Note 1 - Beerenberg

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Note 19 Loans to key employees (Amounts in NOK 1,000) The Group has given refinancing loans to members of the company management. Satisfactory security has been provided for the loans. Loans to employees: Name of employee Total amount Morten Walde, CEO 704 Other employees 4 308 Total 5 013 Loans to the above-mentioned employees are subject to the standard interest rate at all times. The loans have a term of 2 + 4 years, where the first two years are interest-only then are serial over 4 years with 48 equal monthly installments. The first installment is due at September 10, 2014. The borrower may repay some or all of the loan regardless of this. If the borrower’s employment in Beerenberg Group ceases, the loan repayment is due within 3 months after the end of the employment relationship. At the signature date of the financial statments for 2012, 3,813 of these loans were repaid. The remaining balance related to the group other employees is therefore 1.200 at the end of March 2013. Note 20 Pensions Mandatory occupational pension The company is obliged to operate an occupational pension scheme in accordance with the Norwegian act on mandatory occupational pensions. The company’s pension schemes satisfy the provisions of this act. Employee benefits – pensions (Amounts in NOK 1,000) Defined benefit pensions In a pension reform in Norway in 2010, the old AFP-scheme was discontinued and replaced with a new AFP-scheme. The company is part of the old AFP scheme, which means that the employees had a choice to take early retirement from the age of 62. The scheme entitled members to defined future benefits from the age of 62 to 67. These benefits depend primarily on the number of years of service, salary upon reaching pension age and the extent of the benefits paid by the Norwegian National Insurance Scheme. The AFP scheme is defined as an multi-company unfunded defined benefit scheme. The pension obligation is calculated by an independent actuary. No funds have been invested in the Group’s defined benefit schemes since the schemes are unfunded schemes. The following assumptions have been made when calculating the obligation related to the ordinary defined benefit scheme. Financial: 2012 2011 Discount rate 3,30 % 4,00 % Expected return on plan assets 4,80 % 5,40 % Salary adjustments 4,00 % 4,00 % "G" adjustments / inflation 3,75 % 3,75 % Pension adjustments 3,75 % 3,75 % Demographic: Mortality K2005/KU K2005/KU 62 Beerenberg CORP. AS Group group accounts 2012
Pension cost: 2012 2011 Current value of pension accruals for the year 0 598 Interest cost of pension obligation 84 212 Expected return on plan assets 0 0 Amortisation of actuarial (gain)/loss -65 -871 Recognised one-off effect as a result of discontinuation of scheme 0 0 Administration costs 0 0 Accrued National Insurance contributions 12 114 Net accrued pension cost of defined benefit scheme 31 54 One-off impact as a result of deficiency in the AFP scheme -1 620 -1 580 Cost of contribution-based scheme and other pension costs 21 715 16 714 Total pension cost 20 126 15 187 Pension obligation, unfunded schemes: 2012 2011 Estimated pension obligation 1 918 5 010 Estimated plan assets 0 0 Estimated obligation – AFP shortfall 5 218 6 838 Estimated net pension obligation 7 137 11 848 Unrecognised change in actuarial gain/(loss) 219 562 Net pension obligation 7 355 12 410 Accrued National Insurance contributions 270 706 Pension obligation 7 626 13 116 The actuarial assumptions are based on assumptions generally applied in the insurance industry with regard to demographic factors. Since the actuarial liabilities only includes the AFP-scheme which is beeing wound up, changes in assumptions will only result in insignificant effects. A sensitivity analysis is performed by changing the discount rate + 0.5 % and (-0.5 %). This results in a lower (higher) cost and lower (higher) liability of approximately 11. In February 2010 it was decided to wind up the AFP scheme, and it was only possible to take early retirement under the old scheme up until 31.12.2010. The gain from discontinuing the scheme was recognised as revenue in 2010 and is presented as a reduction in salary costs. One remaining provision concerns the Group’s contribution for persons who took early retirement under the old scheme. When dsicontinuing the old scheme, it became clear that the scheme had a substantial undercoverage. This undercoverage must be covered by the member companies by way of continued payments of premiums for the next five years. The company’s share of the undercoverage has been estimated, and provisions have been made in the financial statements. The Group’s share of this undercoverage was estimated and accrued in the financial statements as of 31.12.2010 based on an estimate of NOK 6,800 per employee. This provision is per 31.12.2012 decreased by 2/5 as it is now only 3 years until the old scheme is fully discontinued. This reduction is presented as a negative amount of 1,620 in 2012 as a one-off impact as a result of undercoverage in the AFP scheme. The Company’s estimated remaining obligation related to the undercoverage in the old AFP-scheme is 5,218 as of 31.12.12. A new AFP scheme has been established to replace the old AFP scheme. Unlike the old scheme, the new AFP scheme is not an early retirement scheme but a scheme that pays a lifelong supplement to ordinary pension benefits. Employees may elect to join the new AFP scheme from the age of 62 while continuing to work, and they will accrue additional benefits by continuing to work until the age of 67. The new AFP scheme is a defined benefit multiemployer pension scheme and is financed by premiums set as a percentage of salary. There is currently no reliable measurement and allocation of obligations and assets under the scheme. The scheme is accounted for as a contribution-based pension scheme whereby premium payments are recognised as an expense as incurred and no provisions are made in the financial statements. The difference between the booked pension liabiltity 7,370, and the presented pension liability above of 7,626 is related to accruals conserning mandatory occupational pension and expanded pension agreements for executives. Beerenberg CORP. AS Group group accounts 2012 63
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Beerenberg Corp. AS & beerenberg Co
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Contents Our VisIon 3 Management re
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4 Beerenberg CORP. AS Group group a
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Offshore Offshore Market Market by
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Production by lifecycle Production
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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 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 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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