Annual Report 2001 Årsrapport
Securing information Contents Innhold
Key figures 1 N¿kkeltall 1 Report from the board 2 Styrets beretning 4 Accounts 6 Resultatregnskap 6 Balance sheet 6 Balanse 6 Cash flow 7 Kontantstr¿m 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 f¿r skatt Result before tax as % of Operating Revenue % -10,2 -6,8 -1,2 -0,3 8,0 % Resultat f¿r 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.Bokf¿rt 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 Kontantstr¿m 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 B¿rskurs 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 L¿nn 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 f¿r ekstraord. poster + rentekostn.) x 100 Average Total capital Gjennomsnittlig totalkapital 2) Equity ROC 2) Egenkapitalens rentabilitet (Result before extraordinary items) x 100 (Resultat f¿r 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 f¿r 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. Oml¿psmidler 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 B¿rskurs 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. ment relating to future investment in and management and reducing the overall orga- development of the company, the Board of nization. At the same time a subsidiary of Quantum agreement. Directors proposes not distributing dividends Tandberg Data Inc. was merged with Land-5 A comprehensive partner agreement signed for year 2001. Corporation of San Diego, CA. Tandberg with Quantum Corporation, USA in Data owns 55% of Tandberg Data Inc. September 2001 entails that Tandberg Data Financial matters. has the prime responsibility for sales of DLT The company’s shares are quoted on the Land-5 possesses technology and market products in Europe and Asia, whilst Quantum Oslo Stock Exchange. The number of issued knowledge in the field of NAS (Network has the corresponding responsibility in the shares at 31 December amounted to Attached Storage) and RAID technology. The Americas. This provides customers with 38,788,233, each at NOK 3.00 face value. company has products that, amongst other improved and more cost effective service, Not counting shares held by the company things, combine hard disks and tape storage whilst at the same time reducing logistic itself, the number of outstanding shares at in solutions suitable for the SMB market. costs; enabling better margins. the end of the year was 37,337,233 and the This will be developed as a new business share capital was NOK 112 million. area and will be marketed through Tandberg Distributable reserves amounted to NOK 220 Data’s international network. Considerable million. sales growth is not expected before 2003.
4 TANDBERG DATA 2001 Tom Bj¿rnsen, emp .representative. Arnstein ¯ysleb¿, CFO. Terje Christoffersen. Bj¿rn Stanger, emp. representative. Svein Ramsay Goli, Chairman. Terje Thon. Gudmundur Einarsson, CEO. Jan Andresen, emp. representative. Arne Dalslaaen.
Settlement of annual loss Norman ASA, S¿nnico Installasjon AS, Ergo Tom Bjørnsen, (50) Tandberg Data ASA showed a loss for the Group and Scribona AB (Sweden). He heads Board member since 2000. He has been year of NOK 13 million after tax. The Board Dalbu AS, a consultancy firm in corporate employed at Tandberg Data since the compa- of Directors proposes covering the deficit as management. He has previous experience ny’s founding in 1979 and was previously follows: from leading positions at IBM and employed at Tandberg Radiofabrikk since Merkantildata. Dalslaaen has a business 1971. Bj¿rnsen has a degree in project and From other equity minus NOK 13 million degree from the Norwegian School of materials management from the Norwegian Total covered minus NOK 13 million Management (BI). School of Management (BI) and works as a Project Coordinator. Board members: Terje Thon, (56) Svein Ramsay Goli, Chairman (61) Board member since 1999. He is Chairman Bjørn Stanger, (41) Board chairman since 1999. He is also chair- of the Board in Dagbladet AS, Norsk Board member since 2000. He is technical man of the boards of Norman ASA and Luftambulanse and Pocket-It AS, and deputy manager for DLT Products and has been VISMA ASA. He was previously VP Nordic of chairman/board member in AO Vimpelkom employed at Tandberg Data since 1983. the Oracle Corporation and has worked 21 (Russia), Zenitel SA (Belgium), Aker Stanger has a craft certificate as a radio and years at IBM. Goli has a B.Com degree from Sykehus HF, Storebrand Bank AS, I-Group TV repairman. the Copenhagen Business School and has ASA and Comuniq ASA. Previous positions completed the Senior Executive Program at include Executive VP of Telenor ASA, CEO Members of the Corporate IMD in Lausanne, Switzerland. and VP of Elektrisk Bureau (EB) and CEO of Assembly: TBK. Thon has an electrical engineering Elected by shareholders: Terje Christoffersen, (49) degree from the Norwegian University of Tore Egil Holte (Chairman), Bj¿rn C. Kaaber, Board member since 1999. He is Chairman Science and Technology at Trondheim and a Tor Saltnæs, Harald Arnet, Henrik A. of the Board at NetCom ASA. He was previ- P.M.D. from Harvard Business School. Christensen, Birger Nergaard, John Harald ously chairman of the board and CEO of the Henriksen and Per Karlsrud. Santech Group and chairman of the board and CEO of Hewlett Packard Norway, Employee-elected board members: Elected by employees: Sweden and Northern Europe. Christoffersen Jan Andresen, (61) Håvard Hoelsæter, Anne Siri Solberg has an M.B.A. from the University of Board member since 1981. He has been Lykkeid, Trond Stokke Cologne, Germany. employed at Tandberg Data since the compa- and Tove Dahl. ny’s founding in 1979 and was previously Arne Dalslaaen, (61) employed at Tandberg Radiofabrikk since Board member since 1999. He is chairman of 1962. Andresen has a craft certificate in car- the boards of IBAS AS and Adra Match ASA, pentry and a business degree and heads the as well as a member of the boards of company’s joint services department.
