Note 1 - Beerenberg

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Note 10 Tax (Amounts in NOK 1,000) 01.01 - 31.12 2012 2011 Ordinary result before tax 126 074 88 150 Permanent differences 505 860 Changes to interim differences -3 445 -10 774 Basis for tax payable 123 134 78 236 Tax payable on the result for the year 34 478 21 906 Tax payable on the result of the year 34 478 21 906 Corrections to the previous year 6 087 Gross changes deferred tax 2 347 3 005 Total tax for the year 36 825 30 999 31.12.2012 31.12.2011 Tax payable on the balance sheet has been calculated as follows Tax payable on the result for the year 34 478 21 906 Tax payable for earlier periods, non-assessed 891 0 Total tax payable 35 369 21 866 Spesification of the basis for deferred tax/deferred tax concessions: Additions through business combinations 14 838 18 399 Fixed assets 59 123 51 640 Current assets -602 -600 Liabilities -14 907 -19 368 Loss brought forward in foreign subsidaries -16 821 -11 884 Total 41 632 38 187 Differences that are not included in the calculation of deferred tax 16 821 11 884 Total basis for deferred tax 58 452 50 071 Deferred tax obligations 16 367 14 020 Explanation as to why the tax for the year does not amount to 28 % of the result before tax 28 % of the result before tax 35 301 24 682 Permanent differences (28%) 141 241 Errors in previous years 0 6 087 Changes to deferred tax profit brought forward in foreign subsidiaries 1 382 -13 Calculated tax 36 825 30 998 Proposed Group Contribution to Beerenberg Holding amounting to 48.037 is not recognized since this is to be approved in 2013. As Group contribution with tax effect is approved and paid, this results in a reduction of tax payable. If the proposed Group contribution is approved on the General Assembly, this will result in a reduction of basis for tax payable of 48.037, and a reduction of tax payable of 13.450. 52 Beerenberg CORP. AS Group group accounts 2012
Note 11 Property, plant and equipment (Amounts in NOK 1,000) Vehicles Production equipment Telecoms & IT Buildings, barracks and halls TOTAL 2012 Acquisition cost 01.01 14 363 269 511 10 231 37 256 331 360 Acquisitions of non-current assets 557 21 321 1 228 9 703 32 809 Disposals (948) (408) - - (1 356) Discarded assets/adjustment - - - - - Acquisition cost 31.12 13 972 290 424 11 458 46 959 362 813 Accumulated depreciation 01.01 12 609 105 589 7 224 20 019 145 442 Depreciation for the year 1 524 23 868 973 4 973 31 338 Write-downs for the year - - - - - Disposals – accumulated depreciation (916) (280) - - (1 197) Discarded assets/adjustment - - - - - Accumulated depreciation 31.12 13 217 129 177 8 197 24 992 175 584 Capitalised value 31.12 755 161 247 3 261 21 966 187 229 Economic useful life 5–7 years 5–10–15 years 3 years 10 years Depreciation schedule Straight-line Straight-line Straight-line Straight-line Vehicles Production equipment Telecoms & IT Buildings, barracks and halls TOTAL 2011 Acquisition cost 01.01 14 388 229 669 7 054 36 366 287 477 Acquisitions of non-current assets 59 42 200 3 176 1 386 46 821 Discarded assets/adjustment (84) (2 358) - (513) (2 955) Disposals - - - 17 17 Acquisition cost 31.12 14 363 269 511 10 231 37 256 331 360 Accumulated depreciation 01.01 10 628 86 236 6 137 15 934 118 935 Depreciation for the year 1 981 19 354 1 087 4 085 26 507 Write-downs for the year - - - - - Disposals – accumulated depreciation - - - - - Discarded assets/adjustment - - - - - Accumulated depreciation 31.12 12 609 105 589 7 224 20 019 145 442 Capitalised value 31.12 1 754 163 922 3 006 17 237 185 918 Economic useful life 5–7 years 5–10–15 years 3 years 10 years Depreciation schedule Straight-line Straight-line Straight-line Straight-line The Group has entered into leasing agreements on a number of non-current assets. Leasing agreements last for 5 years and are treated as financial leasing. Leasing agreements are generally entered into at a variable interest rate at 1 month NIBOR + a margin of 1 - 2 %. No leasing agreements includes buyout-options at the end of the leasing periods. However, at the end of the leasing periods the Group can ask for an offer to buy the equipment. This is generally given at a price varying around 2 months leasing amounts. The Group will normally utilize such offers.The present value of leased material is 37,311, and relates mainly to scaffolding (28,083) and a portable cabin (5,833). For reference the present value of leased material as of 31.12.11 was 40,653, of which 30,667 was scaffolding, and 6,941 portable cabin. The Group rents generators and a portable cabin complex as well as office and production buildings and residential property. These have not been capitalised as the associated leasing agreements are not considered financial leasing according to IFRS. Beerenberg CORP. AS Group group accounts 2012 53
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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 16 and 17: Management report International act
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 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
Page 70 and 71: Note 30 Derivatives The Group had n
Page 72 and 73: Note 33 Secured Liabilities (Amount
Page 75 and 76: Annual accounts 2012 Beerenberg Cor
Page 77 and 78: Beerenberg Corp. AS Balance Sheet A
Page 79 and 80: Beerenberg Corp AS Statement of Ca
Page 81 and 82: Accounting principles Depreciation
Page 83 and 84: Note 2 Segment information (Amounts
Page 85 and 86: Note 6 Employee benefits - pensions
Page 87 and 88: Note 7 Intangible assets and tangib
Page 89 and 90: Note 9 Secured debts and guarantee
Page 91 and 92: Note 11 Consolidated items (Amounts
Page 93 and 94: Beerenberg Corp AS Auditing report
Page 95: BEERENBERG Corp. AS T +47 55 52 66
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Note 1 - Beerenberg

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