity Energy Trading AB and Modity Energy Management AB, and is owned in equal shares by Lunds Energi AB (publ) ( , Lund) and Öresundskraft AB ( , Helsingborg). The owners are a holding company in two municipally owned energy groups, and together with their respective subsidiaries, account for different types of energy supplies predominantly in southern Sweden. Lunds Energikoncernen AB (publ) is owned by the holding company Kraftringen AB ( , Lund), which in turn is owned by the municipalities of Lund (82.4%), Eslöv (12.0%), Hörby (3.5%) and Lomma (2.1%). Öresundskraft AB is owned by Helsingborg Energi Holding AB ( , Helsingborg), which in turn is owned by Helsingborgs Stad (100%) via Helsingborgs Stads Förvaltning AB ( , Helsingborg). Modity Energy Trading AB s primary task is to conduct trading in energy and foreign currencies and to engage in related activities such as risk management and balance responsibilities for electricity and gas. Operations will be conducted on a commercial basis. The purpose of the company s operations is to satisfy energy companies and major end-users needs for energy trading services, on competitive terms. Operations will support these clients strategic objectives for an efficient supply of energy that promotes long-term sustainable development. On 1 July 2010 Modity Energy Trading AB acquired the now wholly-owned subsidiary Modity Energy Management AB via a non-cash share issue. The transaction represented a major change in ownership whereby Öresundskraft AB became the new owner of 50% of the shares of Modity Energy Trading AB. Prior to the change in ownership, Modity Energy Trading AB received an unconditional shareholders contribution of SEK 33 million. The addition was aimed at capitalising the company. The owners guarantee, either in the form of a capital investment, financial obligation or waiver of a claim, to be liable for the company s equity. During the financial year, Modity Energy Management AB decided to return its authorisation, assigned by the Financial Supervisory Authority (FSA), to conduct operations in transferable securities, to perform ancillary services and to conduct subsidiary business. The FSA decided to withdraw all licences on the request of the company on 11 March In 2011, the Modity had a turnover of SEK 3,602 million and reported earnings of SEK 15 million. Expectations of future developments Modity s vision is to become Sweden s best energy trading company. The company s business idea is to contribute to its customers long-term competitiveness and economic performance through active trading on the physical and financial energy-related markets within established risk limits. In 2012, the Modity group will continue to increase its activity in the Nordic energy market.

3 3 (23) Risk exposure and financial instruments Via its business operations, the Modity is exposed to different types of financial risk. Financial risks relate to fluctuations in the company s earnings and cash flow as a result of changes in energy prices (primarily oil, natural gas and electricity, currency rates, interest rates and credit risks. The business risk and financial policy are decided by the board and form a framework of guidelines and rules in the form of risk mandates and limitations for all financial risks as well as risks on the energy, currency and interest rate markets. Proposed appropriation of the Company's profit The Board of Directors proposes that the unappropriated earnings, of SEK be distributed as follows: Dividends Retained earnings carried forward Total For further information on the Company's results of operations and financial position, refer to the following income statement, balance sheet and integral notes.

4 4 (23) Income statement - Amounts in TSEK Note Net sales Other operating income Operating expenses Goods for resale Other external costs Personnel costs Depreciation and amortization of tangible and intangible assets Other operating expenses Operating profit/loss Result from financial items Interest income and similar income Interest expense and similar charges Profit/loss after financial items Appropriations Appropriations, other Income before tax Income taxes Net profit (loss) for the year

5 5 (23) Balance sheet - Amounts in TSEK Not ASSETS Fixed assets Intangible fixed assets Capitalised development costs and similar items Emissions and Swedish Elcertificate Advance payments for intangible fixed assets Tangible fixed assets Plant and machinery Equipment, tools, fixtures and fittings Financial assets Deferred tax assets Total fixed assets Current assets Inventories Goods for resale Current receivables Trade receivables Income tax receivable 171 Other receivables Prepaid expenses and accrued income Cash and bank balances Total current assets TOTAL ASSETS

6 6 (23) Balance sheet - Amounts in TSEK Note EQUITY AND LIABILITIES Equity 16 Restricted equity Share capital ( shares) Statutory reserve Unrestricted equity Profit brought forward Net profit for the year Current liabilities Bank overdraft facility Accounts payable - trade Current taxes 821 Other liabilities Accrued expenses and deferred income TOTAL EQUITY AND LIABILITIES Pledged assets and contingent liabilities - Amounts in TSEK Pledged assets None None Contingent liabilities None Pension commitments not recorded as liabilities Guarantees for group companies