Oslo, 19th March 2002 On the Board of Directors of Tandberg Data ASA
Svein R. Goli Terje Thon Arne Dalslaaen Terje Christoffersen (Sign.) (Sign.) (Sign.) (Sign.)
Jan Andresen Tom Bj¿rnsen Bj¿rn Stanger Gudmundur Einarsson (Sign.) (Sign.) (Sign.) (Sign.) CEO
TANDBERG DATA 2001 5 Styrets beretning
Selkapets virksomhet Økonomiske resultater. Personell og HMS. Tandberg Data er et teknologiselskap som Selskapet avsluttet sitt 22. driftsår Ved utl¿pet av 2001 hadde Tandberg Data utvikler, ferdigstiller og markedsf¿rer datala- 31.12.2001. Samlet omsetning ble NOK 948 konsernet 371 ansatte hvorav 278 i Norge og gringsprodukter basert på lineær lese- og mill. mot NOK 1023 mill. i 2000. Bransjen har 93 i utlandet. Totalt var det 400 ansatte i skriveteknologi, hovedsakelig for magnet- hatt en generell nedgang i ettersp¿rselen på 2000 og 578 året før. bånd. Produktene omsettes dels gjennom 23 prosent. Tandberg Datas nedgang har til våre salgskontorer til et verdensomspen- sammenligning vært på 7 prosent. Tandberg Data vektlegger at virksomheten nende nettverk av distribut¿rer og forhand- skal drives uten at det f¿rer til skade på per- lere, og dels som OEM salg (Original OEM-salget utgjorde 32% av årets omset- soner, materielle verdier eller det ytre milj¿. Equipment Manufacturer). OEM salg innebæ- ning og de st¿rste kundene er IBM, Fujitsu i Det ble gjennomf¿rt et omfattende HMS-kurs rer at produktet påføres kundens varemerke Japan, Fujitsu-Siemens i Tyskland, Bull i for ledere i 2001. Det har i l¿pet av året ikke og videreselges. Frankrike og Christie i UK. forekommet eller blitt rapportert om alvorlige arbeidsuhell eller ulykker. Det har heller ikke Våre datalagringsl¿sninger for magnetbånd Driftskostnadene utgjorde NOK 382 mot vært betydelige utslipp fra bedriften. er dels basert på en egenutviklet SLR(tm)- NOK 447 mill. i 2000 og 523 mill. i 1999. Virksomheten er ikke regulert av konsesjoner teknologi og dels basert på lisensiert Reduksjonen på nesten 30 prosent over to år eller pålegg når det gjelder det ytre miljø. Det DLTtape(tm)-teknologi fra vår samarbeids- har vært gjennomf¿rt uten vesentlig reduk- ble ikke gjennomf¿rt myndighetskontroll av partner, Quantum Corporation, i USA. sjon av aktivitetsnivået. Kostnadsreduksjonen virksomheten i 2001. har vært gjennomf¿rt uten at det har gått på Magnetbånd er et meget kostnadseffektivt og bekostning av produktkvalitet og satsingen Bedriftens sykefravær var 8,1 % i 2001 mot sikkert datalagrings medium, og Tandberg på produktutvikling. 6,5 % året før. Det jobbes aktivt for å få ned Data satser betydelige midler på å utvikle sykefraværet, spesielt vektlegges individuell konkurransedyktige produkter tilpasset kun- Driftsresultatet ble NOK -99 mill. mot NOK - oppf¿lging av ansatte med fysiske belast- dens behov for stadig st¿rre lagringskapa- 89 mill. i 2001. Av dette skyldes NOK 48 ningsskader. sitet og overf¿ringshastighet. Tandberg Datas mill. investering i O-MASS teknologien som i hovedkontor og produksjonslokaler ligger på sin helhet har blitt kostnadsf¿rt i regnskapet. Utsikter for 2002. Kjelsås i Oslo. Datalagringsindustrien antas å ha en langsik- Netto finansposter ble positivt NOK 3 mill. tig