English version - Hexagon Composites ASA

COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE
Comrod AS
Annual Accounts 2005
Note 5 Pensions and pension liabilities
The company has a pension plan which covers a total of 74 persons. The scheme entitle its members to defined
future benefits. These benefits are primarily dependent upon the number of years of employment, the salary level
at the time of retirement and the size of defined benefit contributions from the government. The liabilities are
funded through an insurance company.
2005 2 004
Net present value of benefits earned during
the year (social security costs included) 1 078 954 962 014
Interest cost on pension liabilities 530 501 474 216
Actual return on plan assets -329 203 -302 613
Effect of changes in estimates 0 62 638
Net pension cost 1 280 252 1 196 255
2005 2 004
Accrued pension obligations 11 953 240 9 463 306
Pension plan assets (at market value) -6 580 000 -4 896 991
Net benefit obligations (social security costs included) 5 373 240 4 566 315
Unrecognised effects of actuarial gains/ losses -1 737 761
Net benefit obligations (social security costs included) 5 373 240 2 828 554
Economic assumptions:
Discount rate 4,50 % 6,00 %
Expected increase in salaries 2,75 % 3,50 %
Expected increase in pensions 2,75 % 3,00 %
Expected increase in basis for calculating government
contributions 2,75 % 3,00 %
Expected return on plan assets 5,50 % 7,00 %
The disposition to leave on AFP is estimated to: 40,00 % 40,00 %
Note 6 Tangible assets
Property, plant and equipment
Land Machinery
and
equipment
Fixtures and
fittings
Property
and plant
Total
Acquisition cost at 01.01.05 1 056 055 17 359 533 6 697 102 15 709 644 40 822 334
Purchased tangibles 0 2 297 247 1 126 602 681 715 4 105 564
Acquisition cost 31.12.05 1 056 055 19 656 780 7 823 704 16 391 359 44 927 898
Accumulated depreciation 01.01.05 0 10 875 490 5 941 673 4 708 464 21 525 627
Accumulated depreciation 31.12.05 0 12 350 862 6 225 780 5 470 629 24 047 271
Net carrying value at 31.12.05 1 056 055 7 305 918 1 597 924 10 920 731 20 880 628
Depreciation for the year 0 1 475 372 284 107 762 165 2 521 644
The useful economic life is estimated to be: 3 - 7 years 5 - 7 years 6 - 25 years
Depreciation plan Linear Linear Linear
Lease payments operating leases 91 291
Comrod AS
Annual Accounts 2005
Note 7 Liabilities due more than five years after the end of the fiscal year
2005 2 004
Other long-term liabilities 0 6 231 152
Note 8 Security and guarantees
Debt secured by collateral 2005 2 004
Short term liabilities to financial institutions 0 0
Other long-term liabilities 0 5 142 855
0 5 142 855
Book value of assets used as security for the company’s
and other group companies liabilities 53 198 714
The company takes part in Hexagon Composites credit facilities. According to this the company’s assets are used
as security for the company’s and the other group companies liabilities to the groups financial institution.
The terms established for the liabilities are based on the groups key ratios.
Note 9 Intercompany balances with group companies
All intercompany balances with group companies are specified in the balance sheet (receivables group companies
and liabilities to group companies).
Note 10 Income taxes
The tax expense consists of: 2005 2 004
Tax payable 7 102 480 7 032 592
Changes in deferred tax 193 463 -83 407
Total income tax expense 7 295 943 6 949 185
Reconciliation tax expenses against Profit before taxes
Total income tax expense 7 295 943 6 949 185
28% of Profit before taxes 7 233 922 7 004 362
Difference related to permanent differences 62 021 -55 177
2005 2 004
Current tax consists of:
Profit before taxes 25 835 437 25 015 578
Permanent differences 221 550 -197 032
Changes in temporary differences -690 941 297 883
Basis for current tax 25 366 046 25 116 429
Tax 28% 7 102 480 7 032 592
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