English version - Hexagon Composites ASA

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COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 1980s: First defence contract with Sweden 1990s: Entered into its first major international defense contract with Switzerland 1997: Sold from Christian Bjelland & Co to Norwegian Applied Technology ASA (NAT). Spilka Gruppen became the main owner of NAT during 1999 and 2000 2002: Signed the Bowman contract for delivery of antennas to the British Military 2003: Contract for VHF/UHF OMNI directional system for the Swedish Visby Stealth Corvettes 2005: Entered into 3 year OEM agreement with US radio manufacturer Harris Corporation for the delivery of tactical communication antennas 2006: Acquisition of Power operations from Eltek Energy in 1Q 2006 and acquisition of Fidulerc/Lerc SA in 3Q 2006 See section 5.3 for more information about the Company’s history and development. 1.1.4 Business overview The Company develops and manufactures tactical masts, antennas and antenna systems, power supplies, battery chargers and commercial products. The Company’s main focus is on the defence communication market. Customers within this market segment are highly demanding in terms of technical specifications, delivery precision and functional requirements. A typical project can last for several years, starting with an extensive development and/or a pre-qualification phase. The Company manufactures its products under two brand names, Lerc and Comrod. Both companies have strong international brand names, associated with high-quality and long-lasting products. The Norwegian subsidiary, Comrod AS, is a supplier of antennas, antenna systems and power supplies, mainly for the defence market, but also for other maritime and commercial applications. The Company’s subsidiary in France, Lerc SA, is a supplier of masts, antennas and industrial products. All products are sold both to the defence segment and to the commercial market. The Company’s main product groups are: 1. Antennas and antenna systems 2. Masts 3. Industrial products 4. Power supplies A more detailed overview of the Company’s products and operations can be found in section 5.5. 1.1.5 Customer segments The Company’s customers can be split into the following main categories: - Radio manufacturers and system houses - Agents and distributors - Ships and dockyards - End-users Defence (governments, MODs, different military organisations) - Railways - Dedicated applications 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. 7
COMROD COMMUNICATION ASA – LISTING ON THE OSLO STOCK EXCHANGE 1.1.6 R&D, patents and licences The Company has brought a number of products to the market by R&D projects driven by customer requirements. The Company’s R&D work is based on multi-discipline knowledge, organizational flexibility and a close relationship to end-user needs. The Company does not rely on any specific patents and licenses, and the Company has not patented its product technology in general. However, some special solutions are patented. The manufacturing processes apply well-known technologies combined in a number of ways to form the Company’s high quality products. 1.2 Board of Directors, senior management and employees 1.2.1 Board of Directors As of the date of this Prospectus, the following persons serve on the Board of Directors of Comrod: Name Board Current position & Business Address: Position Erik Espeset Chairman Group Managing Director of Hexagon Composites ASA, Korsegata 8, P.O. Box 836 Sentrum, 6001 Ålesund, Norway Randi Elin Hognestad Vice chairman Director of investor relations, HitecVision Private Equity AS, Klubbgata 1, P.O. Box 8120, 4068 Stavanger, Norway Niklas Hermansson Board member CEO of Technor ASA (from 1 February 2007) Merete Alnes Mostue Board member HR Manager Coop Møre BA, P.O. Box 10, 6025 Ålesund, Norway As of the date of this Prospectus, the Company’s senior management consists of the following individuals: Name Position Business Address: Ole Gunnar Fjelde Acting CEO from 1 January 2007 & Fiskåvegen 1, 4120 Tau Operations Manager Kari Duestad Finance Manager Fiskåvegen 1, 4120 Tau Jean Morrey General Manager, Lerc SA 600 chemin des Hamaïdes, BP 10119, Saint Amand les Eaux Cedex, France Arne Risvik Syversen VP Sales & Marketing, Power division Leangbukta, 1392 Vettre 1.2.2 Employees As of the date of the Prospectus the Company had approximately 166 employees, 81 of whom were employed at the Company’s headquarters in Norway and 85 were employed at the Company’s subsidiary in France. 1.3 Advisors and auditors First Securities ASA has acted as Manager for the Demerger and the listing of Comrod at the Oslo Stock Exchange. Advokatfirmaet Schjødt AS is the Company’s legal advisor. Ernst & Young AS, Stavanger, is the statutory auditor of the Company. 8
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