Page 68 - Kitron Annual Report 2011

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Notes to the financial statements Kitron ASA
68
Kitron annual report 2011
The vice presidents are members of Kitron’s general pension contribution scheme. The age of retirement is
67 years. The annual pension contribution to the CEO is six per cent of base salary. The contribution is coor-
dinated with the contribution to the general scheme. The CEO’s age of retirement is 65 years. The CEO may
under certain circumstances have the right to receive twelve months post-employment compensation. There is
no other post-employment remuneration or employment protection beyond a normal notice period.
The share price based bonus scheme introduced 22 March 2007 was ended in February 2011. The board may
in the coming financial year resolve on a new bonus scheme that are linked to the quotation of Kitron’s shares.
NOK 66,446,000 of the NOK 66,446,000 in intra-group loans at 31 December 2011 falls due later than one
year after the end of the fiscal year.
(Amounts in NOK 1000)
2011
2010
Kitron Hong Kong Ltd
16 054
10 261
Kitron Inc
35 940
11 134
UAB Lumen Intellectus
14 452
14 564
Total
66 446
35 959
The company has long-term leasing debt to leasing company of NOK 20,143,000 at 31 December 2011. This
is a 5 year finance agreement. There is no long-term bank financing at 31. December 2011. The group’s short-
term bank financing includes covenants relating to such factors as the company’s equity and earnings. The
company complies with these covenants at 31 December 2011.
Mortgages
(Amounts in NOK 1000)
2011
2010
Debt secured by mortgages:
64 888
71 052
Carriying amount of assets provided as security:
Machinery and equipment
5 027
7 816
Investment in subsidiaries
363 119
364 479
Receivables
142 845
122 013
Total
510 991
494 308
The company’s bankers had provided guarantees of NOK 2.0 million for tax due but not paid in Kitron ASA.
Note 14 Receivables
Note 15 Information on long-term liabilities to financial institutions
Note 16 Mortgages