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ANNUAL REPORT Contents CONTENTS 2017 ANNUAL REPORT Contents CONTENTS 3 Board of Directors’ report 2017 9 Nammo Group 2017 10 Income statement 11 Balance sheet 13 Cash flow 14 Accounting policies Nammo Group 17 Notes to the accounts 26 Nammo AS 2017 27 Income statement 28 Balance sheet 30 Cash flow 31 Accounting policies Nammo AS 33 Notes to the accounts 39 Auditors report 42 Corporate governance Top right image on cover and p26 © ESA Board of Directors’ report 2017 BOARD OF DIRECTORS’ REPORT 2017 Nammo continues to grow in a challenging environment. Through substantial efforts in product development, investments into manufacturing capabilities and the acquisition of new companies, revenues were up 8.0 percent from the previous year. Building a ‘reliable advantage’ for Nammo customers is imperative for a successful journey into the future where Nammo’s growth and profitability go hand in hand. The net profit for the year amounted to NOK 181 million is well positioned in the international market. (NOK 279 million in 2016). This shows that the company is Nammo’s focus on increasing its market share delivering continued growth but that profitability must be in selected geographical areas through organic improved. growth, partnership and acquisitions is unchanged. Nammo has a long and successful collaboration The Board of Directors will propose an ordinary dividend with customers in its home markets. This has been a of NOK 90.3 million (NOK 140 million) at the annual prerequisite for international success. general meeting. The order backlog ended at NOK 4 645 million (4 767) at year-end, which provides a solid base Nammo’s financial performance has been stable in for the future growth of Nammo. 2017. Operating result for 2017 ended at NOK 367 million (NOK 384 million), NOK 17 million lower than in GENERAL COMMENTS 2016. Nammo develops, produces and sells military and commercial ammunition, shoulder-fired systems, rocket STRATEGY FOR PROFITABLE GROWTH motors for space and military applications, and is a Nammo’s basic strategy continues to be profitable leading provider of global services for environmentally growth with special focus on the US, the European and friendly demilitarization. Since its inception in 1998, the Nordic markets. Nammo’s strategy has been to develop a wide range of ordnance products and services through focusing on The company will continue to develop excellent high performance and top-notch technologies. Nammo performance in its businesses and shall stay ahead by has governmental owners both in Norway and indirectly investing in world-class technologies, products and in Finland, and the company does operate in accordance processes for sustainable growth. The company shall with governmental guidelines and governance. Nammo continue to search for acquisition opportunities of high has manufacturing companies in Norway, Sweden, strategic value, close to its core business and with Finland, Germany, Switzerland, Spain, UK, Ireland and synergies and growth potential. the USA as well as sales offices in Canada, Poland, the UAE, Australia and India. The corporate headquarters are Nammo shall capitalize on its independence and located in Raufoss, Norway. reputation with customers and partners, and shall continue to pursue industrial partnerships for entry With its modern and broad product portfolio, Nammo onto new markets and technologies. 2017 ANNUAL REPORT | 3 Board of Directors’ report 2017 OPERATIONS with a common platform. With a common ERP standard Nammo invests in R&D, and 2017 was no exception. and a common set of processes, it is expected that The market has responded positively to recent product the core solution can be replicated in other sites and launches and improvements for the long-range artillery countries as well. ammunition, 40 mm Airburst, 30 mm Arrow, ammunition for the F-35, hybrid rocket motors, M72 and .22 cal. In terms of site and activity consolidation in the US, ammunition for competition shooting. decisions were made to move activities from the Fullerton and Davidsville sites to Mesa. Furthermore, the modernization of manufacturing capacity continues and enables more volume, lower The creation of a distribution center for commercial costs and better quality. ammunition in Sedalia (US) will enable Nammo to exercise better control of distribution activities. In 2017, a number of initiatives have been successfully launched in order to pursue Nammo’s growth strategy. FINANCIAL STATEMENTS Pursuant to Section 3-3a of the Norwegian Accounting In January, a Public Private Partnership agreement with Act, the Board of Directors confirms that the financial the US Navy in Indian Head was signed which enables statements have been prepared on the assumption of a Nammo to achieve a solid foothold in the US market for going concern as of the date of the financial statements. rocket motors. Additionally, in December the Nammo The Nammo Group’s annual accounts have been prepared Board of Directors approved a $40 million investment in accordance with the Norwegian Accounting Act and program in the Indian Head facilities to be able to