Rakon Limited – 2018 Review

1
Enabling the
Connected Future
2018 REVIEW

3
2
Chair’s Report 4
Managing Director’s Report 6
Board of Directors 8
Board Q&A 9
Global Executives 10
Business and Strategic Focus 11
Financial Summary 12
Products and Markets 14
Rakon Everywhere 15
Manufacturing Strategy 16
Culture and the Environment 18
Rakon and the Future 19
Glossary 19
Directory 20
REVENUE
▼
7. 0 %
$101.1m
UNDERLYING

EBITDA
2
▼
200%
$12.1m
▼
174%
$10.0m
NET PROFIT /

(LOSS)
▼
17%
$7. 9 m
OPERATING

CASHFLOW
REVIEW FY2018
Rakon’s purpose is to enable the connected
future. It is a world leader in the design
and manufacture of innovative Frequency
Control Products (FCPs). Every electronic,
communication or location system requires
a precise and reliable electronic ‘heart
beat’, or frequency reference. Rakon’s
advanced frequency and timing solutions use
piezoelectric resonators to generate these
heartbeats. They, in turn, generate wireless
or optical signals used in systems and
extreme environments around the globe.
Rakon products help set the frequency that
all communications transmit and receive on.
They also hold time and provide a stable
timing reference for telecommunications
networking equipment. This enables
synchronised time globally, and the
efficient and reliable transfer of data at
ever-increasing precision and speed.
Whether it be within wired or wireless
networks, radar, navigation systems or
satellites in space . . .
Rakon products enable connectivity
for today and tomorrow.
Contents
Rakon is a leading provider of frequency control
products and a truly international business, selling
into more than 80 countries.
99.5% of revenue is from outside New Zealand.
REVENUE
$131m
$113m
$95m
2015 2016 2017 2018
$101m
NET PROFIT / LOSS
$3.2m
$-1.7m
$-13.6
2015 2016 2017 2018
$10.0m
UNDERLYING EBITDA
1
$15.4m
$9.0m
$4.0m
2015 2016 2017 2018
$12.1m
Manufacturing site
Sales & Customer Support
location
Research & Development
(R&D) site
Global
Locations
NEW ZEALAND
NORTH AMERICA
EUROPE
ASIA
Rakon at a Glance
Key Operational Facts
Rakon has a highly skilled, global
team rich in culture. There is a
diverse range of roles in functions
including: research and development,
engineering (product, process,
electronics, maintenance), equipment
development, purchasing and
sourcing, production planning,
production, quality, continuous
improvement, business development,
sales and marketing, product
management, people and capability,
finance and information systems.
Rakon designs and manufactures
frequency control and timing
solutions. Its products enable
connectivity for a wide range
of applications. The company’s
three core markets are
telecommunications, global
positioning and space & defence.
New facility
opened in
Gennevilliers,
France
February 2018
Centum Rakon
India (CRI)
acquisition
completed
May 2018
50+ years of
operation
Argenteuil,
France site sold
March 2018
800+
global team
(includes CRI)
Transfer of
technology
license to
Siward mostly
complete
All amounts in this document are
in NZ$ unless otherwise specified.
OPERATING EXPENSES
$46.2m
$47.8m
$41.9m
2015 2016 2017 2018
$41.6m
2015
2016
2018
1&2
Refer to the footnote on page 19 for the definition of Underlying EBITDA as a measure of non-GA AP financial information, referred to in this document.
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2

5
4
Rakon has very loyal customers who
maintain strong relationships with
us. We have a global team in multiple
time zones and located where our
customers are based. This helps us to
deliver on our strategy of supporting
our customers with fast lead times.
Lucky Wei
Customer Service
Coordinator
Shenzhen, China
Naga Bettadhapura
Project Manager
Improvement Activities
Auckland, NZ
Rakon actively encourages all
employees to be involved in the
continuous improvement process
and is focused on reducing waste,
improving yields and delivering world
class quality.
Rakon has embraced the Lean Six
Sigma methodology for improving
what we do. Lean is the continuous
pursuit of waste reduction. Six Sigma
is the relentless pursuit of quality
through variation control.
Quality is everyone’s job. Quality
is a focus in everything we do:
our products, our processes, our
workplace and our company as a
whole.
REVIEW FY2018
Chair’s Report
Bryan Mogridge Chair
Dear fellow shareholders, welcome to the 13th Annual Report of
your company Rakon Limited.
The 2018 fiscal year’s result can be described as adequate and
improving; the result included a within guidance Underlying EBITDA
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of $12.1 million, and a Net Profit After Tax (NPAT) of $10.0 million.
Underlying EBITDA contained specific non-recurring items of $4.0
million and the NPAT result was further boosted by a reporting gain
of $4.8 million arising from Rakon’s investment in Thinxtra.
Nevertheless, the Underlying EBITDA after adjusting for the non-
recurring items was 100% better than for the prior year. NPAT after
adjusting for non-recurring items improved by $14.8 million on the
prior year. The profit made from selling Thinxtra shares during the
year and the reporting gain to the carrying value of the investment
were positive gains from this investment.
Rakon’s current position is one of strength with a solid and growing
future before it. This belief is underscored by the following key
points:
No bank debt
At the end of FY2018, Rakon had net cash in the bank of $7.4 million.
This is a major change from 18 months ago, when the company had
around $20 million of net debt. Certainly, some of this cash will be
used to purchase the 51% share of Centum Rakon India Private Ltd
(referred to as ‘Centum Rakon India’ or ‘CRI’), as we announced
after balance date, but it places Rakon in a very strong position.
The 100% ownership of CRI
Rakon has completed a pivotal takeover of CRI. As a result,
Rakon has gained full control of a world class, hi-tech, low cost
manufacturing facility in Bangalore. The facility specialises in the
production of OCXOs
4
and other key components necessary for the
fast arriving, global 5G telecommunications roll-out. As well as what
CRI (to be renamed Rakon India) does today, it is highly capable
of much more under Rakon’s full ownership. It will manufacture
additional products that Rakon designs, to grow our other markets. It
will also expand R&D and provide other business support functions.
Having been a 49% owner of CRI for the past decade, we well
understand the business. We also have strong relationships with
the team there, all of whom are very pleased about Rakon taking full
ownership.
The continued investment in R&D ($9.7 million this year)
This work and focus does take time to show in the market place. A
considerable amount of the investment has been focused on leading
edge products for the arrival of the huge 5G global roll-out. While
we have been expecting the 5G roll-out to begin in 2020, some
countries will be beta testing this year. There is no doubt that with
all the new devices being made many will require 5G (autonomous
vehicles being just one example).
The strong association with Siward
Having Siward Crystal Technology Co. Limited (‘Siward’), as
our major shareholder and close manufacturing partner based in
Taiwan, will lead to good opportunities in new markets. Customers
in these markets demand ultra-low prices, lower performance
specifications and very high volumes. Rakon has limited its business
in these markets due to its focus and strength in developing higher
performance, higher margin products. Over the past year, Rakon’s
and Siward’s teams have been working diligently to ensure both
firms can benefit from the market opportunities readily available.
Growing markets and world leading customer relationships
Rakon provides world leading critical timing components to three
core market categories: telecommunications, global positioning
and space & defence. Telecommunications is by far the largest
opportunity but is subject to the greatest volatility, as it relies largely
upon network operator technology roll-out plans. It would however
seem, as stated previously, to be on the cusp of significant growth
over the next five to ten years. Personal Navigation Devices (PNDs)
have been superseded somewhat by smartphones, however, there
is growth in devices that require accurate and robust positioning,
such as autonomous vehicles and the like. Space and defence has
continued its steady growth in volume and profitability, and looks set
to continue in the same vein for the foreseeable future.
Rakon has world leading customer relationships with most Tier One
customers in each market sector. The value of these relationships is
significant and ongoing.
A world leader in frequency control solutions and development
There is no doubt that Rakon is a world leader in frequency control
products and solutions, and especially utilising quartz as the
substrate. Within two of our core markets, our world leading R&D
teams generally give us a period of time at the front of the market
before the lower cost manufacturers catch up and erode our margin.
This time, of course, depends on the complexity of the product. For
instance, Pluto
TM
outlasted this competition for at least ten years in
our ownership and a similar period prior to that. With new products
under development and those soon to arrive, such as Mercury+
TM

