6-K

Securities and Exchange Commission

Washington D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934

For the month ended August 31, 2005

Olicom A/S

(Translation of registrant’s name into English)

Kongevejen 239
DK-2830 Virum
Denmark
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F

Form 20-F þ Form 40-F o

Indicate by check mark whether the registrant by finishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 13g3-2(b) under the Securities Exchange Act of 1934.

Yes o No þ

If “Yes” is marked, indicate below the file number assigned to
the registrant in connection with Rule 13g3-2(b): Not Applicable

Olicom A/S

Form 6-K

Item 1. Financial Information

     See attached financial information with respect to Olicom A/S (the “Company”) at and for the six months ended June 30, 2005, attached to the Press Release annexed hereto as Exhibit 99.1: Summary of Income – Olicom A/S (Parent Company); Summary of Balance Sheet – Olicom A/S (Parent Company); Investments in Portfolio Companies; Summary of Income – The Group; and Summary of Balance Sheet – The Group. Such unaudited financial statements include only such normally recurring adjustments necessary for a fair presentation of the results of operations for the interim period presented and of the financial position of the Company at the date of the interim balance sheets. The results for such interim period are not necessarily indicative of the results for the entire year. Such financial data should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2004 Group and Parent Company Financial Statements of the Company.

     Except for historical information contained herein, the matters discussed in the attached Press Release may contain forward-looking statements that reflect the Company’s current expectations and projections about its future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Among the risks, uncertainties and other factors that could cause results to differ are uncertain market conditions, the successful implementation of the Company’s new strategic direction; the Company’s need to continue to identify and acquire interests in suitable portfolio companies; intense competition among capital providers to acquire interests in technology companies; the dependence of the Company on the financial and operating success of the enterprises in which it invests or participates; and existing and future regulations affecting the Company’s business, the businesses of its portfolio companies or technology generally. Further information may be found in Olicom’s periodic filings with the U.S. Securities and Exchange Commission, which identify important risk factors related to the Company’s business that could cause actual results, performance, prospects or opportunities to materially differ from those contained in the forward-looking statements.

Item 2. Exhibits

Exhibit 99.1 Press Release issued by the Company on August 25, 2005, reporting results for the First Six Months 2005.

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Signatures

The registrant certifies that it meets all of the requirements for filing and has duly caused this form to be signed on its behalf by the undersigned, thereunto duly authorized.

	Olicom A/S
Date: August 29, 2005	By:	/s/ Boje Rinhart
		Boje Rinhart
		Chief Executive Officer

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EX-99.1

Exhibit 99.1

Stock Exchange Announcement No. 9/2005
Copenhagen, Denmark
August 25, 2005

Olicom Reports First Half-year 2005 Results

Olicom A/S (Other OTC: OLCMF) today announced a net loss for the first half-year of 2005 of 21.0 million Danish kroner (“DKK”), or US$ 3.4 million. The loss per share was DKK 1.22, or US$ 0.20 per share. All amounts expressed in dollars are calculated at the June 30, 2005, rate of exchange between the US dollar and the Danish krone.

As of June 30, 2005, shareholders’ equity was DKK 197.4 million, or US$ 32.0 million corresponding to DKK 11.37 per share, or US$ 1.85 per share.

The result for the half-year is impacted by a negative adjustment of the value of the Company’s portfolio investments and by financial expenses related to the loan agreement entered in February 2005, while shareholders’ equity is positively impacted by the Company’s sale of treasury shares.

Effective 2004 Olicom also prepares consolidated financial statements in which Interactive Television Entertainment ApS (“ITE”) is consolidated. The consolidated financial statements show a loss for the half-year of DKK 27.9 million, or US$ 4.5 million and shareholders’ equity as of June 30, 2005, of DKK 156.9 million, or US$ 25.5 million. Olicom considers that the results of its venture investment activities are best reflected in the financial statements for Olicom A/S in which ITE and the other portfolio companies are included at market value.

During the half-year the portfolio companies’ development showed both positive and negative deviations.

During the half-year ITE launched a new generation of equipment for the Hugo-based TV-shows. The new technology significantly reduces the cost of producing the show and the technology also enables 3D scenes. The new systems are now being installed in China, Vietnam and other countries. ITE hopes that the systems will make it possible to increase the number of TV-stations airing the Hugo-show. The development of this year’s new Hugo-game, Agent Hugo, is expected to be completed for launch of the game in October. ITEs revenue during the half-year was somewhat below expectations, ITE expects though to show increased revenue for the full year.

During the half-year both Comlog, which markets fleet management systems for truck fleets, and Scalado, which provides software for camera phones, continued their revenue growth, and both companies will achieve significant revenue increases for the full year. In August Scalado completed a financing round from existing investors of DKK 4 million, or US$ 0.6 million. As announced earlier Olicom’s holding in Scalado has been transferred to a company jointly owned with IVS. This company participated in the funding round with cash secured from IVS’ subscription of new shares. IVS now holds approximately 20% of the jointly owned company.

