Note 23 - Contracts in Progress

     

CONSOLIDATED

(Amounts in USD 1,000)

   

Recognized
2015

Accumulated per
12/31/2015

Revenue

   

120,890

233,680

Cost

   

93,670

173,461

Total

   

27,220

60,219

         

Assets / liabilities

     

December 31, 2015

 

Prepaid project cost

Unearned revenue

Accrued project cost

Unbilled revenue

Revenue

-

28,378

-

3,510

Cost

14,918

-

9,867

-

Total

14,918

28,378

9,867

3,510

         
         

(Amounts in USD 1,000)

   

Recognized
2014

Accumulated per
12/31/2014

Revenue

   

105,789

148,755

Cost

   

94,261

132,612

Total

   

11,528

16,143

         

Assets / liabilities

     

December 31, 2014

 

Prepaid project cost

Unearned revenue

Accrued project cost

Unbilled revenue

Revenue

-

21,549

-

14,918

Cost

- -

22,521

-

Total

-

21,549

22,521

14,918

Contracts in progress refer to activity within the Power Cable Installation Segment and Combat Management Systems (CMS), see Note 4.

The activity within Power Cable installation segment included six projects in progress at year-end 2015. These projects are in an various phases, and margin for 2015 is recognized only on projects with progress exceeding 25 %.

At year-end 2015, the activity within CMS had five projects in progress. The degree of completion varies from 13% to 94%. Margin for 2015 is recognized only on projects with progress exceeding 25%.

All projects in progress at year-end 2015 are estimated to generate a positive contribution over the total project period.  There are no contracts in progress in the Parent Company.

See note 2.9 for analysis of sensitivity.