English version - Hexagon Composites ASA

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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE through a pre-qualification phase, extensive testing and development before the actual delivery starts. Once, started however, a defence contract often lasts for several years, including a long period of spare parts delivery after the main delivery has been completed. FIGURE:TYPICAL TIMELINE FOR A DEFENCE PROJECT Year 0 Year 6-8 Start Demo Development Qualification Deliveries Spare parts In general, as is also the case for the commercial products, original components are sold to OEMs and integrators, who include the Company’s products in their deliveries to the end-users. It is the end-user, who decides on the specifications for the various orders. The end-user normally purchases the spare parts directly from the Company. Customers Within the defence sector the Company works closely with the customers on product development. The Company’s customers within the defence sector can be divided in the following categories: - Integrators/Original Equipment Manufacturers (OEMs), which again sell to armies - Armies/End-users Integrators/OEMs may choose to use the Company’s products because it has been specified by the end-user. Within this segment, there are few competitors for key applications. The typical order to this customer group is customized. Typical for this market segment is the importance of personal contacts in order to secure a contract. The armies/end-users decide on the program and system specifications and thereby the specific technical specifications for masts and antennas to be included in the program. This customer group also purchases the spare parts directly from the suppliers. As is the case for integrators/OEMs, relationships are important to secure contracts. Lobbying also plays a role in order to secure funding for R&D and innovation programs. Power supply For the distribution of the power units the Company plans to use the same market approach as for antennas, masts and systems. Within the power supply segment, the Company can target the same customer base that the Company has developed for antennas/masts/systems over the years, i.e. mainly the defence segment. At this stage the Company’s Power operations is at a premature stage, which can be compared to where Comrod’s defence operations was 10 years ago. Following the growth of Comrod in the last few years, this implies that the power division has a substantial potential for rapid growth internationally. Commercial products The Company has more than 30 commercial distributors globally in the following main countries; - USA - Canada - Singapore - Hong Kong - Taiwan - Korea 37
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE - Japan - Australia - Most European countries In Norway there are no distributors. Here the customers mainly include the large shipyards, and marketing and distribution are targeted directly at the customer. Most of the distributors have been working with the Company for at least 10 years. The Company’s commercial products are often sold from warehouse inventory rather than customer based production orders, but for the products with more of an R&D focus, personal relationships still play an important role. Customers The main customer segments within the commercial product segment are: Marine antennas: - Shipyards - Distributors Structural Composites: - Oil & gas exploration companies - Defence manufacturing Insulating Products: - Railroad companies - Industrial groups - Offshore customers Marine antennas are mainly sold to shipyards or to agents/distributors as this is more of an off-the shelf product than the more technologically advanced defence antennas. The Company delivers drilling tubes to oil and gas exploration companies and rocket and missiles launch tubes for the defence-manufacturing segment. The structural composites market is highly profitable and characterised by highly confidential and long-term contracts. There is a strong R&D focus in this segment, which again is a driver for innovation and consequently higher margins. The structural composites and insulation products are distributed to a few, but very strong, OEM customers such as the French railroad system SNCF. Therefore the Company has a strong Key Account focus for these product groups. The deliveries of insulating products are dependent on European railways investments. 5.6.3 Key customers The Company has a number of large customers. Given the wide range of products and the Company’s customer base, the Company does not rely on any key customer(s). Below is an overview of some of the Company’s key customers within the various product groups. 38
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