Equity Investment

3 Months Ended

Mar. 31, 2013

Equity Investment [Abstract]

Equity Investment

2.EQUITY INVESTMENT

Following is the summarized financial information of CPL as of March 31, 2013 and December 31, 2012 and for the three months ended March 31, 2013 and 2012:

Amounts in thousands (in USD):	March 31, 2013	December 31, 2012
Balance Sheet:
Current assets	$ 4,202	$ 4,716
Noncurrent assets	$ 14,480	$ 14,876
Current liabilities	$ 9,450	$ 9,697
Noncurrent liabilities	$ 2,147	$ 2,255

	For the three months ended March 31,
	2013	2012
Operating Results
Net operating revenue	$ 12,168	$ 10,445
Net earnings	($287)	$ 464

The Company’s maximum exposure to losses at March 31, 2013 was $3.1 million, the value of its equity investment in CPL.

Changes in the carrying amount of the investment in CPL during the three months ended March 31, 2013 are as follows:

Amounts in thousands (in USD)	Total
Balance – January 1, 2013	$ 3,346
Equity earnings	(96)
Effect of foreign currency translation	(158)
Balance – March 31, 2013	$ 3,092

On April 8, 2013,CCE signed a final share sale agreement with LOT Polish Airlines to complete the purchase of an additional 33.3% ownership interest in CPL. The Company now owns a 66.6% ownership interest in CPL. As of the second quarter of 2013, the Company will begin consolidating CPL as a majority-owned subsidiary for which the Company has a controlling financial interest rather than reporting as an equity investment. The Company will account for and report the 33.3% Polish Airports ownership interest as a non-controlling financial interest.