Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

2 INTRODUCTION
7 DIRECTORS’ REPORT AND
18 FINANCIAL STATEMENTS
64 CORPORATE GOVERNANCE
76 FINANCIAL CALENDAR AND ADDRESSES
46 KONGSBERG Annual Report 2011
The different levels have been defined as follows
* Level 1: Fair value is measured by using quoted prices in active
markets for identical financial instruments. No adjustments is made
related to these prices.
* Level 2: The fair value of financial instruments that are not traded on
an active market is determined using valuation methods. These
valuation methods maximise the use of observable data where they
are available, and rely as little as possible on the Group’s own
estimates. Classification at level 2 requires that all significant data
required to determine fair value are observable data.
* Level 3: Fair value is measured using significant data that are not
based on observable market data.
21
22
CASH AND SHORT-TERM DEPOSITS
Nominal amounts in MNOK 31 Dec 11 31 Dec 10
Short-term investments in the
money market 1 330 1 800
Bank deposits, operating accounts 1 753 860
Total 3 083 2 660
SHARE CAPITAL
List of the largest shareholders at 31 Dec 2011
Number of
Shareholders
shares Percentage
The Norwegian State repr. by the
Ministry of Trade and Industry 60 001 600 50.001%
The National Insurance Fund 10 307 733 8.590%
Arendals Fossekompani ASA 9 552 796 7.961%
MP Pensjon 4 812 800 4.011%
Skagen Vekst 3 275 767 2.730%
Orkla ASA 2 680 845 2.234%
JP Morgan Chase Bank - nominee 1 985 040 1.654%
Verdipapirfondet Odin Norden 1 855 504 1.546%
Verdipapirfondet Odin Norge 1 808 032 1.507%
BNP Paribas - nominee 830 299 0.691%
Total 97 110 416 80.925%
Other (stake < 0.69%) 22 889 584 19.075%
Total number of shares 120 000 000 100.000%
H) Significant accounting estimates
KONGSBERG has a numer of financial instruments recgonised at fair
value. When market prices are not to be observed directly through
quoted prices, fair value is estimated by using a various models based on
internal estimates or input from banks or other market participants.
Assumtions for such valuations include spot prices, forward rates and
yield curves. In recent years, the market has been in situation that has
required a significant degree of judgement in the valuation of certain
financial instruments.
Assessments are always based on KONGSBERG’s own critical
judgement, but it is likely that observable market inputs and assumtions
will change over time. Such changes may affect the calculated values of
financial instruments significantly, and result in gains and losses with
impact on the income statement in future periods. How these changes
will affect the income statement depends on the type of instrument and
whether it is part of a hedging relation.
Bank deposits contain funds related to withholding tax withdrawn from
employees. Bank guaranties amounting to MNOK 207 (MNOK 188 in
2010) have been furnished for these funds.
The Group’s liquidity management is handled by the Group’s
corporate treasury unit.
Share capital
At 31 December 2011, the Group’s share capital consisted of 120 000 000 shares with a nominal value of NOK 1.25.
Changes in share capital
Type of change Date
Number of
shares
Shareholders, by size of holding
Number of
shares
Nominal
value
Amounts in
MNOK
Number of
owners
Adjustment
factor
Number of
shares
Share capital
in MNOK
Stock Exchange listing 13 Dec 1993 5 850 000 20 117 117
Private placement with employees 1996 6 000 000 20 3 120
Share split 1997 24 000 000 5 1:4 120
Share issue 1999 30 000 000 5 30 150
Share split 2009 120 000 000 1.25 1:4 150
Holding
percentage
1–1 000 5 415 1 605 463 1.34%
1 001–10 000 1 578 4 223 061 3.52%
10 001–100 000 168 5 165 773 4.30%
100 001–1 000 000 43 12 725 586 10.60%
1 000 001–10 000 000 7 25 970 784 21.64%
Over 10 000 000 2 70 309 333 58.59%
Total 7 213 120 000 000 100.00%
By the 7 213 share holders at 31 December 2011, 740 foreign shareholders
owned a total of 8.69 per cent of the shares.