Annual report 2012 - Comrod

More documents

Recommendations

Info

Annual report 2012 68/92Strategies and values | Group | Parent company | Corporate governance | ContactFinancial statement Notes Auditors reportNote 1 - Equity(NOK)Share capitalShare premiumreserveOther paidin capitalOtherequityTotal equityEquity at 1.1. 2012 18 235 145 106 544 403,00 228 046,00 -11 769 290 113 238 304Change in fair value of hedging instruments -441 497 -441 497Profit for the year -31 304 647 -31 304 647Transfer of share premiumreserve to other equity-43515434 43 515 434 0Capital increase 1 935 000 5 942 000 7 877 000Equity at 31.12 2012 20 170 145 68 970 969 228 046 -0 89 369 160On December 21, 2012 a capital increase of 1,935,000 shares was issued by a private placing. Cost of NOK 250.000related to the capital increase was deducted from the share premium amount.Equity at 1.1. 2011 19 485 145 106 544 403 228 046 13 753 665 140 011 259Change in fair value of hedging instruments -54 126 -54 126Profit for the year -11 093 829 -11 093 829Purchase of own shares -1 250 000 -14 375 000 -15 625 000Equity at 31.12 2011 18 235 145 106 544 403 228 046 -11 769 290 113 238 304On December 21, 2012 a capital increase of 1,935,000 shares was issued by a private placing. Cost of NOK 250.000 related to thecapital increase was deducted from the share premium amount.68
Annual report 2012 69/92Strategies and values | Group | Parent company | Corporate governance | ContactFinancial statement Notes Auditors reportNote 2 - Investments in subsidiares(NOK)Company Country Reg’d office Main business StakeComrod AS Norway Tau Composite antennas andpower supplyVotingstakeCarrying amount100% 100% 46 419 000Comrod Air AS Norway Stavanger Unmanned Aerial vehicle 100% 100% 0Comrod France SAS France St.AmandLes EauxMasts and antennas 100% 100% 59 247 367Comrod Sweden AB Sweden Mora Masts 100% 100% 0Comrod UKUnitedKingdomComrod Inc USA Ohio Masts, antennas andPower SupplySouthampton Masts and antennas 100% 100% 199 200100% 100%105 865 567NOKEquity and profit/loss (-)in last annual accounts Comrod AS Comrod Air AS Comrod France SAS Comrod UKComrodSweden AB Comrod IncCost of acquisition 46 419 000 0 59 247 367 199 200 0 0Equity at 31.12.2012 60 592 258 125 344 42 572 595 1 534 728 5 443 967 332 809Profit/loss (-) 2012 241 984 -3 651 -7 388 104 667 408 -1 729 132 341 921Based on the impairment test for the subsidiary Comrod France SAS and Comrod Sweden AB a non-recurring loss of MNOK 23,9 hasbeen expensed in Comrod Communication ASA in the 4th quarter of 2012.There are excess values compared to book values for all subsidiaries except from Comrod France SAS and Comrod Sweden AB,and it is expected that the respective Net Present Values of estimated future cash flows are higher than the booked value.2012; Acquisition of the remaining shares of Comrod Sweden.On 23 November 2012, Comrod Communication ASA acquired the remaining 20% of the voting shares of Comrod Sweden AB at thepurchase price of SEK 2.0 mill.Mast manufacturing consolidated to a single site by transferring Comrod Sweden’s aluminum mast manufacturing to Business UnitFrance at end of the year.2011; Acquisition of WIBE Telescopic Mast ABOn 16 September 2011, Comrod Communication ASA (“Comrod”) acquired 80% of the voting shares of WIBE Telescopic Mast AB(“WIBE TM”), an unlisted company based in Sweden. The remaining 20% of the shares will be held by AB Wibe – a subsidiary of theFrench Schneider Electric Group. Comrod has agreed to acquire this remaining 20% shareholding within the next two years at agreedterms.WIBE TM brings to Comrod an aluminium mast product range complementary to the Group’s current composite mast offering.This will provide Comrod with a unique opportunity to expand its tactical mast offering to the global civil and defence markets.69
Page 2 and 3:
Annual report 2012 2/92Strategies a
Page 4 and 5:
Page 6 and 7:
Page 8 and 9:
Page 10 and 11:
Annual report 2012 10/92Strategies
Page 12 and 13:
Page 14:
Page 17 and 18: Annual report 2012 17/92Strategies
Page 67: Annual report 2012 67/92Strategies
show all

Annual report 2012 - Comrod

Create successful ePaper yourself

Delete template?

Save as template?