Årsrapport 2012 / Annual Report 2012
Hjemme har vi lagt vekt på å styrke
relasjonene til våre viktigste klienter
og spisse vår kompetanse inn mot
markedssegmenter som viser en solid
utvikling.
In Norway we have focused on
strengthening the relationships with our
key clients and specialising our skills
towards developing market segments.
INNHOLD
CONTENTS
3
GODT FORBEREDT
3 WELL PREPARED
6
CORPORATE FINANCE TRANSACTIONS
6 CORPORATE FINANCE TRANSACTIONS
8
PROJECT & ASSET TRANSACTIONS
8 PROJECT & ASSET TRANSACTIONS
10
TVISTELØSNING
10 DISPUTE RESOLUTION
12
INTERNASJONALT
12 INTERNATIONAL
14
KONTORENE VÅRE
14 OUR OFFICES
16
KOMPETANSE I SENTRUM
16 IT’S A PEOPLES BUSINESS
20
KVALITETSKONTROLL
20 QUALITY CONTROL
22
ÅRSRAPPORT
22 ANNUAL REPORT
24
STYRET
24 THE BOARD
26
ÅRSREGNSKAP
26 FINANCIAL STATEMENTS
Publisher WIKBORG, REIN & CO. DA Advokatfirma, JUNI 2013
Chief editor JON FREDØ
Cover photo ILJA HENDEL
Photos ERIK BURÅS (p 3, 4, 11), ILJA HENDEL (p 13, 18, 22, 25, 34)
Layout & design LISE H. RØED
Årsrapport 2012 / Annual Report 2012
This annual report is produced by Wikborg Rein. The information in
this report may not be reproduced without the written permission
of Wikborg Rein.
Godt forberedt / Well prepared
2012 var et krevende år for norsk og
internasjonalt næringsliv. Usikkerheten
i verdensøkonomien fortsatte å sette
sitt preg på en rekke av våre markeder,
men året sett under ett ble likevel et
godt år for Wikborg Rein.
Vi har hatt en meget sterk utvikling
ved kontorene i Shanghai, London og
Bergen, mens våre øvrige kontorer har
opprettholdt sine posisjoner.
Det skal ikke legges skjul på at det
ligger mye hardt og målrettet arbeid
bak resultatene vi oppnådde i 2012. Ute
har vi fokusert på å tilby vår spisskompetanse til markedssegmenter i vekst, i
sterk konkurranse med noen av verdens
ledende advokatfirmaer.
Hjemme har vi lagt vekt på å styrke
relasjonene til våre viktigste klienter og spisse vår kompetanse inn mot
markedssegmenter som viser en solid
utvikling. I tillegg har vi prioritert å
videreutvikle våre systemer for kvalitetssikring – et advokatfirma er aldri
bedre enn kvaliteten på rådgivningen.
Og vår klare ambisjon er at vi skal være
best på kvalitet i Norge.
Derfor har vi utnevnt en egen Risk
& Quality-partner som skal arbeide
med å forbedre våre forretningsprosesser og en fagansvarlig partner som skal
sikre at vi opprettholder og utvikler vår
posisjon som en ledende leverandør av
juridiske tjenester. Vi mener vi er et
foregangsfirma på dette området i det
norske markedet.
I tillegg har vi forsterket laget med
en rekke dyktige advokater i løpet av
2012. I vårt 90. år teller vi 235 advokater.
Utsiktene for 2013 er lovende, men
vi ser et advokatmarked i endring, slik
vi ser i andre markeder. Dette stiller
krav til handlekraft og evne til å utvikle seg videre. Jeg er helt trygg på at
Wikborg Rein er blant de advokatfirmaene som er best forberedt på og i stand
til nettopp å takle disse endringene.
2012 was a challenging year for
Norwegian and international business.
The uncertainty in the world economy
continued to make a mark on several of
our markets, but still, the year as a total
was good for Wikborg Rein.
We saw considerable development
at our offices in Shanghai, London and
Bergen, while our other offices maintained their positions.
Behind the results we achieved in
2012 lies a lot of hard and work and dedication. Internationally we have focused
on providing our expertise to market
segments in growth, in competition with
some of the world’s leading law firms.
In Norway we have focused on
strengthening the relationships with
our key clients and specialising our
skills towards developing market segments. In addition, we have prioritised
the development of our systems for
quality assurance. A law firm is never
better than the quality of their advice.
And our clear ambition is to deliver the
best quality in Norway.
Therefore we have, as the only
Norwegian law team, appointed a specialised Risk & Quality Partner who
will focus on improving our business
processes, as well as a Professional
Competence Partner who will ensure that
we maintain and develop our position as
a leading provider of legal services.
In addition, we have strengthened
the team with a number of talented lawyers in 2012. We now count more than
235 lawyers.
The outlook for 2013 is promising,
but the law market is changing, not
unlike other markets. This requires decisiveness and ability to develop further.
I am quite confident that Wikborg Rein
is well prepared and able to deal with
these changes.
Susanne M. Thore
Managing Partner, Wikborg Rein
Corporate Finance
Transactions
OPPKJØPSTRANSAKSJONER I 2012
Transaksjonsmarkedet i 2012 for oppkjøp og fusjoner var preget av et jevnt
og godt aktivitetsnivå.
I dette markedet opplevde Wikborg
Rein positiv utvikling. Samlet bisto
Wikborg Rein ved 34 gjennomførte oppkjøpstransaksjoner i det norske markedet i 2012, flere enn noen gang tidligere.
Transaksjonsverdi og transaksjonsantall
sett under ett befestet Wikborg Rein sin
posisjon som ett av Norges tre høyest
rangerte juridiske transaksjonsmiljøer.
I det noterte transaksjonsmarkedet
bisto Wikborg Rein blant annet BASF
ved oppkjøpet av Pronova BioPharma,
Aker Biomarine ved fusjonen med Aker
Seafoods Holding, samt CooperVision
International ved oppkjøpet av Origo. Vi
bisto også ved salg av aksjemajoriteten i
Singapore-noterte STX OSV Holdings til
Fincantieri Oil & Gas.
Wikborg Rein var også involvert i
en rekke betydelige unoterte transaksjonsprosesser. Fra de offentlig kjente
prosesser kan nevnes at Wikborg Rein
bisto Germanischer Lloyd ved sammenslåingen med Det Norske Veritas. På selgersiden bisto Wikborg Rein blant annet
Niam ved salget av Sektor Gruppen og
IK Investment Partners ved salget av
Europris.
Wikborg Rein opplevde også et godt
år innen transaksjoner for næringseiendom hvor vi var involvert i mer enn
60 rene eiendomstransaksjoner med en
samlet eiendomsverdi på mer enn NOK
20 milliarder. Blant transaksjonene er
6
ACQUISITION TRANSACTIONS
The transaction market for mergers and
acquisitions in 2012 was characterized
by a steady and high level of activity.
In this market, Wikborg Rein experienced positive development. Overall,
Wikborg Rein assisted with 34 acquisition transactions in the Norwegian market in 2012, more than ever before. The
transaction value and transaction number as a whole strengthened Wikborg
Rein’s position as one of Norway’s three
highest ranked legal transaction environments.
In the listed transaction market
Wikborg Rein assisted i.a. BASF with
the acquisition of Pronova BioPharma,
Aker Biomarine the merger with Aker
Seafoods Holding and Cooper Vision
International with the acquisition of
Origo. We also assisted with the sale of
the majority stake in Singapore-listed
STX OSV Holdings to Fincantieri Oil &
Gas.
Wikborg Rein was also involved in
a number of significant unlisted transaction processes. From the publicly
known processes may be mentioned that
Wikborg Rein assisted Germanischer
Lloyd’s merger with Det Norske Veritas.
On the seller side Wikborg Rein assisted
i.a. Niamved’s sale of the Sector Group
and IK Investment Partners with the
sale of Europris.
Wikborg Rein also experienced a
good year in commercial transactions,
where we were involved in more than 60
real estate transactions with a total prop-
Samlet bisto Wikborg
Rein ved 34 gjennomførte
oppkjøpstransaksjoner
i det norske markedet i
2012, flere enn noen gang
tidligere.
Wikborg Rein assisted with
34 acquisition transactions
in the Norwegian market
in 2012, more than ever
before.
