English version - Hexagon Composites ASA

More documents

Recommendations

Info

COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE section 7.4 for more details on the acquisition of Fidulerc SA including pro-forma financial statements for the combined Company. In connection with the Demerger from Hexagon, Comrod will enter into a new long-term loan agreement with DnB Nor Bank ASA, which will replace the above mentioned inter company loan. See section 7.6.4 for more details. INVESTMENTS IN MACHINERY AND EQUIPMENT (IN NOK 1000) Time Investment Amount 2003 Property, machinery, inventory, etc. 6 100 2004 Packing machine 350 Cellofan removal 900 Winder 278 Element laithe 142 Building 1 500 Grinder 1 019 Sum 2004 4 189 2005 Core pull machine 280 Grinder 300 Resin mixing machine 520 Robot 1 000 Light storage building 600 Building 900 Sum 2005 4 100 2006 Resin mixing systems 350 Robot 800 Braiding machine 1 200 Back-up systems 400 Grinder 150 Building 760 Sum 2006 3 660 Total investments 11 949 7.8.2 Investments made after the most recent quarterly report Total investments after the publication of Comrod AS’ 3 rd quarter report for 2006, amounts to TNOK 844. This is mainly related to the braiding machine. 7.8.3 Investments in progress In Norway Comrod has the following investments in progress to optimize and make the production flow more efficient: - Upgrade of the braiding machine which was 100% manually operated and now will be 100% automated. Investment: approx. MNOK 1.2. - One 100% manual and very time-consuming measuring and labeling operation to be 100% automated in the robot cell. Investment: approx. MNOK 2. The investments listed above will be financed in cash on delivery. 7.8.4 Future investments In Norway the Company plan to spend about 7 million NOK in future investments to optimize the production and products and to achieve a more cost effective production. These investments will help the Company to be in position to satisfy the market with regard to quality, price and delivery time. Of planned future investments related to the Company’s Norwegian operations, the following can be mentioned: 85
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE - Robot cell. See also section 7.8.3. This is an ongoing project, which will last for several years with different milestones. More machines will be connected in time. This project will start in the 1 st quarter of 2007 and the robot cell is expected to be finalized during the 3 rd quarter of 2007. An additional investment of MNOK 2 is expected related to this project. - A new 100% automated winding machine (reduce the exposure of epoxy to the operator and give higher production capacity). This project has started and is expected to be finalized during the 3 rd quarter of 2007. Investment: approx. MNOK 1.7. - Planned investments in machinery also include a braiding machine (investment amount: MNOK 0.75) and ComPact (investment amount: MNOK 1.1) in addition to several minor project totalling approximately MNOK 1.5 in investments. In the period 2007 – 2008, the Company plans to complete the following investments in France: - Industrialization of the Schlumberger collars (related to industrial products). Amount: approx. EUR 300,000. - Industrialization of the Siemens loop (related to insulating products). Amount: approx. EUR. 50,000. - Industrialization of the steady arms (related to insulating products). Amount: approx.: EUR 100,000. - Industrialization of the MLV/LOS masts. Amount: approx. EUR 240,000. - Industrialization of the MT masts. Amount: approx. EUR 200,000. - Industrialization of the Manpack – Handheld antennas. Amount: approx. EUR 300,000. - Company heating reform. Amount: approx. EUR 230,000. - Replacement of an air conditioner. Amount: approx. EUR 50,000. - Demolition of the old buildings and control of the company access. Amount: EUR 300,000. - Control of the access to work units. Amount: approx EUR 70,000. The above investments will be settled in cash on delivery. 7.9 Financial instruments To be able to lower the risk of currency exposure on turnover, Comrod has a policy to hedge currency on fixed contracts. As per 30 September 2006 Comrod had a currency hedge in GBP for the Bowman contract. The date of currency hedge was October 2002 and the expiration date for the last contract is June 2007. 7.10 Subsequent events Other than the issues described in this Prospectus, there have been no material events related to the Company since the publication of the 3 rd quarter report for 2006. 7.11 Changes in financial structure subsequent to Q3 2006 Besides the Demerger and the new bank loan described in this Prospectus, no major changes in the financial structure of the Company has taken place since the end of the 3 rd quarter of 2006. 7.12 Changes in the Company’s financial or trading position There have been no significant changes in the Company’s financial or trading position subsequent to Q3 2006. 7.13 Trend information The Company has not experienced any changes or trends outside the ordinary course of business that are significant to the Company after the publication of its third quarter report and to the date of this Prospectus, other than those described elsewhere in this Prospectus. Please see chapter 6, 86
Page 1 and 2:
Prospectus COMROD Comrod Communicat
Page 3 and 4:
COMROD COMMUNICATION ASA - LISTING
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36: COMROD COMMUNICATION ASA - LISTING
Page 85: COMROD COMMUNICATION ASA - LISTING
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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?