Generally Accepted Accounting Principles (N GAAP). compete for significant orders within the military rocket The accounting policies used by the Nammo Group have motor market. also been applied by Nammo AS and all subsidiaries. For further information, please refer to the financial During 2017, four new companies were acquired, three of statements and note disclosures. which come from Moog Inc. and have business targeting the European civil rocket motor and space market. Operating profit and profitability The California-based Berger Bullets, a premium rifle Nammo reported revenues of NOK 4 462 million in 2017 ammunition supplier, was acquired in early 2017. (4 132), which is 8.0 percent higher than 2016. The key growth market is within the US where year-on-year sales In order to ensure that Nammo’s growth ambitions rose by 31 percent. Earnings Before Interest, Taxes, are paralleled by long-term profitability, a number of Depreciation and Amortization (EBITDA) ended at NOK 536 actions have been taken in 2017. Several of these are million (560). The accounts for 2017 include NOK 30 million still ongoing. in restructuring costs for the Commercial Ammunition operations in the US. Net financial expenses were NOK A Lean 6 Sigma program has been launched with a 25.5 million in 2017 (1.1). The net profit for the year was framework of tools, methods, processes and roles for NOK 181 million in 2017 (279). strategy deployment, operational control and continuous improvements. The program is being rolled out into the Cash flow and liquidity various business units. Integration between sites and Nammo’s net cash flow from operating activities was NOK business units continues, and it is particularly important 154 million in 2017 (371). This decline is primarily due to for the newly acquired businesses to be properly higher working capital needed to support the growth of incorporated into the Nammo family. Nammo’s sales. Net cash flow from investment activities amounted to NOK -484 million in 2017 (-391), largely A shared service center model has been implemented related to the purchase of fixed assets and acquiring in several countries whereby sites in the same country shares in new companies. Net cash flow from financing have a uniform service level provided by one team for activities amounted to NOK 52 million in 2017 (201). This functions such as Finance, IT, HR, Health, Environment, mainly reflects dividends to shareholders and an increase Safety and Security (HESS). in long-term debt. Cash and cash equivalents were NOK 185 million on 31 December 2017 (463). Nammo had In October, Nammo’s management decided to replace the unutilized credit facilities of NOK 672 million measured at existing ERP systems in Sweden, Finland and Germany the exchange rates on 31 December 2017. Going forward, 2017 ANNUAL REPORT | 4 Board of Directors’ report 2017 the company will focus on improving working capital and deliveries of critical raw materials and key components cash generation from operating activities, and programs from suppliers. are already in place. Financial risk Balance sheet Nammo has established guidelines for financial risk The total assets of the Nammo Group amounted to management at both the corporate and business unit NOK 5 650 million at the end of 2017 (5 050). Net working levels. The following have been identified as the key capital, excluding cash, was NOK 1 824 million (1 428), financial risk areas for the Nammo Group: while equity was NOK 2 495 million (2 383). Total liabilities were NOK 3 155 million (2 667) at 31 December 2017 and Currency risk: Nammo’s customer base is global, and the equity ratio ended at 44 percent in 2017 (47 percent). currency fluctuations have a major impact on the Group’s Total interest-bearing debt to financial institutions financial statements. In light of this, currency risk is amounted to NOK 1 323 million (1 068) at continuously monitored through internal risk matching 31 December 2017. and hedging in the market, using financial instruments to secure the calculated earnings on contracts and thereby RISK FACTORS reduce exposure to fluctuations. Nammo also has a Nammo operates in a global market characterized currency risk related to equity in subsidiaries and joint by unexpected and rapid shifts in political stability, ventures reported in foreign currencies. Translation risk technology, products, exchange rates and other risk is partly reduced through hedge accounting of long-term factors. Risk management is therefore an integral part of debt. Nammo’s strategic and operative business management, with the aim of supporting both strategic and financial Commodity price risk: Price volatility related to copper, goals. steel and other raw materials can directly affect Nammo’s operating expenses and can have an effect on Market risk the Group’s reported operating results. Nammo reduces The operational and financial development of the Nammo this risk by entering into commodity hedges for all the Group depends on the general development of the significant purchase transactions of metals that it is defense- and commercial ammunition markets.
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