- Outstanding in every respect
Legal 500 on Wikborg Rein’s Banking and Finance team
ervervet av Statoilbygget på Fornebu,
ervervet av flere store kjøpesentre fra
DNB Livsforsikring for en investorgruppe, og salget av Pir-eiendommene
i Trondheim.
Vårt Bank og Finans-team opprettholdt posisjonen som ledende i Norge
på rådgivning i transaksjonsfinansiering.
Wikborg Rein er blant Norges største og ledende aktører innen juridisk
transaksjonsrådgivning, og har bred
erfaring fra nasjonale og internasjonale
oppkjøpssituasjoner, auksjonsprosesser,
fusjoner og innmatskjøp med noterte og
unoterte selskaper. Vår internasjonale
tilstedeværelse og våre tette internasjonale kontakter gjør at vi ved behov kan
tilby særlig tilpasset rådgivning i internasjonale prosesser.
Vår transaksjonsbistand er teambasert, og hvert team skreddersys for
å sikre nødvendig kompetanse i den
enkelte transaksjon. Kjernen i teamet vil
typisk bestå av en eller flere advokater
med lang transaksjonserfaring. For øvrig
vil teamet støttes av advokater med
spesialisering innen konkurranserett,
arbeidsrett, skatterett og andre rettsområder etter behov. Teamets arbeid koordineres og ledes av en partner fra vår
virksomhetsgruppe Corporate Finance
transaksjoner, som også vil være klientens direkte kontaktperson.
Våre M&A-klienter skal oppleve vår
bistand som løsningsorientert, tilgjengelig, effektiv og kompetent.
erty value of more than NOK 20 billion.
Among the transactions are the acquisition of the Statoil premises at Fornebu,
the acquisition of several large shopping
malls from DNB Livsforsikring for a
group of investors and the sale of the Pir
properties in Trondheim.
Our Banking and Finance team maintained its leading position in Norway for
advice in financing transactions. Wikborg Rein is one of the largest
and leading players offering legal assistance in all types of transactions, and has
extensive experience in domestic and
international acquisitions, bid processes,
mergers and purchase of assets and liabilities of listed and unlisted companies.
Our international presence and close
international contacts enable us to provide specialized legal advice in a wide
range of international transactions.
Our transaction assistance is team
based, and each team is tailored to bring
the relevant expertise in to each transaction process. The core of the team typically consists of one or more lawyers
with extensive transactional experience
and particular expertise in corporate and
tax law. The team is supported by lawyers
specializing in competition law, labor law
and other legal disciplines as required.
The team’s work is coordinated and managed by a partner from our Corporate
Finance group, who also acts as the main
contact person for the client. Our M&A clients value our solutionoriented, accessible, efficient and highly
competent assistance.
TOP 10 TRANSACTIONS/
• Assistance to Germanischer Lloyd
AG in its combination with Det
Norske Veritas (conf value)
• Assistance to Niam Fond IV in the
sale of Sektor Eiendomsutvikling
(USD 1,2 billion)
• Assistance to STX Europe AS in the
sale of 50,75% in STX OSV Holdings
Limited to Fincantieri Oil & Gas Ltd
(USD 695 million)
• Assistance to BASF in the takeover of Pronova BioPharma (USD
895 million)
• Assistance to A-pressen in the sale
of its shares in TV2-Gruppen (USD
700 million)
• Assistance to IK Investment
Partners in the sale of Europris
Holding AS (conf value)
• Assistance to OSX Brazil SA in
its USD 500 million bond issue
(selected as “Public Debt Deal of
the Year” in 2012 by Marine Money)
• Assistance to Sea Trucks Group
Limited in its USD 575 million bond
issue
• Assistance to Pareto Securities
in the private placement in Det
Norske Oljeselskap (NOK 1.1 billion)
• Acquisition of the Statoil premises
at Fornebu
7
Project & asset
transactions
TRANSAKSJONER — PROSJEKTER
OG FINANSIERING I 2012
PROJECT & ASSET TRANSACTIONS
IN 2012
Første halvår av 2012 var preget av et forholdsvis høyt aktivitetsnivå i transaksjonsmarkedet innenfor sektorene energi,
shipping og offshore. Aktivitetsnivået i
andre halvår totalt sett var noe lavere.
Wikborg Rein har en solid posisjon
som rådgiver ved transaksjoner innen
disse sektorene;
• Energi: Vi bistår løpende mange av
de sentrale aktørene i kraftbransjen
og har i 2012 bistått ved en rekke
strategiske krafttransaksjoner. Dette
omfatter salg av eiendeler og selskapsandeler samt betydelige obligasjonsutstedelser.
• Olje og gass: det har i 2012 vært høy
aktivitet både hva angår selskapstransaksjoner og salg av eiendeler,
samt på finansieringssiden. Samlet
har vi hatt betydelig og økende aktivitet for energibransjen i 2012.
• Shipping og offshore: Bransjen var
i 2012 dels preget av omfattende
restrukturerings- og reforhandlingsprosesser og dels den høye aktiviteten innenfor obligasjonsmarkedet.
The first six months of 2012 the transaction market was characterised by a high
level of activity and optimism among
market players within the energy, shipping and offshore sectors. The second
half of the year generally saw a lower
level of activity.
Wikborg Rein has a solid position as
transactions advisor within these sectors;
• Energy: We assist several of the key
players in the energy industry and in
2012 we assisted a number of strategic power transactions. This includes the sale of assets and business
interests as well as significant bond
issues.
• Oil and gas: the activity was high
in 2012 both in terms of business
transactions and asset sales, as well
as on the financing side. Overall, we
had significant and growing activity
for the energy industry.
• Shipping and offshore: 2012 was
partly characterised by extensive
restructuring and renegotiation
processes, and partly by the high
activity in the bond market.
Wikborg Rein var involvert i en rekke
nasjonale og internasjonale obligasjonstransaksjoner i 2012 og har bistått både
utstedere, långivere og tilretteleggere.
En rekke av de transaksjoner der vi var
involvert ble håndtert gjennom et samarbeid mellom våre kontorer i Norge og
utlandet. Vi opplevde også en betydelig
økning av oppdragsmengden for kinesiske finansinstitusjoner innenfor bl.a.
skips- og riggfinansiering.
8
Wikborg Rein were involved in several
Norwegian and international bond transactions in 2012 and assisted both issuers, lenders and facilitators. A number
of the transactions in which we were
involved were handled across our offices
in Norway and abroad. We also experienced a significant increase in the workload from Chinese financial institutions
in areas such as ship and rig financing.
Wikborg Rein var involvert
i en rekke nasjonale
og internasjonale
obligasjonstransaksjoner
i 2012 og har bistått både
utstedere, långivere og
tilretteleggere.
Wikborg Rein was involved
in several Norwegian
and international bond
transactions in 2012 and
assisted both issuers, lenders
and facilitators.
Fra de offentlig kjente transaksjoner
kan nevnes Offshore Accommodations
kjøp, finansiering og utleie av tre boliglektere, OSX’ USD 500 millioner obligasjonslån knyttet til finansieringen av
FPSO ”OSX 3”, Oro Negro Drillings obligasjonslån knyttet til finansieringen av
to oppjekkbare rigger bygget ved Keppel
FELS i Singapore, Floatel Internationals
USD 200 000 000 obligasjonslån bl.a.
knyttet til finansieringen av boligriggen
”Floatel Victory”.
Innenfor prosjektfinansiering og lignende typer transaksjoner arbeider vi
i team som settes sammen for å møte
behovene i den enkelte sak. Som regel vil
teamene ledes av en advokat med industrispesifikk transaksjonserfaring, med
støtte fra firmaets selskaps- og skatterettsekspertise. Mange av våre prosjektfinansieringsadvokater har internasjonal
erfaring og et bredt kontaktnett av advokater i jurisdiksjoner hvor Wikborg Rein
ikke selv har kontor.
Wikborg Rein besitter en betydelig kompetanse innenfor LNG-markedet
og bistår regelmessig i saker knyttet til
produksjon, kjøp, salg og transport av
LNG. Vi benyttet 2012 til å styrke vår
kompetanse og kapasitet innenfor dette
området ved å ta opp Joe McGladdery
som resident partner ved vårt Londonkontor. McGladdery har lang erfaring
blant annet som internadvokat i et av
verdens største LNG-rederier.
