Financing under the Project for Development of Technologies for Ship Inspection and Certification and Internet-Based System for Inspection Management at the Bulgarian Register of Shipping; financing by the National Investment Fund at the Small and Medium Size Enterprises Promotion Agency for development of a new technology for insulation system at Elprom ZEM AD and financing through DSK Bank AD under the terms and conditions of an EBRD credit line for energy efficiency and renewable energy sources at Leiarmach AD and fund Bulyard Shipbuilding Industry EAD financing through the Ministry of Labour and Social Works and EBRD. 30. Provisions Guarantees Lawsuits Other In BGN thousand Balance as of 1 January 2011 361 10 5 376 Provisions charged over the year 400 - 362 762 Provisions used (142) - (156) (298) Provisions reintegrated (47) - - (47) Balance as of 31 December 2011 572 10 211 793 Balance as of 1 January 2012 572 10 211 793 Provisions charged over the year - - - - Provisions used (72) - (117) (189) Provisions reintegrated - - - - Balance as of 31 March 2012 500 10 94 604 Including: - non-current 35 10 - 45 - current 465 - 94 559 Guarantees Guarantee provision relates mostly to engines sold to Elprom ZEM and guarantee services under shipbuilding contracts of Bulyard Shipbuilding Industry AD. The computation of the provision is based on estimates made by using historical data for guarantees associated with similar products and services. Guarantees relating to a period longer than one year as of the date of the statement are reported as liabilities. Lawsuits provision The estimated expenses on provisions amounting to BGN 10 thousand are based on detailed information about lawsuits initiated against the group companies. Other Provisions for costs relating to commitments under contract for the payment of commissions for equipment manufactured and supplied by Elprom ZEM to Iran. 30a Income of hired people
Financing under the Project for Development of Technologies for Ship Inspection and Certification and Internet-Based System for Inspection Management at the Bulgarian Register of Shipping; financing by the National Investment Fund at the Small and Medium Size Enterprises Promotion Agency for development of a new technology for insulation system at Elprom ZEM AD and financing through DSK Bank AD under the terms and conditions of an EBRD credit line for energy efficiency and renewable energy sources at Leiarmach AD and fund Bulyard Shipbuilding Industry EAD financing through the Ministry of Labour and Social Works and EBRD. 30. Provisions In BGN thousand Guarantees Lawsuits Other Balance as of 1 January 2011 361 10 5 376 Provisions charged over the year 400 - 362 762 Provisions used (142) - (156) (298) Provisions reintegrated (47) - - (47) Balance as of 31 December 2011 572 10 211 793 Balance as of 1 January 2012 572 10 211 793 Provisions charged over the year - - - - Provisions used (72) - (117) (189) Provisions reintegrated - - - - Balance as of 31 March 2012 500 10 94 604 Including: - non-current 35 10 - 45 - current 465 - 94 559 Guarantees Guarantee provision relates mostly to engines sold to Elprom ZEM and guarantee services under shipbuilding contracts of Bulyard Shipbuilding Industry AD. The computation of the provision is based on estimates made by using historical data for guarantees associated with similar products and services. Guarantees relating to a period longer than one year as of the date of the statement are reported as liabilities. Lawsuits provision The estimated expenses on provisions amounting to BGN 10 thousand are based on detailed information about lawsuits initiated against the group companies. Other Provisions for costs relating to commitments under contract for the payment of commissions for equipment manufactured and supplied by Elprom ZEM to Iran. 30a Income of hired people
1Q21012_FS_consolidated_eng.docx