English version - Hexagon Composites ASA

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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE Foreign operations Assets and liabilities in foreign operations, including goodwill and fair value adjustments, which arise on consolidation, are translated to presentation currency at the closing rate. Income and expense from foreign operations is translated to presentation currency using the average monthly rate as an approximation for transaction rate. Exchange differences are recognised in equity. 7.1.22 Employee benefits Defined benefit pension plans The group’s Norwegian companies offer their employees defined benefit pension plans. The defined benefit liability is the net total of the present value of future pension benefits accrued at the balance sheet date, minus the fair value of plan assets. The discount rate applies to interest on a 10-year government bond with a margin to take into consideration the bond’s maturity. The pension assets are valued by actuaries each year. The pension commitments and pension costs are determined using a linear accrual formula. A linear accrual formula distributes the accrual of future pension benefits in a straight line over the accrual period, and regards the employees’ accrued pension rights during a period as the pension costs for the year. The introduction of a new defined benefit plan or an improvement to the present plan will involve changes to the pension liability. These are recognised as an expense on a straight-line basis until the effect of the change has been accommodated. The introduction of new plans or changes to existing plans which take place retrospectively, thereby qualifying employees for a paid-up policy (or change to a paid-up policy), are recognised immediately. Gains or losses on the curtailment or settlement of pension plans are recognised when the curtailment or settlement occurs. Actuarial gains or losses are recognised directly in equity (net of tax). The French companies have a retirement indemnity obligation to their employees. The obligation is calculated based on assumptions regarding period of employment, discount rate, salary increase, age of retirement and social charges. 7.1.23 Share-based payment Senior executives in the group have received options to subscribe for shares in Hexagon Composites ASA. The fair value of the share options is measured at the date on which they are granted and the cost is recognised, together with a corresponding increase in other paid-in capital, over the period in which the performance and/or service conditions are fulfilled. It is not established a new share-based payment program in Comrod Communication ASA. 7.1.24 Government grants A government grant is recognised when there is reasonable assurance that the company will comply with the conditions attaching to it, and that the grant will be received. When the grant relates to an expense item, it is recognised as income over the period necessary to match it on a systematic basis with the related costs it is intended to compensate. Grants relating to assets are capitalised and recognised as income on a systematic basis over the useful life of the asset. Grants related to assets are presented either by setting up the grant as deferred income or by deducting the grant when establishing the asset’s carrying amount. 7.1.25 Income taxes Tax expense comprises current tax expense and deferred tax expense. Deferred tax liabilities are recognised for all accounting and taxable temporary differences, except to the extent that the deferred tax liability arises from: 63
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE - temporary differences related to goodwill for which amortisation is not deductible for tax purposes - temporary differences related to investments in subsidiaries, associates or interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled by the group and it is probable that the temporary differences will not reverse in the foreseeable future. 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 for the group companies in which temporary tax differences arise. 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. 7.1.26 Segments For management purposes, the group is organised into different business areas according to product/service range. The group’s primary segment reporting format is business areas. The group has the following segments: - Comrod Antennas - Comrod Power Supplies - Lerc Masts, Antennas and Industrial products Financial information relating to segments is presented in appendix 3. From the fiscal year 2007 the Company expects to report revenues by product category. See also section 5.5.3. In segment reporting, internal gains on sales between segments are eliminated. 7.1.27 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. 7.1.28 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. 7.1.29 Use of estimates Management has used estimates and sources of estimation that have affected assets, liabilities, income, expense and disclosures about potential liabilities. This particularly applies to pension liabilities, share-based payments and the measurement of goodwill. Future events may cause an adjustment to the estimates. Estimates and underlying sources of estimation are regularly reviewed. Changes to 64
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