Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

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INTRODUCTION CONTENT 2 INTRODUCTION 3 Key figures 2011 4 Vision, objectives and strategy 5 President and CEO Walter Qvam 7 DIRECTORS’ REPORT AND 18 FINANCIAL STATEMENTS 9 Directors’ Report 18 Consolidated financial statements 55 Financial statements – Kongsberg Gruppen ASA 62 Auditor’s Report 64 CORPORATE GOVERNANCE 65 Report on Corporate Governance 65 KONGSBERG’s Policy 66 Articles of Association 67 The Norwegian Code of Practice 76 FINANCIAL CALENDAR AND ADDRESSES 2 KONGSBERG Annual Report 2011 Kongsberg Gruppen (KONGSBERG) is an international technology corporation that delivers advanced and reliable solutions that improve safety, security and performance in complex operations and during extreme conditions. The Group is a customer focused organization with a worldwide performance culture. KONGSBERG works with demanding customers in the global defence, maritime, oil and gas and aerospace industries. ORGANISATION KONGSBERG GRUPPEN Kongsberg Maritime Offshore Merchant Marine Subsea Revenues MNOK 15 128 EBITA MNOK 2 132 6 681 employees in more than 25 countries Kongsberg Maritime has in 2011 shown a good growth in the number of new orders and a strong performance. The business area has during the year strengthened its market positions in several key segments. Expansion of the product portfolio and operations close to the customers are key elements of Kongsberg Maritime’s strategy. Kongsberg Defence Systems Missile Systems Naval Systems & Surveillance Integrated Defence Systems Aerostructures Defence Communications Kongsberg Defence Systems had a good year in 2011 which led to an increase in both turnover and operating profit. The business area is in the implementation phase of large projects including anti-aircraft to Finland, Norwegian NSM project and coastal artillery to Poland. All these projects are in schedule and have contributed to the positive trend. Kongsberg Protech Systems Kongsberg Protech Systems remote weapon system, Protector, confirmed its position during 2011 as world leader in this market. KONGSBERG’s design was chosen continued by the U.S. Army for the next phase of the CROWS program. The business area also won a major framework contract with the Norwegian and Swedish Armed Forces.
KEY FIGURES 2011 Beløp i mill. kr 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Operations Operating revenues 15 128 15 497 13 816 11 056 8 306 6 720 5 791 5 901 6 651 6 980 - operating revenues, outside Norway % 82 84 80 77 71 72 67 69 76 72 - operating revenues, civilian % 47 45 52 62 62 57 59 54 54 58 Earnings before interest, tax and amortisation (EBITA) 2 132 2 216 1 376 1 122 796 464 378 239 383 485 EBITA margin % 14.1 14.3 10.0 10.1 9.6 6.9 6.5 4.1 5.8 6.9 Earnings before tax (EBT) 2 008 2 097 1 169 861 685 390 314 180 190 291 Profit for the year 1 430 1 500 828 587 490 252 262 118 125 216 Order backlog 17 839 17 759 19 892 16 692 12 646 6 472 5 416 5 425 5 913 5 143 Book-to-Bill Ratio 1.0 0.9 1.4 1.5 1.5 1.0 0.9 0.9 0.9 0.7 Net interest-bearing debt (2 191) (1 813) (634) 1 439 (242) 294 282 1 101 1 164 795 Employees 6 681 5 681 5 423 5 243 4 205 3 650 3 372 3 495 4 176 4 208 Owners’ value Market capitalisation 13 920 15 960 10 590 9 840 10 170 5 250 3 720 2 970 3 180 2 715 Earnings per share after tax in NOK 11.93 12.46 6.83 4.86 4.04 2.08 1.80 0.92 1.06 1.80 P/E in NOK 9.72 10.67 12.92 16.87 20.96 21.08 17.24 27.62 25.06 12.55 Equity 5 484 4 881 3 726 1 894 2 758 1 684 1 505 1 626 1 830 1 741 Equity ratio % 35 35 30 15 30 23 23 26 30 31 Dividend per share in NOK 3.75 3.75 2.00 1.38 1.25 0.63 0.54 0.50 0.33 0.53 KEY FIGURES BY BUSINESS AREA Operating revenues EBITA Amounts in MNOK 2011 2010 2009 2011 2010 2009 Kongsberg Maritime 6 693 6 286 6 657 1 078 991 831 Kongsberg Defence Systems 3 895 3 376 2 734 263 245 144 Kongsberg Protech Systems 4 185 5 683 4 123 755 995 442 Other/elimination 355 152 302 36 (15) (41) Total 15 128 15 497 13 816 2 132 2 216 1 376 2002–2005 Establishing an international platform for KONGSBERG, and investing in key product developments 2007–2011 International expansion into America and Asia. Several breakthrough contracts awarded. Major shift in pro�tability. MNOK % 16 000 12 000 8 000 4 000 0 2002 2003 2004 2005 2006 OPERATING REVENUES MNOK 2007 2008 2009 2010 2011 16 12 8 4 0 Revenues EBITA margin % 2 INTRODUCTION 7 DIRECTORS’ REPORT AND 18 FINANCIAL STATEMENTS 64 CORPORATE GOVERNANCE 76 FINANCIAL CALENDAR AND ADDRESSES KONGSBERG Annual Report 2011 3
Page 1: ANNUAL REPORT 2011
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 and 18: Salaries and other remuneration to
Page 19 and 20: CONSOLIDATED STATEMENT OF FINANCIAL
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
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Norspace AS On 21 September 2011, K
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INCOME STATEMENT AND BALANCE SHEET
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1 The financial statements for Kong
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approved annually by the Norwegian
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STATEMENT FROM THE BOARD OF DIRECTO
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2 INTRODUCTION 7 DIRECTORS’ REPOR
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REPORT ON CORPORATE GOVERNANCE KONG
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THE NORWEGIAN CODE OF PRACTICE The
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Guidelines for directors and execut
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management. The same applies relati
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describing how the requirements for
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Executive management The CEO appoin
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Design: Ludens Design. Print: RK Gr
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