Annual report 2012 - Comrod

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Annual report 2012 18/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesStatement of changes in equitySharecapitalSharepremiumOther paidin capitalOtherreservesRetainedearningsNon-controllinginterestsTotal equityBalance 1 Jan 2012 18 235 78 875 828 -16 622 46 341 1 456 129 113Change in actuarial gain/(loss) 184 184Change in gain/(loss) on hedgeof net investment1 222 1 222Translation differences -3 649 -3 649Total other comprehensiveincome/(loss)-2 243 -2 243Profit (loss) for the year -28 123 -395 -28 518Total comprehensive income -2 243 -28 123 -395 -30 762Non-controlling interests -655 -1 061 -1 716Transfer of share premiumreserve to other equity-43 515 43 515 0Capital increase (Note 16) 1 935 5 942 7 877Balance 31 Dec 2012 20 170 41 302 828 23 995 18 217 0 104 512SharecapitalSharepremiumOther paidin capitalOtherreservesRetainedearningsNon-controllinginterestsTotal equityBalance 1 Jan 2011 19 485 78 875 828 1 521 70 304 171 013Change in actuarial gain/(loss) -3 417 -3 417Change in gain/(loss) on hedgeof net investment165 165Translation differences -516 -516Total other comprehensiveincome/(loss)-3 768 -3 768Profit (loss) for the year -23 964 -296 -24 260Total comprehensive income -3 768 -23 964 -296 -28 028Non-controlling interests 1 752 1 752Purchase of own shares -1 250 -14 375 -15 625Balance 31 Dec 2011 18 235 78 875 828 -16 622 46 341 1 456 129 11318
Annual report 2012 19/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesNotes to the Consolidated Financial Statements - IFRSNote 1 Organization and basis ofPresentationComrod Communication ASA is a public limitedcompany with its registered office in Norway. TheCompany’s head office is at Fiskaaveien 1, N-4120TAU, Norway. Comrod Communication ASA andits subsidiaries are collectively referred to as theGroup or the Comrod Communication Group.Comrod Communication ASA was part ofthe Hexagon Composites Group until 19January 2007, at which date the demerger wasimplemented. Comrod Communication ASA waslisted on Oslo Børs on 22 January 2007.The consolidated financial statements of ComrodCommunication Group for the year ended 31December 2012 were authorized for issue inaccordance with a resolution of the Directors on26 February 2013.The principal activities of the Group are describedin note 4 Operating segments.Note 2 Accounting Policies2.1 Basis of preparationsThe consolidated financial statements of ComrodCommunication ASA and all its subsidiaries (theGroup) have been prepared in accordance withInternational Financial Reporting Standards (IFRS)as issued by the IASB and adopted by the EU.value recognized in other comprehensive income.Currency effect for the financial instrumentsrelating to cash flow hedges are recognized in theincome statement.The financial statements of the subsidiaries areprepared for the same reporting period as theparent company, using consistent accountingpolicies.2.2. Functional currency and presentationcurrencyThe Group’s presentation currency is NOK. Thisis also Comrod Communication ASA’s functionalcurrency. The functional currency for eachsubsidiary is set separately based on the specificcircumstances and economical environment foreach individual subsidiary, and may differ from thepresentation currency.2.3 Consolidation principlesThe consolidated financial statements compriseComrod Communication ASA and the companiesit controls. Control normally exists when theGroup owns more than 50 % of the shares ina company, and the Group is in a position toexercise actual control over the company.All intra-group balances, transactions, unrealisedgains and losses resulting from intra-grouptransactions and dividends are eliminated in full.The consolidated financial statements are basedon a historical cost basis, except certain financialinstruments (hedge of net investment)), forwhich are carried at fair value with changes in fairA change in the ownership interest of a subsidiary,without a loss of control, is accounted for as anequity transaction.19
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Annual report 2012 - Comrod

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