The second article on the refund of withholding tax on Norwegian shares. You can find the first part with instructions and preparations for registering with the Norwegian authorities here: , Quellensteuerrückerstattung Norwegen Teil 1 . Once again, please note that this application is only possible for tax residents in Germany.

As a placeholder $EQNR (+2,37%) , $HAUTO (+2,26%) , $VAR (+1,32%) , $MOWI (-2,67%) , $MPCC (+0,48%) , $TEL (+0,86%) , $AKRBP (+2,69%) , $TOM (-0,13%)

Open the start page Altinn – Start - the language to English and if you have activated the automatic Google translator you can even go to German - log in, go to International, then log in without social security number/D-number, enter user name and password and log in. To find the right form, enter RF_1534 in the search, then the form Request for refund of withholding tax on dividends will open. You have a kind of "menu field" on the left-hand side which you can use to switch to the individual pages of the form.

Fill in the two pages for the applicant. Don't forget the tax ID ( Tax Identification Number ), but this is a mandatory field anyway. In the large field Registered address in country of residence, enter only the street and house number.

You will now need the dividend vouchers showing the withholding tax deduction.

Then open the Dividends form. There you will see three lines for your entries, which can be expanded as required.

In principle, you must enter Yes in the first field for the question of stock exchange listing in Oslo. This is the case if the ISIN of your share begins with NO... . In the second field, enter the VPS number of the depositary of your shares. This is clearstream, the currently valid number is 153300000145. In some forums you can still find the old number beginning with 05. In the third field you enter the year for which you are applying for the refund, up to 5 years retroactively are possible. Then enter the ISIN of your share as you can see it on the dividend voucher and the name of the company according to the voucher. In the sixth field, enter the dividend payment in Norwegian kroner according to the receipt. The number formatting requires the decimal point to be entered as a period! Then enter the percentage tax deduction, in this case 25%. You can choose different percentages for the refund claim. Take 10% here! Even if it is tempting to enter the full 25%, it works but will be displayed as an error when the form is checked at the latest. Repeat the whole process until you have entered every single dividend statement. So do not add up the dividends from one year, each payment must be entered individually.

This is actually the main task if you have several shares from Norway in your custody account. Once this is done, continue to the payment details page. Under Account Type, click on Other account and enter Euro as the currency, unless you have a corresponding foreign currency account with your bank. Then enter the IBAN and, to be on the safe side, the BIC and the name of the bank.

If there is anything else you would like to say about the application, you have the opportunity to make a note at the bottom of the page.

That's almost it. At the top left above the form name, go to the menu item List - Forms and attachments. You can now upload all dividend statements here. Once again the important note: You can a maximum of 10 PDFs of 50 MB each attached. One PDF is the certificate of residence. If you still have more than 9 individual receipts, combine them into one PDF by company and attach it.

Done, click on check and if everything is ok the document will be sent and you will receive a confirmation in your account.

Finally, a few comments:

Pay attention to the time limit in the form, so that it doesn't end and you have to type in all the entries again from the beginning.

There are a few brokers in Germany who will do this work for you for a fee. There you would have to apply for advance exemption from withholding tax. According to my research, and also confirmed in writing, DKB definitely does this. However, this is only a partial exemption, i.e. this 10%. The remaining 15% must be reclaimed via the tax return.

You can apply directly to the Norwegian tax authorities free of charge.

If you would like to take the route I have described, then quickly obtain your certificate from the tax office and submit the application at the beginning of the new year. Experience has shown that the decision and the refund are possible within a short time. Later in the year, waiting times of at least 6 to 9 months are common. Fortunately, there is even interest on the amount to be refunded if the authorities take longer to process the application. The transfer of the refund may be subject to a fee at some banks, ask your broker how much this is.

I hope this has made you a little less afraid of the refund and if you have any questions, please use the comments function. Greetings from your grandpa 😉😇

Bitcoin has caused a significant correction in the portfolio, which is nothing unusual given the high weighting.

In November, there were more purchases in the energy sector ($EQNR (+2,37%)
$AKRBP (+2,69%)
$CNQ (+0,2%) )

With $RHM (-0,24%) I also took advantage of the sell-off and now hold 15 shares.