god vekstrate innen de markedssegmen- Selskapets salgskontorer i Europa, USA og mot NOK 20 mill. året før. NOK 150 mill. av tene som Tandberg Data betjener. På kort Asia er alle organiserte som lokale dattersel- kontantbeholdningen ble utbetalt til aksjonæ- sikt er det fortsatt en viss usikkerhet knyttet skaper. rene i juli 2001. Resultat f¿r skatt ble NOK - til utviklingen innen det generelle nivået på 96 mill. i 2001 mot NOK -69 mill. i 2000. IT-investeringer rundt om i verden, spesielt i O-MASS. Resultatet i 2001 medf¿rer en negativ skatte- USA. Tandberg Data opprettet i desember 2000 et kostnad på NOK 3 mill. for konsernet hvor eget selskap, O-MASS AS, for utvikling av en det ikke er blitt inntektsf¿rt utsatt skattefordel Quantum-avtalen forventes å gi vesentlig ¿kt ny lese- og skriveteknologi for både båndsta- i 2001. Resultat etter skatt ble NOK -99 mill. DLT-omsetning og dette b¿r bidra til ¿kt sjoner og andre lagringsmedium. Dette representerer NOK -2,65 per aksje. Til omsetning i 2002 i forhold til 2001. Teknologiske milepæler ble nådd som plan- tross for årets driftstap har selskapet en solid lagt ved at funksjonaliteten til magnetisk skri- finansiell stilling og årsoppgjøret er avlagt USA organisasjonen og Land-5. ving ble demonstrert i 1. kvartal 2001 og til- under forutsetning om fortsatt drift. Tandberg Datas USA virksomhet ble restruk- svarende for optisk leseenhet i 2. kvartal. En turert 1. kvartal 2002 ved tilsetting av ny komplett lese- og skriveenhet blir ferdigstilt i Med bakgrunn i Tandberg Datas kapitalbehov ledelse og reduksjon av organisasjonen. april 2002. Det har vært f¿rt diskusjoner med knyttet til videre strategisk utvikling av sel- Samtidig ble et datterselskap av Tandberg flere potensielle samarbeidspartnere i l¿pet skapet foreslår styret at det ikke utbetales Data Inc. fusjonert med Land-5 Corporation i av 2001, og disse videref¿res i 2002. Det for- utbytte for år 2001. San Diego, CA. Tandberg Data ASA eier ventes vesentlig mindre kostnadspådrag ved- 55% av Tandberg Data Inc. r¿rende O-MASS i 2002. Finansielle forhold. Selskapets aksjer er notert ved Oslo B¿rs. Land-5 besitter teknologi og markedskunn- Quantum-avtalen. Antall utstedte aksjer utgjorde per 31. skap innen NAS (network attached storage) En omfattende partneravtale, som ble under- desember 38.788.233, hver pålydende NOK og RAID-teknologi. Selskapet har produkter skrevet med Quantum Corporation i USA i 3,00. Fratrukket aksjer som selskapet selv som bl.a. kombinerer hardiskl¿sninger og september 2001, innebærer at Tandberg besitter er antall utestående aksjer ved båndstasjoner tilpasset behovene til små og Data har hovedansvaret for salg av DLT-pro- utgangen av året 37.337.233 og aksjekapita- mellomstore bedrifter. Dette skal videreutvi- dukter i Europa og Asia, og Quantum tilsva- len NOK 112 mill. Fri egenkapital utgjorde kles som et nytt forretningsområde og mar- rende i S¿r- og Nord-Amerika. Dette gir kun- NOK 220 mill. kedsf¿res gjennom Tandberg Datas interna- dene en bedre og mer kostnadeffektiv ser- sjonale nettverk. Betydelig salgsvekst forven- vice samtidig som logistikk-kostnader blir tes f¿rst i 2003. minimalisert og marginbildet bedret.
