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Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
PROPERTY, PLANT AND EQUIPMENT
(NOK INMILLION)
LEASEHOLD
IMPROVEMENTS
OFFICE- AND
OTHER
EQUIPMENT
MACHINERY AND
EQUIPMENT
2011 TOTAL
2010 TOTAL
Cost at January 1
14
16
7
37
36
Additions
0
0
2
2
1
Disposals
0
0
7
7
0
Cost at December 31
14
16
2
33
37
Accumulated depreciation at December 31
11
13
0
24
18
Carrying value at December 31
4
4
2
9
20
Depreciation for the year
7
3
1
11
7
Impairment for the year
0
0
2
2
0
Estimated useful life, years
Up to 10
Up to 5
Up to 3
Depreciation method
Straight line
Straight line
Straight line
The silan lab (machinery and equipment) was transferred to a subsidiary in the USA in 2011, and the part of the leasehold improvements
related to this lab has been fully depreciated in 2011.
SHARES IN SUBSIDIARIES
CARRYING VALUE
DECEMBER 31
(NOK INMILLION)
COMPANY
OWNERSHIP/ VOTING RIGHT BUSINESS OFFICE
2011
2010
REC Silicon AS
100%
Bærum
225
225
RECWafer Norway AS
100%
Meløy
0
1 275
REC Solar AS
100%
Bærum
0
1 409
REC Technology Ventures AS
100%
Bærum
4
4
REC Site Services Pte Ltd
100% Singapore
2 992
2 992
Total
3 222
5 906
In 2011 loans in the Group account systems were converted to equity in RECWafer Norway AS (NOK 6,500million), REC Solar AS
(NOK 2,000million) and REC ScanCell AS (NOK 550million). The shares in REC ScanCell AS were subsequently sold to REC Solar AS for
NOK 1. Parts of the conversions of the loans (NOK 6,424million) were recognized as realized losses on loans. In addition the remaining
values of the shares were written-down to zero by in total NOK 5,310million, and provisions for losses on loans were recognized with
NOK 2,604million (see note P).
Except for REC Site Services Pte Ltd, the subsidiaries own shares in other subsidiaries as described in their respective financial statements.
NON-CURRENT INTEREST BEARING RECEIVABLES FROM SUBSIDIARIES
The receivables are USD loans to the subsidiaries in USA (RECSilicon), with USD1,022million at December 31, 2011 andUSD1,405million at
December 31, 2010.
C
D
E