In addition to Bitcoin, my overall allocation is still overweight in the AI, defense and energy (oil/gas) sectors.

Cash is at ~16%, with a downward trend.

That's it already!

Have a relaxed Tuesday evening 🍻

The world's hunger for energy is increasing and, according to the latest estimates, "peak oil" is further in the future than previously thought.

High geopolitical risks, artificially limited supply and robust demand = (in my opinion) a structurally bullish oil outlook.

Today I would like to introduce you to 3 stocks from the "hated" 🛢️Öl and natural gas sector.

Stock 1:

Canadian Natural Resources $CNQ (+0,2%)

📍Overview of the company:

Canadian Natural Resources is a leading Canadian energy company primarily engaged in the production and processing of crude oil and natural gas.

Its business model includes the mining of bitumen oil sands and their processing into synthetic crude oil, conventional oil and NGL production as well as major natural gas production in Western Canada and selected offshore locations.

Geostrategically, CNQ benefits from a relatively stable regulatory environment in Canada and owns long-term, long-life production assets.

Analysts value the stock at a fair value of around $54-55, which suggests a moderate upside potential of close to +15-20% from the current price of around $47, assuming commodity prices and operating conditions remain stable.

💰Dividend yield (TTM): 5.187%

📈Notes on the chart:

What I like here is that $CNQ (+0,2%) has clearly broken the weekly downtrend to the upside.

The price is also above the volume POC, which should now form a support.

I am already invested and plan to buy on setbacks.

Share 2:

Suncor Energy $SU (+2,13%)

📍Overview of the company:

Suncor Energy is one of Canada's largest integrated energy companies, making its money primarily from oil sands production, processing into synthetic crude oil, and downstream operations such as refineries and a large Canadian service station network.

Thanks to its strong presence in the politically stable regions of Alberta and Ontario, Suncor is considered to have a relatively secure geostrategic position, as Canada is one of the most reliable oil supply countries and oil sand reserves can be extracted over an extremely long period of time.

Risks arise primarily from North American regulation and ESG pressure, rather than from geopolitical conflicts.

Analysts currently generally see the fair value of SU shares at around C$70-75, while the price on the TSX chart is around C$62 - this results in a moderate expected upside potential in the low double-digit percentage range, depending on oil prices and operating performance.

💰Dividend yield (TTM): 3.816%

📈Notes on the chart:

$SU (+2,13%) had a long sideways phase in which the price first consolidated at the ~C$47.2 resistance and for the entire past year at around ~C$55.

Now it looks as if the price has broken out of this range to the upside.

The next price target is the ATH from May 2008 (~C$73).

Here, too, I am already invested and continue to buy.

Share 3:

Aker BP ASA $AKRBP (+2,69%)

📍Overview of the company:

Aker BP ASA is one of the largest independent oil and gas producers in Norway and makes its money mainly through the production of crude oil and natural gas on the Norwegian Continental Shelf.

The company operates several large fields such as Johan Sverdrup, Skarv, Valhall and Alvheim and is characterized by low production costs and high operational efficiency.

Geostrategically, Aker BP is considered very secure, as Norway is politically stable, has reliable regulation and the North Sea assets are not dependent on conflict zones - a clear advantage over many global producers.

Analysts are largely positive on Aker BP; consensus estimates see a fair value slightly above the current price level, supported by robust cash flows, high dividends and expected production increases.

Overall, Aker BP is seen as a high-quality, geostrategically stable oil stock whose valuation depends primarily on the long-term oil price.

💰Dividend yield (TTM): 10.05%

📈Notes on the chart:

Aker BP has successfully broken out of the downtrend since 2022 and is currently consolidating just above the long-term volume POC.

I am invested and will continue to buy if possible.

💬 Closing words

As of today, I am invested in the energy sector with 8.2% of my portfolio.

In addition to the stocks presented, I am also invested in $CVX (-0,09%) , $EQNR (+2,37%) , $OXY (-1,21%) , $TTE (+0,9%)

Do you have an "insider tip" from the energy sector that you would like to share? 🤔

$AKRBP (+2,69%) vs $OXY (-1,21%)

I have held both shares in my portfolio for several months. No longer see any prospects for Occidental at the moment.

