Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

Geographical information
In presenting information by geographical segments, earnings are
distributed based on the customers’ geographical location, while the
data on fixed assets are based on the location of the physical
investment or relationship to the relevant acqusition. The Group’s
activities are generally divided into Norway, Rest of Europe, America and
Amounts in MNOK Norway EU
7 INVENTORIES
8 PAYROLL EXPENSES
The Group’s total inventories are distributed as follows:
Amounts in MNOK 31 Dec 11 31 Dec 10
Raw materials 2 225 1 826
Work in progress 607 733
Finished products 442 475
Total 3 274 3 034
Impairment on inventories during the period 52 68
Cost of goods for the periode 5 609 6 906
9
PENSIONS
KONGSBERG has a service pension plan that complies with legislation,
and consists of a defined contribution plan and a defined benefit plan.
The service pension plan covers all Group employees in Norway.
Per 31 December 2011, there are 4 520 employees in Norway covered
by the schemes. KONGSBERG endeavours to ensure that as many of
its employees as possible outside Norway are also covered by service
pension schemes.
The defined contribution plan
The Group introduced a defined contribution pension scheme for all
employees under age 52 at 1 January 2008. The contribution rates are
0 per cent of the basic wage up to 1G, 5 per cent of the basic wage
between 1 and 6G, and 8 per cent of the basic wage from 6G up to 12G.
The employees can influence the way the funds are managed by
choos ing to invest either 30, 50 or 80 per cent, respectively, of their
portfolios in shares. The Group also has a collective, unfunded contribution
scheme for salaries between 12 and 15G. The entity’s deposits in
this scheme are 18 per cent of the share of the basic wage in excess of
12G, up to a ceiling of 15G. Special terms and conditions apply for
executives. This is described in Note 27 “Related parties”. The em-
Asia. Fixed assets include property, plant and equipment, intangible
assets and goodwill (excl. financial instruments, deferred tax asset,
pension fund assets and rights ensuing from insurance agreements).
Rest of
Europe
North
America
South
America Asia Other Total
2011
Revenues from external customers 2 742 3 162 579 5 142 255 3 064 184 15 128
Operating income as a % of total 18% 21% 4% 34% 2% 20% 1% -
Fixed assets 1) 4 224 80 - 637 4 225 4 5 174
2010
Revenues from external customers 2 415 2 765 361 6 596 187 2 899 274 15 497
Operating income as a % of total 16% 18% 2% 43% 1% 19% 2% -
Fixed assets 1) 3 785 71 - 626 - 135 1 4 618
1) In this list, fixed assets consist of property, plant and equipment, goodwill and other intangible assets.
Salaries and other personell costs represent all cost associated with the
remuneration of personell employed by the Group.
Amounts in MNOK Note 2011 2010
Salaries 3 423 3 049
Performance-based salary 27 92 123
Social security tax 526 474
Pension expenses, defined benefit plans 9 88 49
Pension expenses, defined contribution
Pension plans 9 218 165
Other benefits 192 143
Total payroll expenses 4 539 4 003
Average no. of FTE (full-time employees)
Total 6 070 5 436
ployees have the same investment choices in the supplementary
scheme as in the main scheme. KONGSBERG’s companies abroad
generally have defined contribution plans. At 31 December 2011, about
3 700 employees in Norway and most of the 2 161 employees abroad
were covered by these plans. The deposits are changed against income
as they are incurred.
The defined benefit plan
In connection with the transition to the defined contribution plan as of
1 January 2008, employees aged 52 or more at the time of the transition
continued to be in the defined benefit plan. The pension plan is insured
through DNB Life Insurance. Parts of the pensions are covered by
payments from the National Insurance scheme. Such payments are
calculated on the basis of the National Insurance scheme’s basic
amount (G), as approved each year by the Norwegian parliament. The
pension benefits are defined by the number of contribution years and
the salary level of the individual employee. Pension costs are distributed
over the employee’s accrual period. Based on the current National Insurance
system before 31 January 2011 and full accrual, the scheme gives
entitlement to about 65 per cent of salary level at retirement, including
2 INTRODUCTION
7 DIRECTORS’ REPORT AND
18 FINANCIAL STATEMENTS
64 CORPORATE GOVERNANCE
76 FINANCIAL CALENDAR AND ADDRESSES
KONGSBERG Annual Report 2011 31