Grieg Star Annual Report 2014 Final.pdf
GROUP Figures in NOK 1 000 Tax expense consists of 2014 2013 Tax payable on taxable income 899 1 332 Change in deferred tax 119 (813) Deferred tax benefit not shown in the balance sheet - (898) Group contribution, tax effect 456 - Adjustment with respect of prior years - 194 Tax expense (income) 1 474 (185) Tonnage tax (classified as an operating expense in the income statement): 531 665 Deferred tax: 2014 2013 Long-term debt (14 862) (108) Fixed assets 2 138 10 818 Shares in subsidiaries (53) 64 Pension (6 943) - Other temporary differences (1 281) 4 407 Financial instruments and other short-term investments 18 024 8 337 Profit/loss account 2 038 3 525 Tax loss carry forwards (18 082) (21 619) Basis for deferred tax/(deferred tax assets) (19 021) 5 424 Deferred tax/(deferred tax assets) (4 594) (1 967) Deferred tax assets not recognised in the balance sheet 4 017 2 788 Deferred tax/(deferred tax assets) recognised in the balance sheet (577) 819 Tax payable consists of: 2014 2013 Taxable financial income for companies under Chapter 8 of Taxation Act 510 778 Profit before tax subject to ordinary income tax 10 573 19 314 Permanent differences 294 (18 515) Changes in differences included in the basis for deferred tax/deferred tax assets 451 214 Group contribution - - Changes in deficit and remuneration brought forward - 899 Basis of tax charge for the year 11 828 2 690 Current tax payable of net income 870 482 Adjustment with respect of prior years (2) - Tonnage tax 668 665 Tax prepaid (210) - Effect of Group contribution (662) - Tax payable in the accounts 665 1 147 GRIEG STAR 2014 24 ANNUAL REPORT
Note 13 Payroll expenses, number of employees, remuneration etc. PARENT COMPANY Figures in NOK 1 000 Payroll expenses 2014 2013 Salary including bonus 33 504 33 367 Employers’ national insurance contributions 6 183 5 982 Pension costs 5 062 4 722 Other remuneration 7 910 7 882 Total 52 659 51 953 The bonus scheme of Grieg Star Group is currently based on profit sharing in relation to financial performance requirements for the Group as a whole. The treshold for payment is determined by the board, and may vary from year to year. The bonus is paid as part of monthly salaries, and scaled according to approved fixed levels. The scheme covers all employees, and is differentiated on the basis of position/pay grade Remuneration to management CEO Board Salary 3 130 1 900 Pension costs 65 Other remuneration 189 No loans or loan security have been given to the CEO, the members of the board of directors or any related parties. No loans or loan security has been given which individually correspond to more than 5 % of the company’s equity. GROUP Figures in USD 1 000 Payroll expenses 2014 2013 Salary including bonus 27 498 31 753 Employer’s national insurance contributions 4 076 4 336 Pension costs 5 208 5 589 Other remuneration 2 087 2 237 Total 38 868 43 915 The average number of employees in the year was 269 265 The average number of sailing personnel was 859 830 Salary costs related to sailing personnel (employed by Grieg Philippines) totalled USD 32.7 m and the payroll expenses are recognised in the P&L as vessel operating expenses. (2013: USD 28.9m). GRIEG STAR 2014 25 ANNUAL REPORT
- Page 1 and 2: ANNUAL REPORT 2014
- Page 3 and 4: DIRECTORS’ REPORT 2014 - GRIEG ST
- Page 5 and 6: achieved through valuable learning
- Page 7 and 8: PROFIT AND LOSS STATEMENT GRIEG STA
- Page 9 and 10: BALANCE SHEET GRIEG STAR GROUP AS G
- Page 11 and 12: NOTES Note 1 Accounting Principles
- Page 13 and 14: price less any write-down. The writ
- Page 15 and 16: Note 2 Equity PARENT COMPANY Figure
- Page 17 and 18: GROUP Figures in USD 1000 Terminals
- Page 19 and 20: Note 8 Receivables maturing later t
- Page 21 and 22: Other long-term liabilities 2014 20
- Page 23: Shareholders at 31.12 No. of A shar
- Page 27 and 28: GROUP Figures in USD 1 000 Grieg St
- Page 29 and 30: Note 15 Auditor’s fee PARENT COMP
- Page 31 and 32: Note 18 GROUP Operating lease agree
- Page 33 and 34: 2014 GRIEG STAR ANNUAL REPORT 33
GROUP<br />
Figures in NOK 1 000<br />
Tax expense consists of <strong>2014</strong> 2013<br />
Tax payable on taxable income 899 1 332<br />
Change in deferred tax 119 (813)<br />
Deferred tax benefit not shown in the balance sheet - (898)<br />
Group contribution, tax effect 456 -<br />
Adjustment with respect of prior years - 194<br />
Tax expense (income) 1 474 (185)<br />
Tonnage tax (classified as an operating expense in the income statement): 531 665<br />
Deferred tax: <strong>2014</strong> 2013<br />
Long-term debt (14 862) (108)<br />
Fixed assets 2 138 10 818<br />
Shares in subsidiaries (53) 64<br />
Pension (6 943) -<br />
Other temporary differences (1 281) 4 407<br />
Financial instruments and other short-term investments 18 024 8 337<br />
Profit/loss account 2 038 3 525<br />
Tax loss carry forwards (18 082) (21 619)<br />
Basis for deferred tax/(deferred tax assets) (19 021) 5 424<br />
Deferred tax/(deferred tax assets) (4 594) (1 967)<br />
Deferred tax assets not recognised in the balance sheet 4 017 2 788<br />
Deferred tax/(deferred tax assets) recognised in the balance sheet (577) 819<br />
Tax payable consists of: <strong>2014</strong> 2013<br />
Taxable financial income for companies under Chapter 8 of Taxation Act 510 778<br />
Profit before tax subject to ordinary income tax 10 573 19 314<br />
Permanent differences 294 (18 515)<br />
Changes in differences included in the basis for deferred tax/deferred tax assets 451 214<br />
Group contribution - -<br />
Changes in deficit and remuneration brought forward - 899<br />
Basis of tax charge for the year 11 828 2 690<br />
Current tax payable of net income 870 482<br />
Adjustment with respect of prior years (2) -<br />
Tonnage tax 668 665<br />
Tax prepaid (210) -<br />
Effect of Group contribution (662) -<br />
Tax payable in the accounts 665 1 147<br />
GRIEG STAR<br />
<strong>2014</strong><br />
24<br />
ANNUAL REPORT
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