Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen
Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen
Annual Report 2011 - Kongsberg Maritime - Kongsberg Gruppen
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2 INTRODUCTION<br />
7 DIRECTORS’ REPORT AND<br />
18 FINANCIAL STATEMENTS<br />
64 CORPORATE GOVERNANCE<br />
76 FINANCIAL CALENDAR AND ADDRESSES<br />
8<br />
KONGSBERG <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong><br />
DIRECTORS’ REPORT<br />
<strong>2011</strong><br />
<strong>2011</strong> was a good year for <strong>Kongsberg</strong> <strong>Gruppen</strong><br />
(KONGSBERG). The Group’s market position was<br />
strengthened. Turnover and profit were maintained at<br />
about the same level as the previous year. New orders<br />
increased by over 10 per cent in a year of considerable<br />
uncertainty in the global economy. Cash flow from<br />
operations was MNOK 1,643, the Group strengthened its<br />
financial position and maintains cash substantially above<br />
interest bearing debt. The foundation for the Group’s<br />
operations in 2012 is good. Earnings per share was<br />
NOK 11.93 (NOK 12.46). The Board proposes a dividend<br />
per share of NOK 3.75 (NOK 3.75) which is in line with<br />
the Group’s dividend policy.<br />
Important events in <strong>2011</strong><br />
Both <strong>Kongsberg</strong> <strong>Maritime</strong>, <strong>Kongsberg</strong> Defence Systems<br />
and <strong>Kongsberg</strong> Protech Systems have shown good results<br />
and margins in <strong>2011</strong>. The revenue increased in <strong>Kongsberg</strong><br />
<strong>Maritime</strong> and <strong>Kongsberg</strong> Defence Systems, while they were<br />
reduced in <strong>Kongsberg</strong> Protech Systems as a result of<br />
reduced deliveries to the business area’s largest customer<br />
- the U.S. Army. Total operating revenues decreased 2.4 per<br />
SELECTED KEY CONTRACTS<br />
AND EVENTS IN <strong>2011</strong><br />
cent. The Group’s new orders in <strong>2011</strong> was up 10.5 per cent<br />
compared with 2010. <strong>Kongsberg</strong> <strong>Maritime</strong> operates in a<br />
competitive market that is closely related to the development<br />
in the offshore industry and the contracting activity<br />
for traditional commercial vessels. The investments in the<br />
offshore industry have been relatively high in <strong>2011</strong>, while<br />
the overall world economy is still characterized by high<br />
uncertainty. Despite this uncertainty, as well as lower<br />
contracting of commercial vessels, <strong>Kongsberg</strong> <strong>Maritime</strong><br />
orders increased by about 30 per cent compared to 2010.<br />
This confirms the business area’s strong market position.<br />
New orders in <strong>Kongsberg</strong> Defence Systems increased by<br />
44 per cent compared with the previous year. The increase<br />
in new orders confirms that the business area’s technologically<br />
advanced product portfolio is attractive to the<br />
defence market. <strong>Kongsberg</strong> Protech Systems had a 39 per<br />
cent decrease in new orders compared to 2010, due to a<br />
weaker overall market. The business area is in a transitional<br />
and development phase which constitutes the foundation<br />
for future growth. The Group is investing considerably in<br />
new product development while there is intense marketing<br />
activities. This year will be important for the business area<br />
• Nordic framework contract (Norway and Sweden) on the remote-controlled weapons systems - value MNOK 960<br />
• Multiple contracts for the remote-controlled weapons systems to the U.S. programs CROWS and Stryker<br />
• Missile Contract with Poland - worth MNOK 712<br />
• Development contract with the Norwegian Armed Forces for the Step II of the Joint Strike Missile<br />
• Upgrade Contract on the NASAMS air defence system in Norway<br />
• Multiple contracts for submarine systems, among others to Norway, the Netherlands and Italy<br />
• Satellite Contract with the American company GeoEye - worth MNOK 330<br />
• Large orders for several important types of vessels within <strong>Kongsberg</strong> <strong>Maritime</strong><br />
• Strengthened market position for the “high end” market within rig, drill ships and FPSO<br />
• Strengthened market position in the LNG segment<br />
• Strengthened market position in autonomous underwater vehicles (AUVs)<br />
• Major contracts for deck management systems from <strong>Kongsberg</strong> Evotec. Important first contract for the new Capstan<br />
Reel Installation System (CRIS)<br />
• Commercial launch of LedaFlow<br />
OPERATING REVENUES<br />
MNOK<br />
18 000<br />
15 000<br />
12 000<br />
9 000<br />
6 000<br />
3 000<br />
0<br />
2006<br />
2007<br />
2008<br />
2009<br />
2010<br />
<strong>2011</strong><br />
EBITA<br />
MNOK<br />
EARNINGS PER SHARE<br />
NOK<br />
2 500<br />
2 000<br />
1 500<br />
5 %<br />
økning<br />
1 000<br />
500<br />
0<br />
2006<br />
2007<br />
2008<br />
2009<br />
2010<br />
<strong>2011</strong><br />
EARNINGS PER SHARE<br />
NOK<br />
18<br />
15<br />
124%<br />
decrease<br />
9<br />
6<br />
3<br />
0<br />
2 500<br />
2 000<br />
2006<br />
2007<br />
2008<br />
2009<br />
2010<br />
<strong>2011</strong><br />
5 %<br />
øknin<br />
EBITA<br />
Mill. kr