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Asia and Australia Our sales and marketing strategy in Asia and Australia has been to develop and strengthen distributor relationships throughout these continents. Our market focus in Asia and Australia is energy efficiency and natural resources. Our historical sales in Southeast Asia and Australia have primarily been in the oil & gas market. Other areas in Asia and the Pacific Rim offer attractive opportunities as well. South Korea and China are areas where resource recovery applications and CHP and CCHP solutions are expected to experience market growth. Europe and Russia To address the European market, including Russia, we are strengthening our relationships with existing and new distributors and have increased Capstone local sales and service support. We have an office in Europe for the purpose of working with our distributors there on a daily basis to realize growth opportunities. We have established a spare parts distribution center in Europe to make parts readily available to our distributors. Renewable energy applications have been growing in Europe based on attractive incentives established in several countries. Further, Europe has a history of extensive use of distributed generation technologies. South America Our sales and marketing strategy in South America has been to develop and strengthen distributor relationships throughout South America. Our market focus in South America is energy efficiency and natural resources. Our historical sales in South America have primarily been in the natural resources market. Revenue For geographic and segment revenue information, please see Note 2—Summary of Significant Accounting Policies—Segment Reporting in the ‘‘Notes to Consolidated Financial Statements.’’ Customers Sales to Banking Production Centre (‘‘BPC’’), one of the Company’s Russian distributors, and Pumps and Service Company (‘‘Pumps and Service’’), one of the Company’s domestic distributors, accounted for 23% and 18%, respectively, of revenue for the year ended March 31, 2011. Sales to BPC accounted for 23%, 14% and 13% of our revenue for the years ended March 31, 2011, 2010 and 2009, respectively. Sales to Pumps and Service accounted for 18%, 4% and 6% of our revenue for the years ended March 31, 2011, 2010 and 2009, respectively. Sales to Aquatec-Maxcon Pty Ltd. (‘‘Aquatec’’), our Australian distributor, accounted for 4%, 14% and 5% of our revenue for the years ended March 31, 2011, 2010 and 2009, respectively. Additionally, BPC and Verdesis S.A. (‘‘Verdesis’’), the Company’s Belgian distributor, accounted for 26% and 10%, respectively, of net accounts receivable as of March 31, 2011. BPC and Greenvironment plc, the Company’s Finnish distributor, accounted for 20% and 16%, respectively, of net accounts receivable as of March 31, 2010. Competition The market for our products is highly competitive. Our microturbines compete with existing technologies such as reciprocating engines and may also compete with emerging distributed generation technologies, including solar power, wind-powered systems, fuel cells and other microturbines. Many potential customers rely on the utility grid for their electrical power. As many of our distributed generation competitors are large, well-established companies, they derive advantages from production 10PDF Image | 2011 Annual Report Capstone Turbine Corporation
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