Wikborg Rein er godt posisjonert
for å yte effektiv og kompetent bistand
innenfor alle områder av prosjektfinansiering og lignende typer transaksjoner
i 2013.
Publicly known transactions include
Offshore Accommodations’ purchase,
financing and leasing of three barges,
OSX’ USD 500 million bond issue related
to the financing of FPSO “OSX 3”, Oro
Negro Drilling bonds for the financing
of two jackup rigs built by Keppel FELS
in Singapore, Floatel International’s
USD 200 million bond issue including
related to the financing of housing rig
“Floatel Victory”.
Within project financing and similar
types of transactions, we put together
teams to meet the needs of each individual case. As a rule, teams are led by
a lawyer with industry specific transaction experience, with support from the
firm’s corporate and tax expertise. Many
of our project finance lawyers have
international experience and a wide network of lawyers in jurisdictions where
Wikborg Rein do not have offices.
Wikborg Rein has considerable
expertise in the LNG market and regularly assists in matters related to the
production, purchase, sale and transportation of LNG. We strengthened our
expertise and capacity in this area in
2012 by appointing Joe McGladdery as
resident partner in our London office.
McGladdery has extensive experience
i.a. as an internal lawyer in the world’s
largest LNG shipping company.
Wikborg Rein is well positioned to
provide effective and competent assistance in all areas of project financing
and similar types of transactions in
2013.
9
Dispute resolution
2012 var nok et år preget av høy aktivitet for Wikborg Rein innenfor området
prosedyre og tvisteløsning. Vår kompetansegruppe for prosedyre består av 66
advokater. Vi opptrer for alle rettsinstanser og for voldgiftsdomstoler innenfor
alle sivilrettslige områder. 17 av firmaets
partnere har møterett for Høyesterett.
Ved utgangen av 2012 reorganiserte
vi firmaet. Advokater som har tvisteløsning som sitt hovedarbeidsområde inngår nå i én gruppe. Dette innebærer at
gruppen har spisskompetanse innen tvisteløsning innen alle sentrale fagområder
i tillegg til inngående bransjekompetanse innen blant annet shipping, offshore, energi, havbruk, medisin, industri,
teknologi og offentlig virksomhet.
Vi opplevde gjennom året spesielt
høy aktivitet innenfor områdene olje- og
gass, entreprise og konstruksjon/fabrikasjon, selskapsrett, skatte- og avgiftsrett
og maritime næringer. Vår internasjonale tilstedeværelse medførte et betydelig antall oppdrag for utenlandske
klienter. Wikborg Reins London-kontor
har fokus mot Londons posisjon som
internasjonalt senter for tvisteløsning,
spesielt innenfor maritime næringer.
Et utviklingstrekk har de senere
årene vært tiltagende bruk av voldgift.
Vi så denne utviklingen forsterke seg
ytterligere i 2012, ikke minst gjelder
dette for saker med en internasjonal tilknytning. I tillegg til oppdrag for norske
voldgiftsdomstoler, opptrådte Wikborg
Rein i 2012 også som prosessfullmektig
i en rekke internasjonale voldgiftssaker.
Wikborg Reins praksis innenfor
området prosedyre og tvisteløsning er
anerkjent av internasjonale rankingbyråer. Eksempelvis ble Wikborg Rein i
2013 topprangert innenfor kategorien
Dispute Resolution i Legal 500.
10
The year of 2012 was characterised by
a high level of activity in the areas of
litigation and dispute resolution for
Wikborg Rein. Our expert group for dispute resolution and litigation consists
of 66 dedicated lawyers. We appear
before all courts and arbitral tribunals
in all civil areas. 17 of the firm’s partners are admitted to the Supreme Court.
At the end of 2012 we reorganised
the firm. All lawyers who have dispute
resolution as their main field of work
now form one group. This means the
group has legal expertise within all
main practice areas, as well as in-depth
industry expertise within areas such as
shipping, offshore, energy, aquaculture,
medicine, industry, technology and the
public sector.
We experienced a particularly high
level of activity in the oil and gas, construction/manufacturing, corporate,
tax and duties and maritime industries
throughout the year. Our international
presence resulted in a significant number of assignments for overseas clients.
Wikborg Rein’s London office focuses on
London’s position as an international
centre for dispute resolution, particularly in the maritime industries.
We have seen an increasing use of
arbitration in recent years. This trend
continued in 2012, particularly in
respect of cases with an international
connection. In addition to assignments
for Norwegian arbitration, Wikborg Rein
also acted as counsel in numerous international arbitration proceedings in 2012.
Wikborg Rein’s experience within
the areas of litigation and dispute resolution is recognised by international
legal directories and recently resulted in
a top ranking within Dispute Resolution
in Legal 500 for 2013.
Wikborg Reins fikk i 2013
topplassering i Legal 500
innen Dispute Reslolution.
Wikborg Rein received a
top ranking within Dispute
Resolution in Legal 500 for
2013.
– World class lawyers
Chambers and Partners
11
“A Norwegian law firm
with a strong international
presence”
Wikborg Rein er Norges eneste advokatfirma med tydelig internasjonal tilstedeværelse. Med en utenlandshistorie som
strekker seg helt tilbake til 1956 med
etablering i New York, har firmaet fulgt
med i timen, også på forhold utenfor
landets grenser.
- Vår virksomhet har alltid vært
internasjonalt rettet. Det begynte med
skipsfarten og har forplantet seg videre
gjennom andre store norske næringsgrener som energi, offshorevirksomhet,
havbruk og etter hvert finans, sier partner Geir Sviggum, som er ansvarlig for
utenlandsvirksomheten i Wikborg Rein.
Fra kontoret i Shanghai er han
ansvarlig for å sikre at utenlandsvirksomheten i Shanghai, Kobe, Singapore,
London og Brasil kaster av seg i form av
tett samarbeid på tvers av kontorer, landegrenser og fagområder. En virksomhet
som i utgangspunktet var basert på at
Wikborg Rein skulle følge norske klienter til utlandet, men som i stadig større
utstrekning blir mer internasjonal.
- Våre klienter blir også stadig mer
internasjonale i sin tankegang, uavhengig om de har et norsk eller utenlandsk
utgangspunkt. I Shanghai har vi nå en
rekke større kinesiske selskaper på klientlisten. Dette er selskaper som også
har en betydelig virksomhet i Europa,
sier Sviggum.
- Vi må være minst like internasjonale
som våre klienter, forteller Sviggum og
legger til at tilstedeværelsen ute skaffer
oss en unik innsikt i trender og internasjonale forhold som før eller siden også
12
Wikborg Rein is the only Norwegian
law firm with an international presence.
With a foreign history stretching back
to 1956, with the establishment in New
York, the firm has kept up to speed, also
on international matters.
- Our business has always been internationally oriented. It began with the
shipping industry and has spread further
through other major Norwegian industry sectors such as energy, offshore,
aquaculture and eventually finance, says
partner Geir Sviggum, who is responsible for Wikborg Rein’s international
operatons.
From the Shanghai office, he is
responsible for ensuring that the business in Shanghai, Kobe, Singapore,
London and Brazil, profits in the form
of close collaboration between offices,
country borders and practice areas. A
business that was originally based on
Wikborg Rein following Norwegian clients abroad, but which now to an ever
greater extent is becoming more international.
- Our clients are also becoming more
international in their thinking, regardless of whether they have a Norwegian
or foreign base. In Shanghai we now
have a number of major Chinese companies as clients. These companies also
have significant operations in Europe,
said Sviggum.
- We must be at least as international as our clients, Sviggum said,
adding that the international presence
provides us with a unique insight into
Hver dag konkurrerer vi
med ledende utenlandske
advokatfirmaer om klienter,
oppdrag og kompetanse.
Every day we compete with
leading international law
firms about clients, projects
and expertise.
treffer hjemme. Selv om vi gjerne skulle
ønske det, er det ikke slik at norsk rett
nødvendigvis er førstevalget for utenlandske aktører som inngår kontrakter
med norske selskaper, enten som kjøpere eller som selgere. Dette krever at
vi også behersker for eksempel engelsk
rett, sier Sviggum.
