English version - Hexagon Composites ASA

More documents

Recommendations

Info

COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE Comrod Communication ASA Cash flow statement (NOK) Note 2006 Cash flow from operating activities Profit before tax (interest income) 526 Net cash flow from operating activities 526 Cash flow from investing activities Investing activities 0 Net cash flow from investing activities 0 Cash flow from financing activities New share capital 8,9 1 000 000 Net cash flow from financing activities 1 000 000 Net change in cash & cash equivalents 1 000 526 Cash & cash equivalents at beginning of period 0 Cash & cash equivalents at end of period 7 1 000 526 Restricted funds included in cash & cash equivalents 7 0 Statement of changes in equity Recognised income and expense (NOK ) 2 006 Net Profit/lossrecognised directly in equity 0 Net profit/loss recognised directly in equity 0 New share capital 19.09.2006 8,9 1 000 000 Profit/loss for the period 379 Total changes in equity for the period 1 000 379 123
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE Comrod Communication ASA Financial Statements 2006 NOTE 1 GENERAL INFORMATION Comrod Communication ASA is a public limited company with its registered office in Norway. The company’s head office is at Fiskåvegen 1, 4120 Tau, Norway. The board of directors authorised the financial statements for publication on 11. January 2007. Comrod Communication ASA was incorporated as a wholly owned subsidiary of Hexagon Composites ASA on 19 September 2006 for the purpose of acting as the transferee company in a Demerger of the Communication Business of Hexagon Composites ASA. Comrod Communication ASA has not had, and will not have, any operational activity prior to the Completion Date of the Demerger. The expected date for final approval of the Demerger is 17 January 2007. Also see note 11. NOTE 2 ACCOUNTING PRINCIPLES Basis for preparation The following financial statements for Comrod Communication ASA are prepared in accordance with the international reporting standards published by the International Accounting Standards Board, as adopted by the European Union (EU). Since the company was incorporated in 2006 there are no comparative figures for 2005.The measurement basis used is historical cost. Accounting principles and disclosure requirements deriving from the following standards are not adopted as per 31 December 2006: - Amendment to IAS 1 “Presentation of Financial Statements”. The amendment is effective for the period beginning on or after 1 January 2007. - IFRS 7 “Financial instruments: disclosures”. The standard is effective for the period beginning on or after 1 January 2007. Functional currency and presentation currency The company presents its financial statements in NOK. Functional currency for the company is NOK. Cash & cash equivalents Cash includes bank and cash balances. The Cash-Flow statement is prepared using the indirect method. Provisions A provision is recognised when, and only when, the company has a present obligation (legal or constructive) as a result of a past event and it is probable (more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If the effect of the time value of money is immaterial, the amount of the provision will be equal to the expenditures required to be free of the obligation. If the effect of the time value of money is material, the amount of the provision will be the present value of the expenditures required to settle the obligation. Any increase in the provisions due to time is presented as interest costs. Equity Equity and liabilities Financial instruments are classified as liabilities or equity in accordance with the underlying financial reality. Comrod Communication ASA Financial Statements 2006 Costs arising from equity transactions Transaction costs directly linked to an equity transaction are recognised directly in equity after a deduction for tax. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be measured reliably. Interest income is recognised as interest accrues. Income taxes Tax expense comprises current tax expense and deferred tax expense. Deferred tax liabilities are recognised for all accounting and taxable temporary differences. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes to utilise the tax asset. Deferred tax assets and liabilities are measured at the future tax rates that are expected. Deferred tax assets and liabilities are recognised at nominal value and designated as financial assets (non-current liabilities) in the balance sheet. Current tax and deferred tax is charged or credited directly to equity if the tax relates to items that are credited or charged directly to equity. Segments The company has not had any operational activity in 2006. Therefore the company does not report in business areas. All activity in 2006 has been in Norway. Contingent liabilities and contingent assets Contingent liabilities are defined as: i) possible obligations resulting from past events whose existence depends on future events. ii) obligations that are not recognised because it is not probable that they will lead to an outflow of resources iii) obligations that cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the financial statements. Material contingent liabilities are disclosed, unless the possibility of any outflow in settlement is remote. Contingent assets are not recognised, but are disclosed where an inflow of economic benefits is probable. Events after the balance sheet date New information received after the balance sheet date about the Company’s financial position at the balance sheet date is taken into account in the annual report. Material events after the balance sheet date which do not affect the company’s financial position at the balance sheet date, but which will affect the company’s financial position in the future are disclosed. Use of estimates Management has used estimates and sources of estimation that have affected assets, liabilities, income, expense and disclosures about potential liabilities. There are no significant accounting estimates in the financial statements for 2006. 124
Page 1 and 2:
Prospectus COMROD Comrod Communicat
Page 3 and 4:
COMROD COMMUNICATION ASA - LISTING
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74: COMROD COMMUNICATION ASA - LISTING
Page 123: COMROD COMMUNICATION ASA - LISTING
show all

English version - Hexagon Composites ASA

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?