English version - Hexagon Composites ASA
English version - Hexagon Composites ASA
English version - Hexagon Composites ASA
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE<br />
including losses carried forward is recognized in the balance. Changes in temporary differences<br />
are recognized in the income statement.<br />
The following table shows the effects of the transitions from FGAAP (French Generally Accepted<br />
Accounting Principles) to IFRS for Fidulerc SA and Lerc SA for the income statement for the period<br />
ended 30.09.2006. The most important effects of the transition are described below. Please refer to the<br />
corresponding notes.<br />
(in 1000)<br />
2006 2006 2006 2006 2006<br />
01.01.-30.09. 01.01.-30.09. 01.01.-30.09. 01.01.-30.09. 01.01.-30.09.<br />
Notes<br />
FIDULERC<br />
SA<br />
FGAAP<br />
LERC SA<br />
FGAAP<br />
IFRS<br />
adjustments<br />
Fidulerc/Lerc<br />
IFRS<br />
EUR<br />
Fidulerc/Lerc<br />
IFRS<br />
NOK<br />
Operating revenues 0 8 093 0 8 093 64 529<br />
Operating expenses<br />
Cost of materials 3 018 0 3 018 24 065<br />
Payroll and social security<br />
expenses 5 1 290 6 1 296 10 336<br />
Depreciation 6 317 -50 266 2 125<br />
Other operating expenses 7 0 3 077 18 3 096 24 682<br />
Total operating expenses 0 7 702 -26 7 676 61 208<br />
Operating profit/loss 0 391 26 417 3 321<br />
Financial income/expenses<br />
Interest received 0 11 0 11 88<br />
Other financial income 0 13 0 13 103<br />
Other interest paid 0 -79 0 -79 -629<br />
Other financial expenses -43 0 -43 -340<br />
Net financial income/expenses 0 -98 0 -98 -779<br />
Profit before tax 0 293 26 319 2 542<br />
Taxes 8 0 23 76 99 791<br />
Profit for the year 0 270 -51 219 1 751<br />
IFRS adjustment comments:<br />
5. “Payroll and social security expenses”: TEUR 6 is increase in employee benefits liability that has<br />
been recognized in the period according to IFRS. According to French accounting standards,<br />
provision for the employee benefits liability is not compulsory and has not been recognized by<br />
Lerc. Under IFRS a provision is mandatory and the change in liability is recognized as a payroll<br />
expense.<br />
6. “Depreciation”: TEUR – 50 is reversal of additional depreciation made for tax purposes. French<br />
accounting standards permit this additional depreciation in the income statement. Under IFRS this<br />
additional depreciation is not recognized.<br />
7. “Other operating expenses”: TEUR 18 is government grants related to fixed asset which is added<br />
back to the income statement. Under IFRS these grants is accounted for as a reduction of cost of<br />
fixed assets.<br />
153
Change language