Note 1 - Beerenberg

Note 25
Operational leasing
(Amounts in NOK 1,000)
Total leasing liabilities for irrevocable operating leases 2 012 2 011
Leases falling due within one year 14 180 12 159
Leases lasting from one to five years 21 690 22 305
Leases lasting more than five years 562 -
Total 36 433 34 464
Lease and sublease agreements recognised in 2011 income statement Buildings Buildings
Minimum rent
Subleases 1 368 1 020
Total 1 368 1 020
Most operational leases relate to the leasing of premises.
Other lease expenses mostly comprise leasing of IT equipment, vehicles, fixtures and fittings, and equipment.
There are no purchase options on property or equipment, and equipment may not be subleased.
Variable rent does not form a substantial part of the lease expenses.
Note 26
Contingent outcomes
(Amounts in NOK 1,000)
Project risks and uncertainties
The group’s projects are largely long-term contracts awarded
as the result of a tender. According to IAS 18.21 the percentage
of completion method is applied and and revenue is recognized
in the periods in which services are provided. The
value of work performed during the period are estimated
based on physical progress recorded after a detailed inspection
or the number of hours of work performed.
Circumstances and information may change in subsequent
periods, and final outcomes may be better or worse than the
assessment made at the time the financial statements were
prepared.
In the group’s opinion, there are no projects as at 31.12.12
with uncertainties relating to estimates that may be of significant
importance to the consolidated figures.
Legal disputes
From time to time, the Group becomes involved in various
disputes in its course of business. Provisions have been made
to cover expected losses resulting from such disputes to
the extent that negative outcomes are probable and reliable
estimates can be produced. The final outcome of such cases
will always contain elements of uncertainty, and may result
in liabilities exceeding the recognised provisions.
Request for changed assessed taxes for 2010
At the date of the financial statements it has been discovered
an error in the tax treatment for the year 2010. It is in
this connection sent a request to the tax authorities to have
the taxes for 2010 reassessed. If pursuant, the effect on the
financial statements will be a correction of prior year taxes
paid and an improvement in equity of 6,400.
66
Beerenberg CORP. AS Group group accounts 2012