Annual report 2008 - Comrod

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our number one position worldwide.- Also become a main supplier of relatedcomplete antenna systems; e.g. supportsystems for tactical communicationsolutions and infrastructure for the defencesector. A new product related to this wasintroduced in 2008.- The new loop antenna is expectedto become a major contributor to thecompany’s revenues and profit.MARKETS AND OUTLOOKComrod and Lerc are strong internationalbrands, recognised worldwide for supremequality and durability in the field.Comrod Communication Group’s targetedefforts over recent years has earned it aposition as a preferred supplier for the mainradio communication equipment producers;putting us in a position where we will havethe privilege of supplying antennas fora large portion of the new radios beingmanufactured.Staying at the forefront technologically,global distribution, alliances with differentsystem suppliers, quality and the flexibilityto deliver are key factors in the company’scompetitive edge.Defence communication is moving towardsthe use of COTS (commercial off the shelf)products rather than complex, expensivetailor-made solutions. The Group has along tradition of taking its own, innovativeproducts to the market and is well preparedto leverage this new trend.The defence segment is responsible forapproximately 88% of the business area’srevenues, whereas antennas for marine andcivil applications account for approximately12% of the company’s turnover.There is also a growing demand for therapid deployment of equipment with hightactility. The need for rapid deployment andmobile units is expected to increase thedemand for more compact communicationequipment involving integrated mast andantenna solutions and “smart boxes” withmore technology “packed” into a single mastor antenna.In general, there is less competition at thehigh-end of the market for these new systemtypes of products.Our current reputation and standing inthe market for defence antennas, togetherwith our high level of in-house expertisein communication technology solutions,both at Lerc and at Comrod, will serve as aplatform for growing our turnover in this newand fast emerging portion of the market.KEY FIGURES BUSINESS AREA ANTENNAS(NOK 1000) 2008 2007 2006 1)Revenues 259 601 170 764 129 289Operating profit (EBIT) 35 389 18 792 20 8161)The 2006 numbers are pro forma figuresTIMELINEBUSINESS AREAANTENNAS1960Comrod’s Productionof whip antennas forthe fishing fleet begins,based on fishing rodtechnology1970sComrod’s Antennatechnology transferredto the defence marketDiversification of Lercinto Masts and antennasfor defence radiocommunication1980sLerc delivery to the RITAprogramme (France)LERC wins majorprogramme for the USArmy: TRITAC/DAMP(USD 23M)1994Comrod becomes aleading supplier toGMDSS upgrades formerchant vessels12 Comrod Communication Group Annual report 2008
“We focus on quality atall steps. This is the keyfactor to success.”David Jankovits,General Manager,Comrod Hungary Kft.Improved capacity and marginswith Comrod HungaryIn May 2008, Comrod AS signed anagreement to acquire 100% of the sharesof the Hungarian company Norworks kft.With this agreement, Comrod has nowestablished their own production facilityfor antenna parts and products in Hungary.Comrod Hungary had already producedcomponents for Comrod since November2007.The need for further production capacitywas triggered by the sharply increasingdemand for Comrod antenna products, andthis facility will also improve cost efficiency,especially in relation to lower margin, labourintensive products from Norway and France.The company is located in Budapest, andhad as per year-end a workforce of 25people. Comrod foresees an increase to 30employees during Q1 of 2009. Comrod’srevenues from Hungary were approximatelyNOK 18 million in 2008 and are expected toincrease to NOK 40 million during 2009.During Q4 2008, Comrod Hungarytransferred their production to new, modernfacilities.Hungary was chosen as a location due to itsstatus as a NATO country, its competitivewage level, the availability of skilled workersand its easy access to a competitive suppliernetwork of electronic components. ComrodHungary is managed by David Jankovitswho holds an M.Sc. degree in electronicengineering from the University of Budapestand has previous experience from theNorwegian company Electrocompaniet.1997Comrod’s firstinternational defencecontract (Switzerland)2002Prestigious BritishBOWMAN defencecontract secured byComrod2004First contract forantenna systems for theSwedish stealth corvetteVisby2007New strategic contractto Comrod from HarrisCorporation in USA2008Introduction of the Loopantenna to the marketComrod Communication Group Annual report 2008 13
Page 6 and 7: STRATEGIES AND VALUESComrod Communi
Page 8 and 9: MESSAGE FROM PRESIDENTFurther growt
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Page 15 and 16: The Masts business area is one of t
Page 17: 1989LERC won a majorprogram to the
Page 20 and 21: MARKETS AND OUTLOOKOur products are
Page 22 and 23: 22 Comrod Communication Group Annua
Page 24 and 25: “Understanding theApplications is
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Page 30 and 31: the balance sheet date Comrod Commu
Page 32 and 33: BALANCE SHEET, CONSOLIDATED31 Decem
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Page 36 and 37: Work in progress is classified as p
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CONT. NOTE 26 FINANCIAL INSTRUMENTS
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CONT. NOTE 27 SHARE BASED PAYMENT P
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NOTE 29 PURCHASE LIABILITIESThe gro
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INCOME STATEMENT, PARENT COMPANYCom
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CASH FLOW STATEMENT, PARENT COMPANY
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Tax-increasing and tax-reducing tem
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NOTE 6 SHARE CAPITAL AND SHAREHOLDE
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CONT. NOTE 8 TAX(NOK) Tax expence o
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CONT. NOTE 10 NON-CURRENT LIABILITI
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GROUP MANAGEMENTNIKLAS HERMANSSONPr
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CORPORATE GOVERNANCEThe corporate g
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SHARES AND SHAREHOLDERSComrod Commu
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INTERNAL AND EXTERNAL ENVIRONMENTTh
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CONTACT INFORMATIONCOMROD COMMUNICA
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Annual report 2008 - Comrod

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