På spørsmålet om ikke slagordet som
av og til benyttes i utlandet er en smule
pretensiøst, kommer det kontant fra
Sviggum; hver dag konkurrerer vi med
ledende utenlandske advokatfirmaer om
klienter, oppdrag og kompetanse. En
fantastisk utvikling ved kontorene våre
utenfor Norge, der vi tar markedsandeler, bekrefter at det er noe ved den norske måten å drive advokatvirksomhet på
som tiltaler store og krevende internasjonale klienter.
trends and factors that sooner or later
also come to Norway. Although we
would wish for it, Norwegian law is not
necessarily the first choice for foreign
companies that enter into contracts
with Norwegian companies, either as
buyers or sellers. This requires that we
practise for example English law, says
Sviggum.
When asked whether the international slogan is a bit pretentious,
Sviggum replies; every day we compete with leading international law
firms about clients, projects and expertise. A stunning development at our
offices outside Norway, where we take
market share, confirming that there is
something about the Norwegian way of
doing advocacy on appeals to large and
demanding international clients.
Geir Sviggum
Managing Partner
International
13
Kontorene våre/
Our offices
OSLO
Est. 1923
Managing Partner Susanne M. Thore
Advokater / Lawyers 134
BERGEN
Est. 1978
Managing Partner Stein Pettersen
Advokater / Lawyers 53
LONDON
Est. 1987
Managing Partner Finn Bjørnstad
Advokater / Lawyers 14
Wikborg Rein er Norges største og mest
internasjonale forretningsadvokatfirma.
I tillegg til hovedkontoret i Oslo, har vi
kontorer i Bergen, London, Singapore,
Shanghai og Kobe samt tilstedeværelse
i Brasil gjennom vår samarbeidspartner
Vieira Rezende.
Vi bistår og rådgir nasjonale og
internasjonale virksomheter i privat
virksomhet og offentlig forvaltning. Vår
ekspertise og erfaring bygges gjennom
kontinuerlig utvikling av våre advokater, nære samarbeidsrelasjoner mellom
våre kontorer samt et utstrakt nettverk i
inn- og utland.
Wikborg Rein er det største fullservice advokatfirmaet i Bergen med en
sterk posisjon innen sjørett og rederivirksomhet, samt tilstøtende områder
som verfts- og utstyrsindustri, bank og
finans, offshore, havbruk og fiskeri, handel og industri og næringseiendom.
Kontoret har i tillegg betydelig prosedyrekompetanse.
Kontoret betjener både norske og
internasjonale klienter og har hatt en
kraftig vekst de siste årene.
London-kontoret er spesialisert innen
shipping, offshore og tvisteløsning. I tillegg bistår vi innen finansiering, corporate og ved transaksjoner på tvers av
jurisdiksjoner og landegrenser. Londonkontoret har både engelske og norske
advokater som til sammen besitter bred
ekspertise.
London-kontoret spiller også en sentral rolle i vår satsing på engelsk rett og
bistår norske og internasjonale klienter på verdensbasis i tillegg til Londonmarkedet.
Wikborg Rein is a leading Norwegian
law firm with 235 lawyers working in
our offices in Oslo, Bergen, London,
Singapore, Shanghai and Kobe. We are
also present in Brazil through an alliance with Vieira Rezende. Our unique
and long-standing presence overseas
enables us to offer our clients the benefit
of our extensive international expertise.
Headquartered in Oslo, we offer a full
range of legal services to our domestic
and international clients.
14
Wikborg Rein is currently the largest
law firm in Bergen. The Bergen office is
a full service practise while maritime
law and shipping activities remain a
core area of our practice together with
a range of ancillary areas, such as the
shipbuilding and equipment industry,
offshore, bank and finance, fisheries and
aquaculture, trade and industry, and real
estate.
Our lawyers also have extensive litigation experience and represent clients
in both small-scale and large-scale litigation work.
The London office has notable expertise
in shipping and offshore related work
and dispute resolution services, as well
as having the ability to assist on financing, corporate and cross-border transactions. The lawyers in London are both
Norwegian and English and together
they possess a broad range of expertise.
The London office plays a key part
in the provision of English law services
and the team is fully integrated with the
firm’s other Norwegian and English lawyers in Norway, Singapore, China and
Japan.
Etter nærmere 50 års tilstedeværelse i
Asia, ble Wikborg Rein i 2011 kåret til
“Maritime Law Firm of the Year in Asia”
av anerkjente Lloyd’s List.
After almost 50 years of experience in
Asia, Wikborg Rein won the Lloyd’s List
Award as “Maritime Law Firm of
the Year in Asia” in 2011.
SINGAPORE
Est. 2000
Managing Partner Per M. Ristvedt
Advokater / Lawyers 13
SHANGHAI
Est. 2002
Managing Partner Geir Sviggum
Advokater / Lawyers 12
KOBE
Est. 1965
Japan Representative Torgeir Willumsen
Advokater / Lawyers 1
Singapore-kontoret er et fullservicekontor med fokus på bank finans, corporate, tvisteløsning, shipping, offshore
olje og gass, prosjekter innen fornybar energi og infrastruktur og skatt.
Kontoret arbeider tett samen med våre
kontorer i Shanghai og Kobe.
Vi bistår klienter innen engelsk rett,
singaporiansk og norsk rett. Vi har i tillegg advokater som kan gi råd innen
Hong Kong rett.
Shanghai-kontoret bistår internasjonale
klienter med rådgivning innen etablerings- og reguleringsspørsmål i Kina
samt kinesiske klienter som skal etablere seg internasjonalt.
Våre klienter består av noen av verdens ledende aktører innen shipping,
sjøforsikring, offshore olje og gass, teknologi, fiskeri og havbruk samt aktører
innen bank og finans. Vi bistår primært
innen maritime spørsmål, investeringsspørsmål, transaksjoner, selskapsrett og
internasjonale handelsspørsmål.
Kobe-kontoret har tradisjonelt bistått
rederier og assurandører som blir presentert for lasteskadekrav eller er involvert i
ulike former for havarier i Asia. Kontoret
er også ofte involvert ved leveringer av
nybygg, særlig i Japan og Sør-Korea, samt
ved kjøp og salg av annenhåndstonnasje
hvor closingen finner sted i Nordøst-Asia.
Kobe-kontoret bistår dessuten selskaper med ikke-maritim interesse eller
tilknytning til Japan.
The Singapore office provide clients with
the highest quality English, Norwegian
and Singaporean legal advice. We also
have lawyers that are authorised to give
Hong Kong legal advice.
The main practice areas of our
Singapore office are: Banking Finance,
Corporate, Dispute Resolution, Offshore
(oil and gas), Project Development/
Financing, Shipping and Tax. In short
we are a full service law firm to our
clients seeking assistance in Singapore
and elsewhere in Asia.
The Shanghai office advises our international clients on commercial entry
and regulation in China, and works with
Chinese companies on international
expansion and operation.
Our clients are some of the world’s
leading shipping, marine insurance, offshore oil and gas, high-tech, primary
industries (including fisheries), and
banking and finance companies. We support their work by advising on wet and
dry maritime law, foreign direct investment, mergers and acquisitions, corporate law, and international trade law.
The office has traditionally assisted
shipowners and insurers presented with
claims in Asia for cargo damage or various forms of average. The office is also
often involved in the delivery of newbuildings, particularly in Japan and
South Korea, and in the purchase and
sale of second-hand tonnage when the
closing takes place in North-East Asia.
Additionally, the office offers assistance to companies with non-maritime
interests in Japan.
15
Kompetanse
i sentrum/
It’s a people’s
business
Wikborg Rein er en av landets ledende
kunnskapsbedrifter med betydelig internasjonal suksess. Vi har 330 høyt kvalifiserte medarbeidere, hvorav 235 er
advokater fordelt på seks kontorer i fem
land.
Arbeidsmiljøet i Wikborg Rein bærer
preg av mangfold og speiler på mange
måter den stadig mer internasjonale
hverdagen i norsk næringsliv. Vi har over
25 nasjonaliteter representert, vi behersker et tyvetalls ulike språk og vi har spesialistteam innen engelsk, kinesisk, tysk,
russisk og fransk rett.
