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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 2. “Other interest paid”: The purchase of Fidulerc SA on 11.4 MEUR was 100 % financed by an inter company loan from Hexagon Composites ASA. Interest is 6,32% according to long term bond loan in Hexagon Composites ASA related to the acquisition. 3. “Taxes”: All the adjustments have a calculated 28% tax expense for adjustments subject to Norwegian tax rules and 33,3% for adjustments subject to French tax rules. All of the adjustments listed above will also apply for and impact the financial statements going forward. See Appendix 9 for information about the IFRS adjustments for Lerc and Fidulerc. 7.4.3 Pro forma income statement for the period ended 30 September 2006 The following table shows the pro forma figures and related adjustments that have been made to the income information data for the period ended 30 September 2006. The pro forma income information is prepared as if the acquisition was effected 1 January 2006. (in NOK 1000) 2006 2006 2006 2006 2006 01.01.-30.09. 01.01.-30.09. 01.01.-30.09. 01.01.-30.09. 01.01.-30.09. Comrod Communication ASA Comrod AS Lerc/Fidulerc Proforma adjustments Note 4-6 IFRS Proforma Operating revenues 0 73 283 64 529 0 137 812 Operating expenses 0 0 0 Cost of materials 22 525 24 065 0 46 590 Payroll and social security expenses 29 674 10 336 0 40 010 Depreciation 3 285 2 125 2 581 7 991 Other operating expenses 9 660 24 682 0 34 342 Total operating expenses 0 65 144 61 208 2 581 128 933 Operating profit/loss 0 8 139 3 321 -2 581 8 878 Financial income/expenses Interest received 223 88 0 311 Other financial income 0 103 0 103 Interest paid to Hexagon-group -3 551 0 0 -3 551 Other interest paid 0 -629 -3 825 -4 454 Other financial expenses -1 015 -340 -1 355 Net financial income/expenses 0 -4 343 -779 -3 825 -8 946 Profit before tax 0 3 796 2 542 -6 406 -68 Taxes 0 1 063 791 -1 363 491 Profit for the year 0 2 733 1 751 -5 043 -558 Pro forma adjustment comments: 4. “Depreciation”: TNOK 2,581 is 9 month estimated depreciation of surplus values allocated to customer relationship, property plant and equipment and machinery and equipment, according to purchase price allocation. 5. “Other interest paid”: The purchase of Fidulerc SA on 11.4 MEUR was 100 % financed by an inter company loan from Hexagon Composites ASA. Interest is 6.32% according to long term bond loan in Hexagon Composites ASA related to the acquisition. 77
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 6. “Taxes”: All the adjustments have a calculated 28% tax expense for adjustments subject to Norwegian tax rules and 33.3% for adjustments subject to French tax rules. All of the adjustments listed above will also apply for and impact the financial statements going forward. See Appendix 9 for information about the IFRS adjustments for Lerc and Fidulerc. 7.4.4 Pro forma balance sheet as of 30 September 2006 (in NOK 1000) 2006 2006 2006 2006 2006 2006 2006 30.sep 30.sep 30.sep 30.sep 30.sep 30.sep 30.sep Comrod Communication ASA Proforma adjustment Demerger, effective 2007 Note 17 Comrod AS Fidulerc / Lerc Eliminations Note 7 - 12 Proforma adjustments Note 13 -16 IFRS Proforma ASSETS Non current assets Intangible assets Deferred tax asset 455 2 000 -2 456 0 0 Goodwill 9 000 0 29 793 0 38 793 Other intangible assets 14 125 11 533 0 25 658 Total intangible assets 0 0 23 580 2 000 38 870 0 64 451 Tangible fixed assets Property, plant and equipment 11 432 17 004 3 790 0 32 225 Machinery and equipment 8 346 7 444 7 218 0 23 008 Fixtures and fittings 2 350 0 0 2 350 Other financial assets 103 103 Total tangible fixed assets 0 0 22 127 24 551 11 008 0 57 686 Financial fixed assets Investments in subsidiaries 0 27 669 93 633 0 -121 302 0 Total financial fixed assets 0 27 669 93 633 0 -121 302 0 0 Total non-current assets 0 27 669 139 340 26 552 -71 424 0 122 137 Current assets Inventories 16 209 30 328 0 46 536 Accounts receivable 19 707 23 324 0 43 031 Forward exchange contracts 380 0 0 380 Receivable Hexagon -group 12840 32 522 0 -45 361 0 Other receivables 2 017 664 0 0 2 681 Bank deposits and cash 1 000 1 122 676 20 987 23 784 Total current assets 1 000 12 840 71 957 54 991 0 -24 374 116 413 Total assets 1 000 40 509 211 297 81 543 -71 424 -24 374 238 550 78
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