English version - Hexagon Composites ASA

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COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE business combination is, from the acquisition date, allocated to each of the Group's cash generating units, or groups of cash generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Each unit or group of units to which the goodwill is allocated: - represents the lowest level within the Group at which the goodwill is monitored for internal management purposes; and - is not larger than a segment based on either the Group's primary or the Group's secondary reporting format determined in accordance with IAS 14, Segment Reporting. Where goodwill forms part of a cash-generating unit (group of cash generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained. When subsidiaries are sold, the difference between the selling price and the net assets plus cumulative translation differences and unamortised goodwill is recognised in the income statement 7.1.17 Research and development Expenses relating to research are recognised in the income statement in the year in which the expenditure is incurred. Expenses relating to development are recognised in the income statement in the year in which the expenditure is incurred unless the following criteria are met in full: - the product or process is clearly defined and expenditure can be identified and measured reliably; - the technical solution for the product has been demonstrated; - the product or process will be sold or used in the business; - the asset will generate future benefits; and - sufficient technical, financial and other resources to complete the project are in place. When all criteria are met, development costs are capitalised. Costs which have been expensed in previous accounting periods are not capitalised. Capitalised development costs are amortised over the asset’s estimated useful life. The carrying amount of development costs is reviewed when there is an indication of impairment, or when impairment losses from previous periods no longer apply. 7.1.18 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. A provision for guarantees is recognised when the underlying products or services are sold. The provision is based on historical information about guarantees and a weighting of all possible outcomes by their associated probabilities. A provision for onerous contracts is recognised when the group’s expected economic benefits expected to be received under the contract are lower than the unavoidable costs of meeting the obligations under the contract. 61
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE 7.1.19 Equity (i) Equity and liabilities Financial instruments are classified as liabilities or equity in accordance with the underlying financial reality. (ii) Own shares In the event of a share buy-back, the purchase price and any directly associated costs are recognised as a change in equity. Own shares are reported as a reduction in equity. Gains or losses on share buyback transactions are not recognised. (iii) Costs arising from equity transactions Transaction costs directly linked to an equity transaction are recognised directly in equity after a deduction for tax. (iv) Other equity (a) Exchange differences Exchange differences arise in connection with currency differences on consolidation of foreign operations. On disposal of a foreign operation, cumulative exchange differences are reversed and recognised in profit or loss in the same period in which the gain or loss on the disposal is recognised. (b) Hedge reserve The hedge reserve includes all net changes in fair value for financial instruments designated as available for sale until the investment is derecognised or until the investment is determined to be impaired. 7.1.20 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. Sales revenue is stated net of VAT and discounts. Revenue from sale of goods is recognised when delivery has taken place and the significant risks and rewards of ownership of the goods have passed to the buyer. Revenue from the sale of services and long-term manufacturing projects is recognised by reference to the stage of completion, when the transaction outcome can be measured reliably. Royalties are recognised in accordance with the substance of the relevant royalty agreement. Interest income is recognised as interest accrues. Dividends are recognised when the shareholders’ right to receive the payment is established by the annual general meeting. 7.1.21 Foreign currency Transactions in currency other than the functional currency Transactions in foreign currencies are translated at the exchange rates existing at the date of the transactions. Monetary items denominated in foreign currencies are translated to functional currency using the exchange rates ruling at the balance sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated to functional currency using the exchange rates at the dates of the transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences are recognised in profit or loss in the period in which they arise. 62
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English version - Hexagon Composites ASA

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