Annual report 2008 - Comrod

CONT. NOTE 10 NON-CURRENT LIABILITIES(NOK) Estimated repayment schedule forall loans at 31.12.2008 2009 2010 2011 2012Total 5 500 000 5 500 000 5 500 000 52 355 569Bank loans are secured against trade payables, inventories and property, plant & equipment in the group’s Norwegian subsidiaries.Bank loans are also secured by pledge in shares as Lerc SASThe following covenants have been set for bank loans:Equity recognized in the balance sheet must represent at least 27.5% of the total balance sheet amount until December 2008 andthereafter 30.0%.Net Interest Bearing Debt/EBITDA < 3.5 until December 2007 and thereafter 3.25 till December 2008 and thereafter 3.0.The group is fullfilling the covenants set.NOTE 11 SHORT-TERM LOANS AND OTHER BORROWINGS(NOK 1 000) Maturity 2008 2007Secured 0 0Unsecured 0 01st year’s instalments, non-current liabilities June and December 5 500 000 0Total 5 500 000 0At 31 December 2008, short-term interest-bearing loans and other borrowing consisted of 1st year’s instalments on non-currentliabilities. See note 10.Current liabilities are subject to the same terms as non-current liabilities. See note 10.NOTE 12 MERGED ITEMS(NOK) Finance income 2008 2007Other interest income 29 383 20 609Other finance income (currency gains) 701 126 13 352Total other finance income 730 508 33 961(NOK) Finance expense 2008 2007Other interest expense 3 698 071 706Other finance expense 1 661 825 40 697Total other finance expense 5 359 896 41 403NOTE 13 FINANCIAL MARKET RISKInterest risk arises in the short and medium term from the company’s floating rate liabilities. See also note 26 Financialinstruments in the group accounts for additional comments.78 Comrod Communication Group Annual report 2008