Application Specific Integrated Circuit (ASIC) based OCXOs, we
will be well ahead of the competition. Now we will also have the
added advantage of a very high quality, low cost manufacturing plant
in Bangalore that is 100% owned by Rakon. Initially, focus will be
on maintaining high margins for longer and then meeting low cost
competition, with the aim of being the preferred supplier.
A refreshed Board of Directors
Over the past two years we have made major changes to the
Board of Rakon and the new Directors have added fresh insights,
perspective and energy to the strategic and governance processes.
The new team has sought new ways of supporting growth and
profitability.
As I mentioned at the 2016 Annual Shareholders’ Meeting (ASM),
I will retire by rotation this year and not stand for re-election. Bruce
Irvine (current Chair of the Audit & Risk Committee), will replace
me following the ASM and a search is already under way for a
replacement Director.
Closing Comments
The changing market conditions over the past few years have
been tough for Rakon and all of us who are shareholders. This is
now behind us and Rakon can now focus on building on the strong
position that our company is now in.
We have no debt, growing earnings potential, a revenue base in
excess of $100 million and positive operating cash flow. Additionally,
we have a stronger, more agile, trimmed, focused and energised
team at the helm.
It is unfortunate that Rakon’s shares are trading in the low 20 cents,
which is around half the net asset backing of 38 cents. No doubt
Rakon’s years of underperformance are largely to blame, coupled
with virtually no analyst coverage of our stock. But don’t be misled
by that – Rakon is a tech stock that, like global peers, can suffer
market peaks and troughs. Unlike a lot of those peers, Rakon is still
in business and has been for 51 years. Rakon is now in the strongest
position it has been for the past decade. With a net cash position,
strong markets awakening, world leading products coming through,
complete control of a world class, high-tech, low cost manufacturing
facility in Bangalore, and a very strong relationship with Siward, our
company is well positioned for growth.
Thank you for your support over these past years. I look forward
to addressing any questions that you may have at the Annual
Shareholders’ Meeting on 7 August. I particularly look forward to
remaining a very interested shareholder in our company’s future
performance.
Rakon’s current position
is one of strength with
a solid and growing
future before it.
3
Refer to the footnote on page 19 for the definition of Underlying EBITDA as a measure of non-GA AP financial
information, referred to in this document.
4
Product acronyms and definitions are explained in the Glossary on page 19.
5
4

