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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 7.3.3 Cash flow statement The table below shows the cash flow statement of Comrod AS Group for the years 2003 to 2005 and the 3 rd quarter of 2005 and 2006. (in NOK 1000) 2006 01.01-30.09 2005 01.01-30.09 2005 01.01-31.12 2004 01.01-31.12 2003 01.01-31.12 IFRS IFRS IFRS IFRS NGAAP Cash flow from operating activities Profit before tax 4 075 15 968 25 714 25 011 9 886 Depreciation/amortisation 3 856 1 950 2 522 1 857 1 464 Changes in inventories -4 068 -1 869 1 247 -1 122 -1 391 Changes in trade receivables 15 867 -7 686 -19 745 -2 182 -2 250 Changes in trade payables 2 161 -1 448 987 -6 885 9 312 Changes in pension provisions 1 584 0 -425 399 426 Changes in other accrual accounting entries -366 -665 4 616 2 681 58 Changes in group receivables -19 199 -660 -4 971 -14 126 -11 328 Net cash flow from operating activities 3 911 5 590 9 945 5 633 6 177 Additions of property, plant & equipment -122 526 -2 150 -4 106 -4 189 -6 100 Payment from sale of shares 0 0 0 0 32 Net cash flow from investing activities -122 526 -2 150 -4 106 -4 189 -6 068 Repayment/raise of long-term liabilities 117 370 -3 264 -5 686 -1 092 1 724 Net change bank overdraft -600 0 0 -2 384 Net cash flow from financing activities 117 370 -3 864 -5 686 -1 092 -660 Net change in cash and cash equivalents -1 245 -424 153 352 -551 Cash from acquisition 1 363 0 0 0 0 Cash and cash equivalents at start of period 1 678 1 525 1 525 1 173 1 724 Cash and cash equivalents at end of period 1 797 1 101 1 678 1 525 1 173 73
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 7.3.4 Statement of changes in equity The table below shows the changes in equity that occurred for Comrod AS since 2003 and till the period ended 30 September 2006. Share capital Other paidin equity Translation differences Hedging Other equity reserves Equity 01.01.2004 1 500 2 200 3 845 10 370 17 915 Profit 2004 according to IFRS 116 17 939 18 055 Approved group contribution from 2003 -7 072 -7 072 Forward exchange contracts 201 201 Actuarial gains and losses -103 -103 Share based payment (B&S) 28 28 Equity 31.12.2004 1 500 2 228 0 4 162 21 134 29 024 Profit 2005 according to IFRS 18 418 18 418 Approved group contribution from 2004 -18 084 -18 084 Forward exchange contracts -3 071 -3 071 Actuarial gains and losses 169 169 Share based payment (B&S) 122 122 Equity 31.12.2005 1 500 2 350 0 1 091 21 638 26 579 Profit 01.01. - 30.09. 2006 according to IFRS 2 726 2726 Approved group contribution from 2005 -18 264 -18 264 Recieved group contribution from 2006 2 500 2 500 Forward exchange contracts -965 -965 Actuarial gains and losses -1 088 -1 088 Share based payment (B&S) 146 146 Exchange rate difference 1 802 1 802 Exchange rate difference Net investment -1 281 -1 281 Equity 30.09.2006 1 500 4 996 1 802 -1 155 5 012 12 155 Total 7.3.5 Key financial figures (in TNOK) For the 9 months period ended 30 Sept. 2006 For the period 1 Jan. to 31 Dec. 2005 Equity ratio (%) end of period 4,9% 27,9% Net operating margin before depreciation (EBITDA) 12 320 26 864 Return on equity (annualized) 18,8% 66,2% Number of employees 165 75 7.4 Pro-forma financial information The pro forma financial statements information below shows Comrod Communication ASA, Comrod AS, Fidulerc SA and Lerc SA as if they had been operating as one group for the financial year ended 31 December 2005 and for the nine months ended 30 September 2006. The pro forma financial information is based on certain assumptions that not necessarily would have been applicable if Comrod Communication ASA, Comrod AS, Fidulerc SA and Lerc SA were one consolidated group from the beginning of the periods presented (1 January 2005) in the pro forma financial statements. The pro forma income information for 2005 is prepared based on the audited income statements for Comrod AS, Fidulerc SA and Lerc SA. As there will be no activity in Comrod Communication ASA until the Demerger is effective, no profit and loss from this company is included in the pro forma financial information as of 2005 and for the nine month period ended 30 September 2006. The pro forma financial information as of and for the nine month period ended 30 September 2006 is prepared 74
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