Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

2 INTRODUCTION
7 DIRECTORS’ REPORT AND
18 FINANCIAL STATEMENTS
64 CORPORATE GOVERNANCE
76 FINANCIAL CALENDAR AND ADDRESSES
Amounts in MNOK
58 KONGSBERG Annual Report 2011
3
SHARES IN SUBSIDIARIES
Date of
acquisition
Registered
office
Ownership/
Share of
votes %
Carrying
amount
at 31 Dec
Kongsberg Defence & Aerospace AS 1997 Kongsberg 100 506
Kongsberg Teknologipark AS 1987 Kongsberg 100 5
Kongsberg Holding AS 1987 Kongsberg 100 0
Kongsberg Basetec AS 1992 Kongsberg 100 106
Kongsberg Maritime AS 1) 1992 Kongsberg 89 1 101
Kongsberg Forsvar AS 1995 Kongsberg 100 0
Norsk Forsvarsteknologi AS 1987 Kongsberg 100 0
Kongsberg Næringseiendom AS 1997 Kongsberg 100 198
Kongsberg Næringsparkutvikling AS 2005 Kongsberg 100 48
Kongsberg Næringsbygg 2 AS 2006 Kongsberg 100 25
Kongsberg Næringsbygg 3 AS 2006 Kongsberg 100 24
Kongsberg Næringsbygg 5 AS 2007 Kongsberg 100 68
Kongsberg Næringsbygg 6 AS 2007 Kongsberg 100 130
Kongsberg Næringsbygg 7 AS 2007 Kongsberg 100 100
Kongsberg Næringsbygg 8 AS 2011 Kongsberg 100
Kongsberg Næringsbygg 9 AS 2011 Kongsberg 100
Nerion AS 2002 Trondheim 100 0
Kongsberg Hungaria KFT 2) 2003 Budapest 10 0
Kongsberg Reinsurance LTD 2001 Dublin 100 4
Total 2 215
4
1) The remaining shares in Kongsberg Maritime AS are owned by Kongsberg Basetec AS with 11%.
2) The remaining shares in Kongsberg Hungaria KFT are owned by Kongsberg Defence & Aerospace AS with 90%.
PAYROLL EXPENSES
Regaring remuneration for executive management and board members
refer to Note 27 “Related parties” in the consolidated financial
statements.
Auditors’ remuneration
Amounts in TNOK 2011 2010
Corporate auditor Ernst & Young
Statutory audit 594 580
Other assurance services 10 -
Tax consultancy 62 119
Other services 573 54
Total fees, Ernst & Young 1 239 753
5
PENSIONS
KONGSBERG has a service pension plan that consists of a defined
contribution plan and a defined benefit plan. The service pension plan
applies to all employees in Norway.
The defined contribution plan
The Group introduced a defined contribution pensjon scheme for all
employees under age 52 at 1 January 2008. The contribution rates are 0
per cent of the basic wage up to 1G, 5 percent of basic wage between 1
and 6G, and 8 percent of the basic wage from 6G up to 12G. The
employees can influence the way the funds are invested by choosing to
invest either 30, 50 and 80 percent, respectively, of their portfolios in
shares. The Group also has a collecive, unfunded contribution scheme
for salaries between 12 and 15G. The entity’s deposits in this scheme are
Payroll expenses
Amounts in MNOK 2011 2010
Salaries 70 56
Social security tax 12 12
Pension 15 12
Other benefits 20 16
Total payroll expenses 117 96
18 percent of the share of the basic wage in excess of 12G, up to a
ceiling of 15G. Special terms and conditions apply for senior executives.
This is described in note 27 “Related parties”. The employees have the
same investment choises in the supplementary scheme as in the
primary scheme. The contributions are expensed as they are incurred.
The defined benefit plan
In connection with the transition to the defined contribution plan
1 January 2008, employees aged 52 or more at the time of transition
continued to be in the defined benefit plan. The pension plan is insured
through Vital - DNB. Parts of the pensions are covered by payments
from the National Insurance scheme. Such payments are calculated on
the basis of the National Insurance scheme`s basic amount (G), as