Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen

2 INTRODUCTION
7 DIRECTORS’ REPORT AND
18 FINANCIAL STATEMENTS
64 CORPORATE GOVERNANCE
76 FINANCIAL CALENDAR AND ADDRESSES
6
KONGSBERG Annual Report 2011
attention to follow up and reporting on this work in the
Group as a whole. Based on KONGSBERG’s principles for
supplier conduct, we have carried out audits linked to
cor porate social responsibility among several of our most
important suppliers. Through such processes, we also
transfer expertise to our chain of suppliers, not least to
further promote our work with anti-corruption and workers’
rights.
The year ahead shows signs of being demanding for the
world economy, implying considerable uncertainty. We
em bark on 2012 with a very sound backlog of orders.
Moreover, activity levels are high for most of our businesses,
especially in the maritime offshore and oil and gas
sectors, as well as for our defence activities. In other
words, even though we are prepared to face challenges, we
also see clear upsides for our systems and solutions in the
years ahead. We will continue to build up our maritime
offshore activities, our oil and gas unit and selected parts of
our defence activities. We ended 2011 with the acquisition
of the company Norspace, signalling that more emphasis
will be placed on aerospace and surveillance.
As a leading technology group, we take responsibility for
the world in which we live, not least by developing and
deploying technological solutions that facilitate this.
KONGSBERG’s defence solutions help safeguard values
and stability, our maritime solutions contribute to improving
the reliability and productivity of naval operations and our
oil and gas solutions contribute to the more efficient, safer
production of oil and gas. Corporate social responsibility
and sustainability are, in a broad sense, key elements for
KONGSBERG’S business operations. 2012 will also be a
year in which global financial turmoil forms the backdrop
for the Group’s activities. Financial market trends give
cause for concern. The Group counters this uncertainty by
maintaining a strong focus on healthy operations and
well-considered priorities with a view to risk and financial
strength.
In the years ahead, the competition for technological and
engineering expertise will become even tighter. Given the
rapid growth we are experiencing in the oil and gas sector,
we are already seeing signs of an overheated market for
expertise. This is a serious challenge for this segment of
the manufacturing industry and it affects KONGSBERG
across the board. KONGSBERG has always been considered
highly attractive by technologists. In the years ahead,
we will continue to attach great importance to offering
fascinating work, an exceptionally good working environment
and strong focus on values and culture. We will also
will intensify our efforts to boost the percentage of women
among our managers and co-workers.
We strengthened our underlying platform significantly in
2011 through new customer and contractual relationships,
building up our knowledge base and capacity, increasing our
international representation, improving technological
solutions and, not least, by adding to our financial strength.
Thus we believe that our potential for further growth is
even stronger now. We have set ambitious goals for the
years ahead. KONGSBERG has demonstrated that it has
the ability to generate profitable growth during economic
upswings and to emerge from macro-economic slumps
with renewed strength. We are convinced that one critical
factor underlying such progress is a strong set of common
basic values that are an integral part of daily routines,
regardless of where you work in the Group and what you
work with.
I would like to express my gratitude to all our employees
for the unstinting willingness and engagement they
demonstrate every single day. I would also like to express
appreciation to our customers for the confidence they
place in us, and to thank our suppliers, partners and owners
for excellent cooperation.
Walter Qvam
President and CEO
March 2012