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150
Notes to the financial statements,
Renewable Energy Corporation ASA
REC Annual Report 2011
OTHER OPERATING EXPENSES
Specification of other operating expenses
(NOK INMILLION)
2011
2010
Operating lease expenses
13
19
Operating and maintenence costs
6
7
Audit remuneration
2
3
Consultancy fees *
26
36
Travel costs
7
9
Marketing, representation, meeting and conference expenses
1
1
Insurance **
1
15
IT and telecommunication costs *
24
28
Other office expenses
10
13
Service costs from subsidiaries
40
-5
Onerous contracts
4
1
Employee termination benefits
6
0
Total other operating expenses
140
127
* NOK 25 million in 2010 has been reclassified from consultancy fees to IT and telecommunications costs.
** In 2010 these insurance premiums were expensed in REC ASA, and the parts that related to subsidiaries were invoiced and recognized as revenues. In 2011, the
parts related to subsidiaries are not included in the expenses for REC ASA.
Audit remuneration
(NOK INMILLION)
2011
2010
Statutory audit
2.1
2.4
Other non-audit services
0.4
0.2
Total auditor's remuneration expensed in the year
2.5
2.6
For description of the auditor services, see note 22 to the consolidated financial statements.
Future payment obligations
The future aggregate minimum payment obligations are as follows
2011
2010
(NOK INMILLION)
OPERATING LEASE
OTHER
TOTAL
OPERATING LEASE
OTHER
TOTAL
Not later than 1 year
7
9
16
20
37
57
Later than 1 year but not later than 5 years
1
0
1
23
12
34
Later than 5 years
0
0
0
0
0
0
Total
8
9
17
43
48
91
INTEREST INCOME AND EXPENSES AND OTHER FINANCIAL EXPENSES
RECASAconducts themainpartoffinancingfor theGroup. Seenote17totheconsolidatedfinancial statementsof theRECGroup. Interest
expenses, external are reduced in2011comparedto2010duetoreduction in theoutstandingdebt amountsandreducedborrowingcosts. Interest
expenses, external includenormal amortizationof upfront feesof approximatelyNOK95million in2011andapproximatelyNOK125million in2010.
Other financial expenses for 2011 are primarily NOK 60million expensed premium related to buy back of NOK bonds (REC01) in the second
quarter 2011.
Other financial expenses for 2010 are primarily expensing of the, at that time, remaining upfront/waiver fees and costs for the bank facilities
that were terminated and repaid in the second quarter 2010.
N
O