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Brent Robinson
Chief Executive Officer / Managing Director
An improvement in core business and non-recurring gains resulted
in Rakon reporting strong earnings for the year ended 31 March 2018
(FY2018). Rakon reported a net profit after tax of $10.0 million versus
a net loss of $13.6 million in FY2017. Underlying EBITDA
5
, at $12.1
million, increased 200% compared to the previous financial year and
was in line with our reported guidance of between $10.7 million and
$12.7 million.
Revenue, at $101.1 million, increased 7% vs. FY2017, with growth
coming from our space & defence and global positioning markets.
Gross profit amount increased 29% for the year, due to revenue
growth and the mix of business coming from both higher margin
markets and products within these markets. It is pleasing to see our
revenue growing again, with the increase in space & defence coming
from an improved product offering to both new and existing markets.
The strong profit result also included the following non-recurring gains:
• A gain from the sale of the property in France of $2.1 million, with
cash proceeds of $4.5 million
• A gain from the partial sale of shares in Thinxtra of $1.9 million, with
cash proceeds of $3.2 million
• A net dilution gain on Thinxtra shares of $4.8 million, resulting from
an equity accounted net asset gain following Thinxtra’s successful
capital raising.
There was a strong positive movement in Rakon’s cash position,
closing with net cash of $7.4 million vs. net debt of $4.5 million in
FY2017. This allowed Rakon to complete the acquisition of Centum
Rakon India (‘CRI’) after the balance date, from the company’s own
resources. The improvement resulted from positive operating cash of
$7.9 million in the period, as well as Rakon generating $7.9 million from
the sale of assets and investments.
Operational Overview
The company achieved solid progress with strategic objectives focused
on manufacturing partnerships and platforms.
Rakon’s commitments regarding the transfer of a technology license
to our new manufacturing partner and cornerstone shareholder
Siward are almost complete. Siward is now manufacturing Rakon’s
key components primarily for the Global Navigation Satellite System
(GNSS) and location-based services market. It is partnering with
Rakon on key component supply and mitigating previous supply
chain risk for us. The partnership is well established and ready to be
leveraged for the benefit of both parties.
The buyout of the 51% share of Rakon’s joint venture partner
Centum Electronics Limited (‘Centum’) completed after balance
day on 2 May 2018 for US$5.5 million. Rakon now holds 100%
ownership of the CRI business. The buyout was a strategic decision
in line with the company’s manufacturing strategy to have a low
cost operating platform suitable for future growth. Having total
ownership and full decision-making control means that we can
leverage the benefits that this established low cost manufacturing
platform offers. A key support agreement was reached with Centum
to provide services for up to 18 months while Rakon implements its
ownership integration plan.
The sale of Rakon’s property in Argenteuil, France completed in
March 2018, which was a result of a number of years of work to
have the property rezoned for sale. During the year the team in Paris
relocated to a new leased site in Gennevilliers.
R&D focus has been on technology requirements and solution
designs for next generation 5G telecommunications networks and
applications. With the requirements for 5G becoming clearer, it is
pleasing that we are well positioned with our product and technology
offering based on prior years’ R&D roadmaps with products like
Rakon’s Mercury
TM
and Mercury+
TM
ASIC based OCXOs
6
, as well as
very high stability TCXOs. These products are being designed in to
5G Remote Radio Heads (RRHs) and base stations.
Market Update
Telecommunications The company delivered a flat revenue
performance (on a US$ currency basis) in this core market, with
margins improving.
We did not fully capitalise on opportunities with telecommunication
products from CRI; a desire to improve this situation is one of the
drivers in Rakon taking full control of this company.
The small cell market was down as the demand for 4G small cells has
not fully replaced the demand for 3G small cells as anticipated. The
technology and solution design requirements for next generation 5G
telecommunication networks and applications are becoming clearer,
with many operators now waiting for the roll-out of 5G, which requires
remote radio heads, rather than small cells.
5G requires very precise timing where everything has to be
synchronised a lot more accurately. Rakon has been working with its
Tier One customers and we are well positioned with our product and
technology offering, where the requirements are for tighter OCXO and
TCXO specifications. We have a product range that is market leading
and cost competitive and we anticipate roll-outs to start happening at
the back end of FY2019. This will support the market led demand to
get more bandwidth for applications like video over the network and
broadband to the home, using wireless.
Global Positioning Global positioning Tier One customer volumes
and revenue increased. Precise positioning demand for industrial and
autonomous applications grew 25%. This growth was in line with our
strategy and focus, which is in the industrial end of the positioning
market and on precise positioning and machine positioning. We remain
of the belief that this market has great potential.
In China, with its localised positioning satellite network, Rakon’s
revenue increased by 30%. This is the equivalent of the US Global
Positioning System (GPS), where there are geostationary satellites
based over China providing positioning.
The emergency locator beacon market grew 25%, primarily from
the Personal Locator Beacon (PLB) market. People are becoming
more aware of their need for location and Rakon is a dominant global
supplier.
Space and Defence Revenue from Rakon’s space market grew
20%, with 50% of the growth coming from China. We have seen
the market in China open up more recently, with orders being
placed after a long period of restructuring in the country’s space
programme.
Defence revenue grew 25%, mainly from the US region, where we
have seen quite a push from our long-standing Tier One customers.
The microsatellite Low Earth Orbit (LEO) networks present
future opportunities for high volume and new value-add product
development. These very fast moving, low orbit satellites will be
used for internet based communications such as internet based
satellite phones.
Rakon Chair’s Retirement
It was announced at the time of our FY2018 preliminary result that
our Chair, Bryan Mogridge, will retire from the Board at our ASM on
7 August. Bryan joined us just before we listed as a public company
in 2006 and brought a wealth of knowledge and experience to
Rakon’s Board, having chaired and directed many diverse companies.
We will sincerely miss Bryan and we thank him for his significant
contribution. Bruce Irvine, who has been on Rakon’s Board since
2005, will replace Bryan as Chair.
Closing Comments
A strong profit result has been delivered in the year from a return
in the core business, along with a number of other gains. Revenue
started a growth recovery in FY2018 and our balance sheet is very
stable with the movement into a net cash position. The acquisition of
CRI is strategic and significantly important to growing future profit.
FY2019 Outlook
We expect core business to continue to improve. The successful
integration of CRI into Rakon is a key priority in FY2019, and we will
also be focusing on a turnaround to profit from this business. I look
forward to bringing you further updates at our ASM in August.
Nigel Hardy
Principal
Design Engineer
Harlow, UK
At the Rakon UK design centre we
leverage our unique in-house ASIC
design capability, coupled with our
vast experience in frequency control
oscillator design, to deliver a world
leading product range.
Participation in international
standards bodies allows us insight
into the evolving and future
requirements of some of our core
and emerging markets. This allows us
to focus our R&D activity to realise
the right product early in the market
cycle.
The Financial Year 2018 in Review
REVIEW FY2018
Managing Director’s Report
Tarina Olliver
Supply Chain Manager
Auckland, NZ
We expect core
business to continue
to improve.
5
Refer to the footnote on page 19 for the definition of Underlying EBITDA as a measure of non-GA AP financial
information, referred to in this document.
6
Product acronyms and definitions are explained in the Glossary on page 19.
Supply chain management is about
sourcing and managing materials to
customer demand and forecasts, and
then scheduling these through the
manufacturing process. The products
are then shipped to customers, as they
have requested.
We pride ourselves on our extensive
knowledge of each step in this chain,
which helps us to recognise potential
bottlenecks.
We collaborate with our suppliers to
understand any constraints, and with
our customers to understand their
requirements, now and in the future.
By doing this, we can proactively
identify and close the gaps, leading us
to provide a responsive and positive
outcome for our customers.
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6

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Shawn Wang
Graduate Electronics
Engineer
Auckland, NZ
With products that are world leading
in size, cost, and performance, we are
building flexible product platforms
that can then be tailored for different
customers, within a shorter time
frame and at lower costs.
It is exciting to be a part of the team
that keeps pushing the boundaries
and innovates.
Board of Directors
REVIEW FY2018
Brent has 39 years at Rakon,
which include establishing a
global business.
32 years as CEO / Managing
Director.
Under Brent’s leadership
Rakon has grown into
a global business and a
recognised leader in the
industr y.
Honorary Fellow of the
Institution of Professional
Engineers New Zealand.
Awarded the New Zealand
Hi-Tech Trust – Flying Kiwi
Award in 2011.
Brent Robinson
Executive Director
Appointed to Board in 2005.
Bryan has been a public
company Director since 1984.
Formerly Chief Executive
Officer (CEO) of Corporate
Investments and Montana
Wines.
Has chaired BUPA Care
Services NZ Limited,
Yealands Wine Group
Limited, Momentum Energy
Pty Limited, Waitakere City
Holdings Limited, Enterprise
Waitakere, Lantern Hotel
Group Pty Limited, Pyne Gould
Corporation Limited, The New
Zealand Food and Beverage
Exporters Council, The New
Zealand Wine Institute and
The New Zealand Tourism
Board, among many other
companies.
Was also Vice Chair of UBS
New Zealand and a former
Director of Heartland Building
Society Limited.
Other Current Directorships:
BUPA Australia Pty Limited
(Director), Mainfreight
(Director), Adherium (NZ)
Limited (Director), and
Thinxtra Limited (Chair).
Bryan is also a Trustee of the
Starship Foundation.
Bryan Mogridge
onzm, fnziod
Independent Chair

