English version - Hexagon Composites ASA

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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 6.2.4 Power supplies The global market for power supplies is estimated to be approximately three to four times the antenna market, i.e. in the range of up to NOK 3.6 to 4.6 billion. The Company’s power products include i) battery chargers and ii) power supplies as described earlier. This segment is targeted towards a niche market and also to the Company’s existing customer base. For these products the manufacturing is outsourced. The market for these products is relatively fragmented, and there is a lack of official market data. The market size is estimated to be four times the antenna area. In a premature start-up phase, however, and with already established customer relationships, the opportunities for power supplies are be considered as positive. The Company expects the growth potential to be substantial based on the potential for cross-sales to the existing customer base. Competition The market place is very fragmented with a number of small players. The following key competitors are identified; - Xcel Power System LTD, England - Vision Power LTD, England - Efore, Finland - DiCom, Czech Rep. - Bren Tronics Inc. USA - Behlman El Inc. USA - Lambda Inc. USA - Analytica Systems, Canada These companies are all involved with the same applications as Comrod. The similarity is that they are all relatively small and niche focused against their home markets. There are many other companies (some very large ones), that manufacture power supplies and chargers but targeted more towards standard commercial applications. 55
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 7 FINANCIAL INFORMATION This chapter gives an overview of the Company’s financial condition. In order to fully understand the Company’s financial condition, this chapter should be read in conjunction with the Company’s audited annual and interim reports. Historical financial information, including annual reports and audit reports, can be found on the Company’s website at www.comrod.com. The most recent financial statements, i.e. the annual report for 2005 and the interim report for the 3 rd quarter of 2006, can be found in Appendix 2 and 3 to this Prospectus. The IFRS adjusted financial figures for the past three accounting years and the figures for the 3 rd quarter of 2006, which have been subject to a limited review, are presented in section 7.3. The effects from the transition from NGAAP to IFRS are shown in section 7.2. In connection with the Company’s acquisition of Lerc, pro-forma financial statements have been prepared. The pro forma figures are presented in section 7.4 of this Prospectus. 7.1 Significant accounting policies 7.1.1 General information Comrod Communication ASA will not be the parent company of the group until the Demerger is effective (expected to be medio January 2007, for further description of the demerger, please refer to section 4.2 of this Prospectus). The following financial information includes Comrod AS. The historical financial information presented does not include Fidulerc/Lerc except for the balance sheet at 30 September 2006 and income statement for the 3 rd quarter 2006. Fidulerc SA and its subsidiary Lerc SA was acquired 29 June 2006. The purchase was subject to approval of French authorities regarding competitive regulations. Comrod AS received the necessary approval by French authorities medio September 2006. Hence, consolidation and purchase price allocation of Fidulerc/Lerc started medio September 2006. Comrod AS has not published any audited stand-alone financial statements prepared in accordance to IFRS. As part of the Hexagon Composites Group, IFRS has been applied in the preparation of the Hexagon Composites ASA’s consolidated financial statements for 2005. The published audited financial statements for Comrod AS for the years 2003, 2004 and 2005 were prepared in accordance with the Norwegian Accounting Act and Norwegian Generally Accepted Accounting Principles. 7.1.2 Basis for preparation The following consolidated financial statements for the Comrod AS Group are prepared in accordance with the international reporting standards published by the International Accounting Standards Board, as adopted by the European Union (EU). Comparative figures for 2004 have been restated. As these are the company’s first IFRS accounts, IFRS 1, First-Time Adoption of International Financial Reporting Standards, has been adopted in preparing Comrod AS Group’s opening balance sheet at 1. January 2004. The effect of transition to IFRS is presented in section 7.2.The measurement basis used is historical cost, except for derivatives which are measured at fair value according to IAS 39. 7.1.3 Functional currency and presentation currency The group presents its financial statements in NOK. Functional currency for the Norwegian companies is NOK. For the French companies the functional currency is EUR. For consolidation purposes, balance sheet figures for subsidiaries which have a different functional currency are translated at the exchange rate on the balance sheet date, and income statement figures are translated at the average exchange rate for the period. Exchange differences are recognised as a separate component of equity. On disposal of a foreign subsidiary, any accumulated exchange differences are recognised in the income statement. 56
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