Annual report 2008 - Comrod

CONT. NOTE 23 SHORT-TERM LOANS AND OTHER BORROWINGSAt 31 December 2008, short-term interest-bearing loans and other borrowing consisted of bank overdrafts and 1st year’s instalmentson non-current liabilities. See note 22.Current liabilities are subject to the same terms as non-current liabilities. See note 22. The overdraft facility in Norway is subject toNIBOR + margin. Interest rate/deposits in foreign currency are subject to the DnBNOR base rate + margin.The overdraft facility of EUR 60 000 at Lerc is based on Euribor 6 months + 0.90%. The discount of export agreement at Lerc of EUR820 000 and EUR 290 000 are subject to an interest rate of 6,0% and 4,5% respectively.NOTE 24 TRADE PAYABLES AND OTHER CURRENT LIABILITIES(NOK 1 000) 2008 2007Trade payables 44 356 27 174Amounts due to related parties 0 0Public duties payable 7 102 13 245Accrued expenses and other liabilities 22 566 29 016Total 74 024 69 434As at 31 December, the ageing analysis of other current liabilities are as follows:0-30 31-60 61-90 91-180 181-360(Number of days to due date) days days days days daysTrade payables 29 637 13 353 1 366 0 0Other accured expenses 11 637 5 551 1 639 6 854 3 987NOTE 25 LEASESFinance leases - Group as lesseeThe Group has a finance lease for a turning lathe and is responsible for maintenance and insurance. The original lease termwas 5 years. Payments are made monthly.(NOK 1 000) Assets held under finance leases 2008 2007Plant and equipment 3 799 2 530-Accumulated depreciations 288 2 530Net carrying amount 3 511 0Future minimum lease paymentsNot later than 1 year 823 641 to 5 year 3 290 112Later than 5 years 509 0Future minimum lease payments 4 622 175Present value of future minimum lease payments 3 437Of whichcurrent liabilities 543non-current liabilities 2 894Operating leases - Group as lesseeThe group has entered into various operating leases on items of machinery, office equiment and other facilities. Most of these leaseshave a renewal option.Others have fixed terms. The leases have terms ranging from 3 to 5 years. The leases normally allow revision to58 Comrod Communication Group Annual report 2008