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The positive customer interest for Hymite’s optical component technology continued throughout the half-year and prototype agreements have been signed with leading component manufacturer. For now the agreements only cover prototyping projects, but more of these projects may result in significant volume agreement. During the half-year Tpack, which delivers technology for telecommunications, experienced delays in closing expected sales orders, while Sifira, which develops messaging solutions for telecommunications operators, during the last part of the half-year saw an increase in booked orders especially in the Swedish market.

For the purpose of strengthening Olicom’s cash position the Company has during the half-year entered loan agreements with both private lenders and related parties. The loan agreements have total proceeds to the Company of DKK 15.6 million, or US$ 2.5 million. The reason for entering the loan agreements is, that customary bank facilities have proven not to be available to the Company.

For the full year Olicom now expects to report a loss in the order of DKK 25 million, or US$ 4.1 million assuming that it will not be necessary to write off portfolio investments and assuming that further significant write downs will not be made. The Company’s BOD will especially focus on the possibilities of strengthening the development in ITE and Sifira. Olicom is the sole investor in these two companies, which therefore represent a larger exposure. Olicom is actively pursuing exit sales of certain portfolio companies, but does not include such sales in its expected result.

Niels Kristian Agner joined Olicom’s BOD in April 2005 under the assumption that the Company would undertake a capital increase, that would allow follow-up and new investments. As such capital increase has not been planned Niels Kristian Agner has decided to leave the BOD.

For further information please contact Olicom CEO Boje Rinhart, tel. +45 4527 0000 or
e-mail bri@olicom.com.

Attachments
Summary of Income Statement and Balance Sheet follow.

About Olicom
Olicom invests in leading edge information technology and communication technology companies located in Scandinavia. The main office is located in the Øresund region and the US office is located in the Dallas Telecom Corridor in Richardson, Texas. Olicom is listed on the Copenhagen Stock Exchange and in the USA the company’s stock is traded on Other OTC, under the symbol OLCMF.

Further information about Olicom can be found at www.olicom.com or obtained by contacting CEO Boje Rinhart tel. +45 4527 0000 or e-mail bri@olicom.com.

Except for historical information contained herein, the matters discussed in this news release may contain forward-looking statements that reflect the Company’s current expectations and projections about its future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Among the risks, uncertainties and other factors that could cause results to differ are uncertain market conditions, the successful implementation of the Company’s new strategic direction; the Company’s need to continue to identify and acquire interests in suitable portfolio companies; intense competition among capital providers to acquire interests in technology companies; the dependence of the Company on the financial and operating success of the enterprises in which it invests or participates; and existing and future regulations affecting the Company’s business, the businesses of its portfolio companies or technology generally. Further information may be found in Olicom’s periodic filings with the U.S. Securities and Exchange Commission (SEC), including the most recent reports on Form 20-F and 6-K, which identify important risk factors related to the Company’s business that could cause actual results, performance, prospects or opportunities to materially differ from those contained in the forward-looking statements.

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Attachments – Summary of Income – Olicom A/S (Parent Company)

	Six months
	Ended June 30,
	2004			2005			2005
							Convenience
							translation
	DKK 1,000						USD 1,000
	(unaudited)			(unaudited)			(unaudited)
Valuation adjustments, portfolio companies		(6,000	)		(14,000	)	$	(2,272	)
Gross profit		(6,000	)		(14,000	)		(2,272	)
Operating expenses
General and administrative		4,026			3,819			620
Restructuring charges		(47	)		(263	)		(43	)
Total operating expenses		3,979			3,556			577
Income/(loss) from operations before interest and income taxes		(9,979	)		(17,556	)		(2,849	)
Interest income and other, net		313			(3,453	)		(560	)
Income/(loss) before income taxes		(9,666	)		(21,009	)		(3,409	)
Income taxes		0			0			0
Net income/(loss)		(9,666	)		(21,009	)	$	(3,409	)
Earnings/(loss) per share, basic		(0.57	)		(1.22	)	$	(0.20	)
Earnings/(loss) per share, diluted		(0.57	)		(1.22	)	$	(0.20	)
Weighted average shares outstanding including common stock equivalents, basic		16,938			17,253			17,253
Weighted average shares outstanding including common stock equivalents, diluted		16,938			17,253			17,253

The balance sheets and statements of income include a convenience translation for the most recent reporting period by applying the quarter-end exchange rate of DKK 6.1623 per US$ 1.00. This translation should not be construed to imply that the DKK amounts actually represent, or have been or could have been converted to, U.S. dollars

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Attachments – Summary of Balance Sheet – Olicom A/S (Parent Company)

