Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

2 INTRODUCTION
7 DIRECTORS’ REPORT AND
18 FINANCIAL STATEMENTS
64 CORPORATE GOVERNANCE
76 FINANCIAL CALENDAR AND ADDRESSES
28
52 KONGSBERG Annual Report 2011
AUDITOR FEES
Amounts in TNOK
29
BUSINESS COMBINATIONS
Parent
company
Subsidiaries
in Norway
2011 2010
Subsidiaries
abroad
Total
2011
Parent
company
Subsidiaries
in Norway
Subsidiaries
abroad
Group auditor Ernst & Young
Statutory audit 594 4 572 951 6 117 580 4 230 895 5 705
Other assurance services 10 89 298 397 - 491 230 721
Tax consultancy 62 699 1 461 2 222 119 454 237 810
Other services 573 28 - 601 54 100 - 154
Total fees, Ernst & Young 1 239 5 388 2 710 9 337 753 5 275 1 362 7 390
Others auditors
Estimated auditing fees 21 1 115 1 136 - 132 631 763
Evotec AS
On 4 July 2011, KONGSBERG signed a memorandum of understanding
to aquire 100 per cent of the shares in Evotec AS. The company is part
of the business area Kongsberg Maritime. Evotec AS develops and
delivers technology systems for the maritime industry, including the
seismic, subsea and supply market, and is one of the leading suppliers
on the market within these areas.
Preliminary purchase price allocation Evotec AS
Amounts in MNOK
Recognised values
at acquisition
Adjustments
of fair value
Total
2010
The acquisition was concluded on 30 September 2011 for an estimated
cost of MNOK 208. The cost of the acquisition consists of a cash
consideration and estimated additional remuneration depending on the
fulfilment of certain criteria associated with the company’s profitability
and market trends in 2012 and 2013. The maximum increase in the
estimated acquisition cost, providing all criteria are fulfilled, has a net
present value of MNOK 52.
Carrying amount
prior to acquisition
Intangible assets excluding goodwill 46 46
Other Assets 57 57
Liabilities (47) (13) (34)
Net identifiable assets and liabilities 56 33 23
Goodwill upon aquisition 152
Total remuneration incl. cash payment and estimated additional remuneration 208
Estimated additional remuneration (76)
Cash acquired (16)
Net closing cash flow 116
Goodwill arising from the preliminery purcahse price allocation are mainly related to the competence, capacity, market acess, networking, synergies,
distribution channels and geographic location.
It has not been prepared pro forma figures for the period from 1 January 2011 until the time of acquisition 30 September 2011 as the amounts are
considered immaterial to the consolidated financial statements.
Evotec AS’s contribution to the Group from the acquisition 1 October 2011 until 31 December 2011 is not material to the consolidated financial
statements.