Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

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2 INTRODUCTION 7 DIRECTORS’ REPORT AND 18 FINANCIAL STATEMENTS 64 CORPORATE GOVERNANCE 76 FINANCIAL CALENDAR AND ADDRESSES 18 KONGSBERG Annual Report 2011 CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER KONGSBERG GRUPPEN (GROUP) Amounts in MNOK Note 2011 2010 Revenues 6 15 128 15 497 Total revenues 15 128 15 497 Cost of sales 7 (5 609) (6 906) Personnel expenses 8 (4 539) (4 003) Other operating expenses 28 (2 586) (2 103) Earnings before interest, taxes, depreciation and amortisation (EBITDA) 2 394 2 485 Depreciation 10 (262) (269) Earnings before interest, taxes and amortisation (EBITA) 2 132 2 216 Amortisation 11 (97) (103) Earnings before interest and taxes (EBIT) 2 035 2 113 Financial income 13 49 49 Financial expenses 13 (76) (65) Earnings before taxes (EBT) 2 008 2 097 Income tax expense 14 (578) (597) Profit for the year 1 430 1 500 Attributable to Equity holders of the parent 1 431 1 495 Non-controlling interests (1) 5 Earnings per share in NOK - profit for the year/profit for the year, diluted 15 11.93 12.46 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD 1 JANUARY – 31 DECEMBER KONGSBERG GRUPPEN (GROUP) Amounts in MNOK Note 2011 2010 Profit/loss for the year 1 430 1 500 Change in fair value -Cash flow hedges, currency 20F (261) (60) -Available-for-sale shares 16 (12) (44) Actuarial gains/losses 9 (246) (54) Translation differences, currency 14 27 Taxes on items recognised in statement of comprehensive income 14 142 32 Comprehensive income for the period 1 067 1 401 Of which Equity holders of the parent 1 068 1 396 Non-controlling interests (1) 5
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER KONGSBERG GRUPPEN (GROUP) Amounts in MNOK Note 31 Dec 11 31 Dec 10 ASSETS Non-current assets Property, plant and equipment 10 2 430 2 182 Goodwill 11, 12 1 998 1 781 Other intangible assets 11 746 655 Available-for-sale shares 16 114 129 Other non-current assets 17 144 101 Total non-current assets 5 432 4 848 Current assets Inventories 7 3 274 3 034 Receivables 18 2 645 1 694 Construction contracts in progress, asset 19 799 936 Derivatives 20A 385 805 Cash and short-term deposits 21 3 083 2 660 Total current assets 10 186 9 129 Total assets 15 618 13 977 EQUITY, LIABILITIES AND PROVISIONS Equity Issued capital 982 982 Other capital reserves 90 276 Retained earnings 4 392 3 599 Equity attributable to owners of the parent 5 464 4 857 Non-controlling interests 20 24 Total equity 22 5 484 4 881 Non-current liabilities and provisions Long-term interest-bearing loans 20D 570 847 Pension liabilities 9 460 316 Derivatives 20A 6 6 Provisions 23 126 147 Deferred tax liability 14 609 546 Other non-current liabilities 105 62 Total non-current liabilities and provisions 1 876 1 924 Current liabilities and provisions Construction contracts in progress, liability 19 2 703 2 695 Derivatives 20A 330 173 Provisions 23 1 075 1 035 Short-term interest-bearing loans 20D 322 - Other current liabilities 24 3 828 3 269 Total current liabilities and provisions 8 258 7 172 Total liabilities and provisions 10 134 9 096 Total equity, provisions and liabilities 15 618 13 977 Kongsberg, 27 March 2012 Finn Jebsen Chairman Roar Marthiniussen Director Anne-Lise Aukner Deputy chairman Helge Lintvedt Director Erik Must Director Kai Johansen Director Irene Waage Basili Director John Giverholt Director Walter Qvam President and CEO 2 INTRODUCTION 7 DIRECTORS’ REPORT AND 18 FINANCIAL STATEMENTS 64 CORPORATE GOVERNANCE 76 FINANCIAL CALENDAR AND ADDRESSES KONGSBERG Annual Report 2011 19
Page 1 and 2: ANNUAL REPORT 2011
Page 3 and 4: KEY FIGURES 2011 Beløp i mill. kr
Page 5 and 6: PRESIDENT AND CEO WALTER QVAM KONGS
Page 7 and 8: http://www.kongsberg.com/en/kog/inv
Page 9 and 10: as there are several large contract
Page 11 and 12: In October, KONGSBERG acquired 100
Page 13 and 14: The KONGSBERG share and shareholder
Page 15 and 16: effects of currency fluctuations of
Page 17: Salaries and other remuneration to
Page 21 and 22: CONSOLIDATED CASH FLOW STATEMENT 1
Page 23 and 24: control. Goodwill is calculated at
Page 25 and 26: of materials, direct payroll expens
Page 27 and 28: O) Equity (i)Treasury shares Own eq
Page 29 and 30: achieved by ensuring that the Group
Page 31 and 32: Geographical information In present
Page 33 and 34: Change in net pension liabilities r
Page 35 and 36: 11 INTANGIBLE ASSETS Amounts in MNO
Page 37 and 38: 13 FINANCIAL INCOME AND FINANCIAL E
Page 39 and 40: 18 RECEIVABLES Amounts in MNOK 31 D
Page 41 and 42: B) Currency risk and hedging of cur
Page 43 and 44: Cash flow hedges - hedging reserve
Page 45 and 46: F) Summary of financial assets and
Page 47 and 48: Treasury shares KONGSBERG held 74 9
Page 49 and 50: Elements of Management Remuneration
Page 51 and 52: Shares owned by, and compensation t
Page 53 and 54: Norspace AS On 21 September 2011, K
Page 55 and 56: INCOME STATEMENT AND BALANCE SHEET
Page 57 and 58: 1 The financial statements for Kong
Page 59 and 60: approved annually by the Norwegian
Page 61 and 62: STATEMENT FROM THE BOARD OF DIRECTO
Page 63 and 64: 2 INTRODUCTION 7 DIRECTORS’ REPOR
Page 65 and 66: REPORT ON CORPORATE GOVERNANCE KONG
Page 67 and 68: THE NORWEGIAN CODE OF PRACTICE The
Page 69 and 70:
Guidelines for directors and execut
Page 71 and 72:
management. The same applies relati
Page 73 and 74:
describing how the requirements for
Page 75 and 76:
Executive management The CEO appoin
Page 77 and 78:
Design: Ludens Design. Print: RK Gr
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Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

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