Appointed Chair in 2005.
Bruce was Managing Partner
of Deloitte Christchurch from
1995 until his retirement
i n 2 0 0 7.
Bruce is a professional
Director with extensive
experience across a wide
range of industries. He is
a Chartered Fellow of the
Institute of Directors, as
well as an Accredited Fellow
of Chartered Accountants
Australia and New Zealand
(CAANZ).
He is currently Chair of
Market Gardeners Limited
and Skope Industries Limited.
He is also a Director of PGG
Wrightson Limited, Heartland
Bank Limited, Scenic Hotel
Group Limited, and House of
Travel Holdings Limited.
Involved in a voluntary
capacity as a Trustee of
Christchurch Symphony
Trust.
Bruce Irvine

Independent Director
Appointed to Board in 2005.
Yin Tang Tseng
Non-Executive Director
Appointed to Board in 2017.
Yin Tang (Tony) is the current
Chair of Siward Crystal
Technology Co. Limited,
a substantial shareholder
(16.6%) in Rakon.
Tony has over 30 years of
experience in the Frequency
Control Product (FCP)
industry, having founded
Siward in 1988 and grown
the company to become one
of the leaders in the industry
globally, with revenue of
US$100 + million.
Other Current Directorships:
Securitag Assembly Group
Company Limited.
Keith Oliver
Independent Director
Appointed to Board in 2017
.
Lorraine Witten
Independent Director
Appointed to Board in 2017
.
Keith is a professional
Director and also acts as a
business advisor with ALTO
Capital Limited, where he
is also a Director. He is a
past Director of a range of
NZ technology companies
operating in international
markets in Asia, Europe and
the Americas, several of
which he has been a founder
and investor in.
Other Current Directorships:
Blackhawk Tracking Systems
Limited (Executive Chair),
Health Vision (NZ) Limited
(Chair), and Vigil Monitoring
Limited (Director).
Keith holds a Bachelor of
Engineering (Electrical) with
First Class Honours from the
University of Auckland.
Lorraine is a professional
Director with extensive
experience in technology and
Information Communications
Technology (ICT) sectors, as
well as competence in strategy
and entrepreneurship. She is
a chartered fellow of the New
Zealand Institute of Directors
and has 25 years’ experience
in senior management and
finance roles, including past
General Manager of Telecom
Mobile from 1997 to 2001.
Lorraine is past Chair of
Kordia Group Limited and past
Director of New Zealand Trade
& Enterprise among others.
Current Governance Positions:
Soltius New Zealand Limited
(Chair), StarNow Limited
(Chair), vWork Limited (Chair),
Corrections Department Audit
& Risk committee (Member),
TIL Logistics Group Limited
(Director) and Simply Security
Limited (Chair), a company she
founded in 2007. Lorraine is
also a member of Chartered
Accountants Australia and
New Zealand and Global
Women. She holds a Bachelor
of Management Studies with
First Class Honours from the
University of Waikato.
Board Q&A
Q&A
9
8
With a Rakon culture of excellence,
speed, value creation and innovation,
we are able to understand the needs
of our customers and rapidly address
them to provide the best solutions.
Meeting this challenge is possible
because at Rakon everyone has
opportunities to use and develop their
professional skills in many areas.
Vincent Candelier
Advanced OCXOs
R&D Manager
Gennevilliers, France
What is the role of the Board?
The Board is ultimately responsible for setting the
strategic direction of the company, providing oversight
to the management of the company and direction of
its business strategy, with the ultimate aim to increase
shareholder value.
How does the Board work with management on
strategy?
The Board works with management in a number
of ways to ensure that the strategy that the Board
ultimately sets is the one that it believes will increase
shareholder value the most. This includes:
• Ensuring that management build the initial strategy
based on a suitable strategy framework.
• Probing and challenging management on the
initial strategy selection to ensure there is a
consideration of opportunities beyond where the
company is currently playing; presenting a vision of
alternative choices.
• Prioritising the key areas of strategic focus amongst
the many choices that the strategy selection offers.
• Ensuring that the capital, resources and capability
of the company are sufficient to be able to
deliver the strategy, or are within reach based on
modification.
• Ensuring that the strategy contains a consideration
and vision of the ecosystem in which the company
intends to operate.
• Regular monitoring of the progress of the strategic
plan.
• Ensuring that key executives’ and senior managers’
‘at risk’ incentives are aligned to the strategy.
What benefits have resulted from the Board’s
approach to strategy?
It allows the Board and management to be aligned on
where valuable time and resource should be spent, so
that the opportunity to increase value is maximised.
Because Rakon is a company that has a number
of parts, many of which are international, having
alignment on the strategy allows the Board,
management and all employees to have a clear
direction on what they should be achieving. A further
benefit is the higher level of engagement from
employees.
What is one of the key strategies the Board has been
keen to implement?
The Board has been keen to see a manufacturing
strategy implemented that best supports both
the current and future operational requirements.
Following balance date the company announced that
it would buy out its JV partner in Centum Rakon India,
taking full control of this manufacturing company. This
has been a strategic consideration that the Board and
management have been working on together. It allows
Rakon to have the control to make decisions about
how the site can be used to derive a higher return on
investment for this company and other Group assets.
What work is the Board doing around the NZX Code?
The NZX Corporate Governance Code was released in
2017 and the Board is acutely aware of the importance
of best practice governance.
Initially the Board worked to understand the
company’s gaps against the NZX Code, and then
began working on a plan to implement against those
gaps where it felt that strengthening governance will
result in value being created for shareholders. As at
the end of FY2018, the company is yet to fully adopt
all of the guiding principles of the NZX Code, having a
plan to further progress in the coming financial year.
What are the Board’s other areas of focus?
The Board has many other focusses, such as
ensuring the company operates with high standards
and adapts to the changing environment in which
it operates. Examples include ensuring that the
company maintains its quality in financial reporting
and ensuring that it is compliant with changing
statutory and regulatory requirements, as they evolve.
Ethical importance is also a critical requirement.
The Board ensures that Rakon’s employees have a
clear understanding of what this means through the
Business Code of Conduct.
Ultimately the Board sees itself as being accountable
to shareholders for the performance of the company.

