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Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
Group account systems, current receivables on subsidiaries
(NOK INMILLION)
2011
2010
Group account systems, subsidiaries
5 504
13 570
Less provision for losses on loans to subsidiaries
-2 604
0
Group account system, subsidiaries (net of provision for losses)
2 900
13 570
Specification of provision for losses on loans (through the Group account system) to subsidiaries:
(NOK INMILLION)
2011
REC ScanCell AS
4
RECWafer Norway AS
1 434
REC Solar AS
1 166
Total
2 604
See also notes D and P.
Group account systems, current liabilities to subsidiaries
(NOK INMILLION)
2011
2010
Group account systems, subsidiaries
1 271
1 342
In 2011 and 2010, REC ASA had a guarantee through Nordea Bank of NOK 8million covering tax deductions for employees.
EQUITY
(NOK INMILLION)
SHARE CAPITAL
SHARE PREMIUM
RESERVE
CONTRIBUTED
CAPITAL OTHER EQUITY
TOTAL
Equity at January 1, 2010
664
12 481
283
850
14 278
Share option program
0
0
0
9
9
Rights issue
332
3 593
0
0
3 925
Actuarial gains/losses on defined pension scheme, net of tax
0
0
0
2
2
Profit for the year
0
0
0
1 576
1 576
Equity at December 31, 2010
997
16 073
283
2 437
19 790
Share option program
0
0
0
-4
-4
Actuarial gains/losses on defined pension scheme, net of tax
0
0
0
11
11
Loss for the year
0
-10 490
-283
-2 444
-13 217
Equity at December 31, 2011
997
5 584
0
0
6 581
In 2010 REC ASA increased equity through right issue of 332million shares to a price per share of NOK 12. The gross amount was
NOK 4,022million; net paid-in equity was NOK 3,925million after deduction of NOK 97million for costs and tax on costs.
Share capital at December 31, 2011 was 997,152,118 shares at par value of NOK 1 (unchanged fromDecember 31, 2010). There is
one class of shares which all have the same voting rights. See note 15 to the consolidated financial statements for more information.
Distributable equity at December 31, 2011 was NOK 0. At December 31, 2010 it was NOK 2,719million.
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