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COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE Comrod AS Annual Accounts 2005 Cash flow statement 01.01 - 31.12 Note 2 005 2 004 Cash flow from operating activities Profit before tax 25 835 437 25 015 578 Depreciation 2 521 644 1 856 897 Changes in inventories 1 246 749 -1 122 000 Changes in accounts receivables -19 745 301 -2 181 836 Changes in accounts payables 986 753 -6 885 348 Changes in pension plan assets /liabilities -424 544 398 539 Changes in other current balance sheet items 4 494 711 2 678 419 Changes in receivables group companies -4 971 302 -14 126 099 Net cash flow from operating activities 9 944 147 5 634 150 Cash flow from investing activities Investments in tangible fixed assets -4 105 563 -4 189 286 Net cash flow from investing activities -4 105 563 -4 189 286 Cash flow from financing activities Proceeds from- and repayment of long term debt -5 686 144 -1 092 159 Net cash flow from financing activities -5 686 144 -1 092 159 Net change in cash and cash equivalents 152 440 352 705 Cash and cash equivalents 01.01. 1 525 444 1 172 739 Cash and cash equivalents 31.12. 1 677 884 1 525 444 Comrod AS Annual Accounts 2005 Notes Note 1 Accounting principles The financial statements are prepared in accordance with the Norwegian Accounting Act and Norwegian generally accepted accounting principles Sales revenue Sales revenue is recognized at the time of delivery. Balance sheet classification and valuation Current assets and short term liabilities consist of receivables and payables due within one year, and entries related to goods in circulation. Other entries are classified as fixed assets / long term liabilities. Current assets are valued at the lower of acquisition cost and fair value. Short term liabilities are recognized at nominal value. Fixed assets are valued at acquisition cost, but in the case of impairment the asset will be written down to the recoverable amount if this is lower than the recorded amount. Recoverable amount is the higher of value in use and net realisable value. Long term liabilities are recognized at nominal value. Intangible assets / government grants Costs related to research and development costs are expensed as incurred. Government grants from SkatteFUNN related to development costs are treated as a reduction in development costs. Accounts receivable and other receivables Accounts receivable and other current receivables are recorded in the balance sheet at nominal value less provisions for doubtful debts. Provisions for doubtful debts are estimated using individual assessments of the different receivables. In addition, for the remainder of the receivables, a general provision is estimated based on expected loss. Inventories Inventories are valued at the lower of cost or market value. Cost is estimated using the FIFO method. Finished goods and work in progress are valued at full production cost. Impairments are carried out in case of foreseeable obsolescence. Foreign currency translation Foreign currency transactions are translated using the transaction date exchange rates. Balance sheet items are translated using the year end exchange rates. Property, plant and equipment Property, plant and equipment is capitalized and depreciated over the estimated useful economic life if the assets useful life is over 3 years and the cost price is over NOK 15.000,-. Maintenance costs are expensed as incurred, whereas improvements and upgrading are added to the acquisition cost and depreciated with the asset. Pensions All the employees in the company are secured in a pension plan which is funded in an insurance company. Pension costs and pension liabilities are estimated and recognised on a straight line basis considering final salary. Pension funds are recognised at fair value and deducted from net pension liabilities in the balance sheet. This years pension cost (gross pensions cost after deduction of estimated profit from pension assets) is included in payroll expenses. The pension cost (gross) comprises of net value of the years earnings and interest of last years pension obligation. Social security costs are included in the figures. 109
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE Comrod AS Annual Accounts 2005 Notes Note 1 Accounting principles continued Financial instruments In addition to traditional financial instruments as trade receivables, accounts payable and interest-bearing liabilities, the company has entered into forward exchange contracts. Gains or losses from the forward exchange contracts classified as hedging is accrued for and offset against the item which is hedged. Forward exchange contracts which not meet the hedging criteria are measured at fair value and recognised in the balance sheet. Gains or losses is recognised as financial income or financial expenses. Income tax The tax expense in the profit and loss account consists of both tax payable for the accounting period and changes in deferred tax. Deferred tax is calculated as 28 percent of temporary differences between accounting profit and taxable profit considering the tax effect of former operating losses. Temporary differences, both positive and negative, are offset within the same period. Deferred tax assets are recorded in the balance sheet when it is more likely than not that the tax assets will be utilized. Change of accounting principles a) Pensions Until 2004 actuarial gains and losses (if they exceeded 10% of the highest of total pension assets or liabilities (corridor)) were amortized over the remaining average period for accumulated actuarial gains or losses. From 2005 actuarial gains or losses is recognised directly in equity (net of tax). Accumulated actuarial gains from former periods (net of tax) at a total of NOK 143 850 has reduced the equity in 2005. Effective from 2005 pension obligations is treated in accordance with NRS 6 (correspond with IAS 19 "Employee Benefits"). The effect of the transition NOK 2.241 418 (net of tax) is set of against equity. b) Financial derivatives Forward exchange contracts which did meet the hedging criteria were until 2004 not recognised until the transaction was realised, while only unrealized losses on other foreign currency transactions were recognised. From 2005 also unrealised gains on other exchange contracts is recognised. In 2005 gains (net of tax) of NOK 946 080 were recognised in the income statement. Forward exchange contracts which met the hedging criteria were until 2004 not recognised. From 2005 these forward exchange contracts are measured at fair value and recognised in the balance sheet. Revaluations relating to foreign currency transactions which meet the hedging criteria are recognised directly in equity until the object of the hedge transaction is realised, or the hedging is evaluated not to be effective. The value of unrealised gains was NOK 5 781 265 (net of tax) at 31.12.2004 The figures from former years are not restated and are not directly comparable. Comrod AS Annual Accounts 2005 Note 2 Revenue Amounts in NOK 1000 2 005 2004 By business area Marine/civil 20 109 21 458 Defence 89 450 85 279 Total 109 559 106 737 Geographical distribution Europe 69 574 88 983 America 14 113 10 619 Asia 5 895 Middle East 17 343 Other countries 2 634 7 135 Total 109 559 106 737 Revenue from other countries includes 34 countries all over the world. Note 3 Inventories 2 005 2004 Raw materials 8 717 000 8 314 000 Work in progress 4 140 914 4 599 914 Finished goods 3 342 251 4 533 000 Total 16 200 165 17 446 914 Note 4 Salaries / Number of employees / Benefits Payroll and related cost 2 005 2 004 Payroll 31 217 364 28 173 604 Social security costs 4 599 340 4 187 630 Pension costs 1 280 252 1 196 255 Other employee related costs 913 245 596 890 Payroll and related cost 38 010 201 34 154 379 Average number of employees: 74 74 Management remuneration Salary Other benefits Managing Director 1 390 708 167 867 Board of Directors 30 000 In addition to salary paid to Managing Director in 2005, an accrual for earned bonus of NOK 500 000,- are made. Included in salary to Managing Director for 2005, NOK 500 000,- is bonus earned in 2004. Audit Expensed audit fee for 2005 was NOK 131 650,-. In addition there has been other services of NOK 71 922,-. VAT is not included. 110
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English version - Hexagon Composites ASA

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