11
10
Margo Thomas
Global General Manager, People and Capability
Margo has been the General Manager of People and Capability
since January 2016. She is responsible for global Human Resources
(HR) strategy, policy, organisational alignment, recruitment and
selection, remuneration, recognition, leadership development,
talent management, change management, employment relations,
consultancy advice, and health and safety.
Margo has held senior HR positions in a range of industries, with Crowe Horwath,
Spark, Westpac and New Zealand Post.
Michael McIlroy
Engineering Manager, Research and Development (NZ)
Michael joined Rakon in 1999. In his role as Engineering Manager,
R&D (NZ), he is responsible for all aspects of Rakon New Zealand’s
research and development function, from early stage research
through to product and technology development. Prior to his current
role, Michael held a number of roles with Rakon including General
Manager of Engineering (NZ) and Manufacturing Manager (NZ).
Michael has been instrumental in the development of many of Rakon’s products, as
well as the implementation of automotive certified, stage gate product development
processes and project and portfolio management.
Scott Stemper
Global Quality Manager
Scott joined Rakon in January 2015 as Global Quality Manager. He
leads the development and improvement of quality processes and
systems to enhance Rakon’s drive to be the leading provider of world
class products.
Scott’s background includes ten years as Global Quality Manager
with Raltron Electronics Corporation and 20 years with CTS Frequency Controls in
oscillator product engineering and quality management roles.
He has also held senior quality management positions with L-3 Communications and
D&S Consultants Incorporated.
Cliff Hand
Senior Programme Manager, Global Integration
Cliff joined Rakon in January 2018. He is responsible for integration
of the global business and driving operational improvements in
productivity and efficiency to increase profitability.
Prior to joining Rakon, Cliff held the position of General Manager for
the Fairview Group’s Glass Relate business. Cliff has held
cross-functional responsibility for finance, supply chain, sales and customer services,
along with operations across two sites.
Over his 25 year career he has held a number of senior positions in a variety of
manufacturing environments, including CEO for Patchell Industries Ltd and nine years at
Fletcher Building.
Global Executives
At Rakon we believe in excellence.
Speed is a key driver and crucial to our
business in getting the products out to
our customers quickly.
Being the first with the best quality
and competitive price is our goal – this
can only be achieved when we think
big, with a common focus and goal.
Teamwork has been the cornerstone of
our success so far.
Chandra Kumar
Team Leader
PM Production
Auckland, NZ
Brent Robinson
CEO / Managing Director & Chief Technology Of ficer
Brent joined Rakon in the 1970s as a radio and electronics
apprentice.
Subsequently, as a member of Rakon’s engineering team, he
developed various key product and production technologies and
in 1986 he was appointed Managing Director and Chief Executive
Officer. Under Brent’s leadership Rakon has grown into a global business and a
recognised leader in the industry.
In his capacity as Chief Technology Officer, Brent drives the business’s technology and
innovation.
Darren Robinson
Sales and Marketing Director
Darren has been Marketing Director since 1990, having earlier held
various roles with the company both in New Zealand and overseas.
He leads the sales and marketing activities for Rakon globally and
has been instrumental in Rakon’s expansion into new markets,
its commercialisation of new applications and its development of
business relationships with many Fortune 500 companies.
Through Darren’s in-depth understanding of the ecosystem and industry, he also plays
an integral part in steering Rakon’s R&D efforts. He guides product development
teams to meet new requirements in emerging applications and to solve problems for
customers and the industry.
Darren is also a strong advocate for Rakon’s commitment to fostering local engineering
talent.
Simon Bosley
Chief Financial Of ficer
Simon joined Rakon in November 2012 and was appointed as Chief
Financial Officer in February 2013.
Simon has had a lead role in the structural change undertaken by the
company in recent years, and has also led M&A activity in line with
the company’s growth strategy. In his current role he is responsible
for Rakon’s finance, information systems and investor relations functions. Simon is also
Rakon’s Company Secretary.
He previously spent ten years with Sony in executive management positions in New
Zealand and Australia. Simon is a member of Chartered Accountants Australia and New
Zealand (CAANZ).
Dr. Sinan Altug
Managing Director, Europe
Sinan joined Rakon in 2002. In his role as Managing Director Europe,
he is responsible for all aspects of Rakon’s European business units,
which include manufacturing operations, R&D sites and sales, and
contributes significantly to Rakon’s turnover.
Prior to his current role, Sinan was Global Business Development and
Applications Director, driving Rakon’s entry and growth in multiple strategic business
segments.
Before joining Rakon Sinan held various management positions in the frequency control
products industry. Sinan holds M.S. EE, Ph.D. EE, and MBA degrees.
Nicolas Gufflet
Quartz Engineering
Manager
France
Rakon is a rewarding multi-science
and multi-cultural global hi-tech
company, where highly skilled teams
challenge themselves every day to
propose new solutions to customers.
With production and research
centres based around the world,
Rakon is able to fulfil many different
requirements: from low cost and high
volume products to state-of-the-art
Ultra Stable Oscillators (USOs). Rakon
utilises these capabilities to ensure
technology leadership.
Business and Strategic Focus
Our trusted
brand
Investment
in R&D
Strong ecosystem
partnerships
& customer
relationships
800+
global team
Deep application
expertise
An extensive review was undertaken of Rakon’s strategic focus during
FY2018, with a strategic plan implemented and adopted across the global
business.
Growth of our
people
Increased
shareholder value
Improved service
and efficiencies for
our customers
Enabling our
customers to
advance technology
REVIEW FY2018
INPUTS
OUTPUTS
Enabling applications
that change the way
we live our lives
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HOW WE
SUCCEED IN
ENABLING THE
CONNECTED
FUTURE
TECHNOLOGY
LEADERSHIP
KEY FOCUS
WORLD
CLASS
QUALITY
KEY FOCUS
OPERATIONAL
EXCELLENCE

