2007 - Etman Distribusjon

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Etman International Group Note 6 - Conversion NGAAP - IFRS (Amounts in NOK 1000) The group has as from 01.01.2005 converted from Norwegian good accounting practice (NGAAP) to International Financial Reporting Standards (IFRS), see accounting principles note. A difference between previous accounts according to NGAAP and IFRS has been identified, as the classification of excess values related to the purchase of Wolfram AS in 2004 (Now Etman Distribusjon AS). According to NGAAP this excess value was totally allocated to goodwill. According to IFS this is reclassified as value of customers relationship. Deferred tax is calulated according to IFRS. The effects of the conversion are shown in tables below Profit and Loss 2006 4th quarter NGAAP Change IFRS Total sales 94.406 Cost of goods sold 66.861 Salaries & social cost 10.713 Depreciation and amortization 4.801 Other operating costs 8.167 Total operating expenses 90.541 Result of operations 3.865 Net financial expenses (624) Profit before taxes 3.241 Taxes 1.580 Result of the year 1.662 (1) Related to deferred tax on depreciation of customers relationship - - - - (412) 412 Notes to the accounts for 4 q 2007 94.406 66.861 10.713 4.801 8.167 90.541 3.865 (624) 3.241 (1) 1.168 Balance pr 31 Dec 2006 NGAAP Change IFRS Fixed assets Intangible fixed assets Deferred tax asset 201 Customer relations 6.682 Land rights 2.716 Goodwill 7.288 Total intangible assets 16.887 Tangible fixed assets Total tangible fixed assets 21.736 Current assets Inventory 12.565 Dedtors Total Debtors 24.715 Bank, Deposits, cash 8.490 Total current assets 45.769 Total assets 84.392 (1) Excess value related to customers relationship (2) reclassification of goodwill to customers relationship 2.073 10.856 (1) 201 17.538 2.716 (7.288) (2) - 3.568 20.455 - 3.568 21.736 12.565 24.715 8.490 45.769 87.960
Etman International Group Balance pr 31 Dec 2006 Equity Paid in Capital Total paid in capital 36.783 Retained earnings Other Equity (459) Min. Interest - Total Equity 36.324 Debt Long term debt Debt to financial institutions 4.900 Deferred tax - Total long term debt 4.900 Short term debt Trade creditors 17.125 Overdraft 18.704 Public duties 1.470 Tax payable 1.692 Other short term debt 4.176 Total short term debt 43.168 Total debt & Equity 84.392 (1) Result effect of change deferred taxes related to depreciation of customers relationship (2) Deferred tax telated to customers relationship. 412 412 3.156 3.156 - 3.568 Notes to the accounts for 4 q 2007 36.783 (1) (47) - 36.736 4.900 (2) 3.156 8.056 Equity reconceliation NGAAP Change IFRS Equity pr 01.01.2006 34.506 Sales own shares 600 Min. Interests corrected - Currency deviations (443) Result of the year 1.662 Calculated Equity pr 31.12.2006 36.324 Actual Equity pr 31.12.2006 36.324 412 (412) 412 412 412 17.125 18.704 1.470 1.692 4.176 43.168 87.960 34.917 600 (855) 2.073 36.736 36.736
Page 1 and 2: Quarterly Report 4 Q 2007 Etman Int
Page 3 and 4: Business activities The company’s
Page 5 and 6: Etman International ASA Income stat
Page 7 and 8: Etman International ASA Balance She
Page 9 and 10: Share capital Equity pr 31.12.2006
Page 11: Etman International Group The busin

2007 - Etman Distribusjon

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