Note 1 - Beerenberg

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Note 6 | Employee benefits – pensions 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. 84 Beerenberg CORP. AS Annual accounts 2012
Note 7 Intangible assets and tangible non-current assets (Amounts in NOK 1,000) Tangible non-current assets Vehicles Production equipment Telecoms & IT Expenditure on buildings, site cabins and workshops Acquisition cost 01.01 14 363 268 783 10 231 37 239 330 615 286 750 Acquisitions of non-current assets 557 21 228 1 228 9 703 32 716 46 821 Disposals -948 -408 -1 356 -2 955 Acquisition cost 31.12 13 972 289 603 11 459 46 942 361 975 330 615 2012 Total 2011 Total Accumulated depreciation 01.01 12 610 105 589 7 224 20 019 145 442 119 066 Depreciation for the year 1 524 23 868 973 4 405 30 770 26 376 Write-downs for the year 0 0 Disposals – accumulated depreciation -916 -280 -1 196 0 Accumulated depreciation 31.12 13 218 129 177 8 197 24 424 175 016 145 442 Capitalised value 31.12 754 160 426 3 261 22 518 186 959 185 173 Economic useful life 5-10 years 3 years 10 years 10 years Depreciation schedule Straight-line Straight-line Straight-line Straight-line The company has entered into leasing agreements on a number of non-current assets. 37 311 of the companys total assets is leased assets. Leasing agreements normally last for 5 years and are treated as financial leasing. The present value of financial leasing liabilities is 26,251. 5,640 of this falls due within one year. The Company do not have leasing obligations maturing later than 5 years. The Company normally has an option for buying out the asset or extended lease at lease expiration. The company rents generators and a portable cabin complex as well as office and production buildings and residential property. These have not been capitalised as the associated leasing agreements are not considered financial leasing according to generally accepted accounting practices. Leases falling due within one year 14 180 Leases lasting from one to five years 21 690 Leases lasting more than five years 562 Total 36 433 Intangible asset Research & Development Software Patents 3GS New Operating Model 2012 Total 2011 Total Acquisition cost 01.01 26 561 26 865 1 362 - 54 788 45 918 Acquisitions in-house R&D 868 - 3 227 - 4 095 - Acquisitions of non-current assets - 2 234 - 5 477 7 711 8 870 Disposals - - - - 0 - Acquisition cost 31.12 27 429 29 099 4 589 5 477 66 594 54 788 Accumulated amortisation 01.01 1 184 7 434 0 0 8 618 5 035 Amortisation for the year 2 018 3 661 275 0 5 954 3 583 Write-downs for the year - - - - 0 - Disposals – accumulated amortisation - - - - 0 - Discarded assets/adjustment - - - - 0 - Accumulated amortisation 31.12 3 202 11 095 275 0 14 572 8 618 Capitalised value 31.12 24 227 18 004 4 314 5 477 52 022 46 170 Economic useful life 6-12 years 5-7 years 5 years 5 years Amortisation schedule Straight-line Straight-line Straight-line Straight-line Beerenberg CORP. AS Annual accounts 2012 85
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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
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Management report Technology and de
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Management report International act
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Management report Organisational ri
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The Beerenberg Corp. AS board of di
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Tore Angelskår Roger Kjeilen Tore
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The profit for the year totalled NO
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The group has a long-term goal of e
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Beerenberg Corp. AS Group Group Acc
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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 and 82: Accounting principles Depreciation
Page 83 and 84: Note 2 Segment information (Amounts
Page 85: Note 6 Employee benefits - pensions
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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