6 TANDBERG DATA 2001 Disponering av årets resultat. Arne Dalslaaen, (61) Tom Bjørnsen, (50) Årets resultat før skatt for Tandberg Data Styremedlem siden 1999. Han er styrefor- Styremedlem siden 2000. Han har arbeidet i ASA ble NOK -13 mill. etter skatt. Styret fore- mann i IBAS AS og Adra Match ASA, samt Tandberg Data fra selskapet ble stiftet i slår at underskuddet dekkes som f¿lger: styremedlem i Noman ASA, S¿nnico 1979, og var tidligere ansatt i Tandberg Fra annen egenkapital: NOK -13 mill. Installasjon AS, Ergo Group AS og Scribona Radiofabrikk fra 1971.Bj¿rnsen er utdannet Sum dekket NOK -13 mill. AB (Sverige). Han leder Dalbu AS, et rådgi- innen Prosjekt og materialadministrasjon fra vende konsulentfirma innen bedriftsledelse. BI, og arbeider som Prosjektkoordinator. Styremedlemmer Tidligere erfaring fra ledende stillinger i IBM Svein Ramsay Goli, Styreleder (61) og Merkantildata. Dalslaaen er bedrifts¿ko- Bjørn Stanger, (41) Styreleder siden 1999. Han er også styrefor- nom fra Bedrifts¿konomisk Institutt (BI). Styremedlem siden 2000. Han er teknisk mann i Norman ASA og VISMA ASA. ansvarlig for DLT produkter, og har vært Tidligere erfaring fra stilling som VP Nordic i Terje Thon, (56) ansatt i Tandberg Data siden 1983. Stanger Oracle Corporation, samt 21 år i IBM. Goli er Styremedlem siden 1999. Han er styrefor- har fagbrev som Radio/Tv reparat¿r. sivil¿konom fra Handelsh¿jskolen i mann i Dagbladet AS, Norsk Luftambulanse K¿benhavn (Copenhagen Business School) og Pocket-It AS, samt viseformann/styre- Bedriftsforsamlingen og har gjennomf¿rt Senior Executive medlem i AO Vimpelkom (Russland), Zenitel Valgt av aksjonærene: Program ved IMD i Lausanne, Sveits. SA (Belgia), Aker Sykehus HF, Storebrand Tore Egil Holte (leder), Bj¿rn C. Kaaber, Tor Bank AS, I-Group ASA og Comuniq ASA. Saltnæs, Harald Arnet, Henrik A. Terje Christoffersen, (49) Tidligere erfaring fra stilling som Executive Christensen, Birger Nergaard, John Harald Styremedlem siden 1999. Han er styrefor- VP i Telenor ASA, adm. dir. og VP i Elektrisk Henriksen og Per Karlsrud. mann i NetCom ASA. Tidligere erfaring fra Bureau (EB), samt adm. dir. i TBK. Thon er styreformannsverv og stilling som adm. sivilingeni¿r i elektroteknikk fra Norges Valgt av de ansatte: direkt¿r i Santech Group, samt styrefor- Tekniske H¿yskole i Trondheim samt PMD fra Håvard Hoelsæter, Anne Siri Solberg mann/adm. direkt¿r for Hewlett Packard Harvard Business School. Lykkeid, Trond Stokke og Tove Dahl. Norge, Sverige og Nord-Europa. Christoffersen har en Master of Business Ansattevalgte styrerepresentanter: Administration (MBA) fra Universität zu Köln, Jan Andresen, (60) Tyskland. Styremedlem siden 1981. Han har arbeidet i Tandberg Data fra selskapet ble stiftet i 1979, og var tidligere ansatt i Tandberg Radiofabrikk fra 1962. Andresen er faglært t¿mrer og Bedrifts¿konom, og arbeider som avdelingsleder for selskapets fellestjenester.
Oslo, 19. mars 2002 I styret for Tandberg Data ASA
Svein R. Goli Terje Thon Arne Dalslaaen Terje Christoffersen (Sign.) (Sign.) (Sign.) (Sign.)
