Torp Computing Group ASA

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KOMPLETT REPORTS 45 PER CENT GROWTH IN 2Q 2007 SALES Highlights during the quarter: • Merger negotiations initiated with Torp Computing Group. • Strong growth in sales: up MNOK 196 (+ 45 per cent) to MNOK 633. • Komplett.no became the first Norwegian web shop to reach NOK 1 billion in sales! • Completed acquisition of 98 per cent of inWarehouse AB shares. • Reduced EBIT owing to the acquisition of inWarehouse, but improved underlying operations. • Positive EBIT: MNOK 3.8 for consumer financing. • New improved design and functionality for the web shops. Sales and performance Komplett's sales totalled MNOK 633 (+45 per cent) in 2Q 2007, compared with MNOK 437 in 2Q 2006. Direct sales to end-users aggregated MNOK 487 (+54 per cent), while sales to dealers added up to MNOK 146 (+20 per cent). About 42 per cent of the company's sales took place outside Norway in 2Q 2007, as against 29 per cent in 2Q 2006. The company earned an operating profit of MNOK 13.0 (-18 per cent) during the quarter, compared with MNOK 15.9 in 2Q 2006. This includes a negative effect of MNOK 6.6 related to inWarehouse, which was acquired as from May 2007. Disregarding this transaction, the operating profit would have been MNOK 19.6 (+23 per cent). Earnings before tax (EBT) showed a surplus of MNOK 14.4 (-18 per cent), as against MNOK 17.5 in the same quarter of 2006. Komplett owns 98 per cent of the shares in inWarehouse AB of Sweden, and inWarehouse has been included in the consolidated accounts as from May 2007. Excluding inWarehouse sales, which totalled MNOK 97 in May and June 2007, Komplett would have had a turnover of MNOK 536 (+ 23 per cent). Komplett’s operating profit includes MNOK -6.6 related to inWarehouse. The figure consists of a negative result of MNOK 2.9 in May-June 2007, MNOK 1.2 in depreciation on excess value and MNOK 2.6 in expenses related to reorganisation/integration. Even after the acquisition of inWarehouse, Komplett’s financial position remains strong, with liquid assets aggregating MNOK 54 at end quarter. During the quarter, Komplett spent MNOK 154 on the acquisition of inWarehouse shares. To further strengthen the company's liquidity, Komplett conducted a share issue on 9 May 2007, raising MNOK 125 in fresh capital. The cash flow from operations was positive (MNOK 2) in 2Q. The lending portfolio for consumer financing expanded from MNOK 76.7 to MNOK 81.0 during the quarter. Monthly sales in 2Q 2007 were MNOK 167 (+23 per cent) in April, MNOK 236 (+64 per cent) in May and MNOK 231 (+45 per cent) in June, compared with the corresponding months of 2006. inWarehouse sales are included as from May. Sales and markets Sales by channel (MNOK) Sales 2Q 2007 Sales 2Q 2006 Change Direct sales 487.2 315.5 171.7 Sales to dealers 146.3 121.8 24.5 TOTAL 633.5 437.3 196.2 Direct sales increased by MNOK 172 (+54 per cent) to MNOK 487 in 2Q 2007, compared with 2Q 2006. Sales to dealers in Norway and Sweden increased by MNOK 25 (+20 per cent) to MNOK 146 in 2Q. Komplett.no managed to become the first Norwegian web shop to achieve a turnover of NOK 1 billion over the past 12 months. Sales channels to German, Austrian and French customers through Komplett.de, Komplett.at and Komplett.fr were opened in 2006 and 2007. Altogether, Komplett's sales were up by MNOK 52 in Norway and by MNOK 144 in the other geographical markets. 256
Sales by geographical area (MNOK) Sales 2Q 07 Sales 2Q 06 Change % Norway 364,6 312,3 52,3 17 % -Direct sales 221,4 195,3 26,1 13 % -Sales to dealers 139,7 115,7 24,0 21 % -Consumer financing 3,5 1,3 2,2 169 % Sweden/Denmark 208,9 76,1 132,8 175 % -Direct sales 200,5 70,0 130,5 186 % -Sales to dealers 6,7 6,1 0,6 10 % -Consumer financing 1,7 0,0 1,7 n/a UK/Ireland 43,5 42,0 1,5 4 % The Netherlands/Belgium 12,7 6,8 5,9 87 % Germany/Austria/France 3,8 0,0 3,8 n/a TOTAL 633,5 437,3 196,2 45 % Trend, active customers (number) 2Q 2007 2Q 2006 Change Komplett.no 238 614 219 535 19 079 Komplett.se/.dk 144 101 96 392 47 709 Komplett.co.uk/.ie 73 483 79 446 -5 963 Komplett.nl/.be 20 849 13 874 6 975 Komplett.de/.at/.fr 9 609 0 9 609 Norek.no 4 814 4 681 133 Total 491 470 413 928 77 542 The number of active customers increased by 491 470 in 2Q and the company filled a total of 217 608 orders. Existing active customers and inWarehouse orders are not included in these figures. Segmental information Scandinavian operations saw sales increasing by MNOK 181.4 to MNOK 568.6 (+47 per cent) during 2Q, resulting in an operating profit of MNOK 12.4. In Western Europe (outside Scandinavia), sales climbed to MNOK 60.0 (+20 per cent), and the EBIT came to MNOK -2.1. At mid-year 2007, Komplett's consumer financing segment had a lending portfolio of MNOK 81.0, divided among 9 404 customers. The portfolio is divided among private customers in Norway and Sweden. In 2Q, the company earned a profit of MNOK 3.8 on consumer financing activities. Sales (MNOK) 2Q 2007 2Q 2006 Change Scandinavia 568,6 387,2 181,4 Western Europe 60,0 50,1 9,9 Consumer financing 5,3 1,3 4,0 Not allocated -0,4 -1,3 0,9 Total 633,5 437,3 196,2 EBIT (MNOK) 2Q 2007 2Q 2006 Change Scandinavia 12,4 19,3 -6,9 Western Europe -2,1 -2,9 0,8 Consumer financing 3,8 0,0 3,8 Not allocated -1,1 -0,5 -0,6 Total 13,0 15,9 -2,9 257
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INFORMATION MEMORANDUM in connectio
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TABLE OF CONTENTS 3 INFORMATION MEM
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5 INFORMATION MEMORANDUM Merger of
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Lars Seeberg, Manager TCG 23 INFORM
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Full year 2006 Figures in NOK milli
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2004 Investments in the period amou
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6.19.3 Balance Sheet Figures in NOK
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Share capital per 01.01.2004 5 910
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7 INFORMATION ABOUT TCG 63 INFORMAT
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Figure: People having purchased pro
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Appendix 1: Merger Plan with append
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CONTENTS Page 1 BACKGROUND ........
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MERGER PLAN This merger plan is ent
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) The share capital in Komplett is
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8 PROPOSALS FOR AMENDMENTS TO THE A
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16 DISTRIBUTION TO SHAREHOLDERS Non
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Appendices Appendix 1 Articles of A
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Articles of Association for KOMPLET
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Articles of Association for TORP CO
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Articles of Association for KOMPLET
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The Board of Director’s Annual Re
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Financial risk The Group is exposed
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Translated into English for informa
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Torp Computing Group ASA Short-term
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Torp Computing Group ASA Auditor Th
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Torp Computing Group ASA Note 7 Sub
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