Komparativ analyse af investeringsprojekter i vindmøller og fast ejendom

Steen Kjær & Rene Olsen

Student thesis: Master thesis

Abstract

Our main thesis has been to determine whether an investor should place his money into windmills or real estate and if this’d be placed in Denmark or in Germany. Furthermore, to determine if the investment should be made as a private investment or during a corporation. We’ve looked into the advances and disadvances in investing through a corporation or a private firm. We’ve described the regulatory framework surrounding wind turbines and buildings in Denmark and Germany. We’ve showed how taxes can be kept at a minimum and/or be refunded in the early fases of the investment to secure that the finances are optimized. Included in this we’ve showed how to avoid international double taxation. Those descriptions being off hand, we’ve analyzed the 4 specific investments, and combined them with the various types of companies. The overall conclusion is that nothing beats the capital gain from the real estate. In our case, the best tenement, is placed in Germany. The best way to invest in this project is through a private company. That being said, the investor should look closely at the basis, written in the prospectus and compare these with his own assumptions towards the future before jumping to conclusions. The basis, most critical to the investment are - Inflation rate: how much capital gain are expected. Is it credible - How much revenue is expected, from produced electricity after the period with fixed prices. - Interest rate: Our winning investment is quite sensitive towards changes in the interest rates. The winning investment has an internal investment rate at 4,33 percent, taxes being paid. The investment with the best internal investment rate is a Wind turbine with 5,96 percent. We’ve made the calculations, summed up in table no. 53, showing that the best investment, also is the one with the most deferred taxes which may bet transferred into further investments.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2010
Number of pages169