7 7 (23) Income statement - Amounts in TSEK Note Net sales Other operating income Operating expenses Goods for resale Other external costs Personnel costs Depreciation and amortization of tangible and intangible assets Other operating expenses Operating profit/loss Result from financial items Interest income and similar income Interest expense and similar charges Profit/loss after financial items Appropriations Appropriations, other Income before tax Income taxes Net profit (loss) for the year

8 8 (23) Balance sheet - Amounts in TSEK Note ASSETS Fixed assets Intangible fixed assets Capitalised development costs and similar items Emissions and Swedish Elcertificate Advance payments for intangible fixed assets Tangible fixed assets Plant and machinery Equipment, tools, fixtures and fittings Financial assets Investment in group companies Deferred tax assets Total fixed assets Current assets Inventories Goods for resale Current receivables Trade receivables Due from group companies Income tax receivable 108 Other receivables Prepaid expenses and accrued income Cash and bank balances Total current assets TOTAL ASSETS

9 9 (23) Balance sheet - Amounts in TSEK Note EQUITY AND LIABILITIES Equity 16 Restricted equity Share capital ( shares) Statutory reserve Unrestricted equity Share premium reserve Profit (Loss) brought forward Net profit (loss) for the year Current liabilities Bank overdraft facility Accounts payable - trade Liabilities to group companies Current taxes 787 Other liabilities Accrued expenses and deferred income TOTAL EQUITY AND LIABILITIES Pledged assets and contingent liabilities - Amounts in TSEK Pledged assets None None Contingent liabilities None Pension commitments not recorded as liabilities Guarantees for group companies

10 10 (23) Statement of Cash Flows - Construction in progress and Operating activities Result after financial items Adjustments for items not requiring an outflow of cash Income taxes paid Cash flows from operating activities before changes in working capital Cash flows from changes in working capital Increase(-)/Decrease(+) in inventories Increase(-)/Decrease(+) in current receivables Increase(+)/Decrease(-) in current liabilities Cash flows from operating activities Investing activities Disposal of subsidiary Acquisition of intangible fixed assets Acquisition of tangible assets Disposal of tangible assets 142 Cash flows from investing activities Financing activities Shareholder's contributions received contributions paid Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

11 11 (23) Notes to the statement of cash flows - Construction in progress and Interest paid and dividend received Interest received Interest paid Adjustments for items not requiring an outflow of cash Depreciation and write down of assets Unrealised exchange rate difference Gains/losses from sale of fixed assets Market value electricity futures Market value currency futures Market Value emissions Market value swedish electricity certificate

12 12 (23) Notes to the financial statements Amounts in TSEK unless otherwise stated Accounting principles The Annual Report has been prepared in accordance with the Annual Accounts Act, the standards issued by the Swedish Financial Accounting Standards Council and its Emerging Issues Task Force pronouncements. Valuation principles Assets, provisions and liabilities are stated at historical cost unless otherwise stated. Intangible assets In the company, all expenditure on research and development is recognized as an expense in the income statement. Additional costs Additional costs for value-adding improvements on intangible assets are capitalised. All other costs are recognised in the income statement as incurred. The following depreciation methods are applied: Estimated useful economic life Acquired intangible assets: Computer software 5 years Fixed assets Tangible fixed assets are recognised as an asset in the balance sheet when, based on available information, it is probable that future economic benefits associated with the asset will flow to the group/company and the cost of the asset can be measured realiably. Depreciation methods for tangible fixed assets Depreciation is based on the asset's historic cost, less an estimated residual value. Depreciation on a straight-line basis is charged to income over the estimated useful economic life of the asset. Plant and machinery Equipments, tools, fixtures and fittings 5 years 3-10 years Receivables Receivables are reported at the amount expected to be collected based on individual assessment of collectibility. Receivables and liabilities denominated in foreign currency Receivables and liabilities denominated in foreign currency are stated in accordance with Standard no 8 of the Swedish Financial Accounting Standards Council at the exchange rate at the balance sheet date, except that non-current monetary receivables from foreign entities are stated at the historical rate of exchange. Exchange rate differences on current receivables and liabilities are reported in operating income while differences on financial receivables and liabilities are reported with financial items.

