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145
Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
INTEREST BEARING LIABILITIES
(NOK INMILLION)
2011
2010
Bank borrowings
2 035
3 075
Eksportfinans
0
325
NOK bonds
1 912
1 267
Up-front loan fees etc. (amortized as part of effective interest)
-43
-132
EUR convertible bond
2 481
2 500
Total interest bearing liabilities
6 385
7 035
See note 17 to the consolidated financial statements for details of REC ASA’s interest bearing liabilities. See note 33 to the consolidated
financial statements for amendments to the bank credit facility agreement after the reporting period.
EMPLOYEE BENEFITS
Employee benefit expenses
(NOK INMILLION)
2011
2010
Payroll
71
76
Bonus
8
17
Share option expense
-3
4
Social security tax
11
15
Pension expense including social security tax
11
16
Other employee related costs
6
2
Employee benefit expenses
103
129
The average number of employees measured in man-years was 57 during 2011 and 67 during 2010. Total loans to employees in REC ASA
were NOK 0.5million at December 31, 2011 (NOK 1.8million at December 31, 2010 of which NOK 1.3million related to the employee
share purchase program (ESPP)). In 2010, all employees were offered a 12month’s interest free loan for the amount of shares each
employee purchased in the 2010 ESPP. All these loans are repaid during 2011. No such plan was initiated in 2011. See note 16 to the
consolidated financial statements for compensation, loans and shareholdings for the GroupManagement and Board of Directors.
RETIREMENT BENEFITOBLIGATIONS AND PENSION EXPENSE
Defined benefit plans
(NOK INMILLION)
2011
2010
Gross retirement benefit obligations at January 1
15
9
Service cost
6
9
Interest cost on pension obligations
1
0
Actuarial gains and losses
-14
-2
Benefits paid, paid-up policies and disability obligation
-1
-2
Gross retirement benefit obligations at December 31
8
15
Fair value of plan assets at December 31
0
0
Funded status at December 31
8
15
Accrued social security tax
1
2
Net retirement benefit obligations at December 31
9
17
J
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