Torp Computing Group ASA

The Board of Director’s Annual Report
Torp Computing Group ASA (TCG)
TCG is an investment company primarily investing in companies participating in web-based
selling and distribution of products and services.
The consolidated statements consist of Torp Computing Group ASA (the Company) and its
100% owned subsidiaries: Itegra AS, MPX.no AS, XD.no AS and TCG Kapital AS (together
the Group). MPX.no AS was formerly named Web Distribution AS but changed its name in
2007. XD.no AS was formerly part of Web Distribution AS, but has been established as a
100%-owned subsidiary of MPX.no AS in 2007.
Itegra AS is a wide scale distributor of data and consumer electronics. The company only sells
to distributors. MPX.no AS and XD.no AS are two web-based stores. Both stores are selling
brand name consumer electronics. These stores also sell products related to home and leisure
activities to private persons, companies and public enterprises. XD.no AS has a cut-rate
profile. TCG Kapital AS is a debt collection company. The company deals with the debt
collection cases of the Group, and also has several customers outside the Group. The
Company also owns 50% of the distribution company Torp Distribusjon AS. Torp
Distribusjon is responsible for the handling (distribution) of all the goods for the Group. In
addition, Micro Parts Express Sweden AB is 100% owned by TCG. This company has no
employees and has limited activity. TCG and the subsidiaries are headquartered in
Sandefjord. Itegra AS and MPX.no AS have an additional sales office at Billingstad.
At year-end, the Group had 131 employees and 123,8 man-years. TCG had 28 employees and
26,2 man-years.
Result
Translated into English for information purposes only
In 2006, the Group had revenues of MNOK 1 325 (+20,7%) compared to MNOK 1 098 in
2005. The result before taxes was TNOK 30 541 (+46,8%) compared to TNOK 20 800 the
previous year. Net of tax, the result is a profit of TNOK 21 091 compared to TNOK 14 098 in
2005.
In 2006, the Company had a profit of TNOK 8 420 before taxes. Net of tax, the profit is
TNOK 6 051 compared to TNOK 6 816 in 2005.
The Board is of the opinion that the annual accounts satisfactorily reflect the Group’s yearend
position. The Board considers the Group’s financial position to be satisfactory. The
Group has strengthened its equity capital with MNOK 13. Still, by the end of the year the
equity capital is reduced from 23% in 2005 to 19% due to high total balance. The Company
has year-end equity capital of 91%.
The Group has secured liquidity because of a confidential factoring agreement. This
agreement is adjusted to seasonal variations within the activities because the limits increase
according to the quantity of the stock and the value of the trade debtors. The Board is of the
opinion that the Group’s liquid position is good.
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