Vi legger stor vekt på riktig rekruttering av medarbeidere og vi arbeider
systematisk med faglig videreutvikling
gjennom en egen forretningsadvokatskole, utenlandsopphold ved våre kontorer og utplassering hos klienter. Målet
er til enhver tid å kunne tilby våre klienter markedets beste kompetanse i form
av skarpskodde jurister med solid forretningsmessig forståelse og teft.
16
Wikborg Rein is one of Norway’s leading
knowledge-based companies with significant international success. We have 330
highly skilled employees, of which 235
are lawyers, located in six offices across
five countries.
Wikborg Rein’s working environment is characterised by its diversity and
reflects in many ways the Norwegian
industry’s increasingly international life.
We represent more than 25 nationalities
in our firm, we speak over twenty different languages and we have specialist teams in English, Chinese, German,
Russian and French law.
We place a great emphasis on recruiting and retaining talented individuals
and we work systematically to assist
lawyers with their professional development through our internal business
lawyer school, the opportunity to work
abroad at one of our international offices
and secondments to key clients. Our goal
is to always offer our clients the best
expertise by highly competent lawyers
with a solid business understanding and
acumen.
Arbeidsmiljøet i Wikborg
Rein bærer preg av mangfold
og speiler på mange
måter den stadig mer
internasjonale hverdagen i
norsk næringsliv.
Wikborg Rein’s working
environment is characterised
by its diversity and reflects in
many ways the Norwegian
industry’s increasingly
international life.
PRACTICE AREAS/
Arbeidsrett/
Employment law
Bank og finans/
Banking and finance
Finans, pant og dekningsrett/
Finance, secuity and recovery
Fiskeri og havbruk/
Fisheries and aquaculture
Forsikringsrett/
Insurance law
IP og teknologi/
IP and technology
Kapitalmarked/
Capital markets
Konkurranse og anskaffelser/
Competition law
Kontraktsrett og entreprise/
Contract law and construction
Miljørett/
Environmental law
M&A/
M&A
Næringseiendom/
Real estate
Offentlige anskaffelser/
Public procurement
Petroleum og energi/
Petroleum and energy
Prosedyre/
Litigation and arbitration
Restrukturering og konkurs/
Restructuring and insolvency
Selskapsrett/
Corporate law
Shipping Offshore/
Shipping Offshore
Skatterett/
Tax
Owesen, Alexander W.
Rabben, Jon (H)
Rasmussen, Dag Erik
Rasmussen, Johan
Ravlo-Losvik, Line (dr. juris)
Ravnaas, Ernst
Rein, John A. (H)
Riisnæs, Rolf (dr. juris)
Sandvik, Jarle Erik
Shetelig, Kaare Andreas (H)
Slinning, Oddbjørn
Sæhle, Per Anders
Thore, Susanne Munch
Zachariassen, Are
Strandborg, Per Magne
Sørensen, Jonn Ola
Truyen, Filip (dr. juris)
Ørstavik, Lars Inge
PARTNERS/
OSLO
Partnere
Askheim, Lars Olav
Backer, Jan L.
Berger, Morten Hugo
Bøe, Ketil E.
Dahl, Torleif P.
Eilertsen, Trond (H)
Eriksrud, Sven (H)
Færden, Anders W. (H)
Gisvold, Marius M.
Gjelsten, Gaute
Goller, Morten (H)
Grue, Cecilie
Haga, Aadne M.
Hagberg, Henrik
Hanssen-Bauer, Ingvild
Haugen, Ola (H)
Haukali, Bernhard
Holstrøm, Erlend W.
Kildal, Andreas
Kjørnæs, Arne Didrik (H)
Koefoed, Einar L.
Kvalheim, Cecilie
Madsen, Leif Petter (H)
Mathisen, Morten Lund
Meyer, Gunnar (H)
Mjaaland, Dag
Myklebust, Anders
Nisja, Ola Ø. (H)
Opedal, Sigurd
BERGEN
Partnere
Axe, Øyvind
Blaauw, Haakon (H)
Bruland, Grunde
Clausen, Jan Erik
Eidsheim, Linn Hertwig
Friis, Christian
Frølich, Peter
Heimset, Jon
Lorentzen, Knud
Meland, Øystein (H)
Pettersen, Stein (H)
Røberg, Geir Ove
Skaar, Bjørn Frode
Steinfeld, Dag (H)
LONDON
Partners
Bjørnstad, Finn
Calnan, Clare
Grieveson, Chris
Jardine-Brown, Rob
Karlsen, Birgitte
McGladdery, Joe
SINGAPORE
Partners
Joiner, Robert
Ong, Florence
Ristvedt, Per M. (H)
Wennevik, Siri
PAN ASIA WIKBORG REIN LLC
Partners
Chee, Fang Theng
Ho, June
Tan, Clara
SHANGHAI
Partners
Sviggum, Geir
Sun, Yafeng
17
Kvalitetskontroll/
Quality Control
KVALITET I ALLE LEDD
Wikborg Rein har etablert egne funksjoner for kvalitetssikring av alle prosesser
knyttet til firmaets kjernevirksomhet.
I 2012 innførte Wikborg Rein, som det
første advokatfirmaet i Norge, et formalisert ”Risk & Quality”- system (R&Qsystem). R&Q-systemet har som formål
å støtte styret, managing partner og
ledelsen i å sikre at virksomheten utøves med tilfredsstillende kvalitet, og at
vesentlige risikoforhold over tid er identifisert, vurdert og håndtert på en hensiktsmessig måte.
En av firmaets mest erfarne partnere,
John A. Rein (61) , er utpekt som ansvarlig for denne funksjonen som R&Qpartner. I tillegg har firmaet ansatt en
fagansvarlig partner som har hovedansvaret for å utvikle våre faglige produkter videre til å kunne konkurrere med de
beste advokatfirmaene internasjonalt.
- Vi ser at advokatvirksomhet blir
stadig mer komplekst samtidig som de
oppdragene vi blir engasjert på involverer stadig større verdier for våre klienter, sier Rein. Vi har satt av betydelige
ressurser for å sikre at våre prosesser for
gjennomføring av oppdrag skal være i
ypperste klasse, legger han til.
- Compliance påvirker våre klienters
hverdag i stadig større grad. Vi bistår
en rekke klienter i viktige compliancespørsmål. Det er mange gode grunner til
at et advokatfirma bør ta sin egen medisin, sier Rein. Firmaets R&Q-system er utviklet med
utgangspunkt i internasjonale standarder. Bakgrunnen for å rette blikket utenfor Norges grenser er at til tross for at
juridisk rådgivning i utgangspunktet for20
QUALITY IN ALL ASPECTS
Wikborg Rein has established its own
quality-control functions of all processes
related to the firm’s core business. In
2012, Wikborg Rein, as the first law firm
in Norway, introduced a formalised “Risk
& Quality” system (R&Q system). The
R&Q system’s intention is to support the
board, managing partner and executive
management to ensure that business
is conducted with satisfactory quality
and that significant risks are identified,
assessed and managed in an appropriate
manner over time.
One of the firm’s most experienced
partners, John A. Rein (61), is designated
as R&Q Partner. In addition, the company
has hired a Professional Competence
Partner who has the primary responsibility for further developing our professional products so that we can continue
to compete with the top law firms internationally.
- We see that law business is becoming more complex and the cases we are
engaged in involve an increasing value
for our clients, says Rein. We have allocated significant resources to ensure that
our processes for handling cases will be
second to none, he adds.
- Compliance affects our clients’ everyday lives increasingly. We assist a variety of clients in key compliance issues.
There are many good reasons why a law
firm should take its own medicine, says
Rein.
The firm’s R&Q system is developed based on international standards.
We looked outside of Norwegian borders because despite the fact that legal
advice mainly relates to national law,
John A. Rein
Risk & Quality Partner
Lars Olav Askheim
Corporate Competence
Partner
holder seg til nasjonal lovgivning, så er svært mange av rammebetingelsene basert på internasjonal rettspraksis. For Wikborg
Rein er dette spesielt viktig fordi vi har fire kontorer utenfor
Norges grenser. Disse må drives i henhold til de krav som gjelder i det enkelte vertsland.
