Annual report 2012 - Comrod

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Annual report 2012 58/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesCont. Note 24: Financial instrumentsOther information relating to financial instrumentsNo financial assets have been reclassified by changing the measurement method from amortised cost to fair value or vice versa.Hedge of net investment12.31.2012 12.31.2011Comrod Communication ASA has the following investments in subsidiaries:Investment in Comrod France SAS in EUR (1000) 7 534 8 932During 2012 the investment in Comrod France SAS has been impaired. The impairment was in EUR (1000) 1 398.The investment in Comrod France SAS is eliminated in the Comrod Communication Group figures.The investment in Comrod France SAS is partly financed in Euro, the functional currency of Comrod FranceThe debt is recorded as investment hedging in NOK (1000) 29 524 33 123Debt amount in EUR (1000) 4 022 4 272Change in gain/(loss) of hedge of net investment are recognized in other comprehensive income.Sensitivity analysisCurrent receivables and payablesThe table below give the group exposure for the main foreign currencies, USD and EUR, given that othervariables are left unchanged, andbased on the balances 31.12. It is the net impact of derivatives related to loans, trade and other current receivables, trade and othercurrent payables. The table give the impact on Profit before tax and on equity of a change in USD and EUR respectively.Exposure (full year effect) (NOK 1000) ofPercentagechange inexchangeratesImpacton Profitbefore taxImpact onequity 31.12Currency - USD/NOK 2012 -20 % 3 969 -+20 % (3 969) -2011 -20 % (3 320) -+20 % 3 320 -Currency - EURO/NOK 1 2012 -20 % 3 261 5 476+20 % (3 261) (5 476)2011 -20 % 5 398 6 171+20 % (5 398) (6 171)58
Annual report 2012 59/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesCont. Note 24: Financial instrumentsInterest ratesExposure (full year effect) (NOK 1000) ofChange inbase pointsImpacton Profitbefore tax2012 -100 803+100 (803)2011 -100 877+100 (877)Impact onequity 31.12+100 -2011 -100 877 -+100 (877) -Note 25 - Related party transactionsParent company in Comrod Communication Group is Comrod Communication ASA. This company is listed at Oslo Børs (Stock exchange).The group’s related parties consist of main shareholders, subsidiaries (see note 5), members of the board and Group management.Remuneration of the Board and the Management:Executive managementOle Gunnar Fjelde, Group President andCEO*Board fees/consultantfeesElectioncommitee feesSalaryBonuspaidBenefits inkindNOKTotalcompensation2 028 074 2 028 074Kari Duestad, CFO 1 150 210 150 000 225 343 1 525 553Steinar Omdahl, CCO 1 240 065 1 240 065Board of Directors 0Sturla Sand 0 0Merete Haugli 150 000 6 667 156 667John Steinar Kvitvang 172 800 18 333 191 133Merete Alnes Mostue 50 000 50 000Alf C. Thorkildsen 50 000 10 000 60 000Tore Fjell 5 000 5 000Morten Bjørnsen 16 666 16 666Mariann V. Reite 100 000 100 000Rasmus Nordbø 100 000 100 000000Total compensation 1 862 865 56 666 3 178 284 150 000 225 343 5 473 158059
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Annual report 2012 - Comrod

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