Annual Report

Notes – Marine Subsea Consolidated
31.12.09
Liabilities
Note
Financial liabilities at fair value
Held for
trading
Designated as such
upon intial recognition
Financial liabilities
measured at amortised cost
Other financial
liabilities
Interest bearing-debt 19 0 0 392 515 64 011 456 526
Trade and other payables 23 0 0 0 36 162 36 162
Other liabilities 11, 21, 29 0 0 0 9 544 9 544
Total financial liabilities 0 0 392 515 109 717 502 232
Total
31.12.08
Liabilities
Interest bearing-debt 0 0 287 276 0 287 276
Trade and other payables 0 0 0 14 519 14 519
Other liabilities 0 0 0 12 148 12 148
Total financial liabilities 0 0 287 276 26 667 313 943
Note 4 – Critical accounting estimates and judgements
(a) Income taxes
The Group is subject to income taxes in several jurisdictions. Significant judgement is required in determining the Group’s provision for income taxes.
The Group recognises deferred tax assets if it is probable that sufficient taxable income will be available in the future against which the temporary
differences and unused tax losses can be utilised.
(b) Impairment of vessels, vessels under construction and goodwill
The Group tests whether vessels, vessels under construction and goodwill has suffered any impairment, in accordance with the accounting policy
stated in Note 2 The recoverable amounts of cash generating units have been determined based on value-in-use calculations. These calculations
require the use of estimates. Impairment tests of vessels and goodwill do not indicate impairment for 2009. The Group has recognised impairment of
goodwill. This is goodwill related to the aqusition of Lewis.
Annual Report 2009 Marine Subsea 33