English version - Hexagon Composites ASA

COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE
APPENDIX 2: ANNUAL REPORT FOR 2005 FOR COMROD AS
2005 – annual report
COMROD ANNUAL REPORT - 2005
Description of Business
Comrod AS operates from Tau in Rogaland, developing, manufacturing and marketing communications
equipment for defence, naval and commercial use, with a market that encompasses the whole world.
This annual report has been prepared on the basis of a going concern.
2005 was a year marked by a high level of activity and positive market development.
Sales income ended the year on NOK 109.6 million. Export sales accounted for 91% of turnover.
The Environment
1.1 Working Environment
No serious injury/damage to individuals or equipment was recorded.
Total sickness absence in 2005 was approx. 2.5%, which is considerably lower than the sector average.
During the year, the company invested in a number of environmental measures at its production premises.
The company practises a policy of gender equality with regard to salary and development opportunities. At
the end of the year, 23 of the 75 permanent employees were female.
1.2 External Environment
The company does not release any substances into the surrounding environment which require any kind of
permit. Waste is sent to approved disposal sites. The company is not aware of any conditions that might
concern emissions in previous periods. The company has been established at its present location since 1970.
There are no health hazards associated with the company’s products when they leave the company.
Energy consumption in 2005 was approx. 1,400,000 kWh of electrical power and 5,000 litres of oil.
Future Prospects
There continue to be high levels of activity in the defence market and the prospects for 2006 appear positive.
The company has a good backlog of orders for 2006. In maritime operations, sales to the company’s
traditional market, the merchant fleet, are stable. Comrod expects that ongoing and planned
expansion/improvement projects will give the company a sharper competitive edge.
Financial Status
Operating profit amounted to NOK 24,464,310, compared with NOK 26,875,315 in 2004. Profit before tax
was NOK 25,835,437, compared with NOK 25,015,578 in 2004.
The Board proposes that the profit for the year of NOK 18,539,494 be allocated as follows:
Group contribution NOK 18,263,520
Transferred to Other equity NOK 275,974
Share capital amounts to NOK 1,500,000. All shares are owned by Hexagon Composites ASA.
Equity at 31.12.05 is 11%.
No circumstances of significance to the 2005 annual report occurred during 2006.
Tau, 6 February 2006 / 31 December 2005
Erik Espeset Tore Johan Fjell Sigurd Håbakk
Chairman of the Board
Solfrid Abrahamsen
Niklas Hermansson
Managing Director
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