Jan Andresen Tom Bj¿rnsen Bj¿rn Stanger Gudmundur Einarsson (Sign.) (Sign.) (Sign.) (Sign.) CEO
TANDBERG DATA 2001 7 Accounts Resultatregnskap
TAD Group TAD ASA (Amounts in NOK 1000) 1999 2000 2001 Notes/Noter 2001 2000 1999 (Bel¿p i NOK million) Sales revenues 1 242 319 1 023 355 947 802 3 851 245 868 447 1 071 511 Salgsinntekter Cost of goods 758 712 664 953 665 510 4 652 842 620 692 720 488 Varekostnad Personnel costs 283 858 252 479 224 184 5 140 887 188 421 214 766 Personalkostnader Depreciation of capital equipment 26 306 23 781 16 708 6 13 386 20 423 23 218 Avskrivning på driftsmidler Other operating costs 212 810 171 057 140 635 7.8.9 58 864 116 469 141 494 Andre driftskostnader Total operating costs 1 281 686 1 112 270 1 047 037 865 979 946 005 1 099 966 Sum driftskostnader Operating profit/loss (39 367) (88 915) (99 235) (14 734) (77 558) (28 455) Driftsresultat Other interest income 24 678 21 585 8 778 2 395 21 475 25 685 Annen renteinntekt Other financial income 1 211 263 1 660 17 252 1 836 879 Annen finansinntekt Other interest costs (1 352) (803) (7 302) (6 270) (745) (460) Annen rentekostnad Other financial costs (67) (1 279) (357) (11 371) (1 205) (596) Annen finanskostnad Total financial items 24 470 19 766 2 779 2 006 21 361 25 508 Sum finansposter Ordinary profit/loss before tax cost (14 897) (69 149) (96 456) (12 728) (56 197) (2 947) Ordinært resultat før skattekostnad Tax cost 5 672 2 325 (3 220) 10 15 690 729 Skattekostnad Profit/loss for the year (9 225) (66 824) (99 676) (12 728) (40 507) (2 218) Konsernets årsresultat
Balance Sheet Balanse
TAD Group TAD ASA (Amounts in NOK 1000) 31.12.00 31.12.01 Noter 31.12.01 31.12.00 (Bel¿p i NOK mill.) Patents and lisenses 5 517 10 486 6 10 486 5 517 Patenter og lisenser Deferred tax advantage 40 626 35 462 10 37 083 37 083 Utsatt skattefordel Total intangible assets 46 143 45 948 47 569 42 600 Sum immatrielle eiendeler Buildings and fixtures 15 722 15 078 6 4 608 5 253 Bygninger/bygn. messige innredn. Tools and instruments 18 910 15 586 6 14 275 17 498 Verkt¿y og instrumenter IT equipment and fixtures 11 168 18 641 6 12 954 7 376 EDB-utstyr, inventar Shares in subsidiaries - - 11 375 647 375 647 Aksjer i datterselskaper Other receivables 957 - 12 84 968 29 996 Andre langsiktige fordringer Total 92 900 95 252 540 021 478 370 Sum anleggsmidler Inventories 150 541 164 474 13 116 086 122 286 Varer Trade debtors 198 034 174 808 14 131 936 122 665 Kundefordringer Other receivables 29 329 31 329 15 45 436 53 106 Andre kortsiktige fordringer Bank and cash deposits etc. 396 165 128 483 16 100 336 40 968 Bankinnskudd, kontanter og lign. Total current assets 774 069 499 093 393 795 339 025 Sum omløpsmidler Total assets 866 969 594 345 933 816 817 395 Sum eiendeler
Share capital 113 333 112 012 17 112 012 113 333 Aksjekapital Profit reserve 119 654 119 654 18 119 654 119 654 Overkursfond Total contributed equity 232 987 231 666 231 665 232 987 Sum innskutt egenkapital Other equity 449 847 196 297 18 257 062 424 413 Annen egenkapital Total equity 682 834 427 962 488 727 657 399 Sum egenkapital Pension obligations 9 026 10 730 19 10 730 9 026 Pensjonsforpliktelser Total long-term liabilities 9 026 10 730 159 230 9 026 Sum langsiktig gjeld Current financial debt 3 514 0 - - Kortsiktig finansgjeld Taxes due, wages, social benefit costs 40 394 44 135 30 920 34 371 Skyldige off.avgifter, l¿nn, sos.kostn. Payable tax 4 502 11 10 - - Betalbar skatt Trade creditors 77 986 78 934 63 915 73 549 Leverand¿rgjeld Other current liabilities 48 713 32 573 21 339 524 43 050 Annen kortsiktig gjeld Total current liabilities 175 109 155 653 434 359 150 970 Sum kortsiktig gjeld Total liabilities and equity 866 969 594 345 933 816 817 395 Sum gjeld og egenkapital
Oslo, 19. March 2002 Oslo, 19. mars 2002 The Board of Tandberg Data ASA I styret for Tandberg Data ASA
Terje Christoffersen Svein R. Goli Arne Dalslaaen Chairman/Styreleder Terje Thon Jan Andresen Gudmundur Einarsson Tom Bj¿rnsen CEO Bj¿rn Stanger
8 TANDBERG DATA 2001 Cash Flow Kontantstrøm
