Annual report 2012 - Comrod

Annual report 2012 76/92Strategies and values | Group | Parent company | Corporate governance | ContactFinancial statement Notes Auditors reportNote 10 - Short-term loans and other borrowings(NOK) Maturity 2012 2011- -Secured On demand 27 149 578 26 735 4091st year’s instalments, non-current liabilities Quarterly - 11 200 000Total 27 149 578 37 935 409NOTE - 11 Financial items(NOK) 2 012 2 011Finance incomeOther interest income 120 592 554 835Other finance income ( currency gains ) 119 092 230 613Total other finance income 239 684 785 449Finance expenseOther interest expense 2 616 605 2 175 902Currency losses 357 527 115 415Other finance expense 24 366 192 19 811 410Total other finance expense 27 340 324 22 102 727Other finance expence are primarily related to the write-down of shares in Comrod France SASComrod Sweden ( Note 2 )Note 12 - Financial market riskInterest risk arises in the short and medium term from the Company’s floating rate liabilities.See also note 24 Financial instruments in the group accounts for additional comments.76