Note 1 - Beerenberg

Note 23
Trade payables and other payables
Trade payables
Beerenberg Corp.AS’ current liabilities stood at 102,926 in
2012 (141,183 in 2011).
72,741 of these liabilities pertains to accrued holiday pay in
2012 (63,248 in 2011), while the remaining current liabilities
relate to project provisions.
Other current liabilities
Beerenberg Corp. AS’ current liabilities stood at 118,914
(154,112 in 2011).
Note 24
Financial instruments, other investments
Financial instruments is a collective term for assets and
liabilities traded in the securities market, derivatives market
and partly the currency market, which are further defined in
the Norwegian Securities Trading Act.
Please see Note 30 for details of derivatives, and for other
financial instruments see note 13. The Group is not in a
position, nor is it part of its business, to make investments in
financial instruments for speculative purposes. As explained
in Note 13, only instruments that are suitable for hedging
will be used and then only to a limited extent in order to
hedge commercial risks.
Credit risk exposure is described in Note 13.
Exposure to liquidity risks, including loan repayment structures,
is described in Notes 13 and 32.
The exchange rate risk is not significant as at 31.12.2012. See
also Note 13 for an overview of currency exposure.
The Group is expecting to expand its international operations
with the result that exposure, particularly in USD, is
likely to increase.
The Beerenberg Corp. AS Group has loans drawn exclusively
in NOK and subject to variable interest. The group is consequently
sensitive to changes in interest rates. Please refer to
note 4 for sensitivity analysis.
The fair value of all financial instruments held by the group
is equal to or exceeds the book value.
Beerenberg Corp. AS and the Beerenberg Corp. AS Group
have made no investments that fall into the category “Other
investments”.
Beerenberg CORP. AS Group group accounts 2012
65