TAD Group TAD ASA (Amounts in NOK thousands) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK tusen) Cash flow from operations Kontantstrømmer fra operasjonelle aktiviteter Loss after taxes -9 225 -66 824 -99 676 -12 728 -40 507 -2 218 Resultat etter skatter (tap) Ordinary depreciation 26 306 23 781 16 708 13 386 20 423 23 218 Ordinære avskrivninger Loss (gain) on sale of fixed assets 108 4 205 -33 -33 -3 217 286 Tap (Gevinst) ved salg av varige driftsmidler Profit on sale of investments in shares -854 - - - - -854 Gevinst ved salg av investeringer i aksjer Other 194 -4 242 357 - -885 478 Andre bevegelser uten kontant-effekt Changes in operating assets and obligations Endringer i operasjonelle eiendeler og forpliktelser: Trade debtors and other current receivables 2 504 -19 890 5 086 -19 959 -16 130 26 515 Kundefordringer og andre kortsiktige fordringer Stock of goods 24 278 27 543 -13 933 6 200 24 844 19 613 Varelager Trade creditors -2 888 1 910 948 -9 634 -63 6 350 Leverand¿rgjeld Accrued costs, social benefits and other obligations 28 088 -17 291 3 741 -3 451 -6 539 22 019 Påløpte kostnader, sosiale ytelser og andre forplikt. Pension obligations 2 842 -2 437 1 704 1 704 -2 437 2 842 Pensjonsforpliktelse Deferred tax advantage -11 995 -6 945 5 164 - -15 690 -12 079 Utsatt skattefordel Payable taxes -470 -4 280 -4 491 - -11 351 11 351 Betalbare skatter Net cash flows from (used in) operations 58 888 -64 470 -84 424 -24 515 -51 551 97 521 Netto kontantst. fra (benyttet til) operasjonelle aktiviteter
Cash flows from investing activities Kontantstrømmer fra investeringsaktiviteter: Payments made on purchase of fixed assets -16 940 -19 712 -25 445 -20 070 -16 622 -14 614 Utbetalinger ved kj¿p av varige driftsmidler Payments received from sale of fixed assets 2 828 18 696 687 40 17 896 29 Innbetalinger ved salg av varige driftsmidler Net change in long-term receivables -29 152 957 -54 972 -7 938 -22 058 Netto endring langsiktige fordringer Payments received from sale of shares 854 - - - -330 040 854 Innbetalinger ved salg av aksjer og andre investe and other investments ringer Net cash flows from (used in) investing activities -13 287 -864 -23 800 -75 002 -336 704 -35 789 Netto kontantstrøm fra (benyttet til) investeringsaktiviteter
Cash flows from financing activities Kontantstrømmer fra finansieringsaktiviteter: Net change in short-term debt financing 1 022 -4 359 -3 514 - -1 775 71 Netto endring i kortsiktig gjeldsfinansiering Payments on long-term debt -435 -100 - 314 828 - - Utbetalinger ved nedbetaling av langsiktig gjeld Payment of dividend -149 349 -149 349 - - Utbetaling av utbytte Paid rent in connection with financial leasing -6 490 -1 775 - - - -6 490 Betalt leie knyttet til finansiell leasing Paid-up new equity 731 - - - - 731 Innbetalinger av ny egenkapital Payments made on purchase of shares / -1 395 -15 123 -6 594 -6 594 -15 123 -1 395 Utbetalinger ved kj¿p av aksjer / minoritetsaksjer minority shares Net cash provided by financing activities -6 567 -21 357 -159 457 -7 443 -16 898 -7 083 Netto likvider fra finansieringsaktiviteter Effect of exchange rate changes - - - - 884 -155 Effekt av valutakursendringer på kontanter og on cash and cash equivalents kontantekvivalenter Net increase (reduction) in cash 39 034 -86 691 -267 682 -106 960 -404 269 54 494 Netto ¿kning (reduksjon) kontanter og kontante and cash equivalents kvivalenter Balances of cash and cash equivalents 443 822 482 856 396 165 40 968 445 237 390 743 Beholdning av kontanter og kontantekvivalenter at the beginning of the period ved periodens begynnelse Balances of cash and cash equivalents 482 856 396 165 128 483 100 336 40 968 445 237 Beholdning av kontanter og kontantekvivalenter at the end of the period” ved periodens slutt
TANDBERG DATA 2001 9 Accounting notes Regnskapsnoter
1 Accounting principles 1 Regnskapsprinsipper 2 Earnings per share 2 Fortjeneste per aksje
Profit & Loss Items: Resultatposter: 3 Sales revenues by region 3 Salgsinntekter per region 4 Cost of goods sold 4 Vareforbruk 5 Personnel costs 5 Personalkostnader 6 Depreciation & amortization 6 Avskrivning og amortiseringer 7 Other operating costs 7 Andre driftskostnader 8 Product development costs 8 Produktutviklingskostnader 9 Public development funding 9 Offentlig utviklingsst¿tte 10 Taxes 10 Skatter
Balance Sheet Items: Balanseposter: 11 Shares in subsidiaries 11 Aksjer i datterselskap 12 Other long-term receivables 12 Andre langsiktige fordringer 13 Inventories 13 Varelager 14 Trade debtors 14 Kundefordringer 15 Other short-term receivables 15 Andre kortsiktige fordringer 16 Cash & bank deposits 16 Betalingsmidler 17 Share capital 17 Aksjekapital 18 Equity 18 Egenkapital 19 Pension liabilities 19 Pensjonsforpliktelser 20 Product warranty provisions 20 Produktgarantiavsetninger 21 Current liabilities 21 Kortsiktig gjeld 22 Intercompany items 22 Konsernmellomværende
