Annual report 2008 - Comrod

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will affect the balance sheet value of the Group’s net pensionliabilities.The discount rate is determined at the year-end. This is theinterest rate that is used to calculate the present value of futurepayments needed to cover pension commitments. The discountrate is based on government bonds with virtually identicalmaturity dates to the pension liabilities. Other underlyingassumptions relating to pension commitments are partially basedon actual market conditions. Assumptions about mortality andinvalidity rates are based on standardized assumptions, as wellas demographic factors developed by the Norwegian FinancialServices Association. Additional information is provided in note20.The management estimates provisions for future claims againstguarantees on the basis of information about historical guaranteerates, along with other information relevant to future guaranteeclaims. Factors that can affect estimated liabilities include theresults of productivity and quality initiatives, as well as part pricesand labour costs. See also note 21.Development costs are capitalized in accordance with theaccounting policy in Note 2.11. Initial capitalization of costsis based on management’s judgment that technological andeconomical feasibility is confirmed, usually when a productdevelopment project has reached a defined milestone accordingto an established project management model. In determiningthe amounts to be capitalized management makes assumptionsregarding the expected future cash flow to be generated from theassets, discount rates to be applied and the expected period ofbenefits. See also note 12.NOTE 4 OPERATING SEGMENTSComrod Communication Group has made an early adoption if IFRS 8.The Group manufactures and sell high-quality, wide-coverage, stable antennas, masts, power supply and related systems for the defenseand civil/maritime markets.The Group’s operations are divided into operating segments, which are organised and managed separately.The different operating segments sell different products. Except for Industrial products, the segments adresses to a large exent the samecustomer groups. The segments, except industrial products, have similar risk profiles.Administration cost incurred in the parent company and development activites not related to the operating segments are un-allocated.The Group is divded into the following operating segments: a. Antennas | b. Masts | c. Industrial Products | d. Power SupplyOperating segment dataAntennas Masts Industrial Products(NOK 1 000) 2008 2007 2008 2007 2008 2007Revenue from external customers 256 642 169 014 64 650 54 398 29 277 33 002Internal transactionsRevenue from other segments 2 959 1 750Total revenues 259 601 170 764 64 650 54 398 29 277 33 002Operating result before depreciation (EBITDA) 41 687 24 011 12 319 8 712 1 320 4 776Operating result (EBIT) 35 389 18 792 9 531 6 832 (1 173) 2 37442 Comrod Communication Group Annual report 2008
CONT. NOTE 4 OPERATING SEGMENTSPower Supply Un-allocated Eliminations Consolidated(NOK 1 000) 2008 2007 2008 2007 2008 2007 2008 2007Revenue from external customers 18 062 33 516 7 368 631 289 937Internal transactions 696 (696)Revenue from other segments (2 959) (1 750)Total revenues 18 062 33 516 703 (2 959) (2 446) 368 631 289 937Operating result beforedepreciation (EBITDA) 1 067 9 207 (12 040) (5 963) 44 353 40 743Operating result (EBIT) (693) 7 548 (12 311) (5 972) 30 743 29 574Geographic segment dataEurope America Asia(NOK 1 000) 2008 2007 2008 2007 2008 2007Revenue from external customers 186 814 202 036 148 460 70 692 29 732 9 878> Cont. Geographic segment dataOtherConsolidated(NOK 1 000) 2008 2007 2008 2007Revenue from external customers 3 625 7 331 368 631 289 937Major customersThe group has 2 customers with revenues at 10% or more of 2008 revenues. 1 of these customers is for operating segmentAntennas and Power Supply and one for Antennas and Masts.Total Antennas Masts Power Supply(NOK 1 000) Major customers 2008 2007 2008 2007 2008 2007 2008 2007RevenueCustomer 1 85 797 36 212 77 966 36 212 7 831Customer 2 59 761 35 306 23 466 11 352 36 295 23 954Total external Revenue major customers 145 558 71 518 101 432 47 564 36 295 23 954 7 831Comrod Communication Group Annual report 2008 43
Page 6 and 7: STRATEGIES AND VALUESComrod Communi
Page 8 and 9: MESSAGE FROM PRESIDENTFurther growt
Page 10 and 11: 10 Comrod Communication Group Annua
Page 12 and 13: our number one position worldwide.-
Page 15 and 16: The Masts business area is one of t
Page 17: 1989LERC won a majorprogram to the
Page 20 and 21: MARKETS AND OUTLOOKOur products are
Page 24 and 25: “Understanding theApplications is
Page 26 and 27: 2008 ANNUAL REPORTThe Comrod Commun
Page 28 and 29: the compact power supply currently
Page 30 and 31: the balance sheet date Comrod Commu
Page 32 and 33: BALANCE SHEET, CONSOLIDATED31 Decem
Page 34 and 35: STATEMENT OF CHANGES IN SHAREHOLDER
Page 36 and 37: Work in progress is classified as p
Page 38 and 39: in the future can be used or sold;b
Page 40 and 41: ventures, where the timing of the r
Page 44 and 45: NOTE 5 CHANGES IN GROUP STRUCTURE20
Page 46 and 47: CONT. NOTE 8 INCOME TAX(NOK 1 000)
Page 48 and 49: NOTE 10 PAYROLL AND NUMBER OF EMPLO
Page 50 and 51: CONT. NOTE 12 INTANGIBLE ASSETSGood
Page 52 and 53: NOTE 17 CASH AND CASH EQUIVALENTS(N
Page 54 and 55: NOTE 19 EQUITYOtherShare Share paid
Page 56 and 57: CONT. NOTE 20 PENSION OBLIGATIONS(N
Page 58 and 59: CONT. NOTE 23 SHORT-TERM LOANS AND
Page 60 and 61: CONT. NOTE 26 FINANCIAL INSTRUMENTS
Page 62 and 63: CONT. NOTE 26 FINANCIAL INSTRUMENTS
Page 64 and 65: CONT. NOTE 27 SHARE BASED PAYMENT P
Page 66 and 67: NOTE 29 PURCHASE LIABILITIESThe gro
Page 68 and 69: INCOME STATEMENT, PARENT COMPANYCom
Page 70 and 71: CASH FLOW STATEMENT, PARENT COMPANY
Page 72 and 73: Tax-increasing and tax-reducing tem
Page 74 and 75: NOTE 6 SHARE CAPITAL AND SHAREHOLDE
Page 76 and 77: CONT. NOTE 8 TAX(NOK) Tax expence o
Page 78 and 79: CONT. NOTE 10 NON-CURRENT LIABILITI
Page 82 and 83: GROUP MANAGEMENTNIKLAS HERMANSSONPr
Page 84 and 85: CORPORATE GOVERNANCEThe corporate g
Page 88 and 89: SHARES AND SHAREHOLDERSComrod Commu
Page 90 and 91: INTERNAL AND EXTERNAL ENVIRONMENTTh
Page 92 and 93:
CONTACT INFORMATIONCOMROD COMMUNICA
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Annual report 2008 - Comrod

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