Annual report 2012 - Comrod

Annual report 2012 75/92Strategies and values | Group | Parent company | Corporate governance | ContactFinancial statement Notes Auditors reportCont. Note 8 - Payroll and number of employeesNo loans have been made, or security provided for loans, to any member of group management, the board or other electedstanding committees.There were no option agreements to the Group Management as per the end of 2012.*The salary for the CEO Ole Gunnar Fjelde is paid on a monthly basis to his company OGF Technology AS.The amount paid includes the cost of social securities and benefits in kind.Expensed costs to auditors are NOK 417.477 and the split is given below:*)(NOK) 2012 2011Statutory auditing 211 400 152 600Other attestation services 0 0Tax advice 0 0Other audit services 206 077 334 905*) Figures are exclusive of VATNote - 9 Non-current liabilities(NOK ) 2012 2011SecuredEffective interesterate Currency Maturity dateCarryingamountBank loan - serial loan Euribor + 2,40% EUR 9.30.2017 27 380 344 30 859 245Bank loan - serial loan Nibor+3,00% NOK 3.31.2018 14 450 000 16 150 000Total secured non-current liabilities 41 830 344 47 009 245Total non-current liabilities 41 830 344 47 009 2451st year’s instalments, non-current liabilities 0 -11 200 000Total non-current liabilities, not incl. 1st year’s instalments 41 830 344 35 809 245All long-term loans have quarterly interest charges.Estimated repayment schedule for finance leases and serial loans at 31 December 2012 (NOK):2013 2014 2015 2016 2017 2018Total 0 10 741 000 10 741 000 10 741 000 8 757 344 850 000Bank debts are secured against receivables, inventories and property, plant & equipment in the group’s Norwegiansubsidiaries. Bank debts are also secured by pledge in shares at Comrod France SAS. Bank debt covenants is measuredagainst equity, EBITDA, inventory and trade receivables. During Q4 2012 the EBITDA bank covenant terms have beenrenegotiated for the coming year. At year end the Group was fulfilling all its financial covenant requirements related toexternal funding. No loan repayments are due until 2014.The finance leasing agreement is a turning lathe machine used in the production department.75