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Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
NON-CURRENT INTEREST BEARING RECEIVABLES
Non-current interest bearing receivables is primarily a loan to a vendor of RECWafer Norway AS, NOK 90million and NOK 110million at
December 31, 2011 and 2010 respectively.
CURRENCY GAINS/LOSSES AND DERIVATIVES
CURRENCYGAINS AND LOSSES
Net currency losses in 2011 of NOK 41million related primarily to currency losses on the Group account systems (cash pools),
partially offset by currency gains on USD and EUR interest bearing liabilities and loans to subsidiaries. Net currency gains in 2010 of
NOK 1,002million related primarily to currency gains on USD and EUR interest bearing liabilities, partially offset by losses on SGD interest
bearing liabilities, and currency gains on loans to subsidiaries and the Group account systems (cash pools).
DERIVATIVES
Distribution of derivatives at December 31
2011
2010
(NOK INMILLION)
ASSETS
LIABILITIES
ASSETS
LIABILITIES
Non-current derivatives, internal
0
0
0
39
Non-current derivatives, external
74
86
192
41
Total non-current derivatives
74
86
192
80
Current derivatives, internal
0
0
15
193
Current derivatives, external
310
79
582
20
Total current derivatives
310
79
598
213
Total derivatives
384
165
790
293
See notes 3 and 11 to the consolidated financial statements for a description of derivatives, the purpose of entering into derivative
transactions and accounting for derivatives. Note 25 to the consolidated financial statements discusses the net gains on external
derivatives in 2011 and 2010, which also include fair value adjustments of NOK bonds due to fair value hedge.
REC ASA’s net losses on internal derivatives in both years were on currency derivatives entered into with subsidiaries, of which parts were
back-to-back with external banks. During 2011 all internal derivatives were terminated and settled, and at year-end 2011 REC ASA was the
only entity in the REC Group holding derivatives, besides some embedded derivatives in RECWafer. The overview of derivatives in note 11
to the consolidated financial statement is therefore representative for REC ASA at December 31, 2011.
CASH AND CASH EQUIVALENTS AND GROUP ACCOUNT SYSTEMS
Cash and cash equivalents
(NOK INMILLION)
2011
2010
Bank accounts
1 412
555
For REC ASA, cash and cash equivalents are primarily the net external amounts in the REC Group account systems. See note 14 to the
consolidated financial statements for a description of the Group account systems (cash pools) in the REC Group.
The amounts representing receivables on and liabilities to subsidiaries are shown in separate accounts in the balance sheet and below.
H
G
F