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 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)
F) Summary of financial assets and liabilities Financial assets and liabilities broken down into different categories for accounting purposes at 31 December 2011: 2011 Amounts in MNOK Note Derivatives used for hedging Derivatives that do not qualify for hedging Loans and receivables Available for-sale Other financial liabilities Total Assets – fixed assets Investment in available-for-sale shares 16 - - - 114 - 114 114 Other non-current assets 17 - - 144 - - 144 144 Assets – current assets Derivatives 20A 385 - - - - 385 385 Receivables 18 - - 2 645 - - 2 645 2 645 Cash and short-term deposits 21 - - 3 083 - - 3 083 3 083 Financial liabilities – non-current Interest-bearing loans 20D - - - - 570 570 583 Derivatives 20A - 6 - - - 6 6 Other non-current liabilities - - - - 105 105 105 Financial liabilities – current Interest-bearing loans 20D - - - - 322 322 321 Derivatives 20A 330 - - - 330 330 Accounts payable 24 - - - - 1 036 1 036 1 036 2010 Amounts in MNOK Note Derivatives used for hedging Derivatives that do not qualify for hedging Loans and receivables Available for-sale Other financial liabilities Total Assets – fixed assets Investment in available-for-sale shares 16 - - - 129 - 129 129 Other non-current assets 17 - - 101 - - 101 101 Assets – current assets Derivatives 20A 805 - - - - 805 805 Receivables 18 - - 1 694 - - 1 694 1 694 Cash and short-term deposits 21 - - 2 660 - - 2 660 2 660 Financial liabilities – non-current Interest-bearing loans 20D - - - - 847 847 853 Derivatives 20A - 6 - - 6 6 Other non-current liabilities - - - - 62 62 62 Financial liabilities – current Derivatives 20A 173 - - - - 173 173 Accounts payable 24 - - - - 861 861 861 G) Assessment of fair value The following table illustrates the Group’s assets and liabilities measured at fair value: Fair value Fair value 2011 2010 Note Level 1 Level 2 Level 3 Level1 Level 2 Level 3 Assets Investments in available-for-sale shares 16 58 - 56 87 - 42 Derivative financial assets 20A - 385 - - 805 - Total assets at fair value 58 385 56 87 805 42 Liabilities Derivative financial liabilities 20A - 336 - - 179 - Total liabilities at fair value - 336 - - 179 - 2 INTRODUCTION 7 DIRECTORS’ REPORT AND 18 FINANCIAL STATEMENTS 64 CORPORATE GOVERNANCE 76 FINANCIAL CALENDAR AND ADDRESSES KONGSBERG Annual Report 2011 45
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 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: Cash flow hedges - hedging reserve
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

Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

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