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Annual Report 2001 Årsrapport Securing information Contents Innhold Key figures 1 Nøkkeltall 1 Report from the board 2 Styrets beretning 4 Accounts 6 Resultatregnskap 6 Balance sheet 6 Balanse 6 Cash flow 7 Kontantstrøm 7 Accounting notes 8 Regnskapsnoter 8 Auditor’s report 20 Revisors beretning 21 Shareholder information 22 Aksjonærinformasjon 23 General market information 24 General market information 24 Subsidiaries and offices 28 Datterselskaper og kontorer 28 Addresses 30 Adresser 30 Key figures 1997 - 2001 Nøkkeltall 1997 - 2001 2001 2000 1999 1998 1997 Turnover Omsetning Operating Revenue NOK mill. 948 1023 1242 1020 889 NOK mill.Driftsinntekter Annual Operating Revenue growth % -7,4 -17,6 21,7 14,8 3,9 % Årlig vekst i driftsinntektene Export Share % 97,5 96,9 96,2 96,6 97,2 % Eksportandel Result Resultat Operating Result NOK mill. -99,2 -88,9 -39,4 1,6 66,0 NOK mill.Driftsresultat Operating Result as % of Operating Revenue % -10,5 -8,7 -3,2 0,2 7,4 % Driftsresultat i % av driftsinntekter Result before tax NOK mill. -96,5 -69,1 -14,9 -3,2 70,9 NOK mill. Resultat før skatt Result before tax as % of Operating Revenue % -10,2 -6,8 -1,2 -0,3 8,0 % Resultat før skatt i % av driftsinntekter Return on Capital (ROC) Rentabilitet Total Capital ROC 1) % -12,2 -7,4 -1,4 *-0,04 13,4 % Totalkapitalens rentabilitet 1) Equity ROC 2) % -17,4 -9,5 -1,9 *-0,5 21,3 % Egenkapitalens rentabilitet 2) Yield on working capital 3) % -16,0 -9,3 -1,6 *-0,1 18,6 % Avkastning på sysselsatt kapital 3) Solidity/Liquidity Soliditet/Likviditet Total Capital NOK mill 594 869 973* 960 605 NOK mill.Bokført totalkapital Equity NOK mill. 428 691 761* 769 411 NOK mill.Egenkapital Equity Share 4) % 72,0 79,5 78,2* 80,1 67,9 % Egenkapitalandel 4) Liquidity ratio 1 5) 3,2 4,6 4,4 4,9 3,2 Likviditetsgrad 1 5) Liquidity ratio 2 6) 2,1 3,7 3,5 3,8 2,1 Likviditetsgrad 2 6) Shares Aksjer Earnings per share 7) NOK -2,67 -1,72 -0,24* -0,01* 1,55 NOK Fortjeneste pr. aksje 7) Cash Flow per share 8) NOK -2,22 -0,90 0,44* 0,70 * 2,23 NOK Kontantstrøm pr. aksje 8) Share capital per 31.12 NOK mill 112,0 113,3 116,4 116,3 103,5 NOK mill. Aksjekapital pr. 31.12 Market price NOK 8,70 15,40 22,00 26,50 85,00 NOK Børskurs P/E 9) -3,3 -9,0 -92,5* -50212 * 54,7 P/E 9) Tax defined RISK value NOK 0,00 0,00 0,75 0,00 1,41 NOK RISK-verdi Personnel Personale Number of employees at 31. Dec. 371 400 578 586 640 Antall ansatte pr. 31.des. Salaries and social costs NOK mill 224 252 284 279 235 NOK mill Lønn og sosiale kostnader Operating revenue per employee 10) NOK 1000 2 555 2 557 2 149 1 741 1 389 NOK 1000 Driftsinntekter pr. ansatt 10) *Changed due to implementation of new accounting law 1. Jan.99. *Endret ved implementering av ny regnskapslov pr. 1. jan.99. 1) Total Capital ROC 1) Totalkapitalens rentabilitet (Result before extraordinary items and interest charges) x 100 (Resultat før ekstraord. poster + rentekostn.) x 100 Average Total capital Gjennomsnittlig totalkapital 2) Equity ROC 2) Egenkapitalens rentabilitet (Result before extraordinary items) x 100 (Resultat før ekstraord. poster) x 100 Average equity Gjennomsnittlig egenkapital 3) Yield on working capital 3) Avkastning sysselsatt kapital (Result before tax plus interest on debt) x 100 (Resultat før skatt+gjeldsrenter) x 100 Average interest-bearing debt and equity Gjennomsnittlig rentebærende gjeld og egenkapital 4) Egenkapitalandel 4) Egenkapitalandel (Equity per 31. Dec.) x 100 (Egenkapital pr.31. des.) x 100 Total capital per 31. Dec. Totalkapitalen pr.31. des. 5) Liquidity ratio 1 5) Likviditetsgrad 1 Liquid assets per 31. Dec. Omløpsmidler pr.31. des. Short-term debt per 31Dec. Kortsiktig gjeld pr.31. des 6) Liquidity ratio 2 6) Likviditetsgrad 2 Means of payment & short-term receivables Betalingsmidler + kortsiktige fordringer pr.31/12 Short-term debt per 31. Dec. Kortsiktig gjeld pr.31. des. 7) Earnings per share 7) Fortjeneste pr. aksje Annual surplus adjusted for minority interests Årsoverskudd justert for min.interesser Average number of shares Gjennomsnittlig antall aksjer 8) Cash flow per share 8) Kontantstrøm pr. aksje Annual surplus and ordinary depreciation adjusted for minority interests Årsoverskudd + ord. avskr. justert for min. interesser Average number of shares Gjennomsnittlig antall aksjer 9) P/E 9) P/E Market price at year end Børskurs ved årets slutt Earnings per share Fortjeneste pr. aksje 10) Operating revenue per employee 10) Driftsinntekter pr. ansatt Operating Revenue Driftsinntekter Number of employees at 31. Dec Antall ansatte 31.des. TANDBERG DATA 2001 3 Report from the Board The