Annual report 2008 - Comrod

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STRATEGIES AND VALUESComrod Communication Group is a focusedspecialist on selected products related toradio communication, primarily serving theneeds of the defense industry. We developand commercialize competitive productsbased on unique in-house expertise incommunication technology and defenseapplication competence. Most of ourproducts are made with the use of advancedcomposite material technology.It is the group’s aim to extend our businessand become a worldwide leader within ourspecial selected niches. As of today we arethe global number one in tactical antennas,and we hold solid market positions on ourother defense products. With unsurpassedquality and innovative new products wewill further improve our market positionsworldwide.Competitiveness will be created bystrategically focusing on:- Staying at the forefront technologically andbeing early with the introduction of newinnovative product solutions- Being responsive and quickly adapting ourproduct concepts to the specific needs of ourmain customers- A high degree of professionalism andintegrity in relations to our customers,ensuring our status as an independentsupplier to the main communication radioproducers.- Automated and best in class industrialproduction processes- Continuously improving our sourcingstructure.MarketsMost of the Group’s sales are exported.To glean more global market shares, whilealso maintaining or increasing profit margins,Comrod concentrates on highly automatedproduction, customized design and a wellstructuredmarketing and distribution setup.The Group’s overall goal for the period2008 to 2010 is to build global strength andexpand the business within all our businessareas. Each of Comrod CommunicationGroup’s four business areas has its ownmarket development goals and has identifiedassociated action-based strategies for theperiod 2008-2010. The main points aredescribed in the business area presentationslater in this annual report.Development strategyAll innovation revolves around the company’score competences. At the same time, theclimate for new ideas is being nurturedin the subsidiaries. The challenge is howto transform good ideas into realisticopportunities. This has prompted ComrodCommunication to form close alliances withtechnologically advanced customers as partof its product development strategy. Strong,dedicated and demanding partners who, likeus, are prime movers in product development,play a key role in our success. Comrod isalso positive to “Skattefunn”, the Norwegiangovernment’s R&D tax credit scheme, anincentive for research and development work.ValuesComrod Communication has defined thefollowing core values for its companies:- To practice all business operations withinthe regulatory framework of the individualmarket and to a high ethical standard.- To promote cooperation and joint resolutionof challenges.- To promote innovation and a freshapproach.- To make expertise and market focus thebackbone of the Group’s operations.- To find solutions that will stand the test oftime.- To be ambitious and believe in our ownstrength.- To have the freedom to act locally, consideringwhat is in the best interest of the totalgroup.Organizational and skills developmentThe most important contribution factor inthe Comrod Communication companiesis people. Recruitment of the right people,composition of the right working teams andidentification of the right individual and joint6 Comrod Communication Group Annual report 2008
challenges will encourage innovation and setthe scene for constant improvement. Formingworking teams and management groups wewill use people who complement each other,in order to ensure balance and differentpoint of views to consider every aspect ofthe total picture. When forming groups,care is taken to establish natural, internalcontrol mechanisms, and to discourage anypredominantly passive attitudes.Diversity creates increased understanding,new ideas for solutions, innovationand constant improvement. ComrodCommunication seeks to cultivate diversity.It is important to have a good mix in termsof gender, ethnic origin, cultural backgroundand educational background. Energy and riskpropensity, which are seen as key elementsin the organizations’ culture, enable thecompany to occupy a position at the forefrontof development in its existing business areas,and to develop new business areas.The Comrod Group makes every effortto recruit key individuals and managersinternally in the first instance. Goodinternal training and regular addition of newchallenges and new positions along theinternal career route will be instrumental inproducing management candidates. ComrodCommunication holds annual managementmeetings, at which motivation and leadershipare as high on the agenda as strategy,business development and sales.EqualityThe goal of diversity in the organization alsocenters on equality. As an industrial groupwith a clear weighting towards traditionallymale-dominated occupations, ComrodCommunication faces a challenge in thisarea. Accordingly, the company has made ita priority to seek highly-qualified women asnew appointees, and preference is given towomen when all other conditions are equal.The principle of equal pay for equal work isan absolute requirement when establishingsalary levels. The Group is also committedto increasing the percentage of femalerepresentation in the management group.At the end of the year, there was one womanin the Group’s senior management group. Thegroup also has women in the managementgroups of two of the four business areas. TheBoard of Comrod Communication ASA has50% female representation.“To be ambitious andbelieve in our ownstrenght” is a corevalue at ComrodCommunication.Comrod Communication Group Annual report 2008 7
Page 8 and 9: MESSAGE FROM PRESIDENTFurther growt
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Page 20 and 21: MARKETS AND OUTLOOKOur products are
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Page 24 and 25: “Understanding theApplications is
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Page 32 and 33: BALANCE SHEET, CONSOLIDATED31 Decem
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NOTE 17 CASH AND CASH EQUIVALENTS(N
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NOTE 19 EQUITYOtherShare Share paid
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CONT. NOTE 20 PENSION OBLIGATIONS(N
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CONT. NOTE 23 SHORT-TERM LOANS AND
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CONT. NOTE 26 FINANCIAL INSTRUMENTS
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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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