- UK Bribery Act er et eksempel på internasjonal lovgivning som kan ha store konsekvenser for advokatfirmaer og
deres klienter dersom man ikke har inngående kjennskap
til hvilket ansvar man har ved samarbeid med for eksempel
agenter og mellommenn i utlandet, sier Rein. Han legger til
at en stor andel av det arbeidet Wikborg Rein gjør ikke bare
skal komme klientene til gode gjennom bedre arbeidsprosesser, men også i form av direkte rådgivning knyttet opp mot
klientenes egne problemstillinger innen kvalitetskontroll og
risikospørsmål.
God kvalitetssikring og gode forretningsprosesser er imidlertid ikke tilstrekkelig for å kunne levere klientene markedets
beste juridiske tjenester. Selv om juss som fag tilsynelatende er
konservativt, har det gjennomgått en rivende utvikling de siste
10-15 årene. Som en følge av økt kompleksitet er den gamle allround-advokaten som kunne håndtere nær sagt alle juridiske
spørsmål en utdøende rase som blir erstattet av team der spesialister innen ulike fagområder jobber tett sammen.
- Faget er kjernen i vår produkt- og tjenesteutvikling, sier
fagansvarlig partner Lars Olav Askheim. Våre advokater starter
på sin videreutdannelse fra første dag. Målet er å utvikle advokater som både er spesialister og som har en god forretningsmessig forståelse.
Wikborg Rein har utdannelsesprogrammer for alle stillingsnivåer i firmaet. Nyutdannede advokater må alle gjennomgå forretningsadvokatskolen som består av 12 moduler.
Det er også egne programmer for de mer erfarne advokatene.
- Du blir aldri utlært som advokat, sier Askheim, derfor har
vi også egne programmer for våre mest erfarne medarbeidere.
Hvert år gjennomfører vi ”Wikborg Rein Best Practise”, der sentral kunnskap om advokatfaget og erfaringsdeling står i sentrum.
God juridisk rådgivning blir til i et tett samspill mellom
klient og advokatfirma. Det er helt avgjørende at kunnskap om
lover og reguleringer omdannes til praktiske råd tuftet på inngående forståelse for den enkelte klients virksomhet.
- I vårt arbeid med å utvikle produktene våre, legger vi stor
vekt på god kommunikasjon mellom advokaten og klienten.
Vår rådgivning skal være presis, konsistent og formidlet på riktig nivå i en riktig språkdrakt, fortsetter Askheim, som har et
godt grunnlag for å uttale seg. Etter 20 år i Wikborg Rein arbeidet han i Statnetts juridiske avdeling, der innkjøp av eksterne
advokattjenester var en av oppgavene, før han vendte tilbake til
Wikborg Rein i 2012.
- Jeg er opptatt av gode prosesser og at vi setter sammen et
optimalt team av kompetanse for å løse klientens utfordringer
på en mest mulig effektiv måte, avslutter Askheim.
a lot of the regulatory framework is based on international
jurisprudence. This is particularly important to Wikborg Rein
with four offices outside of Norway. These must be operated
in accordance with the requirements applicable in each host
country.
- The UK Bribery Act is an example of international law
that could have serious consequences for law firms and their
clients if they do not have in-depth knowledge of the responsibilities they have in cooperation with agents and intermediaries abroad, says Rein. He adds that a large proportion of
the work Wikborg Rein does benefits the clients in terms of
direct counselling related to the client’s own problems in
quality control and risk issues, as well as through better work
processes.
Good quality control and good business processes are
not sufficient to provide clients with the best legal services.
Although the law profession is supposed to be conservative,
it has undergone rapid development over the past 10-15 years.
Due to increased complexity the old all-round lawyer, who
could handle nearly any legal question, a dying breed that is
being replaced by teams consisting of specialists within different disciplines working closely together.
- The profession is the core of our product and service
development, says Professional Competence Partner Lars Olav
Askheim. Our lawyers start their further education from day
one. Our goal is to develop lawyers who are both specialists and
have commercial awareness.
Wikborg Rein educate all the lawyers through an education
programme. Newly qualified lawyers must undergo a business
law school consisting of 12 modules. There are also special programmes for the more experienced lawyers.
- You are never done with training as a lawyer, says Askheim,
therefore we also have special programmes for our most experienced lawyers. “Wikborg Rein Best Practice” is arranged every
year, where the core knowledge of the law field and sharing of
experiences are central.
Good legal advice is a result of close interaction between
the client and the law firm. It is crucial that knowledge of laws
and regulations is converted into practical advice based on
thorough understanding of each client’s business.
- In our efforts to develop our products, we place great emphasis on good communication between the lawyer and the client.
Our advice is to be precise, consistent and communicated at
the appropriate level and in a proper terminology, continues
Askheim. After 20 years in Wikborg Rein, Askheim worked in
the legal department of Statnett, where procurement of external legal services was one of his tasks. He returned to Wikborg
Rein in 2012.
- My aim is to ensure that we have good processes where we
put together the optimal team of expertise to solve the client’s
challenges in the most effective manner, says Askheim.
21
Årsrapport/
Annual Report
ANNUAL REPORT AND ACCOUNTS FOR 2012 FROM THE DIRECTORS OF WIKBORG, REIN & CO DA
Nature of business
Wikborg, Rein & Co run a law firm office with fixed business
address in Oslo and Bergen and branch offices in England, Japan,
Singapore and China.
Company development, earnings and continued operation
The Directors believe that the Annual Accounts provide a true
and fair view of the development and earnings of the business
activities and its standing at year end 2012. The Directors confirm that the assumption of a going concern is true and has been
assumed when preparing the accounts. No circumstances have
occurred since the closing of the accounts that would be significant in the assessment of the position and standing of the company.
Research and development activities
The company has not recorded expenditures in connection with
R&D activities in 2012.
Working environment
The working environment is good. No special measures have
been taken of any significance for the issue. All told the sickness
absence in the group and the parent company last year amounted to 4.2 per cent of total hours worked, up from 2.75 % in
2011. There have been no accidents or injuries in connection
with company operations during 2012.
Equal opportunity
Of the total number of personnel 53.5 per cent are women. 37.5
per cent of the lawyers are women, and in administrative positions 89.2 per cent are women. The Board of directors consists
of one woman and five men. Amongst management, there were
five women and eleven men. The Directors consider the situation in regard to equal opportunity as good. The Board will continue to work to raise the awareness of management as to the
importance of equal opportunity.
Discrimination
During 2012 the company hired 48 new personnel. The Company
has a deliberate policy of recruitment to provide an equal number of women and men wherever this is appropriate and feasible
given the body of applicants. The Company also has a number of
personnel of various international backgrounds, languages and
religion, and recruits new personnel on the basis of professional
demand regardless of ethnicity or similar factors.
Most recruitment in the company concerns new lawyers/professional staff. The firm’s policy includes good arrangements for
maternity and postpartum leave.
External environment
The activity of the business is believed to have limited impact
on the external environment.
24
Earnings, investments, liquidity and funding
The operating revenue in the group was in 2012 NOK 761.4 million compared with NOK 744,9 million in 2011. In the parent
company the operating revenue was NOK 716.5 million in 2012.
Increase in revenues is related to organic growth.
Group profits for the year 2012 were NOK 377 358 570.
Following transfer to retained earnings of NOK 84 198, transfer to undistributed capital of NOK 13 388 911 and transfer to
pension obligations of NOK 2 606 808, the profit for distribution
was NOK 361 278 653.
The parent company’s profits for the year in 2012 were NOK 342
531 650. Following transfer to retained earnings of NOK 11 111
832 and transfer to the pension obligations of NOK 2 606 808,
the profit for distribution was NOK 328 813 009.
The equity of the group per 31.12.2012 was NOK 343.7 million
compared with NOK 353.5 million one year previously. In the
parent company the equity was NOK 311.3 million.
Operations in 2012 reduced the group’s net cash holding by
NOK 36.4 million. The Company’s liquidity standing is considered satisfactory.
The total investments in 2012 on a group level were NOK 15.0
million which were mainly in connection with remodeling and
refurbishing of office premises by NOK 10.6 million and a computer system worth NOK 4.4 million. The total investments by
the parent amounted to NOK 15.0 million.
The Board of directors consider that the adopted rules regarding
the owners’ entitlement to dispose over the profit, combined
with the company’s outside funding, altogether have secured
the current capital needs of the business in a sound manner.
