English version - Hexagon Composites ASA

More documents

Recommendations

Info

COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE TABLE:COMROD’S TURNOVER BY PRODUCT CATEGORY 2003 – 2006 (in NOK mill.) per 3Q 2006 IFRS 2005 IFRS 2004 IFRS 2003 NGAAP Masts 12.2 35.4 N/A N/A Antennas 88.3 146.2 105 90 Industrial products 28.5 29.6 1.8 1.7 Power supplies 8.8 N/A N/A N/A Sum revenues 137.8 211.2 106.8 91.7 Note: Figures for 2003 and 2004 only include financials for Comrod AS. Figures for 2005 and 2006 are based on proforma financials for Comrod AS and Lerc SA. Power supplies included from March 2006. The above table shows Comrod’s historic turnover for the past three accounting years. Lerc is included from 2005. Factors that have affected the Company’s principal activities and turnover Over the period shown in the above table, these factors have all influenced the Company’s principal activities and turnover: - Securing the BOWMAN contract in 2002 with deliveries until bulk 2006. This also included a 10 year spare parts contract. - Winning Visby Stealth systems to Sweden in 2003, next generation products. - Greece antenna contract (MNOK 14), ongoing deliveries - Switzerland spare parts contract delivered in 2004 (MNOK 12) - Kuwait MOD contract delivered in 2005 (MNOK 16.5) - Croatia LOS mast contract in 2005, ongoing deliveres - Signing an OEM contract with Harris RF Communication Division USA in 2005 - Continuous production up-grades to achieve an optimal and effective production. This was accelerated after securing the BOWMAN contract. - The development of a new range of Railways insulators - The development of a new high margin product for oil industry (related to the Industrial Products segment) 5.6 Principal Markets In the following is a description of the Company’s principal markets, including an overview of the Company’s marketing and distribution as well as main customer segments. 5.6.1 Customer segments The Company’s customers can be split into the following main categories: 1. Radio manufacturers and system houses Typical customers are: - ITT Industries, USA - Harris, USA - Kongsberg Group, Norway - General Dynamics, USA - Furuno, Japan - Radio Holland, Holland - Thales Group, France 2. Agents and distributors - See marketing and distribution section 35
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE 3. Ships and dockyards Typical customers include: - Kockums - HDW - Ulstein Group, Norway 4. End-users Defence (governments, MODs, different military organisations) Typical customers include: - FMV, Sweden - Kuwait MOD - GRD, Switzerland - TamsCo, USA - US Army 5. Railways - Railway companies in Europe - OEM building railways tracks 6. Dedicated applications - Oil companies (linked to non disclosure agreements) - Missile manufacturers (linked to non disclosure agreements) See more information about the Company’s customers in section 5.6.3. The defence market constitute the most important customer base for the Company, both in terms of the revenues and the resources spent on development, marketing and sales. 5.6.2 Marketing and distribution Sales and marketing is an integrated part of the Company’s production plans. The main part of the products manufactured are a result of direct orders. Direct orders constitute some 80% of the Company’s revenues. Customer requirements and the subsequent research and development efforts are at the core of the Company’s production and distribution. There is a close correlation between R&D, production, engineering, sales and marketing. The key factor is multi-discipline knowledge, flexibility and a close relationship to the end-users. Approximately 10 people work with sales and marketing of the Company’s products. In addition the Company has a number of agents and distributors worldwide who market the Company’s products. Technical and production personnel from the different subsidiaries support all sales activities. This also includes demos and field tests where the customer require participation. This is to ensure that the products are installed and equipped correctly. The Company mainly delivers products to the defence market, but commercial applications also constitute an important market segment. The marketing approach and the time to market differs significantly between the customers within the different areas. Consequently, the description of the Company’s marketing and distribution efforts are divided into two categories; 1) Defence products and 2) Commercial products. See also the description of the market in chapter 6. Defence products The Defence sector is mainly project driven, and the Company has extensive know-how in terms of what major projects are being planned in various countries. The time to market in the defence sector typically takes longer than for commercial products. It may take six to eight years to secure a contract, and throughout that process the Company often has to go 36
Page 1 and 2: Prospectus COMROD Comrod Communicat
Page 3 and 4: COMROD COMMUNICATION ASA - LISTING
Page 35: COMROD COMMUNICATION ASA - LISTING
Page 87 and 88:
COMROD COMMUNICATION ASA - LISTING
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
show all

English version - Hexagon Composites ASA

Create successful ePaper yourself

Delete template?

Save as template?