Report - Kongsberg Gruppen 2007 - Kongsberg Maritime ...

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92 KONGSBERG DEFENCE & AEROSPACE IN BRIEF Kongsberg Defence & Aerospace is Norway's premier defence enterprise when it comes to advanced technological defence systems. Main figures Amounts in MNOK 2007 1) 2) 2006 2) 2005 3) 2004 3) 2003 4) 2002 4) Operating revenues 3 338 2 997 2 650 2 791 3 084 3 084 Earnings before interest, tax and amortisation (EBITA) 273 182 135 (13) 93 178 Operating margin prior to amortisation (%) 8.2 6.1 5.1 (0.5) 3.0 5.8 Backlog of orders 7 232 3 253 3 124 3 648 4 352 3 729 New orders 7 085 3 071 1 980 2 000 3 706 1 961 Kongsberg Defence & Aerospace AS Missile Systems & Aerostructures Dynamic Systems Naval Systems & Surveillance Integrated Defence Systems See the next page for notes 1, 2, 3 and 4. Employees by level of education Operators 15% Other salaried employees (up to 3 years' higher education) 10% Engineers/ technicians (up to 3 years' higher education) 44% Graduate engineers (and other higher education – 4 years or more) 31% The business area (BA) has long traditions of developing and manufacturing sophis - ticated systems in close collaboration with the Norwegian Armed Forces. Kongsberg's anti-ship missiles, com - mand and weapon control systems and com munications solutions have proven competitive in the export market, even though Kongsberg is a small player by in - ternational standards. Alliances with major foreign defence enterprises are a key part of the BA's international marketing strategy. The two most important events in 2007 were the production contract for the new Naval Strike Missile (NSM) with the Armed Forces' Logistics Organisation and the framework agreement with the US Army for weapon control systems for the CROWS programme. In 2007, the BA earned MNOK 3 338 in operating revenues, compared with 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 93 MNOK 2 997 in 2006, an increase of 11 per cent. The year's operating profit (EBITA) was MNOK 273, compared with MNOK 182 in 2006. The backlog climbed by 122 per cent, and totalled MNOK 7 232 at year-end 2007, compared with MNOK 3 253 in 2006. Roughly 60 per cent of the orders booked in 2007 were for the export market. Kongsberg Defence & Aerospace hired 218 new co-workers in 2007 and had 1 595 employees at year end. INTERVIEW Kongsberg Defence & Aerospace's operations Torbjørn Svensgård, president Norwegian Defence and Security Industries Association (FSi)/NHO THE ARMED FORCES AND INDUSTRY – STRATEGIC PARTNERS Operating revenues MNOK 2 500 2 000 1 500 1 000 500 0 02 4) 03 4) Outside Norway 04 3) 05 2) Norway 06 2) 1) 2) 07 Total number of employees 1 595 Number of employees, Norway 1 508 Number of employees, outside Norway 87 New employees, 2007 218 Turnover in % 3.2 Earnings before interest, tax and amortisation (EBITA) MNOK 1) The figures are presented before non-recurring items related to the settlement of the pension plan and gains on the disposal of property. 2) The figures are presented in accordance with IFRS (International Financial Reporting Standard), and jointly controlled undertakings are consolidated using the proportionate consolidation method. 3) The figures are adjusted for effects at the transition to IFRS, and the sale of yachting activities and jointly controlled operations are consolidated using the proportionate method of consolidation. 4) The figures are not adjusted for effects in connection with the transition to IFRS, but are presented according to NGAAP. Jointly controlled operations are reported as associates. 300 250 200 150 100 50 0 -50 02 4) 03 4) 04 3) 05 2) 06 2) 1) 2) 07 For the 100 or so members of FSi, it is important to have good cooperation to en sure industry good insight into what the Armed Forces plans to procure. For the Armed Forces, it is important to utilise in dus - try's expertise to procure the right materiel. Smooth cooperation is contingent upon a good dialogue. This will engender predictability, a pre requisite for investing in a market known for the fact that it takes many years from the time a project is implemented until a product is on the market. To maintain a viable defence industry, we need stable, long-term frame - work conditions which ensure stra tegic cooperation between the Armed Forces and industry. How important will the purchase of Norwegian fighter craft be to the Norwegian defence and security industry? This project will be the largest procurement ever made on Mainland Norway, so it is profoundly im - portant. The procurement represents an enorm ous investment. It also offers a unique oppor tu nity for continued growth and development in the defence industry. The fighter craft project is also a formidable challenge for the industry. The Armed Forces will be spending most of its investment funds on fighter craft for many years. Other pro curements will be reduced correspondingly. This means a smaller do - mestic market that must be compensated by the industry taking part in the fighter craft project and related projects, e.g. through offset agreements. Should this fail, the situation could be very grave for the defence industry. Secondly, fighter craft tech nology is in the vanguard of development. The com panies participating in the project will get a tech nolo gical boost, improving their competitive - ness. Thirdly, the fighter craft market is a rather exclusive one. If you gain access to a 'fighter craft cluster' and become an integral part of the global supply chain, you have a unique strategic platform for growth and further development of strategic alliances. Such a unique strategic position and link to the major global players could give the com panies invaluable support in terms of other markets and niches. Kongsberg – Annual Report and Sustainability Report 2007
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ANNUAL REPORT AND SUSTAINABILITY RE
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13 VISJON, OBJECTIVES AND STRATEGY
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21 DIRECTORS' REPORT AND ACCOUNTS G
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161 ADDRESSES The Group is headquar
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