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COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE 7.2.5 Income statement, NGAAP versus IFRS 2004 (in NOK 1000) 2004 01.01-31.12 2004 01.01-31.12 2004 01.01-31.12 NGAAP IFRS just. IFRS Operating revenues 106 772 -35 106 737 Operating expenses Change in Work In Progress -658 0 -658 Cost of materials 31 156 0 31 156 Payroll and social security expenses 34 154 165 34 319 Depreciation 1 857 0 1 857 Other operating expenses 13 388 -35 13 353 Total operating expenses 79 897 130 80 027 Operating profit/loss 26 875 -165 26 710 Financial income/expenses Interest received 135 0 135 Other financial income 1 212 161 1 373 Other interest paid -1 143 0 -349 Other financial expenses -2064 0 -1 143 Net financial income/expenses -1 860 161 -1 699 Profit before tax 25 015 -4 25 011 Taxes 6949 7 6 956 Profit for the year 18 066 -11 18 055 7.3 Historical financial statements Below are the IFRS adjusted financial statements of Comrod AS for the accounting years 2004 and 2005 and the audited NGAAP financial statement for the accounting year 2003, as well as for the interim periods ending 30 September 2006 and 2005. The figures per 30 September 2006 have been subject to a limited review. The figures per 30 September 2005 has not been subject to a limited review. The historical financial statements presented does not include Fidulerc/Lerc except for the balance sheet at 30 September 2006 and income statement for the 3 rd quarter 2006. Fidulerc SA and its subsidiary Lerc SA was acquired 29 June 2006. The purchase was subject to approval of French authorities regarding competitive regulations. Comrod AS received the necessary approval by French authorities medio September 2006. Consequently, consolidation and purchase price allocation of Fidulerc/Lerc started medio September 2006. The historical financial statements for Fidulerc SA and Lerc SA for 2005 translated from French can be found in appendix 7 and 8 respectively. 69
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE 7.3.1 Income statement The table below shows the income statement of Comrod AS Group for the years 2003 to 2005 and for the 3rd quarter of 2005 and 2006. (in NOK 1000) 2006 2005 2005 2004 2003 01.01.-30.09 01.01.-30.09 01.01-31.12 01.01-31.12 01.01-31.12 IFRS IFRS IFRS IFRS NGAAP Operating revenues 83 676 77 523 109 559 106 737 91 648 Operating expenses Change in Work In Progress -1 292 -785 1 650 -658 -113 Cost of materials 28 837 22 313 28 918 31 156 38 444 Payroll and social security expenses 31 200 27 374 38 132 34 319 29 345 Depreciation 3 856 1 950 2 522 1 857 1 464 Other operating expenses 12 611 9 493 13 995 13 353 10 715 Total operating expenses 75 212 60 345 85 217 80 027 79 855 Operating profit/loss 8 464 17 178 24 342 26 710 11 793 Financial income/expenses Interest received 224 2 136 135 36 Other financial income 0 138 2 982 1 373 1 967 Other interest paid -3 578 -861 -1 286 -1 143 -1 776 Other financial expenses -1 035 -489 -460 -2 064 -2 134 Net financial income/expenses -4 389 -1 210 1 372 -1 699 -1 907 Profit before tax 4 075 15 968 25 714 25 011 9 886 Taxes 1 349 4 491 7 296 6 956 2 814 Profit for the year 2 726 11 476 18 418 18 055 7 072 70
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