English version - Hexagon Composites ASA

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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 7 032 592 111
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE Comrod AS Annual Accounts 2005 Current tax consists of: 2 005 2 004 Tax payable from this years profit 7 102 480 7 032 592 Tax payable on group contribution -7 102 480 -7 032 592 Tax payable in total 0 0 Specification of the basis for deferred taxes Offsetting differences: 2 005 2 004 Fixed assets 2 236 556 2 872 650 Current assets -1 221 720 -886 650 Pension liabilities, ex actuarial gain/losses -5 464 580 -5 797 784 Other accruals -716 000 -1 110 000 Taxable gain/losses carried forward 44 717 55 896 Forward exchange contracts - Hedging 1 516 151 5 781 265 Other forward exchange contracts 946 080 0 Pension liabilities, accumulated actuarial gain/losses 91 350 -143 850 Total -2 567 446 771 527 Deferred tax / deferred tax asset 28% -718 886 216 027 Deferred tax last year of NOK 216 027 differs compared with deferred tax asset in the Balance sheets figures. Se note above regarding change of accounting principles. Note 11 Equity Share capital Other paidin equity Reserve for valuation variances Other equity Total Equity 31.12.2004 1 500 000 2 200 000 5 319 590 9 019 590 Change of accounting principles financial instruments 01.01.05 (net of tax) 4 162 511 4 162 511 Change of accounting principles pensions 01.01.05 (net of tax) -2 241 418 -2 241 418 Change in actuarial gain/losses - this year (net of tax) 169 337 169 337 Change in financial instruments (net of tax) -3 070 882 -3 070 882 Group contribution received 2 500 000 This years profit 18 539 494 18 539 494 Group contribution (net of tax) -18 263 520 -18 263 520 Equity 31.12.2005 1 500 000 4 700 000 1 091 629 3 523 483 10 815 112 Comrod AS Annual Accounts 2005 Note 12 Equity and shareholder information The share capital in Comrod AS as at 31.12.2005 consists of the following classes of shares: Number of shares Nominal value Book value Class A shares 1500 1000 1 500 000 Shareholders: Class A-shares Proportion of shares Proportion of votes Hexagon Composites ASA 1500 100,00 % 100 % Tau 31. desember 2005 6. februar 2006 The Board of Comrod AS Tore Johan Fjell Erik Espeset Sigurd Håbakk Chairman of the Board (sign.) (sign.) (sign.) Solfrid Abrahamsen Niklas Hermansson Managing Director (sign.) (sign.) 112
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