Report - Kongsberg Gruppen 2007 - Kongsberg Maritime ...

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34 STATEMENT OF CASH FLOWS KONGSBERG GRUPPEN (THE GROUP) Amounts in MNOK Notes 2007 2006 Profit for the year 986 252 Depreciation on property, plant and equipment 170 163 Amortisation on intangible assets 44 16 Net finance expense 67 58 Gain on disposal of property (253) - Gain on changes in pension plan (341) - Income tax expense 293 138 Earnings before tax prior to depreciation, amortisation and non-recurring items 966 627 Adjusted for Change in prepayments from customers 441 (120) Change in project accruals 304 264 Change in other current liabilities 348 208 Change in inventories (421) (266) Change in receivables (186) (292) Changes in projects in progress (230) 146 Change in other accrual items (181) 72 Income tax paid (26) (16) Net cash flow from operating activities 1 015 623 Net cash flow from investing activities Proceeds from sale of property shares 8 571 - Proceeds from sale of property, plant and equipment 13 10 7 Acquisition of property, plant and equipment 13 (432) (221) Capitalised proprietary intangible assets (R&D) 14 (72) (17) Acquisition of subsidiaries and minority 6 (281) (225) Payment of loans and acquisition of shares 6, 14, 20 (134) (64) Net cash flow from investing activities (338) (520) Net cash flow from financing activities Repayment of loans (300) (13) Interest received 5 4 Interest paid (59) (51) Net payments for the purchase/sale of treasury shares (12) (3) Dividends paid to equity holders of the parent (75) (65) Net cash flows used in financing activities (441) (128) Net change in cash and short-term deposits 236 (25) Cash and short-term deposits at 1 Jan. 711 736 Cash and short-term deposits at 31 Dec. 947 711 Kongsberg – Annual Report and Sustainability Report 2007
THE GROUP VISION, OBJECTIVES AND DIRECTORS' REPORT & ACCOUNTS BUSINESS ACTIVITIES CORPORATE GOVERNANCE AND SUSTAINABILITY REPORT 1–11 STRATEGY 12–19 20–75 76–101 FINANCIAL STATEMENTS 102–125 126–160 35 CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE YEAR ENDED 31 DECEMBER 2007 KONGSBERG GRUPPEN (THE GROUP) Amounts in MNOK Notes 2007 2006 2005 Change in the fair value of shares and hedging instruments and deferred income in connection with cash flow hedges – Change, cash flow hedges 17, 24 270 (11) (168) – Change, interest swap agreements 17, 24 14 29 25 – Change, available-for-sale shares 20 (25) 87 7 Recognised actuarial gains/losses on pension expenses 11 26 (118) (315) Translation differences, currency (29) (20) (5) Implementation effect IAS 39 – Excess value, cash flow hedges - - 254 – Negative value, interest swap agreements - - (68) – Excess value, available-for-sale shares - - 29 Tax on items taken directly to equity (87) 28 68 Income and expenses recognised directly in equity 169 (5) (173) Profit for the year 986 252 262 Total recognised income and expenses 27 1 155 247 89 Profit attributable to Equity holders 1 150 244 89 Minority interests 5 3 0 NOTES KONGSBERG GRUPPEN (THE GROUP) 1 General information The Board of Directors approved Kongsberg's consolidated financial statements for the year ended at 31 December 2007 at its meeting on 11 March 2008. Kongsberg Gruppen ASA (Kongsberg) is a public limited liability company headquartered in Kongsberg, Norway. The company's shares are traded on the Oslo Stock Exchange. 2 Basis for the preparation of the consolidated accounts The financial statements are presented in Norwegian kroner (NOK), and all figures have been rounded off to the nearest million unless otherwise specified. The consolidated financial statements are presented in accordance the EUapproved International Financial Reporting Standards (IFRS) and the appurtenant interpretations, as applied at 31 December 2007. The consolidated financial statements have been prepared on an historical cost basis except for the following assets and liabilities: Financial derivatives measured at fair value Financial instruments which do not qualify for hedging and which are measured at fair value, and the change in fair value is recognised through profit or loss relat ed to the sale and lease back of properties described in more detail in Note 24 "Financial instruments – Interest risk related to loans" Financial available-for-sale assets, measured at fair value The liability related to the cash-based option scheme for employees, measured at fair value. The principles for determining the fair value are described in more detail in Note 4 "Fair value" Uncertainty associated with estimates and the evaluation of the accounting policy During the preparation of the financial statements, the company's management has applied its best estimates and assumptions considered to be realistic based on historical experience. The estimates are reviewed on an ongoing basis. Situations can arise that alter the estimates and assumptions, and which will in turn affect the company's assets, liabilities, revenues and expenses. Modified estimates are recognised in the period in which the estimates are changed and in future periods where relevant. Kongsberg – Annual Report and Sustainability Report 2007
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127 SUSTAINABILITY REPORT Corporate
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161 ADDRESSES The Group is headquar
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