English version - Hexagon Composites ASA

COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE
APPENDIX 9: FIDULERC SA. AND LERC SA. - TRANSITION FROM
FGAAP TO IFRS IN THE INCOME STATEMENT
The following table shows the effects of the transitions from FGAAP (French Generally Accepted
Accounting Principles) to IFRS for Fidulerc SA and Lerc SA for the income statement for the period
ended 31.12.2005. The most important effects of the transition are described below. Please refer to the
corresponding notes.
2005 2005 2005 2005 2005
01.01.-31.12. 01.01.-31.12. 01.01.-31.12. 01.01.-31.12. 01.01.-31.12
Notes
FIDULERC SA
FGAAP
LERC SA
FGAAP
IFRS
adjustments
Fidulerc/Lerc
IFRS
EUR
Fidulerc/Lerc
IFRS
NOK
Operating revenues 0 12 690 0 12 690 101 680
Operating expenses
Cost of materials 4 600 0 4 600 36 858
Payroll and social security expenses
1 1 852 -6 1 846 14 794
Depreciation 2 407 -63 344 2 753
Other operating expenses 3 1 4 477 25 4 503 36 079
Total operating expenses 1 11 336 -44 11 293 90 484
Operating profit/loss -1 1 354 44 1 397 11 195
Financial income/expenses
Interest received 21 17 0 38 302
Other financial income 3 63 0 66 529
Other interest paid -23 -116 0 -139 -1 110
Other financial expenses -77 0 -77 -616
Net financial income/expenses 1 -113 0 -112 -895
Profit before tax 0 1 241 44 1 285 10 300
Taxes 4 0 15 447 462 3 700
Profit/loss for the year 0 1 226 -402 824 6 600
IFRS adjustment comments:
1. “Payroll and social security expenses”: TEUR - 6 is decrease in employee benefits liability that
has been recognized in 2005 according to IFRS. According to French accounting standards
provision for the employee benefits liability is not compulsory and has not been recognized by
Lerc. Under IFRS a provision is mandatory and the change in liability is recognized as a payroll
expense.
2. “Depreciation”: TEUR – 63 is reversal of additional depreciation made for tax purposes. French
accounting standards permit this additional depreciation in the income statement. Under IFRS this
additional depreciation is not recognised.
3. “Other operating expenses”: TEUR 25 is government grants related to fixed asset which is added
back to the income statement. Under IFRS these grants is accounted for as a reduction of cost of
fixed assets.
4. “Tax”: TEUR 447. Income tax for 2005 (33.33%) is calculated to EUR 432. Tax related to
adjustment 1 – 3 above amount to 15. The tax recognized in the FGAAP statement is a standard
tax applied whether the company has taxable income or not. Under IFRS temporary differences,
152