	December 31,		June 30,		June 30,
	2004		2005		2005
					Convenience
					translation
	DKK 1,000				USD 1,000
	(audited)		(unaudited)		(unaudited)
Assets
Investments, property and equipment, net		34		17	$	3
Investments in portfolio companies		83,649		70,796		11,489
Investments in affiliated companies		22,372		22,372		3,630
Outstanding amounts, affiliated companies		20,000		42,000		6,816
Total fixed assets		126,055		135,185		21,938
Long-term assets		169		159		26
Accounts receivable		951		22		4
Outstanding amounts, affiliated companies		21,351		6,502		1,055
Outstanding amounts, portfolio companies		61,366		64,114		10,404
Prepaid expenses and other currents assets		932		972		158
Cash and cash equivalents		11,016		12,825		2,081
Total current assets		95,616		84,435		13,702
Total assets		221,840		219,779	$	35,666
Liabilities and shareholders’ equity
Shareholders’ equity		215,197		197,413	$	32,036
Restructuring charges		464		504		82
Total provisions		464		504		82
Other liabilities		0		11,439		1,856
Total long-term liabilities		0		11,439		1,856
Accounts payable and accrued liabilities		6,179		10,423		1,692
Total current liabilities		6,179		10,423		1,692
Total liabilities		6,179		21,862		3,548
Total liabilities and shareholders’ equity		221,840		219,779	$	35,666

The balance sheets and statements of income include a convenience translation for the most recent reporting period by applying the quarter-end exchange rate of DKK 6.1623 per US$ 1.00. This translation should not be construed to imply that the DKK amounts actually represent, or have been or could have been converted to, U.S. dollars

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Attachments – Investments in Portfolio Companies

Investments in Portfolio Companies as of June 30, 2005

	Owner’s share (Non-diluted)			Investment (DKK 1,000)
Danacell A/S		16.7	%		1,229
Decuma AB		16.8	%		14,300
Hymite A/S		8.7	%		15,549
ITE ApS		100.0	%		22,373
LH Comlog A/S		22.5	%		12,500
Scalado AB		48.2	%		25,466
Sifira A/S		57.2	%		17,961
Tpack A/S		22.3	%		12,505
Total investment					121,883
Valuation adjustments					(28,715	)
Investments in portfolio companies					93,168

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Attachments – Summary of Income – The Group

	Six months
	Ended June 30,
	2004			2005			2005
							Convenience
							translation
	DKK 1,000						USD 1,000
	(unaudited)			(unaudited)			(unaudited)
Net sales		13,445			11,268		$	1,829
Production costs		9,696			11,207			1,819
Valuation adjustments, portfolio companies		(6,000	)		(14,000	)		(2,272	)
Gross result		(2,251	)		(13,939	)		(2,262	)
Operating expenses
General and administrative		3,200			2,949			479
Sales and distribution		9,151			7,536			1,223
Restructuring charges		(47	)		(263	)		(43	)
Total operating expenses		12,304			10,222			1,659
Income/(loss) from operations before interest and income taxes		(14,555	)		(24,161	)		(3,921	)
Interest income and other, net		(5	)		(3,706	)		(601	)
Income/(loss) before income taxes		(14,560	)		(27,867	)		(4,522	)
Income taxes		0			0			0
Net income/(loss)		(14,560	)		(27,867	)	$	(4,522	)
Earnings/(loss) per share, basic		(0.86	)		(1.62	)	$	(0.26	)
Earnings/(loss) per share, diluted		(0.86	)		(1.62	)	$	(0.26	)
Weighted average shares outstanding including common stock equivalents, basic		16,938			17,253			17,253
Weighted average shares outstanding including common stock equivalents, diluted		16,938			17,253			17,253

The balance sheets and statements of income include a convenience translation for the most recent reporting period by applying the quarter-end exchange rate of DKK 6.1623 per US$ 1.00. This translation should not be construed to imply that the DKK amounts actually represent, or have been or could have been converted to, U.S. dollars

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Attachments – Summary of Balance Sheet – The Group

	December 31,		June 30,		June 30,
	2004		2005		2005
					Convenience
					translation
	DKK 1,000				USD 1,000
	(audited)		(unaudited)		(unaudited)
Assets
Intangible fixed assets		45,042		43,599	$	7,075
Investments, property and equipment, net		607		896		145
Investments in portfolio companies		83,649		70,796		11,489
Total fixed assets		129,298		115,291		18,709
Long-term assets		169		159		26
Inventory		398		79		13
Accounts receivable		5,984		2,838		461
Outstanding amounts, portfolio companies		61,366		64,114		10,404
Prepaid expenses and other currents assets		1,759		1,839		298
Cash and cash equivalents		11,184		12,871		2,089
Total current assets		80,293		81,662		13,252
Total assets		210,158		197,191	$	32,000
Liabilities and shareholders’ equity
Shareholders’ equity		181,539		156,897	$	25,461
Restructuring charges		464		504		82
Total provisions		464		504		82
Other liabilities		0		11,439		1,856
Total long-term liabilities		0		11,439		1,856
Credit bank		11,567		9,162		1,487
Accounts payable and accrued liabilities		16,588		19,189		3,114
Total current liabilities		28,155		28,351		4,601
Total liabilities		28,155		39,790		6,457
Total liabilities and shareholders’ equity		210,158		197,191	$	32,000

The balance sheets and statements of income include a convenience translation for the most recent reporting period by applying the quarter-end exchange rate of DKK 6.1623 per US$ 1.00. This translation should not be construed to imply that the DKK amounts actually represent, or have been or could have been converted to, U.S. dollars

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