NOTE 17 – LIABILITIES

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NOTE 17 – LIABILITIES  
   
Langsiktig lån          
Solvang ASA har hatt langsiktig gjeld til AS Clipper og AS Audley. Lånene er innfridd i sin helhet i løpet av 2012.          
Ref forøvrig note 12.          
           
      2012 2012  
År 1:          
År 2:          
Sum     0    
           
Security      
Solvang ASA has a credit facility of NOK 60 million. The facility provides the ability to draw in both USD and NOK, unless the equivalent of the total drawdown does not exceed NOK 60 million.  
As security for this the company has furnished the shares of Clipper Shipping AS as collateral.  
     
2016 2015  
Drawn amount overdraft facility 8 001 45 842  
Security overdraft facility (Book value Clipping Shipping AS) 552 104 552 104  
Security overdraft facility (Book value Solvang Shipping AS) 0  
 
In addition the group has parts of mortgage debt through participation in shipping partnerships.  
As security for this mortgage debt, the lender has a mortgage on ships belonging to the respective companies.  
     
2016 2015  
The groups share of mortgage debt 1 121 388 1 232 053  
       
Opsjoner          
Konsernet utsteder også i noen grad børsnoterte opsjoner, i all hovedsak put-opsjoner. Det er ingen opsjoner per 31.12.2011          
Pr 31.12.2010 hadde konsernet 2 løpende opsjoner med forfall i mars 2011. Verdi pr 31.12.2010 var NOK -139 000.          
Som sikkerhet for disse opsjonene er stillet aksjer. Opsjonene er bokført til markedsverdi pr 31.12.2010.          
           
Leasing      
The group has operating lease commitments for office space that expires at 20.06.2026 and 31.12.2026.  
There is options under the agreements to extend the leases with 5 years from 31.12.2016 and 31.12.2019 at market terms.  
At 31.12 The Company had the following minimum non-cancellable leasing commitments:  
  2016 2015  
År 1 3 895 3 297  
År 2-5 15 083 2 906  
År 6-10 18 320 0  
Sum 37 298 6 203  
           
The company recognized lease expenses of KNOK 5 308 for 2016 and KNOK 3 763 for 2015.  
The lease expenses for 2016 include cost related to cancellation of previous lease agreement.  
           
A bank guarantee of NOK 1.7 million has been provided for the rent of office space in Oslo.  
           
Newbuild contract      
Solvang ASA has in 2015 signed two shipbuilding contracts with Hyundai Heavy Industries with a total value of MUSD 153.4. The first installment (10%) was paid upon signing the contract.
The contracts have always been intended for Partrederiet Clipper Sirius DA and will by the end of April 2016 be finally transferred to the company in the form of a Novation agreement. See note 20 for further details.
           
           
           
           
           
           
           
           
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