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Notes to the consolidated financial
statements, REC Group
REC Annual Report 2011
The major classes of assets and liabilities of discontinued operations sold in 2010
(NOK INMILLION)
2010
Non-current assets
19
Inventories
112
Receivables and other current financial instruments
318
Cash and cash equivalents
34
Total assets
484
Non-current liabilities
4
Current interest bearing liabilities
445
Other current liabilities
134
Total liabilities
583
Cumulative income or expense recognized in other comprehensive income relating to Sovello at the time of sale in 2010
(NOK INMILLION)
TRANSLATION
DIFFERENCES
CASH FLOW
HEDGE
ACQUISITION
Accumulated
30
-1
100
The translation difference and cash flow hedge has been recycled through profit or loss and had a positive effect on the result from
discontinued operations. The effect of acquisition of Sovello has been kept permanently in equity and not recycled to profit or loss.
Earnings per share from discontinued operations
(NOK PER SHARE)
2010
Basic
0.1
Diluted
0.1
RELATED PARTY TRANSACTIONS
The amounts below in NOK are calculated at average exchange
rates for profit or loss items and at year-end exchange rates for
items in the statement of financial position.
The REC Group has related party relationships with its subsidiaries,
associates, joint ventures and with its GroupManagement and
Board of Directors and principle shareholders. Transactions with
subsidiaries are eliminated on consolidation and are not reported as
related party transactions in the consolidated financial statements
for the REC Group.
PRINCIPLE SHAREHOLDER
The principle shareholder in REC ASA that had significant influence
over the REC Group at year-end 2011 and 2010 was Orkla ASA
with an ownership interest of 39.7 percent.
For the first three months of 2011, up to the time the previous
subsidiaries in the ElkemGroup were sold by Orkla ASA, REC Silicon
bought goods and services for NOK 15million from companies of
the ElkemGroup. RECWafer purchased services for NOK 3million
fromOrkla ASA in 2011. REC Group had no accounts payables at
year-end 2011 to the Orkla Group.
During 2010, REC bought goods and services for NOK 5million
fromOrkla ASA. In 2010, REC Silicon made purchases from the
ElkemGroup of NOK 38million. At December 31, 2010 REC Silicon
had no accounts payables to this company.
The rights issue in May 2010 was fully underwritten. Orkla Group
guaranteed for 39.7 percent and received underwriting fees of
NOK 36million.
KEYMANAGEMENT COMPENSATION,
SHAREHOLDINGS, LOANS ETC.
GroupManagement and Board of Directors’ compensation,
ownership of REC ASA shares and options and loan agreements are
shown in note 16.
ASSOCIATES
In April 2008, REC Solar AS acquired a 20 percent ownership
interest in Mainstream Energy Inc. In 2011, REC Solar sold modules
for NOK 367million to, and made purchases for NOK 2million
fromMainstream Energy Inc. Group, and had net receivables of
NOK 132million at December 31, 2011. In 2010, REC Solar sold
modules for NOK 479million to the Mainstream Energy Inc. Group,
made purchases for NOK 3million and had net receivables of
NOK 210million at December 31, 2010.
The Norwegian company Meløy Bedriftsservice AS, located at
Glomfjord (Norway) is an associate of RECWafer Norway AS. In
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