Torp Computing Group ASA

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INFORMATION MEMORANDUM
Merger of Komplett ASA and Torp Computing Group ASA
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.
Business development/operations
Komplett’s contribution margin ratio was 13.7 per cent in 2Q 2007, up from 13.5 per cent in 2Q
2006 and on a par with 1Q 2007. Excluding consumer financing, the contribution margin ratio
would have been 13.0 per cent, compared with 13.3 per cent in 2Q 2006.
Total 2Q operating expenses (wages and other operating expenses) climbed by MNOK 27.6, from
MNOK 40.6 to MNOK 68.2, compared with 2Q 2006. MNOK 12.7 refers to costs related to
inWarehouse. Adjusted for this, costs increased by MNOK 14.9.
Equity and shareholder affairs
At 30 June 2007, there were 13 258 400 shares in the Komplett, divided among 510 shareholders.
Nineteen per cent of the company was in foreign hands. The equity ratio was 65 per cent.
To further strengthen the company's liquidity in connection with the acquisition of inWarehouse,
Komplett conducted a private placement of 1 200 000 shares on 9 May 2007, raising MNOK 125 in
net fresh capital.
2006
Sales and performance
Komplett’s total direct sales added up to MNOK 1 613 in 2006 (+18%). In addition Komplett
reported total sales of MNOK 636 to dealers in 2006 (+5%), which gives a total sales in 2006 of
MNOK 2 249 (+14%)
In 2006, Komplett's sales added up to MNOK 1 551 (+7%) in Norway, MNOK 457 (+38%) in
Sweden/Denmark, MNOK 199 (+20%) in Great Britain/Ireland, MNOK 35 (+35%) in the
Netherlands/Belgium, and MNOK 7 in Germany/Austria.
Komplett’s cash position was strong, with liquid assets totalling MNOK 154.0 at year end. During
forth quarter, the lending portfolio for consumer financing escalated from MNOK 39.4 to MNOK
58.3 at year end.
At 31 December 2006, Komplett had a lending portfolio of MNOK 58.3, divided among 6 043
customers in consumer financing. The portfolio was divided among private customers in Norway
(launched 4Q 2005) and Sweden (launched 3Q 2006). In 4Q, the Group at first time posted a
positive EBIT of MNOK 0.7 in the consumer financing segment.
Equity and shareholder affairs
At 31 December 2006, there were 12 058 400 shares in the company, divided among 468
shareholders and 24% of the Group was owned by foreign shareholders. The equity ratio was 55%.
2005
Komplett posted aggregate sales of MNOK 1 974 in 2005, compared with MNOK 1 794 in 2004
(+10%). The operating profit increased to MNOK 63.4 (+39%), earnings before tax reached MNOK
70.7 (+36%), the operating margin was 3.2% and the profit margin was 3.6% in 2005.
Komplett’s liquidity is good, with liquid assets totalling MNOK 166.4 at the close of 2005. 2005 as a
whole resulted in a positive cash flow from operations of MNOK 59.4. MNOK 48.2 in extraordinary
dividends were paid to the company's shareholders on 11 October 2005.
Komplett’s total direct sales added up to MNOK 1 364 in 2005 (+16%).Komplett reported total
sales of MNOK 608 to dealers in 2005 (-2%).