company’s business Financial results Human Resources. Tandberg Data is a technology company that The company completed its 22nd year of At the end of 2001 the Tandberg Data Group develops, assembles and markets data stora- operation 31. December 2001. Total sales had 371 employees, 278 of whom are in ge products based on linear reading and wri- amounted to NOK 948 million, as opposed to Norway and 93 abroad. In 2000 there were ting technology, mainly for magnetic tape. NOK 1023 million in 2000. The industry has 400 employees and 578 the previous year. The products are sold in part through our had a general turnover reduction of 23%, Tandberg Data stresses running its business sales offices to a worldwide network of distri- whilst in comparison; Tandberg Data had a without causing injury to people or damage butors and dealers, and in part as OEM reduction of 7%. OEM sales amounted to to property and the external environment. sales (Original Equipment Manufacturer). 32% of the year’s turnover and the largest Extensive training courses within health and OEM sales entail that the product is re-sold customers are IBM, Fujitsu of Japan, Fujitsu- safety were conducted for managers in 2001. with the customer’s trademark. Siemens in Germany, Groupe Bull in France No serious work-related mishaps or acci- and Christie in the UK. dents were reported in 2001, nor were there Our data storage solutions for magnetic tape significant effluents or emissions from the are based in part on a self-developed Operating costs amounted to NOK 382 milli- company’s plants. The company is not regu- SLR(tm) technology and in part on licensed on vs. NOK 447 million in 2000 and NOK lated by licenses or ordinances with regard DLTtape(tm) technology from our partner, 523 million in 1999. The reduction of nearly to the external environment. Quantum Corporation in the USA. 30% over two years has been made without substantial reduction in levels. The cost re- The company’s sickness absence rate was Magnetic tape is cost-effective and secure duction has been achieved without affecting 7.3% in 2001, compared to 6.5% the previ- data storage medium, and Tandberg Data product quality and product development. ous year. The company is continuing efforts has invested heavily in R&D to develop com- to reduce absenteeism, with particular petitive products designed to meet custo- The company had an operating loss of NOK emphasis on individually following up mers’ needs for increasingly greater storage 99 million vs. NOK 89 million in 2001. Of this employees with strain-related physical capacity and transfer speed. Tandberg Data’s NOK 48 million is related to O-Mass and has injuries. head office and production facilities are loca- in its entirety been charged to P & L. Net ted in Oslo, Norway. The company’s sales financial items were NOK 3 million compared Outlook for 2002 offices in Europe, America and Asia are to NOK 20 million the previous year. NOK The data storage industry is assumed to organized as local subsidiaries. 150 million of cash reserves was paid to sha- have a long-term, solid growth rate within the reholders in July 2001. The pre-tax result market segments served by Tandberg Data. O-Mass. was minus NOK 96 million vs. minus NOK 69 In the short term there is some uncertainty In December 2000 Tandberg Data formed a million in 2000. The result for 2001 entails a connected with trends in the general level of separate company, O-Mass AS, in order to negative tax cost of NOK 3 million for the IT investments around the world, particularly develop a new read/write technology for both group which has not been charged to income in the U.S. tape and other storage media. Technological in 2001. The result after tax was minus NOK milestones have been met as planned as the 99 million. This represents minus NOK 2.65 The Quantum arrangement is expected to functionality of magnetic writing was demon- per share. In spite of the operating loss for yield a substantial increase in DLT sales, and strated in Q1 and optical reading was the year, the company has a solid financial this should contribute to increased turnover demonstrated in Q2. A complete read/write position and the annual accounts and report in 2002 compared to 2001. demonstration model will be ready in April are rendered under the assumption that the 2002, Discussions with potential partners company is a going concern. USA and Land-5. continue in 2002. It is expected that there Tandberg Data’s US subsidiary was reorgani- will be a reduction in costs related to O-Mass In view of Tandberg Data’s capital require- zed during Q1 2002 through employing new in 2002.