Annual Report

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Note 10 – Financial income and expenses Amounts in USD 1 000 2009 2008 Financial income: Interest income 5 038 4 911 Capititalised interest income (note 4) -443 -3 771 Changes in fair value – convertible bond loan 0 16 575 Exchange differences on translating foreign operations 0 1 175 Currency gain 1 000 0 Total financial income 5 596 18 891 Financial expenses: Interest expenses 22 682 31 397 Amortisation of debt issue cost of issued bond loan 17 672 2 567 Capitalised interest expenses (note 4) -20 147 -30 789 Currency loss 686 0 Exchange differences on translating foreign operations 7 883 0 Changes in fair value – callable option bond loan 0 1 917 Write down investment in joint venture (note 13) 14 902 0 Other financial expenses 4 816 4 015 Total financial expenses 48 493 9 107 Interest expense of USD 11 896 (2008: USD 14 990) have been capitalised as part of the vessel construction. See note 12 for further information. Interest expense of USD 7 809 (2008: USD 5 850) have been capitalised as part of the investment in joint venture. See note 13 for further information. Amortisation of debt issuanse cost of USD 13 502 is related to effects from the from the bond restructuring process. 38 Marine Subsea Annual Report 2009
Notes – Marine Subsea Consolidated Note 11 – Taxes Amounts in USD 1 000 2009 2008 Current income tax Tax payable 1 889 1 474 Deferred tax -5 164 3 671 Witholding tax 1 769 0 Adjustment for previous years 1 993 0 Income tax expense reported in the income statement 488 5 145 Reconciliation of tax expense Profit/ (loss) before tax -41 142 25 124 Tax calculated at domestic tax rates applicable to profits in the country -11 520 7 035 Adjustment in respect to different tax rates 172 1 725 Permanent differences net 2 303 -5 309 Changes in temprary differences 17 791 -1 016 Defence tax/additional tax 133 237 Witholding tax 1 769 211 Relief witholding tax -389 0 Adjustment for previous years 1 397 -397 Deffered tax related to acquisition -101 -101 Tax income not subject to tax -40 0 Tax losses for which no deferred income tax asset was recognised -4 942 2 761 Tax loss carried forward -6 573 0 Tax charge 0 5 146 The weighted average applicable tax rate was 0% (2008: 20,48%). Deferred income tax: Deferred tax assets; - Deferred tax assets to be recovered after more than 12 months 13 861 -7 374 Deferred tax liabilities; - Deferred tax liability to be recovered after more than 12 months 6 551 11 923 Deferred tax liabilities (net) -7 310 4 549 - Less tax losses not recogniced 7 310 0 Deferred tax liabilities (net) 0 4 549 The gross movement on deferred income tax account is as follows: Beginning of year 4 549 397 Deffered tax assets regarding pension -13 -2 Deferred tax assets regarding losses carry forwards -655 -7 771 Deferred tax liabilities regarding debt financing/receivables -3 881 11 543 Deffered tax liabilities regarding acqusition of subsidiary 170 380 Deffered tax liabilities regarding fixed assets 0 2 End of the year 170 4 549 Nominal tax rate in Norway: 28%, Cyprs: 10%, Angola: 35% and Scottland: progressive tax rate starting at 21% Annual Report 2009 Marine Subsea 39
Page 1 and 2: Annual Report 2009
Page 3 and 4: Content Chairman’s Remarks Vessel
Page 5 and 6: Highlights 2009 August November Dec
Page 7 and 8: Managing Director’s statement Mar
Page 9 and 10: Marine Subsea’s Corporate Structu
Page 11 and 12: Marine Subsea’s Corporate Structu
Page 13 and 14: Marine Subsea Fleet Offshore Interv
Page 15 and 16: Marine Subsea Fleet Semi-Submersibl
Page 17 and 18: Board of Directors Report The compa
Page 19 and 20: I SARAH LIMASSOL MARINE SUBSEA MAR.
Page 21 and 22: Consolidated statement of financial
Page 23 and 24: Consolidated statement of cash flow
Page 25 and 26: Notes - Marine Subsea Consolidated
Page 37: Notes - Marine Subsea Consolidated
Page 55 and 56: Annual Report 2009 Marine Subsea 55
Page 57 and 58: Balance sheet As of 31 December (Al
Page 59 and 60: Cash flow statement Year ended 31 D
Page 61 and 62: Notes - Marine Subsea AS Name 2009
Page 63 and 64: Notes - Marine Subsea AS Note 6 - T
Page 65 and 66: Notes - Marine Subsea AS Note 9 - T
Page 67 and 68: Notes - Marine Subsea AS Note 14 -
Page 70: signatur.no • 100112 Main Office,

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