PARTNERSHIPS
L
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KEY FOCUS
FAST
RESPONSE
TIMES
KEY FOCUS
PROFESSIONAL
EXCELLENCE
& LEADERSHIP
KEY FOCUS
HIGHLY
FLEXIBLE
PRODUCT
PLATFORMS
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13
12
Summary of Revenue and Profit/(Loss)
For the year ended 31 March 2018
2018
$000s
2017
$000s
Revenue101,12794,738
Underlying EBITDA
7
12,0944,032
Depreciation and amortisation(4,342)(5,609)
Net dilution gain on Thinxtra shares4,815–
One-off cash gains realised on derivatives closed out1,096(1,096)
Interest(501)(1,432)
Adjustment for associates and joint venture share of interest, tax and depreciation(1,751) (2,079)
Impairment(120)(6,594)
Other non-cash items(294)(713)
Income tax credit/(expense)(998)(67)
Net profit after tax9,999(13,558)
Summary of Statement of Cash Flows
For the year ended 31 March 2018
2018
$000s
2017
$000s
Net cash flow
– Operating activities7,9049,503
– Investing activities3,856(8,364)
– Financing activities(4,542)(346)
Net increase/(decrease) in cash and cash equivalents7,218793
Effect of exchange rate changes on cash and cash equivalents246(156)
Cash and cash equivalents at the beginning of the period76(561)
Cash and cash equivalents at the end of the period7,54076
Balance Sheet
As at 31 March 2018
2018
$000s
2017
$000s
Assets
Current assets
Cash and cash equivalents10,3643,305
Trade and other receivables28,39528,249
Assets classified as held for sale–1,969
Derivatives – held for trading2112
Derivatives – cash flow hedges1,078179
Inventories24,17124,286
Current income tax asset14696
Total current assets64,36558,086
Non-current assets
Derivatives – cash flow hedges334115
Trade and other receivables2,7161,365
Property, plant and equipment13,48112,745
Intangible assets9,1159,467
Investment in associates14,64012,0 0 4
Interest in joint venture2,8763,722
Deferred tax asset5,9066,692
Total non-current assets49,06846,110
Total assets113,433104,196
Balance Sheet
As at 31 March 2018
2018
$000s
2017
$000s
Liabilities
Current liabilities
Bank overdraft2,8243,229
Borrowings984,530
Trade and other payables19,10715,246
Derivatives – held for trading911
Derivatives – cash flow hedges144225
Provisions961910
Deferred revenue1012,534
Total current liabilities23,32626,675
Non-current liabilities
Derivatives – cash flow hedges78–
Borrowings–31
Provisions2,7342,909
Deferred tax liabilities24424
Total non-current liabilities3,0562,964
Total liabilities26,38229,639
Net assets87,05174,557
Equity
Share capital181,024181,035
Reserves(20,754)(23,260)
Retained earnings(73,219)(83,218)
Total equity87,05174,557
Total equity and liabilities113,433104,196
Financial Summary
Rakon’s advancements in both
integrated circuit design and crystal
design lead the industry, and allow our
customers to create new products in
applications from communications to
deep space exploration.
Deborah Conn
Customer Service
Manager
Chicago, USA
Amanda
Blades-Farmer
Quality Engineering
Manager
Auckland, NZ
Quality has always been a key focus
at Rakon. At our Auckland facility we
are working toward recertification
for IATF 16949, which is the highest
quality standard.
To deliver world class quality we
continually drive ourselves to get
a little better, each and every day.
Raising the bar is a way of life here at
Rakon.
REVIEW FY2018
This financial summary provides partially
summarised financial information only,
regarding the financial performance of Rakon
Limited for the year ended 31 March 2018.
Please refer to Rakon Limited’s 2018 Annual
Report for the full financial statements and
accompanying notes.

7
Refer to the footnote on page 19 for
explanation of Underlying EBITDA.
13
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15
14
%
Share
of Revenue
Telecommunications
Global Positioning
Space and Defence
Emerging & Other

Markets
Thomas Borja
Senior Product Manager
Auckland, NZ
I love to work for a company that
puts in so much energy – not only
into product development – but also
into understanding our customers’
requirements. It is exciting and
stimulating to look outside our
company and see how Rakon
solutions are widely used.
Our products are in many new
high-tech applications, from
self-driving vehicles to the latest
telecommunications deployments.
I think Rakon has done an excellent
job of developing complex
technologies that allow simple
solutions for our customers.
Rakon is a leader in technology
– which is critical – but developing
business starts with gaining customers’
trust. Our global teams excel in
building relationships based on trust.
I’m very proud that the integrity of
our organisation is evident from top to
bottom.
John Mundschau
General Manager US
California, USA
26
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27
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REVIEW FY2018
Rakon Everywhere
The telecommunications market is undergoing a massive transformation. New
technology and applications drive the need for precise timing requirements. 5G
offers so much more than the current technologies available, including better
reliability, faster speeds and wider bandwidth.
5G will enable critical and highly reliable infrastructure capability. It will enable
applications like tele-surgery, based on remote robotic operation capabilities; and
intelligent transportation, based on autonomous driving vehicles. 5G will enable
next generation industrial automation of essential infrastructure, for resources
like energy and water. The architecture of 5G also supports the ability to connect
anything to the Internet – enabling the evolution of emerging new markets
like the IoT. Broadband connectivity within homes using copper and fibre lines
will also be replaced by the high speed wireless connection capability of 5G.
Indoor location identification will become a reality, for instance, identifying a
person’s location within metres while inside a multi-storey shopping mall. Virtual
and Augmented Reality (VR & AR) will also be possible. For example, super
imposing physical and digital views to identify things like underground pipes and
cables embedded beneath roads.
Most of the world’s existing networks need to be upgraded to receive the best
of what 5G can offer, and Rakon has a product for almost every type of network
equipment needed.
Products and Markets
Have you ever needed to activate an Emergency Position Indicating Radio
Beacon (EPIRB) or a Personal Locator Beacon (PLB) to alert search and
rescue to your remote location? In an emergency it can be a life saver. A
system of satellites receives the distress transmissions when these beacons
are activated and relays them to a control centre for action. Deep inside the
beacons is a TCXO from Rakon. Today Global Navigation Satellite System
(GNSS) technology can be found everywhere. Applications include location
based services, in-dash navigation, agriculture and surveying, autonomous
vehicles and drones.
For Rakon’s space and defence products, reliability and performance are
vital. Rakon’s solutions can be found within many international programmes.
Applications include instrumentation, aircraft radar systems, remote sensing
satellites, launch vehicles (rockets), deep-space probes and many more.
Do you want to monitor your pet’s activity?
That’s exactly what Xavier Burger, a fourteen
year old from New Zealand, wanted to do after
his pet bird died. To spare a new bird from the
same fate he used a Sigfox device to develop a
solution. After some tweaking and programming
support from the Thinxtra
8
team, the solution
went live. Suspecting the bird had died from
either heat or falling off his perch, he now has
a temperature sensor installed to make sure the cage is not too hot and a 3D
accelerometer sensor to detect if the bird falls. This is just one example of the
plethora of emerging possibilities available with the IoT. Rakon’s products are
able to provide the frequency references for IoT applications.
8
Rakon has a 21.5% shareholding in Thinxtra as at 31 March 2018.
• 50 years of strong heritage in high technology across
multiple markets; embedded in renowned international
programmes.
• Continuous pioneering of innovative product solutions.
• In-house design teams who design patented ASIC
technology and proprietary testing equipment.
This is a unique capabilit y in the FCP domain – enabling
next generation technologies.
• Reliabilit y and performance, including under extreme
conditions.
Telecommunications
Space & Defence
Global Positioning
Emerging & Other Markets
The equipment that enables
communications networks to operate.
Includes base stations, microwave
backhaul transmission, optical networks,
small cells and network timing. OCXOs,
TCXOs, VCXOs and XOs.
Includes all Global Navigation Satellite
System (GNSS) equipment and other
positioning systems. Applications include
Personal Navigation Devices (PNDs), high
precision positioning (surveying, mining,
and agriculture), emergency rescue
beacons, aviation, drones, automotive,
and sport and recreation products. TCXOs,
XOs and Crystals.
Applications where reliability, precision
and performance are all critical. This
market also includes avionics and other
high reliability applications. DPCSSs,
OCSOs, USOs, OCXOs, TCXOs, VCXOs,
XOs and Crystals.
Many applications including wireless control,
test and measurement, smart grids and
metering, Machine-to-Machine (M2M),
the Internet of Things (IoT), as well as
other emerging markets. OCSOs, OCXOs,
TCXOs, VCXOs, XOs and Crystals.
• Broad product offering.
• Cost competitive global manufacturing platform.
• Localised technical support and customer service
structure.
• Preferred and long term supplier to most Tier One and Tier
Two customers in key markets.
• Leveraging established ecosystem partnerships.
• Rakon listens to its customers, participates in industry
standards commit tees, and continuously evolves the
business around emerging requirements of target industries.
Why Customers Choose Rakon
Rakon products can be found over land, under the sea, above the Earth and beyond.
15
14

