Annual report 2008 - Comrod

More documents

Recommendations

Info

CASH FLOW STATEMENT, PARENT COMPANYComrod Communication ASA(NOK) 2008 2007Operating activitiesProfit before tax 20 613 738 10 000 000Non-cash elementsDepreciation and impairment of property, plant and equipmentShare-based payments expense 52 626 175 420Differences between expensed and paid pension cost 12 905 97 675Working capital adjustmentsChanges in trade and other receivables (32 119 701) (4 552 567)Changes in trade and other payables (4 611 427) 13 057 518Income tax paid 0 147Net cash flow from operating activities (16 051 859) 18 778 193Investing activitiesAcquisition of subsidiary, net of cash acquired (117 983 135) (42 115 000)Net cash flow from investing activities (117 983 135) (42 115 000)Financing activitiesNew non-current liabilities 76 254 319Net change in lending to subsidiaries 68 246 626 (73 506 626)New paid in capital /dividend paid (10 000 000) 96 175 626Net cash flow from financing activities 134 500 945 22 669 000Net foreign currency exchange effectNet change in cash & cash equivalents 465 951 (667 807)Cash & cash equivalents at beginning of period 332 719 1 000 526Cash & cash equivalents at end of period 798 670 332 71970 Comrod Communication Group Annual report 2008
NOTES PARENT COMPANYAccounting policiesThe annual accounts have been prepared in accordancewith the provisions of the Norwegian Accounting Actand generally accepted accounting principles in Norway.Sales revenueRevenue from services is recognized as services arerendered. Interest income is recognized as interestaccrues. Dividend from subsidiaries are recognizedas dividend are earned. Dividend from others thansubsidiaries is recognized when the shareholders’ rightto receive the payment is established by the annualgeneral meeting.Classification and measurement of balance sheet itemsCurrent assets and liabilities include items due forpayment within one year of the date of acquisition anditems which are part of the operating cycle. Other itemsare classified as non-current assets/liabilities.Current assets are measured at the lower of costof acquisition and fair value. Current liabilitiesare recognized at nominal value on the date ofcommencement.Non-current assets are measured at the cost ofacquisition, but are written down to fair value ifimpairment is identified which is not consideredto be of a temporary nature. Non-current liabilitiesare recognized at nominal value on the date ofcommencement. Costs associated with the bond issueare amortized over the duration of the loan using theeffective interest method.ReceivablesTrade and other receivables are recognized in thebalance sheet at their nominal value, followingdeductions for provisions for expected losses. Provisionfor losses is made on the basis of the individual claims.There is also an unspecified provision to cover expectedlosses on other trade receivables.Assets and liabilities in foreign currencyTransactions in foreign currencies are recognized atthe exchange rate in effect at the transaction date.Monetary items in foreign currency are measured usingthe exchange rate in effect at the balance sheet date.Currency gains/losses on receivables/liabilities areclassified as financial items.SharesThe cost method of accounting is used for all shares.Investments in subsidiaries are financed through longterm loans in the subsidiary’s functional currency.Translation effects on the long term loan are recordedtoward the investment in the balance sheet ashedging of net investment. Tax effects arising from thetranslation effects are recorded towards equity.Share-based paymentSenior executives in the group have received optionsto subscribe for shares in the parent company. Thefair value of the share options is measured at thegrant date and the cost is recognized, together with acorresponding increase in other paid-in capital, overthe period in which the performance and/or serviceconditions are fulfilled. The fair value is calculated usingthe Black & Scholes model. The employer’s contributionis accrued over the period in which the serviceconditions are fulfilled based on the intrinsic value.Pension expensePensions are accounted for in accordance with NRS 6A,Applying IAS 19 under Norwegian Legislation. Pensioncosts and benefit obligation are calculated using thestraight-line method, based on the expected final salary.The calculations are based on a number of assumptions,including discount rate, future changesin salary, pensions and national insurance contributions,the expected return on plan assets and actuarialassumptions on mortality and early retirement. Planassets are measured at fair value and deducted from netpension commitments in the balance sheet. Changes inthe benefit obligation arising from changesin plan assets are distributed over the expectedremaining service period. Changes in the benefitobligation and plan assets due to the effects of changesin actuarial assumptions (actuarial gains and losses) arerecognized in equity (net after tax).TaxTax expense in the income statement includes incometax payable for the period and changes in deferredtax. Deferred tax is calculated at 28 % based on thetemporary differences between accounting and fiscalvalues and loss carry forwards at the end of the financialyear.Comrod Communication Group Annual report 2008 71
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 22 and 23: 22 Comrod Communication Group Annua
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 42 and 43: will affect the balance sheet value
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 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
show all

Annual report 2008 - Comrod

Create successful ePaper yourself

Delete template?

Save as template?