Annual report 2008 - Comrod

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CONT. NOTE 8 TAX(NOK) Tax expence of the year as following 2008 2007Tax on exchange loss posted directly to equity 0 0Tax effect on dividend not taxable in Norway (3 295 304) (2 800 000)Correction tax from last year 50 295 0Other permanent differences 123 549 0Tax payable in tax expenses for the year appears as followingNet income before tax 20 613 738 10 000 000Permanent differences (25 198 667) (10 000 000)Recognised change in temporary differences 170 310 0Change in temporary differences posted directly to equity (59 729) 0Basis tax payable (4 474 348) 0Payable tax regarding net income of the year 0 0Deferred tax assetsPension liability 47 687 0Loss carried forward 1 252 804 0Deferred tax assets - gross 1 300 491 0Deferred tax liabilitiesDeferred tax liabilities - gross 0 0Net recognised deferred tax liabilities (-) 1 300 491 0NOTE 9 PAYROLL, REMUNERATION, NO. OF EMPLOYEES, LOANS TO EMPLOYEES(NOK) Payroll costs 2008 2007Salaries/fees 3 341 491 1 137 502Pension expense, defined-benefit plans 211 909 97 675Other contributions and social security costs 831 910 382 047Total 4 385 310 1 617 224Number of employees in the company at year end 1 1Number of average employees in the comany 1 0.676 Comrod Communication Group Annual report 2008
CONT. NOTE 9 PAYROLL, REMUNERATION, NO. OF EMPLOYEES, LOANS TO EMPLOYEESTotal compen-(NOK) Executive management Board fees Salary Bonus paid Benefits in kind sation 2008Niklas Hermansson, 742 112 113 207 855 319Group President and CEO*Eirik Larsen, 2 375 003 213 006 2 588 009Group President and CEO **Kjell Ove Hatlem 1 565 082 9 761 1 574 843Board of DirectorsErik Espeset 100 000 100 000Randi Elin Hognestad 75 000 75 000Niklas Hermansson 37 500 37 500Merete Alnes Mostue 75 000 75 000Tore J. Fjell 75 000 75 000Kristin Krohn Devold 75 000 75 000Frode Svaboe 21 875 21 875Total compensation 459 375 4 682 197 0 335 974 5 477 546*) Employed during 2008. Salary and employee benefits in their period of employment with the company.**) CEO left the company in 2008 and was compensated with severance pay of nok 1.250.000.The CEO and chairman of the board do not have an agreement relating to termination benefits.Group management participate in the company’s general pension arrangements, which are described in Note 7, Pensions.No loans have been made, or security provided for loans, to any member of group management, the board or other electedstanding committees. 9 key managers in subsidiaries of Comrod Communication ASA received options to subscribe for thecompany’s shares in 2007. None of these are employees of the parent company. Overview of granted options and the shareoption programme is given in note 27 in Consolidated accounts.The share option programme is described in more detail in note 14.Expensed costs to auditors are NOK 408.500 and the split is given below:(NOK) 2008 2007Statutory auditing 85 000 123 379Other audit services 323 500 195 897NOTE 10 NON-CURRENT LIABILITIESCarrying CarryingEffective amount amount(NOK 1 000) interest rate Currency Maturity date 2008 2007SecuredBank loan - serial loan EURIBOR + margin 1 Euro 2012 68 855 569Total secured non-current liabilites 68 855 569Total non-current liabilities 68 855 5691st year’s instalments, non-currentliabilities (5 500 000)Total non-current liabilities, not 63 355 569incl. 1st year’s instalmentsAll long-term loans have quarterly interest charges.Comrod Communication Group Annual report 2008 77
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STRATEGIES AND VALUESComrod Communi
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MESSAGE FROM PRESIDENTFurther growt
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10 Comrod Communication Group Annua
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our number one position worldwide.-
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The Masts business area is one of t
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1989LERC won a majorprogram to the
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MARKETS AND OUTLOOKOur products are
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22 Comrod Communication Group Annua
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“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 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 78 and 79: CONT. NOTE 10 NON-CURRENT LIABILITI
Page 80 and 81: 80 Comrod Communication Group Annua
Page 82 and 83: GROUP MANAGEMENTNIKLAS HERMANSSONPr
Page 84 and 85: CORPORATE GOVERNANCEThe corporate g
Page 86 and 87: 86 Comrod Communication Group Annua
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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