Note 1 - Beerenberg

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Management report International activities Financial matters Beerenberg has clear ambitions and targets in relation to the export-based petroleum industry. The company’s export products are based on highly advanced technology (intellectual property rights), and the company focuses strongly how to build barriers against imitation and copying. The export share of Beerenberg’s output is rising steadily. The company carried out assignments in the US, Kazakhstan, Britain, Malaysia, Denmark, Angola and Nigeria in 2012. We are also waiting for the outcome of a number of tender bids made in our defined export markets. The bids concern services relating to in-house technologies such as RAT, MM&A, Benarx, Sveisolat and Subsea Insulation. Beerenberg has entered into partnership agreements with a number of international businesses in recent years. The company’s partners are based in the UK, US, Kazakhstan, Angola, Nigeria and Malaysia. In 2013 the company expects to see significant growth outside Norway. Consolidated EBITDA (earnings before interest, taxes, depreciation and amortisation) stood at NOK 172.7 million (NOK 127.9 million) – an increase of 35.0%. Operating profits (EBIT) rose by 40.3% from NOK 92.9 million in 2011 to NOK 130.3 million. Cash flow Operational cash flows totalled NOK 136.8 million. Underlying operations are sound, and the company is generating a healthy cash flow from its ongoing activities. The group has consolidated its operations and has focused on increasing its revenues. Tied-up working capital remained stable since the last year end but saw seasonal fluctuations throughout the year. Given the company’s growth forecasts for 2012, there is reason to believe that working capital will increase somewhat during 2013. Investments The group’s total investments stood at NOK 44.6 million, of which NOK 10.2 million was related to operating equipment developed by the company for the decommissioning market and NOK 9.2 million to the establishment of a new production line for Benarx products. Financing The group has a loan with Fokus Bank of NOK 43 million. Its total credit facility with Fokus Bank is NOK 90 million, which offers the company flexibility during the growth phase it is currently in. The group has a total credit and guarantee limit of NOK 175 million Beerenberg Corp. AS has given a loan to Beerenberg Holding AS. The loan is subject to variable interest based on 12-month NIBOR + 2% per annum. Beerenberg Holding AS refinanced its debts during 2012 and has reduced its liability to Beerenberg Corp. AS, which has helped boost liquidity at Beerenberg Corp. AS. Financial risk With its financing structure and current agreements, the group seeks to reduce its exposure to fluc- 14
Beerenberg’s products and services are divided into three business areas: Insulation, Scaffolding and Surface treatment (ISS) Business Centres (BC) Green Field Centre (GFC) Insulation Benarx Green Turtle Scaffolding Subsea Insulation Green Sawfish Surface treatment Rope Access Techniques (RAT) Habitat Solutions (Sveisolat) Mobile Machining & Abandonment Engineering & Inspection tuations in the foreign currency and interest rate markets, and it does not carry out speculative transactions in these markets. It seeks to keep the exchange rate risk as neutral as possible by keeping revenues and costs in the same currency. The number of transactions in foreign currencies is limited. Tax Out of a total tax liability of NOK 36.8 million, tax payable amounted to NOK 35.4 million. Ownership structure Beerenberg Holding AS owns 100% of the shares in Beerenberg Corp. AS. Risk management We have implemented a method for handling risk systematically, defining measures and following up on the effect of these measures. Market risk The group operates in the oil and gas market, which has seen significant fluctuations in performance in recent years. The market in which Beerenberg operates is to a certain extent affected by oil and gas prices. We know that the desire to invest on the Norwegian Continental Shelf will diminish in the long term. The group is intensifying its internationalisation process in order to counter lower growth on the NCS. Technology risk The market is always looking for better solutions, and it may be that the group will encounter competing products and services. In continuing to focus on engineering services and R&D we are seeking to be one step ahead by protecting our assets with patents and other property rights. 15
Page 1 and 2: Beerenberg Corp. AS & beerenberg Co
Page 3: Contents Our VisIon 3 Management re
Page 6 and 7: 4 Beerenberg CORP. AS Group group a
Page 8 and 9: Offshore Offshore Market Market by
Page 10 and 11: Production by lifecycle Production
Page 12 and 13: 10 Beerenberg CORP. AS Group group
Page 14 and 15: Management report Technology and de
Page 18 and 19: Management report Organisational ri
Page 20: The Beerenberg Corp. AS board of di
Page 23 and 24: Tore Angelskår Roger Kjeilen Tore
Page 25 and 26: The profit for the year totalled NO
Page 27: The group has a long-term goal of e
Page 30 and 31: Beerenberg Corp. AS Group Group Acc
Page 36 and 37: Note 1 Beerenberg Corp. AS is a lim
Page 38 and 39: Note 3 | Accounting principles Clas
Page 40 and 41: Note 3 | Accounting principles Inta
Page 42 and 43: Note 3 | Accounting principles Oner
Page 44 and 45: Note 3 | Accounting principles work
Page 46 and 47: Note 3 | Accounting principles Stan
Page 48 and 49: Note 4 As a global supplier of oil
Page 50 and 51: Note 5 (Amounts in NOK 1,000) Accor
Page 52 and 53: Note 7 Other operating costs (Amoun
Page 54 and 55: Note 10 Tax (Amounts in NOK 1,000)
Page 56 and 57: Note 12 (Amounts in NOK 1,000) 2 01
Page 58 and 59: Note 13 (Amounts in NOK 1,000) Expo
Page 60 and 61: Note 13 | Financial instruments (co
Page 62 and 63: Note 14 Goods (Amounts in NOK 1,000
Page 64 and 65: Note 19 Loans to key employees (Amo
Page 66 and 67:
Note 21 Remuneration of key employe
Page 68 and 69:
Note 25 Operational leasing (Amount
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Note 30 Derivatives The Group had n
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Note 33 Secured Liabilities (Amount
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Annual accounts 2012 Beerenberg Cor
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Beerenberg Corp. AS Balance Sheet A
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Beerenberg Corp AS Statement of Ca
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Accounting principles Depreciation
Page 83 and 84:
Note 2 Segment information (Amounts
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Note 6 Employee benefits - pensions
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Note 7 Intangible assets and tangib
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Note 9 Secured debts and guarantee
Page 91 and 92:
Note 11 Consolidated items (Amounts
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Beerenberg Corp AS Auditing report
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BEERENBERG Corp. AS T +47 55 52 66
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Note 1 - Beerenberg

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