17
16
Preston Hatcher
Business Strategy &
Planning Manager
Auckland, NZ
Selecting partners and suppliers who
can help Rakon achieve its strategic
outcomes is an important focus for
Rakon management. Having a partner
like Siward, which is operationally
efficient and can produce to Rakon
specification and at the right quality
level, is key to improving stakeholder
value.
REVIEW FY2018
Centum Rakon India (‘CRI’) manufactures
high-performance Frequency Control
Products (FCPs) primarily for the global
telecommunications market. Most of
these are sold through Rakon’s French
subsidiary to telecom network and
equipment manufacturers. Additionally,
Rakon India designs and manufactures
high performance FCPs for the defence,
aeronautics and space markets in India.
On 27 February 2018, Rakon announced
it was in advanced discussions with
Centum Electronics Limited (‘Centum’)
to buy its 51% shareholding in the India
based company CRI. Rakon held a 49%
shareholding in CRI. On 30 April 2018
the company confirmed it would take full
control of the CRI joint venture operations
after the signing of an agreement for the
buyout of its partner Centum. Transition
of full control occurred on 2 May 2018.
Brent Robinson said bringing Rakon India
under Rakon’s full control was a strategic
decision.
“It now gives us flexibility to invest further
into the capability of its manufacturing
Manufacturing StrategyManufacturing Strategy
Rakon’s focus and strategy in the financial year has included building on
its low cost manufacturing platform. This has been achieved through
its acquisition of Centum Rakon India (to be renamed Rakon India), and
through expanding on its relationship and partnership with Siward.
Centum Rakon India
Siward, Taiwan
On 15 February 2017, Taiwanese company
Siward Crystal Technology Co. Limited
(‘Siward’) paid Rakon US$10 million. In turn,
Rakon allotted to Siward 38,016,681 new
ordinary shares and announced it would
now move to meet the requirements of a
technology license signed by the parties. The
allotment provided Siward with an
after-placement stake of 16.6% in Rakon.
Brent Robinson noted that Siward’s
contribution to the business would go beyond
strengthening the balance sheet.
“The newly established partnership with
Siward opens a number of new opportunities
for both companies, which they intend to
accelerate.”
Over the past financial year the relationship has
strengthened between the two companies.
Rakon Business Strategy and Planning
Manager Preston Hatcher has been leading
the technology transfer as well as focusing on
bringing the two companies closer together. He
has spent considerable time working closely
with the team at Siward’s headquarters in
Taichung City, Taiwan and believes the Siward
and Rakon businesses complement each other
well.
“Siward excels at operational excellence and
high volume, low cost production. Its facility
is highly automated and it has the scale and
capability to deliver very large volumes.
Partnering with Siward enables us to provide a
plant. It will allow us to leverage the full
potential of what is a high quality, low-cost
operating platform suitable for growth, and
provide the unconstrained ability to align the
business with our international operations.
Additionally, it gives us direct access to the
growing market in India.
“Over time we expect further benefits to arise
as we leverage the opportunities that this
platform makes available to our R&D bases in
the United Kingdom, France and New Zealand.”
Rakon Senior Programme Manager – Global
Integration Cliff Hand said the integration
programme, which involves fully integrating
CRI into the global business, is progressing
well. Cliff has been based at Bangalore, India
since April 2018 and is leading the programme
through to its completion.
“Centum is continuing to provide some
support functions in the short term. The
integration programme is putting the necessary
operational support structures in place to
ensure continuity of supply with our customers
during this period and beyond.”
Cliff believes that the low cost manufacturing
platform CRI provides has the potential to grow
the Rakon business significantly in the coming
years.
“Rakon has built a sound strategic platform
and is committed to investing and growing the
business at CRI, to make it bigger and even
better in the longer term. The team here is very
enthusiastic about the opportunities that this
may bring.”
complete Frequency Control Product offering
to our customers. Rakon excels at breaking
ground with high performance frequency
control products. Combining the two strengths
in this partnership, we are able to offer crystals,
XOs, TCXOs and VCXOs in large volumes and
very price competitively.”
Preston says Siward’s similar work culture and
ethic has also helped build a closer working
relationship.
“Siward has a great team with a lot of
knowledge and expertise in producing at large
scale. There are a lot of similarities between
the two businesses, such as the depth of
knowledge in areas of core competency and
the importance placed on teamwork and
relationships built on trust. Like Rakon, Siward
also has sustained longevity (30 years) in a
highly competitive, high-tech industry.”
Cliff Hand
Senior Programme
Manager
Global Integration
Auckland, NZ
At Rakon, we are focused on achieving
increased value for our customers and
other stakeholders. We do this through
the formation and implementation
of strategies such as low cost
manufacturing and partnerships.
Rakon also continues to cultivate an
engaged workforce who are
customer-centric and committed to
achieving operational excellence.
17
16

