Annual report 2012 - Comrod

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