Aker BP : ABP Energy Holding BV – Financial statements

Interim balance sheet 30 June 2022

ABP Energy Holding B.V.

The Hague

Interim balance sheet as at 30 June 2022

		30 June 2022
ASSETS
	EUR '000 EUR '000
Fixed assets
Financial fixed assets
Shares in subsidiaries	6,675,332
Loans to group companies	1,124,810
	7,800,142
Receivables
Other receivables	82
Cash and bank	643,990
TOTAL ASSETS
8,444,214
LIABILITIES AND SHAREHOLDERS'
EQUITY
Shareholders' equity
Issued share capital	0
Share premium reserve	2,459,016
Retained earnings	1,886,063
	4,345,079
Long-term liabilities
Credit facility	577,645
Loans from group companies	1,917,850
	2,495,495
Current liabilities
Payables to group companies	1,597,993
Other liabilities	253
Accrued expenses	5,394
	1,603,640
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY	8,444,214

ABP Energy Holding B.V.

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Accounting policies for the balance sheet

1.1 Financial fixed assets

The investments in subsidiary companies are valued at cost or lower fair value.

Receivables included in financial fixed assets are recognised initially at fair value and subsequently measured at amortised cost less provisions where necessary.

At each balance sheet date the company assesses whether there is an indication that an asset may be impaired. Where an indicator of impairment exists or when impairment testing for an asset is required, the company determines the realisable value of the asset. If it is not possible to determine the realisable value of the individual asset, the realisable value of the cash-generating unit to which the asset belongs is determined. An impairment occurs when the carrying value of an asset exceeds its realisable value. The realisable value is the higher of the fair value less cost to sell and the value in use. An impairment loss is directly recognised in the profit and loss account while the carrying amount of the asset concerned is concurrently reduced.

If it is established that a previously recognised impairment loss no longer applies or has declined, the increased carrying amount of the assets in question is not set any higher than the carrying amount that would have been determined had no asset impairment been recognised.

1.2 Receivables

Receivables are recognised initially at fair value and subsequently measured at amortised cost less, if considered necessary, a provision for possibly uncollectable accounts. When determining the initial valuation of long-term receivables from group companies, the fair value calculation is determined by applying a group interest rate rather than a discount rate on individual loans, because these loans are issued in a group context whereby risks are managed on a group level.

1.3 Cash and banks

Cash in foreign currencies is converted to EUR at exchange rates prevailing at balance sheet date. Cash and banks are stated at face value.

1.4 Long-term liabilities

Long-term liabilities are recognised initially at fair value. Borrowings are subsequently stated at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis.

1.5 Current liabilities

Current liabilities are initially recognised at fair value and are subsequently stated at amortised cost.

1.6 Foreign currencies

Balance sheet items relating to assets and liabilities denominated in currencies other than the euro are translated at the rate of exchange prevailing on balance sheet date.

Non-monetary assets acquired in a currency other than the euro and which are valued at cost are translated at the rate of exchange on the transaction date.

ABP Energy Holding B.V.

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