Page 77 - Bouvet årsrapport ENG 2010 ePub

Bouvet annual report 2010 77

Loans, receivables and liabilities between Bouvet ASA and its subsidiaries:

NOK 1 000

Company

Loans to subsidiaries

Current receivables due from subsidiaries

Loans from subsidiaries

Current liabilities to subsidiaries

Bouvet Syd AB 452 40 0 285 Bouvet Stockholm AB 1 321 41 0 348 Bouvet Sverige AB 0 0 0 218 Olavstoppen AS 0 106 0 2 695 Ontopia AS 0 10 0 0 Total 1 773 197 0 3 546

Note 10: Work in progress

Te Company recognises as income sales of services in line with the deliveries. Customer projects are taken to income in accordance with the project’s degree of completion, provided that the outcome of the transaction can be reliably estimated. Progress is measured as incurred hours in relation to total estimated hours. In the event that the outcome of the transaction cannot be reliably estimated, only income corresponding to incurred project costs are taken to income, given that it is likely that the income will be greater than the incurred project costs. Any estimated loss on a project will be fully recognised in the income statement in the period when it is identifed that the project will result in a loss.

At the balance sheet date, processed but not billed services amounted to NOK million 65,25 (2009 NOK million 47,52). NOK million 58,22 (2009 NOK million 38,38) of these constituted services delivered on account at the end of the previous accounting year, and NOK million 7,03 (2009: NOK million 9,15) was related to customer projects. Services delivered on running accounts at the end of previous accounting year was invoiced to customers at the beginning of January 2011. Tis income is settled based on degrees of completion as described above and in notes 1 and 2.

Note 11: Trade accounts receivable

NOK 1 000 2010 2009

Gross trade accounts receivable 87 797 64 861 Provisions for losses 0 0 Trade accounts receivable 87 797 64 861

Te provision for losses on trade accounts receivable for 2010 is TNOK 0 (2009: TNOK 0).

Losses on trade accounts receivable are classifed as other operating costs in the income statement.