Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

2 INTRODUCTION
7 DIRECTORS’ REPORT AND
18 FINANCIAL STATEMENTS
64 CORPORATE GOVERNANCE
76 FINANCIAL CALENDAR AND ADDRESSES
44 KONGSBERG Annual Report 2011
Interest rate swaps (floating to fixed interest)
A change in the interest rate of 50 basis points (bp) on the date of the
balance sheet would have increased (decreased) equity and the profit/
(loss) by the amounts as shown below. The analysis assumes that other
variables remain constant. The analysis was performed on the same
basis in 2010.
E) Liquidity risk
Effect of an interest rate increase of 50 bp:
Amounts in MNOK
31 Dec 11
Profit/(loss)
31 Dec 10
Profit/(loss)
Investments with floating interest rates 8 7
Loans with variable interest rates (4) (4)
Interest swap agreements (4) 3
Cash flow sensitivity (net) - 6
The table shows due dates under the terms of contract for financial liabilities, including interest payments. Liabilities such as public taxes/duties and
income taxes are not financial liabilities and are therefore not included. The same applies to pre-payments from customers and the accrual of projects.
31 Dec 11
Amounts in MNOK
Carrying
amount
Contractual
cash
flows 2012 2013 2014 2015
2016
and later
Financial liabilities that are not derivatives
Unhedged bond loans 800 (878) (336) 1) (33) (509) - -
Other loans and non-current liabilities 70 (70) (44) (12) (5) (5) (4)
Accounts payable 1 036 (1 036) (1 036) - - - -
Financial obligations that are derivatives
Currency derivatives (gross less value) 333 (339) (258) (77) (4) (1) -
Interest rate swaps 6 (6) (2) (2) (2) - -
Loan hedging 3 (3) (3) - - - -
Total 2 248 (2 332) (1 679) (124) (520) (6) (4)
1) Bond issue KOG 04 of MNOK 300 are due by 30 March 2012.
31 Dec 10
Amounts in MNOK
Due date Interest rate
Carrying
amount
Amount
2011
Added (+)/
less value (-)
31 Dec 2011
Amount
2010
Added (+)/
less value (-)
31 Dec 2010
Interest rate swaps 2 Jan 15 3.4% 150 (4) 150 (6)
Interest rate swaps 2 Jan 15 3.2% 120 (2)
Total interest rate swaps 270 (6) 150 (6)
KONGSBERG has entered into swap agreements from floating to fixed interest for a nominal amount of MNOK 270. The agreements were entered
into in connection with the Tenancy Agreements signed in connection with the sale and leaseback agreements as mentioned in Note 26 “Sale and
leaseback”. The change in value on interest rate swaps is recognised in the income statement.
Sensitivity analysis of cash flow for instruments with variable interest rates
Contractual
cash
flows 2011 2012 2013 2014 2015
Financial liabilities that are not derivatives
Unhedged bond loans 800 (916) (41) (334) (32) (509) -
Other loans and non-current liabilities 47 (47) (32) (5) (3) (2) (5)
Accounts payable and other current liabilities 861 (861) (861) - - - -
Financial obligations that are derivatives
Currency derivatives (gross less value) 165 (168) (138) (20) (9) - -
Interest rate swaps 6 (6) (6) - - - -
Total 1 879 (1 998) (1 078) (359) (44) (511) (5)