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Annual Report 2019

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Annual Report 2019 2019 Annual Report 2 SECURING THE FUTURE These are indeed extraordinary times years to come, we are today offering Though our 2019 results were – both for the world and for Nammo. a wider, more robust and more heavily influenced by unexpected It is nevetheless with great pride sophisticated range of products and therefore unbudgeted events, that I present the Annual Report for than ever before in our company’s our underlying numbers still must the Nammo Group. Despite facing a history. We are truly one of the and will get better. Our company series of unexpected events last year, world’s leading providers of specialty is however in a far better position and now finding ourselves immersed ammunition and rocket motors for to do so at the beginning of this in the greatest public health crisis both military and civilian customers, year than the last, and while we of a century, we have managed to and we will do all that we can to still do not know the full extent of improve, develop and grow both maintain that position going forward. the impact of the Corona-virus on ourselves and the products and our operations, we do know that Doing so, however, will require us services we offer our customers. our efforts to improve Nammo to maintain our relentless focus on continue. Our commitment is to My greatest point of pride, as costs and profits, as it is the only deliver a truly reliable advantage always, is in our employees. Our way we will be able to continue – both today and tomorrow – engineers have found solutions to our investment in the people, and in this, we will not fail. challenges that have confounded our the processes and the products competitors for decades. Leaders that has made Nammo what it is have stepped up to help drive today. Rooting out inefficiencies, necessary organizational change, streamlining our organization, and you will hear from two of them and training our people – that is in this report. And as always, our how we will ensure that we remain manufacturing personnel have successful going forward. delivered quality and value with the dedication, precision and care that we seek to embody in everything we do. I am also proud of what we continue to deliver to our customers. Whether improved versions of systems that have been essential to our common security for a generation, or new designs that will do the same for Morten Brandtzæg PRESIDENT & CEO 3 Contents 4 RAUFOSS MADE NEW NAMMO GROUP NAMMO AS 6 BUILDING A STRONGER 16 Income statement 34 Income statement NAMMO IN THE US 17 Balance sheet 35 Balance sheet 8 BOARD OF DIRECTORS’ 19 Cash flow 37 Cash flow REPORT 2019 20 Consolidated 38 Financial statements 45 AUDITOR’S REPORT financial statements 48 CORPORATE GOVERNANCE Key figures ORDER STOCK REVENUE 8 000 8 000 7 000 7 000 SALES PER REGION 6 000 6 000 5 000 5 000 4 000 4 000 3 000 3 000 million million 2 000 2 000 NOK million NOK million 1 000 1 000 NOK 50 73 0 NOK 7 443 0 2019 2018 2017 2016 2015 2014 2019 2018 2017 2016 2015 2014 EARNINGS BEFORE INTEREST AND TAX (EBIT) 23 % NORDIC COUNTRIES 600 500 26 % REST OF EUROPE 400 300 44 % NORTH AMERICA 200 NOK million 100 7 % OTHER 0 2014 2015 2016 2017 2018 2019 (NOK MILLION) 2019 2018 2017 2016 2015 2014 Order Stock 7 443 5 813 4 645 4 767 5 130 3 853 Revenue 5 073 4 920 4 462 4 132 3 783 3 718 Earnings Before Interest and Tax (EBIT) 352 362 367 384 284 286 Total Assets 6 229 6 083 5 632 5 050 4 641 4 011 Total Equity 2 776 2 688 2 537 2 383 2 329 2 069 Average Man Years 2 377 2 409 2 217 2 102 2 088 2 160 Return on Sales (ROS) 6.0% 6.8% 7.6% 9.3% 7.2% 7.5% 4 RAUFOSS MADE NEW As Nammo’s operations at Raufoss have developed, they have also become more diverse, with new offices and teams created to support new products and customers. In 2019, Nammo initiatied a reorganization process to streamline operations at its largest site. Trine Tafjord took on the challenge of leading Raufoss’ new integrated contracting office. She describes the move to the As leader of the contract office, to be in front when conditions new organization as something Tafjord’s primary mission change. With the new structure, that challenged both ways of was to guide her unit through I believe we can cultivate groups thinking and day-to-day routines. this process. The staff in her that are more robust and where department were among the knowledge and expertise is – The essential point has been to first who pulled out of their emphasized. We are also hoping combine similar functions and to old units, and into the new to see new forms of synergies build stronger internal professional structure and asked to change as this kind of structure more communities. Where we used to both processes and mindsets. naturally facilitates sharing have smaller groups of contract of knowledge and experience managers, planners, purchasers – We had to work in parallel, both across different units. and so on, spread across different to define our new team, and to business units, they are now adapt into the new organization. – Our main goal overall is to build gathered in one department It has been a demanding and a stronger organization for the covering all of the functions. challenging process with a lot future. Some of the projects we of moving parts. As a leader, run last for decades. That means In order to achieve the goal it has been important for me we have to build structures that of larger, stronger and more to keep focused on the goal, can handle challenging tasks efficient units, Raufoss has now and to facilitate a smooth as and dynamic surroundings, both consolidated its operations into possible transition period for technically and administratively. two main pillars – Operations the employees. As a department and R&D, each headed by While Tafjord has been an that is deeply involved in many of their own Vice President. enthusiastic supporter of the core processes, the overall the changes, she is also organization at Raufoss remains – Is this one of the most significant conscious of the challenges they highly dependent on our success. reorganizations at Raufoss? represent. In her view, a major – My impression is that this Tafjord says that the move reorganization such as the one represents one of the biggest towards a new organization seen at Raufoss is more about changes in recent years and it was also driven by factors changing how people work and has affected the daily lives of a lot outside Nammo. The company communicate than writing new of people. An added factor here operates in a business where org-charts and lines of control. expectations from customers and is the fact that Raufoss has seen – I actually see large changes in stakeholders have been steadily significant growth over the last an organization as challenging rising for years. In parallel, the decades, and after shaking things and a threat in themselves, if regulatory regimes have become up through this reorganization, not managed properly. Human even more demanding. A lot many employees have both new beings, as a species, generally more is required to keep the functions and new reporting seem to prefer the world as it is. wheels turning today, compared lines, with both employees and For most of us, it takes a certain to even just a few years ago. managers having never worked degree of persuasion to accept that together in the past. – These changes have increasingly change is needed and to complete affected our business, and we what is required from every one ended up at a point where we of us for the change to happen. needed to act. We had to adapt This is especially true in cases NAMMO RAUFOSS AS the way we operate to remain where you already have some First established in 1896 as competitive and parts, units or structures that are Rødfos Patronfabrik og Krudtverk functioning well. You then risk that (Cartridge factory and powder works). Located change only happens on paper, 120 km north of Oslo, it today employs more than 700 engineers but nothing happens in reality. and manufacturing personnel, delivering everything from medium and large caliber ammunition to shoulder fired systems and rocket motors. It is also home to large test facilities and Nammo’s corporate HQ. 5 market. In addition to the reusability pioneered by these companies, miniaturization has also helped I believe this is a danger in any change bring about a different balance process. To be successful, we need between cost, capability and the employees to see, understand endurance, thereby opening up and accept the need for change. To the market to a large number of achieve that, I believe information and communication are important keywords. There is always room for improvement when it comes to information and communication in an organization, including Nammo. – What would you say about your status right now? – Reorganization processes take time! When you finally have all the boxes well placed in the new organizational chart, the real work begins. You will not be successful by just moving boxes. A reorganization is so much more than that! You always need to put a lot of effort into working with infrastructure, people and cultures.
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