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Annual Report 2012

Annual Report 2012

Impairment of

Impairment of investments in subsidiariesFigures in NOK '000 2012 2011Eitzen Chemical Shipholding AS - 232 500Napoli Chemical AS - -Eitzen Chemical (Singapore) Pte.Ltd - 512 833Total impairment of investments in subsidiaries - 745 333The Company has an investment in only one subsidiary at 31 December 2012. The carrying value of thesubsidiary, Eitzen Chemical Shipholding AS, is zero.Note 7 - Receivables and debt to group companies(NOK '000)Figures in NOK '000 2012 2011Eitzen Chemical (Singapore) Pte.Ltd. 433 884 286 359Eitzen Chemical Invest (S) Pte.Ltd. 22 140 22 424Sichem Pearl Shipping Co. Pte.Ltd. 539 -Team Shipping AS -426 -405Napoli Chemical AS -50 -99Eitzen Chemical (USA) L.L.C. -17 101 -21 124Eitzen Chemical Shipholding AS - -652Eitzen Chemical (Spain) S.A. -42 -45Receivables from Group companies 456 563 309 690Debt to Group companies -17 620 -22 325Net receivables from Group companies 438 943 287 365The Group debt and receivables are interest-bearing. The debt is denominated in USD.Impairment of receivables from Group companiesFigures in NOK '000 2012 2011Eitzen Chemical A/S -11 925 67 762Eitzen Chemical (Singapore) Pte.Ltd. - 206 070Eitzen Chemical Invest (S) Pte.Ltd. - 52 803Sichem Pearl Shipping Co.Pte.Ltd. - 283Napoli Chemical KS 22 393 41 516Eitzen Chemical (France) SAS - -62 008Total impairment receivables from Group companies 10 468 306 425Note 8 - Pensions and other post-employment benefit plansThe company has set up a defined benefit scheme with a life insurance company to provide pension benefitsfor its employees. The Company's funds are managed by an independent life insurance company that investsthe Company's funds according to Norwegian law. All employees are part of the pension scheme. The schemeprovides entitlement to benefits based on future service from the commencement date of the scheme.The company also had pension obligations for employees with salaries exceeding 12G. These are non-fundedobligations. The scheme was terminated in 2012.66

(NOK '000)Figures in NOK '000 2012 2011Net benefit expense (recognised in administration expenses):Current service cost 1 190 1 886Interest cost 139 244Expected return on plan assets -94 -102Administration fee 25 24Amortization of actuarial losses/(gains) 663 -2 673Payroll taxes 174 286Total pension cost (- income) 2 098 -335The amounts recognised in the balance sheet are determined as follows:Present value of funded obligations 2 302 3 721Fair value of plan assets -1 713 -2 270589 1 451Present value of unfunded obligations - 2 605Unrecognised actuarial gains/(losses) 453 -1 640Payroll taxes 83 954Net benefit obligation (asset) 1 125 3 370Net benefit obligation is classified in the balance sheet as follows:Asset - -Liability 1 125 3 370-1 125 -3 370In the balance sheet a net pension asset in one scheme is only offset against an obligation in another schemeto the extent that it is possible to fund the net obligation scheme with the assets.Changes in the present value of the defined benefit obligation are as follows: 2012 2011Beginning of year 9 032 6 108Current service cost 1 190 1 886Interest cost 139 244Actuarial losses (gain) -5 090 794End of year 5 271 9 032Changes in the fair value of plan assets are as follows: 2012 2011Beginning of year 2 227 1 286Expected return on plan assets 94 102Actuarial (losses)/gains -1 423 191Employer contributions 837 669Administration -22 -21End of year 1 713 2 227The principal actuarial assumptions used were as follows:Discount rate 3.90 % 2.60 %Expected return on plan assets 4.00 % 4.10 %Future salary increases 3.50 % 3.50 %Future pension increases 0.20 % 0.10 %67

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