Off Balance Sheet Items: Ikke-balansef¿rte poster: 23 Drawing facilities 23 Trekkfasiliteter 24 Guarantee liabilities 24 Garantiansvar 25 Lease- & rental commitments 25 Lease- & leieforpliktelser 26 Financial market risk 26 Finansiell markedsrisiko 27 Events after the balance sheet date 27 Hendelser etter balansedagen
1 Accounting Principles 1 Regnskapsprinsipper
General Generelt The consolidated accounts show the total financial result and the total financial positi- Konsernregnskapet viser det samlede ¿konomiske resultat og den samlede finansiel- on of the parent company and its holdings in other companies presented as one unit. le stillingen for morselskapet og dets eierandeler i andre selskaper presentert som en Tandberg Data’s accounts are rendered in accordance with the Norwegian enhet. Tandberg Datas regnskap er avlagt i henhold til norsk regnskapslov og god Accounting Act and generally accepted accounting practice in Norway. regnskapsskikk som er generelt akseptert i Norge
Consolidated companies Konsoliderte selskaper The consolidated accounts include the parent company Tandberg Data ASA and Konsernregnskapet omfatter morselskapet Tandberg Data ASA og virksomheter hvor enterprises in which the company has a controlling interest, directly or indirectly. The selskapet har bestemmende innflytelse, direkte eller indirekte. Konsernregnskapet consolidated accounts are prepared according to uniform principles for the entire utarbeides etter ensartede prinsipper for hele konsernet. Interne fordringer og gjeld group of companies. Intercompany receivables and payables are eliminated. The cost elimineres. Kostprisen for aksjer i datterselskaper elimineres i konsernregnskapet mot price of shares in subsidiaries is eliminated in the consolidated accounts against egenkapitalen i datterselskapet på konsernetableringstidspunktet. equity in the subsidiary at the time of establishing the group. The minority interests’ Minoritetsinteressenes andel av årets resultat vises separat, og minoritetsinteres- share of the annual profit or loss is shown separately, and the minority interests’ senes andel av egenkapitalen inngår i konsernets egenkapital på egen linje. share of equity is included in the consolidated equity on a separate line. Omregning av utenlandske datterselskaper Conversion of foreign subsidiaries Regnskapet for de utenlandske datterselskapene er for alle poster i balansen omreg- For all items in the balance sheet the accounts for foreign subsidiaries are converted net til norske kroner etter kursene ved regnskapsårets slutt. Kursendringer vedr¿- into Norwegian kroner according to the exchange rates at the end of the fiscal year. rende egenkapitalen er tatt inn som korreksjon til egenkapitalen som omregningsdif- Regarding equity, changes in rates are included as a correction to the equity as con- feranse. Resultatregnskapene er omregnet til gjennomsnittskurs per måned gjennom version difference. The profit and loss accounts are converted to the average rate of regnskapsåret. Forskjellen mellom resultat til gjennomsnittskurser og kurser ved regn- exchange per month throughout the fiscal year. The difference between the profit or skapsårets slutt, er tatt inn som en korreksjon til egenkapitalen under posten omreg- loss at average rates of exchange and rates of exchange at the end of the fiscal year ningsdifferanser. is included as a correction to the equity under the item “Conversion differences.” Utenlandsk valuta Foreign currency Transaksjoner i utenlandsk valuta blir omregnet til lokal valuta etter kursen på trans- Transactions in foreign currency are converted into local currency according to the aksjonstidspunktet. Alle pengeposter, fordringer og gjeld i fremmed valuta er i regn- exchange rate on the transaction date. In the accounts, all money items, receivables skapet vurdert til balansedagens kurs. Netto kursgevinster og tap er resultatf¿rt som and payables in foreign currency are valued at the exchange rate on the balance henholdsvis finansinntekter og finanskostnader og presenteres netto i offisielt regn- sheet date. Net profit and loss on exchange are posted as financial income and finan- skap. cial costs, respectively, and presented as net amounts in the official accounts.
