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Comrod Communication ASA Q2 Presentation Stavanger, 27th. August 2007

Comrod Communication ASA Q2 Presentation Stavanger, 27th. August 2007. Eirik S. Larsen, CEO Kari Duestad, CFO Ole Gunnar Fjelde, EVP and MD Comrod AS. Agenda. Key points Company overview Q2 Financials Summary. Key points Q2. Continued growth in turnover

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Comrod Communication ASA Q2 Presentation Stavanger, 27th. August 2007

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  1. Comrod Communication ASAQ2 Presentation Stavanger, 27th. August 2007 Eirik S. Larsen, CEO Kari Duestad, CFO Ole Gunnar Fjelde, EVP and MD Comrod AS

  2. Agenda Key points Company overview Q2 Financials Summary

  3. Key points Q2 • Continued growth in turnover • Important new contracts secured: • New contract on antennas to a major NATO country in May • New contract on masts to the US army in May • New contract with US based radio producer on antennas in June • New contract with US based radio producer on antennas in July • Good market development in all business units, high tendering activity • Preparing for higher production capacities in second half of 2007 • Integration process run as planned, positive contribution from all entities

  4. Agenda Key points Company overview Q2 Financials Summary

  5. Comrod Communicaton ASA – Company profile • A previous business division of Hexagon • Public listed company on Oslo Stock Exchange • Headquarter close to Stavanger • Offices and production facilities in Tau, Stavanger, Oslo and St Amand Les Eaux in France. • 170 employees, whereof 86 in France • Comrod develops, manufactures and markets masts, antennas, industrial products and power supplies. Approximately 80% of sales is to the defense communication market • Comrod holds leading global market positions within antennas and masts for the defence market

  6. The Business Areas Antennas Industrial products Masts Power supply Product illustration • HF, VHF, UHF, dual band, GPS, multi-band antennas and antenna systems Products • Insulating products such as insulators, insulating poles and structural composites which are custom designed products • Telescopic, sleeve, man-pack, manual and motorized versions • Battery systems, technology rights acquired from Eltek ASA with exclusive rights in the defense market Key customers • In defense market, key clients include Thales, DGA and US Army • In the defense market, key clients include Kongsberg Group and FMV Sweden • Defense (10% of sales) and utility and energy industry (90 % of sales). Key clients include Siemens and SCNF • Defense (80 % of sales) and maritime industry (20 % of sales). Key clients include ITT, Harris, Thales and Rhode & Schwarz Type of clients • OEM, defense organizations, commercial vessels • Utilities, industrial companies • OEM, defense organizations • Defense organizations Manufacturing • Norway / France • Outsourced to plants in Norway, Poland and China • France • France / Norway Revenues and EBITDA 2006 • NOKm 26,2 / NOKm 2,1 • NOKm 27,2 / NOKm -1,1 • NOKm 14,9 / NOKm 2,8 • NOKm 129,3 / NOKm25,5 Source: Comrod Communication

  7. Overview of productsBusiness Area – Antennas (58% of revenue) Bowman Vehicle Collection HF 1.6-30MHz, VHF 30-88MHz, UHF 225-450MHZ Man-pack VHF 30-88MHz Handheld VHF 30-88MHz • Product range include HF, VHF, UHF, dual band, GPS, multi-band antennas and antenna systems • Products are manufactured at in-house manufacturing facilities • Key attractive features of products • Superior quality, proven record • Meets the toughest demands • Flexibility Commercial vessels Navy

  8. Market : Antennas • Comrod has well established leading market positions in most main EU countries and now sells to more than 60 countries • The big new contracts for the US is an important step in becoming a major player also in the US market • Total market is increasing due to new and more advanced radio communication technologies being introduced and applied

  9. Overview of productsBusiness Area– Masts (13 % of revenue) Unmanned use Surveillance • Masts include telescopic, sleeve, man-pack, manual and motorized versions • Products are manufactured at in-house manufacturing facilities • Key attractive features of products • Easy maintenance • Standard as well as tailor made versions • Advanced control for unmanned use Omaha Beach LOS (land of sight) Advanced control

  10. Market : Masts • New contract won in June for deliveries of 30m high tactical masts to the US Army. • Mast segment is increasing due to increasing use of high band width communication where LOS systems are applied

  11. Overview of productsProduct area – Power supply (16 % of revenue) Double Man-pack charger 1 position vehicle charger • Include battery chargers and power supply • Manufacturing outsourced to companies in Norway, Poland and China • Key attractive features of products • Demanding applications • Tailor made solutions • Both Ni Cad and Li-Ion batteries Standard power supply Combined charger and power supply

  12. Market: Power Supply • Market openings into the existing sales networks of Comrod and Lerc • High activity on new tenders • Comrod in unique technology position.

  13. Overview of productsProduct area – Industrial products (13 % of revenue) Offshore applications Foamed pipe • Include insulating products such as insulators, insulating poles for railroad and utilities, offshore products and custom designed structural components. • Products are manufactured at in-house manufacturing facilities • Key attractive features of products • Tailor-made solutions • Niche markets • Extensively tested and quality assured Railroad applications Insulators

  14. Market : Industrial Products • Growth within Offshore Application Products, good margins. • Stable market for Other Insulator Products.

  15. UMS Norway – Unmanned Systems • Development and sales of UAVs (Unmanned Aerial Vehicles) • First “scaled down” prototype successfully tested from March this year • Full scale prototype to be airborne within this year • 5 m wing span • 5m fuselage length • Speed: 300 km/h • Flying time: 7 -9 hours • Targeting the rapidly increasing demand for tactical UAVs in the defense and civil markets

  16. Agenda Key points Company overview Q2 Financials Summary

  17. Financial performance Q2 • Substantial growth in turnover • Growth in EBIT • EBIT margin down • Good development in the Power supply business area • Good development in the Mast business area

  18. Q2 financials

  19. Segment Information : Turnover per Business Area

  20. Turnover per segment

  21. Cash Flow Statement

  22. Balance sheet

  23. Capital structure • 91 Mill NOK long term bank loan • 10 mill NOK overdraft protection • Lerc: local financing of working capital factoring agreement

  24. Agenda Key points Company overview Q2 Financials Summary

  25. Summary and outlook 2007 • New contracts strengthening our position with the major radio producers. • Positive market outlook for all business areas • Integration process in good progress – positive and dedicated efforts from all organizational units • Continued growth expected in 2007 and beyond

  26. Q&A

  27. www.comrod.com

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