2 INTRODUCTION 7 DIRECTORS’ REPORT AND 18 FINANCIAL STATEMENTS 64 CORPORATE GOVERNANCE 76 FINANCIAL CALENDAR AND ADDRESSES 6 KONGSBERG <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> 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 <strong>2011</strong> 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 <strong>2011</strong> 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
http://www.kongsberg.com/en/kog/investorrelations/ “KONGSBERG’s market position was strengthened during <strong>2011</strong>” DIRECTORS’ REPORT AND FINANCIAL STATEMENTS KONGSBERG <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> 7
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