Future developments
During 2012 the total market for our services has not changed
significantly. The market prospects for 2013 are expected to be
reasonably good.
Financial risk
The company at year’s end 2012 carried no interest-bearing
debt. The Company’s financial standing is thus considered good,
and the company has only moderate exposure to fluctuations in
the interest rate as well as foreign exchange market.
Market risk
The group is subject to the risk of general economic and cyclical
downturns and competition in its respective markets, including
with regard to recruitment. The Board considers the company
well positioned to handle such risks.
Credit risk
The risk that clients lack the financial strength to meet their
obligations is considered small as historically there has been
limited level of write-off as a result of bad debts.
Liquidity risk
The Board of Directors considers the group’s liquidity standing
as good and no resolutions have been found necessary to launch
measures that would moderate a possible liquidity risk.
For the Board of Directors of Wikborg, Rein & Co
Oslo, this 28th day of February, 2013
25
Årsregnskap 2012/
Financial statements 2012
Cash flow statement
Group
Numbers in MNOK
2012
Parent
2011
2012
2011
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax cost
385
408
350
385
Taxes paid for period
-5
-3
-5
-3
Depreciation
13
13
11
11
Change in pension obligation
-3
-3
-3
-3
-16
Change in trade receivables
-9
-28
-12
Change in trade payables
-6
-5
-2
1
Change in other accrual
-13
13
-6
7
362
395
333
382
Payments to purchase/
manufacturefixed assets
-15
-10
-15
-9
Net cash flow from investment activities
-15
-10
-15
-9
Net cash flow from operating activities
CASH FLOW FROM INVESTMENT
ACTIVITIES
CASH FLOW FROM
FINANCIAL ACTIVITIES
Net change in line of credit
26
3
3
-
-
This year’s drawings (transfer to partners)
-387
-401
-361
-387
Net cash flow from financial activities
-384
-398
-361
-387
Net change in cash and cash equivalents
-36
-13
-43
-13
Holding of cash and cash equivalents 1.1.
117
130
116
129
Holding of cash and cash equivalents 31.12
81
117
73
116
Income statement
Group
Numbers in MNOK
Note
2012
Parent
2011
2012
2011
OPERATING REVENUES AND
OPERATING EXPENSES
Total operating revenue
2
761
745
716
12
12
240
211
183
163
13
13
11
11
121
118
159
151
Total operating expenses
374
342
365
337
Operating profit
387
403
351
377
(3)
5
(1)
8
384
408
350
385
7
5
7
5
377
403
343
380
Operating expenses
Internal services
Salaries, national insurance, pension costs
3,4
Depreciation
9
Other adm. and sales costs incl. bad debts
5,6
Total financial items
Operating profit before tax
Tax on ordinary result
Profit for the year
8
714
27
Balance
Group
Numbers in MNOK
Note
Parent
2012
2011
2012
2011
60
59
55
52
60
59
55
52
24
22
24
22
ASSETS
Machinery, equipment and cars
9
Total fixed assets
Financial fixed assets
Net pension funds
4
Long term receivables internal offices
4
4
Total financial fixed assets
24
22
28
26
Total fixed assets
84
81
83
78
294
286
266
254
Current Assets
Trade receivables
Internal receivables Wikborg Rein-offices
11
Other receivables
20
Shares
19
7
4
17
17
0
1
81
117
73
116
Total current assets
395
423
363
391
Total assets
479
504
446
469
Cash and bank deposits
10
EQUITY AND LIABILITIES
Equity
Retained earnings
Total retained earnings
Total equity
344
354
311
330
13
344
354
311
330
4
11
12
11
11
19
24
8
10
9
6
54
58
40
44
38
28
Liabilities
Pension liabilities unfunded schemes
Current liabilities:
Trade creditors
Cash credit
Public duties payable
Internal liabilities WR-offices
Tax payable
Other short-term liabilities
Current liabilities
28
8
7
5
7
5
35
45
31
41
125
138
124
128
Total liabilities
135
150
135
139
Total equity and liabilities
479
504
446
469
NOTE 1
Accounting principles
The financial statements are presented in accordance with the
rules in the Accounting Act and Generally Accepted Accounting Practices in Norway.
Consolidation principles
The consolidated financial statements present the parent company, Wikborg, Rein & Co., and activities in which the company
has a controlling influence, directly or indirectly, regardless of
corporate form. The consolidated financial statements are presented according to unified principles throughout the group.
Internal transactions, profits, receivables and liabilities are all
eliminated. The cost price of shares in subsidiaries is eliminated in the consolidated accounts against equity at the date of
establishment or purchase (acquisition method). The consideration transferred for the acquisition of a subsidiary is the fair values of the net assets transferred. The consideration transferred
includes the fair value of any asset or liability resulting from
a contingent consideration arrangement. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair values
at the acquisition date. Goodwill is initially measured as the
excess of the aggregate of the consideration transferred and the
fair value of the net identifiable assets acquired and liabilities
assumed.
For consolidation of foreign subsidiaries the profit statement
and balance sheet items are converted at the exchange rate on
the date the balance are translated at the exchange rate applicable on the balance sheet date.
Subsidiaries
Subsidiaries are valued using the cost method in the company
financial statements. Investments are valued at procurement
cost for shares except where devaluation has been required.
Devaluation to real value has been made when the impairment is due to causes that are not expected to reverse, and the
impairment seems necessary according to accepted accounting practices. Depreciations are reversed when the justification
reverses.
Revenue and recognition of hour reserve
Services are taken to income as they are performed. Earned,
not-yet-invoiced fees are recognised at the estimated invoice
value at 31.12.
Classification and value of balance sheet items
Current assets and current liabilities are items that fall due for
payment within one year of take-up date, and items that belong
in the normal cycle of business. Non-current items are classified as fixed assets or long-term liabilities.
Current assets are valued at the lower of procurement cost and
real value. Current liabilities are posted at the nominal price at
take-up date.
Fixed assets are valued at procurement cost, less depreciation
to real value where the impairment is not expected to reverse.
Long-term liabilities are posted at the nominal price at date of
establishment.
Foreign exchange
Money items, profit statement and balance sheet items in foreign currencies are valued at the exchange rate at year’s end.
Fixed assets
Fixed assets are recognised and depreciated in the balance
sheet over the anticipated lifetime of the asset. Direct maintenance costs are recognised on a current basis as operating
costs, whilst additions and upgrades are added to the cost price
and depreciated in step with the asset. Should the recoverable
price of the asset be lower than the balance sheet value, then
the value is written down accordingly. The recoverable price
is the higher of net sales value and value in use. Value in use
is the net present value of the future cash flows that the asset
will generate.
Pensions
The company is subject to the Obligatory Company Pension
Plan Act. The company has met its obligations by launching a
collective pension plan as prescribed in the provisions of the
Act. The company has a closed defined benefit-based scheme
and a defined contribution-based scheme, with associated disability and child pension.
Defined benefit-based pension: The pension and obligation are
calculated based on linear earnings based on the anticipated
end-pay. The calculations rely on a number of assumptions,
including the discount rate, future salary escalation, pensions
and benefits from the National Insurance, future yield on pension funds, and actuarial assumptions about death rates and
voluntary attrition. Pension funds are valued at the real value,
less net pension obligations, on the balance sheet. Employer’s
tax (NI contribution) is included in the figures for employee
pensions. The scheme has been closed since 31st December
2004.
Defined contribution-based pension: For employees since 1st
January 2005 a contribution-based pension plan has been set
up with benefit-based risk benefits. The pension base is identical to the base salary. Annual contributions are 4 per cent of
salary between 1G and 6G, and 8 per cent of salary between 6G
and 12G (where G is the standard rate of national insurance).
29
Taxation
The tax cost in the profit statement includes both the payable
taxes in the period and paid taxes.
NOTE 3
Use of estimates
Presentation of the financial statements according to Generally
Accepted Accounting Practices assumes that management
makes use of estimates and predictions that affect the profit
statement and values of assets and liabilities, and information about uncertain assets and liabilities on balance day.
Contingent losses that are likely and quantifiable are taken to
cost (expensed) on a current basis.