13 13 (23) Inventories Inventories, valued in accordance with guideline BFNAR 2000:3 issued by the Swedish Accounting Standards Board, are stated at the lower of cost (measured on the first-in first-out method) or net realizable value, with due consideration for obsolescence. Financial instruments Financial instruments entered to the balance sheet include liquid funds, accounts receivable, securities holdings, loans receivable and derivatives. Liabilities and equity capital include trade debts, debt and equity instruments, loans payable and derivatives. Derivative instruments consist among other things of forward contracts, options and swaps that are utilised to cover risks associated with exchange rate fluctuations and exposure to interest rate risks. Derivative instruments are classified either as a hedging instrument or as a holding for commercial purposes and are attributed to the trading book. A derivative instrument held for commercial purposes is valued at the fair value. Profit or loss on change in fair value is recognized in the income statement. Financial assets or financial liabilities are entered to the balance sheet when the company becomes involved in accordance with the instrument s contractual terms. Accounts receivable are recognised on the balance sheet when an invoice has been sent. Accounts payable are recognised when the invoice is received. Financial assets are removed from the balance sheet when the rights of the agreement have been realised, fall due or the company loses control of them. The same applies to parts of financial assets. A financial liability is removed from the balance sheet when the contractual obligation has been fulfilled or in some other manner extinguished. The same applies to parts of financial liability. Employee Benefits Defined contribution plans: The obligation of the company for each period consists of the amounts the company must contribute for the period in question. Thus, no actuarial assumptions are made in order to calculate the obligation or the expense, and there are no actuarial gains or losses. The obligation is calculated without discounting, except when part of the obligation is to be paid more than twelve months after the period in which the employees earned the benefit. Taxes The company applies the Swedish Accounting Standards Board's general recommendations in accounting for income taxes, BFNAR 2001:1. Total tax expense (tax income) comprises current tax expense (current tax benefit) and deferred tax expense (deferred tax benefit). Tax effects are shown in the income statement, except when the underlying transaction is taken directly to equity. Then the related tax effect is taken directly to equity. Current tax is the amount of income taxes payable or recoverable in respect of the current year. Adjustments to current tax related to current tax of other periods are also included. Deferred tax is calculated using the liability method, and is based on temporary differences between carrying amounts in the balance sheet and tax bases of assets and liabilities. Deferred tax amounts reflect the tax consequences that follow from the manner in which the company expects to recover or settle the differences, and are measured at tax rates enacted or substantively enacted at the balance sheet date. Temporary differences are not recognized for differences resulting from ownership in subsidiaries and associated companies, that are not expected to be subject to taxation in the foreseeable future. Untaxed reserves are reported inclusive of the deferred tax portion in the balance sheet. Deferred tax assets relating to deductible temporary difference and loss carryforwards are recognised only to the extent that it is probable that future taxable profits will be available.

14 14 (23) Revenue recognition Revenue is recognized in accordance with BFNAR 2003:3 Revenues. The company recognises revenue at the fair value of the consideraton received or receivable. Therefore, the company recognises revenue at the nominal amount (invoice amount) if the company is paid in cash or cash equivalents directly upon delivery. An allowance is made for any given rebates. Revenue from the sale of goods is recognised when the following conditions have been satisfied: the company has transferred to the buyer the significant risks and rewards of ownership of the goods, the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, and the costs incurred or to be incurred in respect of the transaction can be measured realiably.

15 15 (23) Note 1 Revenue by business and geographic segment Revenue by business segment Electricity trade Gas trade Biofuel trade Revenue by geographic segment Sweden Revenue by business segment Electricity trade Gas trade Biofuel trade Revenue by geographic segment Sweden In all figueres are energy tax excluded. Energy tax mounts to (27 171) Note 2 Other operating income Exchange gains on operating receivables /liabilities Other Exchange gains on operating receivables /liabilities Other

16 16 (23) Note 3 Audit fees and expenses KPMG AB Audit services Tax Consulting Other services Mazars SET AB Audit services 32 Tax Consulting Other services KPMG AB Audit services Tax Consulting Other services Audit services refer to the examination of the annual report and accounts, the Board of Director's and the President's management, other work assignments which are incumbent on the Company's auditor to conduct, and advisning or other support justified by course of examination or performance of other such work assignments. All else is otherobservations in the services. Note 4 Employees, personnel costs and remunerations to management Average number of employees Sweden Male (percentage) 75% 77% Subsidiaries Sweden Male (percentage) 0% 0% % 77% Disclosure of the distribution of women and men in company management Distribution of women and men in company management Percentage women Percentage women Board members 0% 20% Other key management personnel 0% 0% Board members 0% 0% Other key management personnel 0% 0%