The main difference that explains the better performance of Aker BP (AKRBP)-shares compared to Occidental Petroleum (OXY) lies in their business models and financial structure 💰 .

Main differences

• Production costs (break-even cost):
• Aker BP has one of the lowest production costs in the industry, with a break-even price for the portfolio (full-cycle portfolio break-even) of around 35-40 US dollars per barrel. This enables the company to remain profitable even at lower oil prices and generate significant free cash flows.
• Occidental Petroleum focuses on shale oil production, which often has higher and less predictable operating costs (although OXY is actively lowering these), and has steeper production decline curves.
• Geographic focus:
• Aker BP is a "pure-play upstream company with high-quality assets located on the Norwegian Norwegian continental shelf (e.g. Johan Sverdrup field). This region is characterized by a stable political environment and a predictable production profile.
• Occidental Petroleum focuses mainly on the assets in the Permian Basin in the USA.
• Dividend policy and debt:
• Aker BP offers a very high dividend yield (over 10 %) and pursues a policy of stable stable dividend growth (at least 5% annually), which makes the company attractive to income-oriented investors. The company also has a low level of debt (low leverage).
• Occidental Petroleum has a higher debt levelpartly due to large acquisitions (including the recent CrownRock acquisition). Although OXY is actively working to reduce this debt and is increasing dividends, the high level of debt makes the company more vulnerable to falling oil prices.

Aker BP is viewed by investors as a more resilient oil company due to its industry-leading cost structure and generous dividend policy. more resilient and more resilient and more profitable player, which gives its shares a better performance in volatile oil prices.

In order to expand my share of the energy sector in Europe, I made my first purchase today. $TTE (+0,9%) bought today.

This means that the share of the energy sector in my portfolio is now just under 7%.

The last purchases were:

$SU (+2,13%)

$CNQ (+0,2%)

$EQNR (+2,37%)

$AKRBP (+2,69%)

Here is the promised article on the refund of withholding tax on Norwegian shares. The first part deals with the preparations and the registration with the Norwegian tax authorities, the second part contains the completion of the online form.

As a placeholder times $EQNR (+2,37%) , $HAUTO (+2,26%) , $VAR (+1,32%) , $MPCC (+0,48%) , $TEL (+0,86%) , $AKRBP (+2,69%) , $TOM (-0,13%) exemplary.

Edit: This only applies to tax residents in Germany. Please enquire in Switzerland, Austria or elsewhere in Europe about the regulations that apply there. Many thanks to @GeldGenie who has created a corresponding article for Switzerland, which I am linking here: Quellentsteuer Schweiz

Norway has strong companies with some extremely attractive dividend payouts. However, some people are not aware that these dividends are subject to Norwegian withholding tax without any offsetting. This means that in addition to the 25% Norwegian withholding tax, the custodian bank also pays the capital gains tax plus solidarity surcharge and, if applicable, church tax, which means that less than half of the dividend is credited.

Don't worry, the money is not gone, it just belongs to someone else for the time being. Norway refunds 10% withholding tax on application. This can be done easily and online and can also be done retroactively for several years, for a maximum of 5 years. You can get the remaining 15% from the German tax authorities via your income tax return. A few more tips at the end.

First collect all dividend vouchers showing the withholding tax deduction. Most companies pay out quarterly, so there should be 4 receipts per calendar year. You will need these in pdf format. If you are applying for a refund for several years and have more than one share in your portfolio, here is an important note: You can submit a maximum of 10 PDFs of 50 MB each attached. I will then combine the individual receipts per share into one PDF.

Apply for the tax residence certificate at your local tax office. You can find the form at: https://www.formulare-bfinv.de/ffw

Enter form 034450 in the search. You can fill out the form in your browser and then save it as a PDF and print it out. Important! Send it signed in duplicate to the office. A short cover letter with the subject "Application for a tax residence certificate for the purpose of reimbursement of overpaid withholding tax in Norway" and a short two-liner are helpful. I usually receive a confirmation copy back after 1 to max. 2 weeks. Scan and save as PDF.

