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 Amounts in MNOK Note 20 KONGSBERG Annual Report 2011 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1 JANUARY – 31 DECEMBER KONGSBERG GRUPPEN (GROUP) Equity attributable to owners of the parent Issued capital Other capital reserves Share capital Other issued capital Hedge reserve Shares at fair value Translation difference, foreign exchange Retained earnings Total equity attributable to owners of the parent Non- controlling interest Equity at 1 Jan 2010 150 832 343 56 (63) 2 386 3 704 22 3 726 Profit for the year 1 495 1 495 5 1 500 Statement of comprehensive income - - (43) (44) 27 (39) (99) (99) Dividends 22 - - - - - (240) (240) - (240) Purchase, non-controlling interests - - - - - (3) (3) (3) Dividends, non-controlling interests - - - - - - - (3) (3) Equity at 31 Dec 2010 150 832 300 12 (36) 3 599 4 857 24 4 881 Equity at 1 Jan 2011 150 832 300 12 (36) 3 599 4 857 24 4 881 Profit for the year 1 431 1 431 (1) 1 430 Statement of comprehensive income (188) (12) 14 (177) (363) (363) Trading in treasury shares - - - - - (6) (6) - (6) Dividends 22 - - - - - (450) (450) - (450) Purchase, non-controlling interests - - - - - (5) (5) (2) (7) Dividends, non-controlling interests - - - - - - - (1) (1) Equity at 31 Dec 2011 150 832 112 - (22) 4 392 5 464 20 5 484 Total equity
CONSOLIDATED CASH FLOW STATEMENT 1 JANUARY – 31 DECEMBER KONGSBERG GRUPPEN (GROUP) Amounts in MNOK Note 2011 2010 Profit for the year 1 430 1 500 Depreciation on property, plant and equipment 10 262 269 Amortisation on intangible assets 11 97 103 Net financial income/(expenses) 13 27 16 Income tax expense 14 578 597 Earnings before tax, depreciation and amortisation 2 394 2 485 Adjusted for Changes in construction contracts in progress, asset 307 311 Changes in construction contracts in progress, liabilities (52) (362) Changes in other current liabilities 605 455 Changes in inventories (199) (447) Changes in receivables (818) (186) Change in provisions and other accrual items 50 336 Income tax paid (644) (574) Net cash flow from operating activities 1 643 2 018 Cash flow from investing activities Proceeds from sale of property, plant and equipment 10 4 10 Purchase of property, plant and equipment 10 (438) (424) Capitalised internally developed intangible assets (R&D) 11 (121) (124) Purchase of intangible assets 11 (6) - Net cash flow upon acquisition of subsidiaries 29 (226) (93) Net payment of loans and buying/selling of shares 17, 21 (12) 56 Net cash flow from investing activities (799) (575) Cash flow from financing activities Proceeds from loans 20D 45 18 Interest received 45 69 Interest paid (38) (89) Purchase of treasury shares (19) (9) Transactions with non-controlling interests (8) (13) Dividends paid 22 (450) (240) Net cash flow from financing activities (425) (264) Total cash flow 419 1 179 Effect of changes in exchange rates on cash and short-term deposits 4 18 Net change, cash and short-term deposits 423 1 197 Cash and short-term deposits, beginning of year 2 660 1 463 Cash and short-term deposits, end of year 21 3 083 2 660 2 INTRODUCTION 7 DIRECTORS’ REPORT AND 18 FINANCIAL STATEMENTS 64 CORPORATE GOVERNANCE 76 FINANCIAL CALENDAR AND ADDRESSES KONGSBERG Annual Report 2011 21
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 and 18: Salaries and other remuneration to
Page 19: CONSOLIDATED STATEMENT OF FINANCIAL
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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