17 17 (23) Salaries, other remunerations and social security costs Board of Directors and Managing Director (of that bonuses, etc.) (102) ( ) Other employees (of that bonuses, etc.) (3 365) ( ) Total Social security costs (of that pension costs) (2 482) (1 083) Subsidiaries Board of Directors and Managing Director (of that bonuses, etc.) ( ) ( ) Other employees (of that bonuses, etc.) ( ) ( ) Total Social security costs (of that pension costs) ( ) ( ) Of the Company's pension costs 249 (378) relate to the board of directors and the managing director. Severance Pay The managing director and the company have a mutual notice time of 6 month. According to the agreement the MD receives a severance pay amounting to 12 monthly payments when the company cancels the agreement. Note 5 Depreciation and amortisation of tangible and intangible fixed assets Capitalised development costs Plant and machinery -98 Equipment, tools, fixtures and fittings Capitalised development costs Plant and machinery -95 Equipment, tools, fixtures and fittings

18 18 (23) Note 6 Operating income by line of business and geographic market Operating income by line of business Electricity trade Gas trade Biofuel trade Operating income by geographic market Sweden Operating income by line of business Electricity trade Gas trade Biofuel trade Operating income by geographic market Sweden Note 7 Interest income and similar income Interest income - other Exchange gains Interest income - other Exchange gains Note 8 Interest expense and similar charges Interest expense - other Exchange loss Interest expense - other Exchange loss

19 19 (23) Note 9 Appropriations, other Accelerated depreciation for tax purposes - Equipment, tools, fixtures and fittings Not 10 Income taxes Current tax -977 Deferred tax Current tax Deferred tax Note 11 Capitalised development costs At beginning of year Acquisitions Accumulated depreciation At beginning of year -31 Depreciation for the year Net book value at end of year At beginning of year Acquisitions Accumulated depreciation At beginning of year -31 Depreciation for the year Net book value at end of year

20 20 (23) Note 12 Plant and machinery Accumulated cost At beginning of year Acquisitions 194 Disposals Accumulated depreciation At beginning of year Acquisitions -191 Disposals Depreciation for the year Net book value at end of the year Accumulated cost At beginning of year Acquisitions and disposals Accumulated depreciation At beginning of year Acquisitions and disposals Depreciation for the year Net book value at end of the year 79

21 21 (23) Note 13 Equipment, tools, fixtures and fittings Accumulated cost At beginning of year Acquisitions Accumulated depreciation At beginning of year Depreciation for the year Net book value at end of year Accumulated cost At beginning of year Acquisitions Accumulated depreciation At beginning of year Depreciation for the year Net book value at end of year Note 14 Investment in group companies Accumulated cost At beginning of year Acquisitions Disposals Net book value at end of year 's investment in shares and participations in subsidiaries No. of Share Book Company / Corp Id No / Registered office shares % 1) value Modity Energy Management AB, , Lund ,

22 22 (23) Note 15 Prepaid expenses and accrued income Accrued income Other items Accrued income Other items Note 16 Equity Share Statutory Non-restricted capital reserve equity At beginning of year Net income for the year Balance at end of year At beginning of year contribution Tax effects of group contributions 369 Net income for the year Balance at end of year Note 17 Provisions for deferred tax Moditys tax deficit amounts to 0 (12 999) whereof 0 (9 506) has been reserved as deffered tax. Note 18 Bank overdraft facility Credit facility Unutilised facility Utilized facility Credit facility Unutilised facility Utilized facility

23 23 (23) Note 19 Accrued expenses and deferred income Accrued energy costs Personnel costs Deffered energy income Other items Accrued energy costs Personnel costs Deffered energy income Other items Lund Please see the official annual report in Swedish for signatures. If there are any uncertainty regarding the wording or figures in the annual report the Swedish official version shall supersede. Urban Ottoson Chairman of the Board Sylvia Michel Anders Östlund Magnus Thysell Managing Director Mikael Andersson Åke Kronberg Lars-Olof Svensson My audit report was issued Dan Kjellqvist Authorized Public Accountant

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