Cash flow statement
The cash flow statement has been prepared using the indirect
method. Cash and cash equivalents include cash, bank deposits
and other short-term, liquid placements.
Salary costs, staff numbers,remuneration, etc.
Group
in MNOK
Parent
2012
2011
2012
2011
201
176
145
128
Payroll expenses
Salaries
Employer's tax
(NI contribution)
20
18
20
18
Pension costs
20
19
19
19
-2
-3
-2
-3
Change in pension
obligations
Other remuneration
1
1
1
1
Total salary costs
240
211
183
163
Averange staff numbers
333
309
290
276
NOTE 2
Operating income
Group
2012
in MNOK
Broken down by
activity area
Banking Finance
No special emoluments were paid to the Directors or Managing
Partner in 2012.
Parent
2011
2012
2011
Share
NOTE 4
9,2 %
70
72
70
72
28,4 %
216
201
216
201
Energy and
Natural Resources
11,9 %
91
98
91
98
Trade, Industry
and Public Sector
20,9 %
159
159
159
159
Shipping offshore
29,5 %
225
215
180
184
761
745
716
714
Corporate
Total operating
revenues
Group
in MNOK
Geographical
division
Parent
2012
2011
2012
2011
639
Share
Norway
7%
606
630
617
England
7,6 %
58
41
0
0
Singapore
6,1 %
47
37
48
37
Japan
0,4 %
3
2
3
2
China
6,3 %
47
35
48
36
761
745
716
714
Subtotal all
divisions
30
Occupational pension costs, funds and obligations in
Wikborg, Rein & Co.
The company has a company pension plan in a life assurance
carrier for employees, which has been closed for new enrolments since 1 January 2005. The plan offers entitlements to
future defined benefits. These depend largely on the number of
qualification years, salary level at pensionable age, and magnitude of benefits from National Insurance. Full old-age pension is
roughly 66 % of the pension base (maximum 12G). Pensionable
age is 67 years. The company has the power to make executive
changes to the company pension plan. The plan is insured.
The pension plan covers 130 persons as of 31 December 2012,
of whom 28 were receiving pensions in 2012. The company also
has certain obligations in respect of five pensioners in a scheme
that, not being insured, is covered from company operations.
All pension plans are reported according to the Norwegian
Accounting Standard (NRS) rules for pension costs. When the
unamortised estimate deviates by more than 10 per cent of the
higher of estimated pension obligation (inclusive employer’s
tax and pension funds), then the excess is amortised over the
corresponding qualification period.
NOTE 5
NOTE 9
Lease obligations
The group’s annual rental for property leases for office premises
run to 31,3 million of which 25,6 million related to offices in
Norway, 1,7 million to offices in London, 1,3 million to offices
in Singapore, 0,1 million to offices in Kobe and 2,5 million to
offices in Shanghai.
NOTE 6
Fixed assets
Remuneration to auditor
Group
Statutory audit
Other services
482
Tax advisory services
130
162
Parent
Statutory audit
Other services
Tax advisory services
60
134
339
Group
Property,
Plant,
Equipment
Data
system
Cars
Investments,
nondepreciating
Subtotal
Net booked value
49
7
0,4
2
59
Net Additions 2012
11
4
-
0
15
This year’s
linear depreciation
9
4
0,1
-
13
Net booked
value 31.12.12
51
7
0,3
2
61
Percentage
depreciation
rate
10-15 %
30 %
15 %
NOTE 10
The amounts are without value added tax.
Bank deposits
NOTE 7
Items combined in financial statements
Tied-up tax withholdings:
Group
Parent
6
6
There are no Tied up tax withholding on accounts abroad
Parent
2012
2011
2012
2011
Other interest expenses
380
295
297
230
Other financial expenses
933
821
667
607
1 313
1 116
964
837
in TNOK
Group
Financial expenses
NOTE 11
Subtotal financial
exspenses
Shares in subsidiaries
Subsidiary:
Location
Wikborg Rein AS
Oslo
Ownership
Voting share
100 %
100 %
100 %
100 %
NOTE 8
Wikborg Rein
International AS
Tax
Marinelaw AS
Bergen
100 %
100 %
WRS Pte Ltd
Singapore
100 %
100 %
WR UK Ltd
London
100 %
100 %
Tier-subsidiary:
in TNOK
Taxes payable
Shanghai
Parent
7 370
7 370
0
0
7370
7370
Taxes paid
Total tax costs
WR
UK
Ltd
Taxes payable
WR AS
WRS
Ltd
Pte
9
Taxes paid
-14
Total tax costs
-14
Marinelaw
Group
51
7 431
-107
9
-107
In the group is also Wikborg Rein LLP (London) consolidated on
the basis of control through the appointment.
-108
51
7323
31
NOTE 12
NOTE 15
Client liabilities
Partnerhip shares owned by directors and MP
Posted client liabilities at 31.12.2011
Set aside as client funds in accounts
Difference
2012
2011
-308
-154
308
154
0
0
NOTE 13
Board members and the general manager have the following
parnership shareholdings in the company:
Trond Eilertsen Chairman 2,2 %
Sven Eriksrud
Director
2,2 %
Grunde Bruland
Director
1,7 %
Sigurd Opedal
Director
1,5 %
Susanne M. Thore
Managing Partner
2,2 %
NOTE 16
Shareholders’ equity
Group
in MNOK
Undistributed capital
Tied-up equity
Free equity
Other equity
Subtotal
Parent
2012
2011
2012
2011
15
17
10
14
28
27
28
27
300
309
273
289
1
1
-
-
344
354
311
330
NOTE 14
Financial markets risk
The company does not deal in financial instruments in connection with management of its financial risk.
Interest rate risk
The interest rate risk is currently nil since the company has
no interest-bearing debt.
Currency exchange risk
Fluctuations in foreign exchange rates represent both direct
and indirect financial risks to the company. Foreign exchange
translation differences presented as financial income / financial expenses, see NRS F Transaksjoner in foreign currencies.
Credit risk at receivebles
The risk that clients lack the financial strength to meet their
obligations is considered small as historically there has been
limited level of write-off as a result of bad debts.
32
Security and Guarantees
Wikborg, Rein & Co. has provided security for the benefit of the
companies in the group with a face value amounting to SGD 2.5
million and GBP 1 million, and guarantees for a total nominal
value of NOK 11.2 million.
NOTE 17
Claims
Wikborg Rein maintains professional indemnity insurance for
the whole firm. Like all other large law firms, we are from time
to time a target for malpractice claims. At the end of 2012, we
had received notice of three potential claims in certain relatively minor matters. If we are held liable in any of these matters, we expect to be fully covered by insurance, save for a
deductible of 1 MNOK per claim and legal costs. Furthermore,
we have received notice of a claim where the maximum exposure remains uncertain. Our view is that the claim in is untenable and that we, in the unlikely event that we will be held
liable, will be fully covered by our insurance, save for the said
deductible and costs.
33
34
Wikborg Rein er et av Norges ledende og mest
internasjonale forretningsadvokatfirmaer. Ved våre
kontorer i Oslo, Bergen, London, Singapore, Shanghai
og Kobe bistår og rådgir norske og internasjonale
virksomheter, både i det offentlige og i privat
næringsliv. Vår ekspertise og erfaring bygges
gjennom kontinuerlig utvikling av våre advokater,
nære samarbeidsrelasjoner mellom våre kontorer,
samt et utstrakt nettverk i inn- og utland.
Wikborg Rein is one of Norway’s leading and most
international law firms with over 235 lawyers working in our offices in Oslo, Bergen, London, Singapore,
Shanghai and Kobe. Our unique and long-standing
presence overseas enables us to offer our clients the
benefit of our extensive international expertise.
www.wr.no
Oslo
Tel +47 22 82 75 00
Fax +47 22 82 75 01
oslo@wr.no
Bergen
Tel +47 55 21 52 00
Fax +47 55 21 52 01
bergen@wr.no
London
Tel +44 20 7367 0300
Fax +44 20 7367 0301
london@wr.no
Singapore
Tel +65 6438 4498
Fax +65 6438 4496
singapore@wr.no
Shanghai
Tel +86 21 6339 0101
Fax +86 21 6339 0606
shanghai@wr.no
Kobe
Tel +81 78 272 1777
Fax +81 78 272 1788
kobe@wr.no