At Rakon we use our highly flexible
product platforms to help us to
find solutions for world leading
technology companies. As part of
the research and development team,
I find this drives innovation and
motivates us to come up with new
creative ideas.
19
18
It’s the people that make Rakon
successful. I’m proud to work with a
global team of high calibre individuals
who are committed to the group effort
of designing and manufacturing market
leading products.
Margo Thomas
Global General Manager
People & Capability
Auckland, NZ
The last three to four years at Rakon were focused on
right-sizing the business to bring it into balance with the
realities of the marketplace at that time. The instabilities
caused by those activities are now behind us and we have
a stable financial and organisational platform from which
to focus on growth.
Rakon is a fast paced, technical, global company with a strong
heritage in all of its core markets. The company’s focus is on product
performance, reliability, quality and speed to market. Rakon partners
with key ecosystem influencers and understands market needs,
enabling it to develop the next innovative solution. Its engineers work
within technically challenging environments and it interacts daily with
world renowned government agencies, organisations, and equipment
and infrastructure companies.
As technologies evolve at a rapid pace, the nature of the industry is
dynamic, so a proactive culture of innovation and advancement is
required. This fosters a culture around making things happen quickly
and doing things better each day.
In today’s world the effects of climate change are becoming
increasingly evident and there is a heightened awareness of the need
to sustain our environment for future generations.
Rakon recognises the importance of protecting the world’s
environment and natural resources and must comply with applicable
regulatory environmental requirements. It has achieved ISO14001
certification at its manufacturing facilities in New Zealand and
India. This is an internationally agreed standard that sets out the
requirements for an organisation’s environmental management
system.
The company encourages the creation of environmentally friendly
products and technologies through its design and development
processes. It routinely monitors and reports material content within
its products to comply with major environmental directives like
Restriction Of Hazardous Substances (ROHS); and Registration,
Evaluation, Authorisation and Restriction of Chemicals (REACH).
The company also fully supports international actions for responsible
supply chain management of conflict minerals. Rakon avoids using
these minerals if sourced from conflict-affected countries. It also
supports international actions for the prevention of human rights
abuses in conflict-affected and high-risk areas of the Democratic
Republic of Congo (DRC) and surrounding areas.
Across the global business, initiatives are ongoing to minimise and
recycle waste, conserve water and ensure Rakon becomes more
efficient in its use of energy and natural resources.
The company participates in the Carbon Disclosure Project (CDP) and
has been reporting on CO
2
emissions since 2011.
Rakon will continue to make improvements in this vital area of
environmental responsibility, and will do what it can to protect the world
we live in and achieve environmental best practice.
Definition of Underlying EBITDA
Rakon has used ‘Underlying EBITDA’ as a measure of non-GA AP financial
information in this 2018 Review document. Underlying EBITDA is defined as
“earnings before interest, tax, depreciation, amortisation, impairment, loss
on disposal of assets, employee share schemes, non-controlling interests,
adjustments for associates and joint ventures share of interest, tax &
depreciation, and other cash and non-cash items.” Underlying EBITDA is
a non-GA AP measure, with its presentation not being in accordance with
GA AP. The Directors present Underlying EBITDA as a useful non-GA AP
measure to investors, in order to understand the underlying operating
performance of the Group and each operating segment, before the
adjustment of specific non-cash charges and before cash impacts relating
to the capital structure and tax position. Underlying EBITDA is considered
by the Directors to be the closest measure of how each operating segment
within the Group is performing. Management uses the non-GA AP measure
of Underlying EBITDA internally, to assess the underlying operating
performance of the Group and each operating segment. The use of
Underlying EBITDA for F Y2017 and F Y2018 has been extracted from audited
financial statements. This document should be read in conjunction with the
Rakon Limited Annual Report 2018. A detailed reconciliation of Underlying
EBITDA to Net (Loss)/Profit for the year is contained at Note B1 c) of the
financial statements.
REVIEW FY2018
Rakon and the Future
Crystal Resonator (Xtal)
At the heart of XOs, VCXOs, TCXOs and OCXOs are quartz crystals,
which are designed to resonate with electrical stimulation using
the piezoelectric effect.
Crystal Oscillator (XO)
An XO is a quartz crystal combined with oscillation circuitry to
generate a repeating electric signal.
Digital Pulse Compression Sub-System (DPCSS)
A fully programmable system solution used to upgrade an existing
radar, improve performance and extend its life.
Oscillator
A circuit or device that generates a repetitive electric signal and
consists of a resonator and electronic components.
Oven Controlled Crystal Oscillator (OCXO)
A crystal oscillator that uses a miniaturised oven to keep its
internal temperature constant.
Oven Controlled SAW Oscillator (OCSO)
An oven controlled oscillator using Surface Acoustic Wave (SAW)
technology instead of a quartz crystal.
Surface Acoustic Wave Resonator (SAWR)
At the heart of SAW oscillators are SAW resonators that use the
piezoelectric effect to generate electrically stimulated acoustic
waves at a resonant frequency.
Temperature Compensated Crystal Oscillator (TCXO)
A crystal oscillator with additional circuitry to remove frequency
variations due to temperature change.
Voltage Controlled Crystal Oscillator (VCXO)
A crystal oscillator with an adjustable output frequency.
Glossary
On the visible horizon, all the markets we serve point to increasing demand for Rakon
products. Applications will continue to consume whatever bandwidths the infrastructure
has in place. In today’s world, current networks can’t cope with existing demand, and new
application possibilities can only become a reality with the network infrastructure that is
available.
In the telecommunications market, 5G deployment looks set to become
a reality in the next two years. This technology will require bigger and
better of everything we currently have available. Bigger throughput, a
larger number of connections, lower latency, longer battery power,
better reliability and better spectrum efficiency. With support of
ubiquitous fibre infrastructure and other high capacity backhaul
technologies, large data throughput is possible with distributed
base station architectures, small cells and remote radio heads. In
the space market, data transfer is limited to the number of satellites
in orbit. In the global positioning market, data transfer for applications
like autonomous vehicles, precision farming and emergency beacons
is limited to the networks available to support them.
Whatever the application may be, within every node, within
every network, a stable and reliable timing and frequency
reference is required for the successful transfer of
data. Rakon products provide this timing, enabling the
connectivity for today’s applications as well as the
technological possibilities of the future.
Brent Robinson
Chief Executive Officer / Managing Director
Culture
The Environment
Ryan Barron
Research Engineer
Auckland, NZ

Registered Office
Rakon Limited
8 Sylvia Park Road
Mt Wellington
Auckland 1060
New Zealand
Telephone: +64 9 573 5554
Website: www.rakon.com
Mailing Address
Rakon Limited
Private Bag 99943
Newmarket
Auckland 1149
New Zealand
Principal Lawyers
Bell Gully
PO Box 4199
Shortland Street
Auckland 1140
New Zealand
Auditors
PricewaterhouseCoopers
Private Bag 92162
Auckland 1142
New Zealand
Bankers
ASB Bank
PO Box 35
Shortland Street
Auckland 1140
New Zealand
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Victoria Street West
Auckland 1142, New Zealand
Managing Your Shareholding Online:
To change your address, update
your payment instructions or view
your investment portfolio including
transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Directory
www.rakon.com