Then you can already register in Norway. Under the following link Bei Altinn anmelden you can create a new user. The site is only available in the national language or in English. I use English and have activated the automatic website translation via Google, then it even works in German ;-) For the first registration, logically create a new user. Username, email, password and the security question and continue.

When you receive confirmation that a new account has been created for you, click on done and that's it with the preparations.

You will receive a 10% withholding tax refund via this process. More is not possible, even if it is described differently in various forums. You can tick the maximum refund in the form, but an error message always appears before you submit the form. So simply get 10% tax back quickly and easily and then the rest via the German tax office. If you have submitted the application in Norway quite early in the year, the refund amount should be certified by the submission deadline in Germany. Otherwise, simply take the difference (25% - 10% potential refund = 15% withholding tax on your total dividends) and enter this amount, or add it to any other amounts applied for. In the first step, tax declarations are made paperless anyway, so you can relax and have the receipt from Norway until any queries arise. However, I see difficulties with the German FA recognizing this retroactively. I therefore handle it a little more elaborately and actually have the withholding tax refunded annually and the rest via the income tax return at the same time.

If you have never done the refund in Norway before, then at least get the 10% back for the last few years and the 15% for 2024 via the KAP annex. Depending on the amount, you decide which way you want to go.

If you have any questions, please leave them in the comments and I will try to answer them as soon as possible.

Part 2 will follow in a few days with details on the form and further tips.

$AKRBP (+2,69%)

In my opinion, this Norwegian energy share is currently very cheap.

I invested about 5T yesterday, today due to a small drop in NOK and NOK/EUR exchange rate another minus 5% in EUR, will top up immediately...

Aker ASA

https://www.akerasa.com/en

Almost a year ago, some here discovered "Aker Carbon Capture". The largest shareholder, Aker Horizons, is still invested in a few other companies and in turn owns 76% of Aker ASA😵 Maybe you can find similar interesting companies and businesses there? Or is Aker Horizons even THE investment in renewable energies?

This is the introductory post in a series looking at the companies within Aker ASA holdings. Aker has MANY investments in several other companies and businesses. I will break down and analyze the largest and most exciting of these into individual posts.

Industrial Holdings make up 85% of Aker investments; the largest are:

Aker BP ( $AKRBP (+2,69%)
)

https://akerbp.com/en/

ownerhship: 37.1%

Oil and gas industry. Exploration and production of oil and gas offshore.

Value 2021 in NOK million: 36.329

[insert contribution here]

Aker Horizons ( $AKH (+0,6%) )

https://www.akerhorizons.com/portfolio

ownership: 76.1%

Aker Horizons is Aker's investment in renewable energy and green technologies. This includes the following companies, for example:

Aker Carbon capture/ Mainstream renewable power/ Aker offshore wind/ Supernode

Value 2021 in NOK million: 15.342

[insert post here]

Cognite

https://www.cognite.com/en/

ownership: 50.5%

Software company providing software and internet-of-things services to industrial companies.

Value in 2021 in NOK million: 6.684

Aker Solution ( $AKSO (+2,42%) )/ Aker BioMarine/ Aker Energy

Ownership: 33.3%/ 77.8%/ 50.8%

https://www.akersolutions.com/who-we-are/

https://www.akerbiomarine.com/who-we-are

https://www.akerenergy.com/who-we-are

combined value 2021 in NOK million: approx. 8,500

In addition, there are/have been investments in other companies (see chart); furthermore, the remaining share of assets (15%) is in the financial area (annual report 2021 page 10).

Market capitalization Aker ASA ( $AKER (+3,2%) ) : US $ 5.5 billion

with a profit before tax (2021) of approx. 1.2 billion US $

Assessment of this valuation comes after the individual analyses.

To read:

https://www.akerasa.com/en/investors/financial-reports-presentations

https://akerasa.ams3.cdn.digitaloceanspaces.com/interim-reports/Aker-ASA-Fourth-quarter-and-preliminary-annual-Report-2021.pdf

@KapriolenSonne
@RoronoaZoro is the view getting clearer now?