Note 1 - Beerenberg

More documents

Recommendations

Info

Note 1 | Accounting principles The accumulated effect of changes in estimates and in financial and actuarial assumptions (actuarial gains and losses) making up less than 10 % of the greater of the pension obligations and the plan assets at the beginning of the year is not recognised. When the accumulated effect exceeds 10% at the start of the year, the excess is recognised in profit or loss over the assumed average remaining qualifying period. The discount rate for Norwegian schemes is based on the yield on 10-year Norwegian government bonds on the reporting date, adjusted to reflect the maturity of the pension obligations. The pension obligations are calculated by an actuary based on a straight-line accruals model. The ordinary pension scheme (which is a defined benefit plan) and the AFP scheme are both unfunded schemes. At the turn of the year, a total of 31 retirees have signed up to the AFP plan. Provisions for future pension obligations have been made on recommendation by the Norwegian Accounting Standards Board. Deferred tax and tax expenses Deferred tax is calculated on the basis of temporary differences between carrying amounts and taxable values at the end of the accounting year. A nominal tax rate is used in the calculation. Positive and negative differences are offset against each other within the same period. A deferred tax asset occurs if there are temporary differences giving rise to tax deductions in the future. Tax for the year comprises changes in deferred tax and deferred tax assets together with tax payable for the year, adjusted for errors in the calculations for previous years. Statement of cash flows The statement of cash flows has been prepared using the indirect method. Cash and cash equivalents consist of cash, bank deposits and other short-term liquid investments which may be converted, immediately and with an insignificant exchange rate risk, to known cash amounts and which have a maturity date no later than three months from the acquisition date. Contingent liabilities From time to time, the company receives claims for compensation for / rectification of work that has been carried out. These are recognised as liabilities if it is highly probably that a claim will be paid or if work will be carried out free of charge in subsequent periods. 80 Beerenberg CORP. AS Annual accounts 2012
Note 2 Segment information (Amounts in NOK 1,000) Operating segments are identified on the basis of the reporting used by the management when the companies’ performance and profitability are evaluated at a strategic level. The group is organised into four business areas: North- West, North Sea, Innovation & Technology and Subsea & Technology. The products and services provided are divided into segments. They are ISS and BC. The ISS segments comprise the services traditional insulation, scaffolding and surface treatment. The BC segment consists of services and products that include more complex services requiring additional specialist expertise. Services include the Benarx insulation product series (in-house technology), cutting and removal, access techniques, subsea insulation and Sveisolat/habitat services. The group management regularly reviews the operational and financial performance of the various business areas. The financial data presented correspond with the financial information used internally by the group management for the purposes of managing the business, making strategic decisions and allocating resources. Turnover is also measured according to whether it is generated on the Norwegian Continental Shelf (NCS) or internationally (ICS). Business areas ISS BC Total Sales revenue 1 009 058 426 462 1 435 520 Geographical segments North West North Sea Innovation & Technology Subsea & Technology Sales revenue 810 083 539 471 29 086 56 880 1 435 520 Total 95.4% of the company’s total revenue is related to operations in Norway. Note 3 Liquid assets The company has a guarantee limit for tax withholding for the year of 39,000. The group has a joint credit limit for all its companies. As at 31.12.2012 the overdraft limit is 90,000. As of 31.12.12 all of this is unused credit facilities. Note 4 Long-term manufacturing contracts / Goods (Amounts in NOK 1,000) The company has entered into long-term maintenance contracts in the areas of surface treatment and scaffolding for several offshore installations, gas processing plants and oil refineries. Revenues are recognised as incurred according to physical measurements of progress. For projects that are expected to incur a loss, the entire expected loss is recognised as an expense. Goods 31-12-12 31-12-11 Change Raw materials 32 561 27 046 5 515 Work in progress 2 110 0 2 110 Total goods 34 671 27 046 7 625 Beerenberg CORP. AS Annual accounts 2012 81
Page 1 and 2:
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 32 and 33: Beerenberg Corp. AS Group Group Acc
Page 34 and 35: 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 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: Accounting principles Depreciation
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
show all

Note 1 - Beerenberg

Create successful ePaper yourself

Delete template?

Save as template?