Note 1 - Beerenberg

Beerenberg Holding AS has the following loans for which Beerenberg Corp. AS is jointly
and severally liable:
Loans:
Book value
Spread over
NIBOR
Due
Terms of
interest
Long-term loan Tranche A 200 000 2,75-3,75% 02-01-15 NIBOR+Margin**
Long-term loan Tranche B 392 000 2,75-3,75% 02-01-15 NIBOR+Margin**
* Subject to an additional contingency of 0.50% per annum.
** The agreed spread on the bank loans is determined by a price matrix based on 4 quarters’ rolling EBITDA and net interest-bearing debt.
Maturity structure of financial liabilities
Book value
Earlier than 6
months 6–12 months 1–2 years 2–5 years
Long-term loan from Beerenberg Corp. AS 23 000 - - - 23 000
Long-term loan from Beerenberg Corp. AS 20 000 20 000
Multicurrency overdraft limit NOK 90 million - - - - -
Long-term loan Tranche A 200 000 - 65 000 - 135 000
Long-term loan Tranche B 392 000 - - - 392 000
Financial leases *** 19 027 2 820 2 820 5 379 8 008
Total 654 027 2 820 67 820 5 379 578 008
*** More than 90% relates to Fokus Leasing AS. NOK 4.0 million remaining after 2015. 100% relates to Fokus Leasing AS. Leasing
agreements relates to scaffolding, machinery, containers and other equipment and vehicles.The carrying value of the leases is the
present value of lease payments. Nominal value (the sum of all future lease payments) amounts to 20,648. Installments and interest
in the periodic payments under capital leases are recognized respectively, as a reduction in lease liability and interest expense.
Variable rent does not form a substantial part of the lease expenses. Interest expense relating to capital leases is in 2012 1,079.
There are no subletting of assets under finance lease. There are no restrictions imposed through lease arrangements, such as when it
comes to dividends, additional debt and further leasing arrangements.
Covenants
In connection with agreement of change of debt repayment
schedule in May 2012, adjustments in covenants were made.
The Group has adhered to adjusted and current covenants
throughout the year. The Group expects to comply with the
existing covenants for the remainder of the loan term.
Current covenants relate to:
▪▪
Equity ratio
▪▪
CAPEX / Annual investments
▪▪
Interest-bearing debt divided by four quarter rolling
EBITDA.
▪▪
Debt repayment ratio
Refer also to note 29 where refinancing in connection to the
sale of shares transaction is further described.
Beerenberg CORP. AS Group group accounts 2012
69