Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

2 INTRODUCTION
7 DIRECTORS’ REPORT AND
18 FINANCIAL STATEMENTS
64 CORPORATE GOVERNANCE
76 FINANCIAL CALENDAR AND ADDRESSES
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38 KONGSBERG Annual Report 2011
EARNINGS PER SHARE
Amounts in MNOK Note 2011 2010
Net profit for the year accruing to the shareholders
Earnings after tax 1 430 1500
Non-controlling interests' share of the profit/(loss) (1) 5
Net profit/(loss) for the year/diluted profit/(loss) accruing to owners of ordinary shares 1 431 1 495
Number of shares Note 2011 2010
Average weighted number of shares outstanding 1 Jan 22 120.00 120.00
Average weighted number of shares at 31 Dec 120.00 120.00
Amounts in NOK 2011 2010
Earnings per share for the year 11.93 12.46
Earnings per share for the year, diluted 11.93 12.46
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AVAILABLE-FOR-SALE SHARES
Avaliable-for-sale shares
Amounts in MNOK 31 Dec 11 31 Dec 10
Quoted shares 52 77
Unquoted shares (OTC list) 6 10
Other shareholdings 56 42
Avaliable-for-sale shares 114 129
Available-for-sale shares are recognised at fair value. Quoted shares at
31 December 2011 consisted of shares in Kitron ASA (19 per cent
ownership). The shares are measured at market price on the stock
exchange. KONGSBERG has a representative on the Board, but it has
been concluded that this is not sufficient to demonstrate significance of
influence.
Shares listed on the OTC list consist of Remora ASA. As a
percentage of total market value, quoted and unquoted OTC shares
accounted for 51 per cent of the available-for-sale shares.
Change in the fair value of shares, with the exception of impairment
losses, is recognised in the statement of comprehensive income.
Impairments are recognised through profit/ (loss). The impairment of
Kitron ASA is considered to be significant and the investment is impaired
by MNOK 18, recognised through profit and loss. In additon, the added
value of the total investment portfolio is decreased by MNOK 12 from
31 Decemeber 2010.
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OTHER NON-CURRENT ASSETS
Amounts in MNOK 31 Dec 11 31 Dec 10
Loans to employees 37 32
Other non-current assets 107 69
Total other non-current assets 144 101
Fair value of shares
The shares are measured at market value on the balance sheet date.
The market value is calculated as follows:
1) Last traded price on the stock exchange or last traded price on
the OTC list (The Norwegian Securities Dealers Association’s
Over-The-Counter List)
2) The price of the last share transactions for the sale/purchase or
issue of unquoted shares
3) Valuation based on the discounted cash flow
4) Cost of acquisition as an estimate of market value. This refers to
investments that are not of significant value
Sensitivity analysis on investments in shares
A change in market prices of the quoted shares and the OTC-listed
shares of 10 per cent would lead to an increase/decrease in the added
value of MNOK 6 which would be recognised directly in the statement
of comprehensive income at 31 December 2011 (MNOK 8 based on
balance sheet values at 31 December 2010).