Annual Report 2010 - Scana Industrier ASA

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78Annual Report 2010 Scana Industrier ASABelow is an illustration of the book value and fair value of the group’s financial instruments.Book value / Fair valueNote 2010 2009Financial assetsBank deposits 15 101 249 139 523Trade receivables 13 351 572 500 853Other financial assets 55 676 58 884Electricity derivatives 23 946 2 044Interest rate swaps 0 0Forward currency contracts 3 114 8 586Total 535 557 709 890Financial liabilitiesCreditors 19 241 826 194 924Advances from customers 13 47 691 53 938Bank overdraft 15/17 1 753 1 800Financial leasing 17/20 23 064 31 198Interest-bearing loans 17/20 492 077 463 256Embedded derivatives 4 269 5 493Forward currency contracts 417 5 154Interest rate swaps 2 904 4 853Electricity derivatives 1 281 5 424Total 815 282 766 040The table below shows how the different financial instruments are categorised, cf. IFRS 7 as at 31 December 2010At fair value over resultLending and Available At amortisedHeld for turnover Hedge accounting receivables for sale cost TotalFinancial assetsBank deposits 101 249 101 249Trade receivables 351 572 351 572Other financial assets 55 676 55 676Electricity derivatives 3 654 20 292 23 946Interest rate swaps 0 0Forward currency contracts 3 114 3 114Total 6 768 20 292 508 497 0 0 535 557Financial liabilitiesCreditors 241 826 241 826Advances from customers 47 691 47 691Bank overdraft 1 753 1 753Financial leasing 23 064 23 064Interest-bearing loans 492 077 492 077Embedded derivatives 4 269 4 269Forward currency contracts 417 417Interest rate swaps 0 2 904 2 904Electricity derivatives 1 259 22 1 281Total 5 945 2 926 0 0 806 411 815 282Fair value – value hierarchyScana applies the following hierarchy when assessing and presenting the fair value of the financial instruments.Level 1: Trading prices (unadjusted) in active markets for identical assets and liabilities.Level 2: Input other than traded prices from active markets that are included in level 1, which can be observed for the asset or liability, eitherdirectly (as prices) or indirectly (derived from prices).Level 3: Input for the asset or liability that is not based on observable market data.
79The table below shows the valuation hierarchy for details of fair value for assets and liabilities.As of 31 December 2010, Scana has the following financial instrumentsthat are recognised at fair value: 31.12.10 Level 1 Level 2 Level 3Assets measured at fair valueFinancial assets taken at fair value with change in value higher than the resultElectricity derivatives 23 946 23 946Forward currency contracts 3 114 3 114Annual Report 2010 Scana Industrier ASATotal 27 060 27 060 0 0Liabilities measured at fair valueFinancial obligations at fair value with change in value higher than the resultEmbedded derivatives 4 269 4 269Forward currency contracts 417 417Interest rate swaps 2 904 2 904Electricity derivatives 1 281 1 281Total 8 871 4 602 4 269 0There were no transfers in 2010 between levels 1 and 2 in the assessment of fair value, and no transfers to or from level 3 in the assessment offair value.Capital structure and equityThe main purpose of the group’s composition and management of liabilities and equity is to ensure commercial room to manoeuvre in relation tothe work of the group in both the short and long term. The group also aims for the best possible credit rating, and thereby competitive loan termswith lenders for Scana’s activity. Through effective asset management in relation to liabilities and debt, the group will support the commercialactivity, and thereby contribute to increasing the values for the shareholders. See note 16.The group aims to have sufficient liquid funds and credit facilities to finance operational activities. This is achieved by maintaining high targetsfor continued operations and financial management. The group manages the capital structure and makes the necessary changes based on anongoing assessment of the market and financial risk and the financial outlook for both the short and medium term. See note 17.Note 24. Shares and shareholdersScana Industrier ASA had 2,179 shareholders as at 31 December 2010. Foreign shareholders held shares totalling 4 per cent of the share capital.No. of shares held by board members and senior personnel:Frode Alhaug* 12 685 966Bjørn Dahle 2 405 207John Arild Ertvaag** 17 849 665Rolf Roverud 360 000Per Ravnestad*** 2 074 900Jan Henry Melhus 55 000* Through the company Fama Invest AS** Through the company Camar A/S.*** Through ownership in the companies International Oilfield Services AS and Panda AS.In addition, the company holds 113,010 own shares.
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3 THE SCANA GROUP4 Objectives and m
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4Annual Report 2010 Scana Industrie
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Historical highlights1652Scana’s
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Managing director: Sten IsraelssonS
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25The product area Scana Propulsion
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Page 49 and 50: 49Scana GROUP Cash flow STATEMENT(N
Page 51 and 52: 51notes group 2010Note 1. Group acc
Page 53 and 54: 53Acquisition cost for tangible fix
Page 55 and 56: 55Where the group expects some or a
Page 61 and 62: 61Tax included in the total result:
Page 63 and 64: 63Scana Offshore Vestby Scana Offsh
Page 65 and 66: 65Remuneration to key personnel (gr
Page 67 and 68: 67Share option programmedecided in
Page 73 and 74: 73Note 20. Leasing obligationsOpera
Page 75 and 76: 75In 2010, Scana was affected by ca
Page 77: 77The table below shows the effects
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Page 100: Scana Industrier ASAStrandkaien 2,
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Annual Report 2010 - Scana Industrier ASA

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