10 TANDBERG DATA 2001 Income Inntekts- og kostnadsføring Revenue is recognized as income on the date of performance, i.e. when ownership of Inntektsf¿ring skjer på ytelsestidspunktet, det vil si når eierskapet overf¿res til kun- the merchandise is transferred to the customer, normally at point of dispatch. Costs den, normalt ved skipning. Kostnadsf¿ring skjer på det tidspunkt en vare eller tje- are recognized at the time of consumption. neste forbrukes.
Cost of goods sold and inventory valuation Lagerbeholdninger og solgte varers kostnad Raw materials are valued at average acquisition cost. Work in progress and manufac- Råvarer er vurdert til gjennomsnittlig anskaffelseskost. Varer i arbeid og ferdigvarer er tured goods are valued at direct materials, direct wage and share of indirect manufac- vurdert til direkte materialer, direkte l¿nn samt andel av indirekte tilvirkningskostnader. turing costs. Write-downs are made for dead stock. Manufactured goods are valued at Det er foretatt nedskrivning for ukurans. Ferdigvarer er vurdert til laveste verdi av full full manufacturing cost or net sales value less sales costs, whichever is lower. tilvirkningskost og netto salgsverdi etter fradrag for salgskostnader.
Product development costs Produktutviklingskostnader All costs in connection with product development are charged against income on a Alle kostnader i forbindelse med produktutvikling kostnadsf¿res l¿pende. continuous basis. Skatter Taxes Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og The tax cost in the profit and loss account comprises the period’s payable tax and the endringene i utsatt skatt / utsatt skattefordel. Utsatt skatt og utsatt skattefordel knyttet changes in deferred tax / deferred tax advantage. Deferred tax and deferred tax til langsiktige og kortsiktige poster innenfor samme skatteregime er utlignet og f¿rt advantage connected with long-term and short-term items within the same tax regi- netto i balansen. men are offset and netted in the balance sheet. Varige driftsmidler Fixed assets Varige driftsmidler er i balansen oppf¿rt til anskaffelseskost redusert med akkumuler- Fixed assets are entered in the balance sheet at acquisition cost less accumulated te bedrifts¿konomiske avskrivninger. Dersom virkelig verdi av varige driftsmidler er business depreciation. If the actual value of fixed assets is lower than the book value, lavere enn bokf¿rt verdi, og verdifallet ikke anses å være forbigående, blir det foretatt and the drop in value is not deemed temporary, write-downs are made. Maintenance nedskrivninger. Vedlikehold og reparasjoner er i sin helhet kostnadsf¿rt, mens påkost- and repair are charged against income in their entirety, while spending on upgrading ninger og forbedringer er tillagt driftsmidlenes kostpris. and improvements are added to the cost price of the fixed assets. Kundefordringer Trade debtors Kundefordringer er bokf¿rt til pålydende, redusert for avsetninger for mulige tap. Trade debtors are entered at nominal value less provisions for possible credit losses. Avsetningen er gjort på grunnlag av en individuell vurdering av utestående fordringer The provisions are made on the basis of individual assessments of outstanding ved regnskapsårets slutt. claims at the end of the fiscal year. Klassifisering av omløpsmidler og kortsiktig gjeld. Classification of current assets and current liabilities Oml¿psmidler vurderes til laveste av anskaffelseskost og virkelig verdi. Kortsiktig Current assets are valued at acquisition cost or actual value, whichever is lower. gjeld er gjeld som forfaller innen et år samt renteavgrensninger på langsiktige lån. Current liabilities are debts falling due for payment within a year as well as interest caps on long-term loans. Pensjonsforpliktelser Konsernet har for den norske delen en pensjonsordning som vil gi de ansatte en Pension liabilities bestemt fremtidig pensjonsytelse. Pensjonsytelsen er basert på antall opptjeningsår For the Norwegian part the Group has a pension scheme giving employees a defined og l¿nnsnivå ved oppnådd pensjonsalder. future pension benefit. The pension benefit is based on number of years of pensio- nable service and salary level at retirement age. Netto pensjonskostnader omfatter periodens pensjonsopptjening, inkludert effekten av forventet fremtidig l¿nnsvekst, og rentekostnad på forpliktelsen fratrukket estimert Net pension costs comprise the period’s pension earnings, including the effect of avkastning på pensjonsmidlene. I balansen presenteres netto udekkede pensjonsfor- expected future wage growth as well as interest cost on the pension obligation less pliktelser som avsetning for forpliktelser. estimated yield on pension funds. In the balance sheet, net uncovered pension obli- gations are entered as provisions for obligations. Produktgarantiavsetning Det er foretatt avsetning for produktgaranti på leverte produkter. Avsetningen er Product guarantee provisions basert på statistikker over realiserte garantikostnader og samlet omsetning med Provisions are made for product guarantee on delivered products. The provisions are garantiansvar. Garantiavsetningen inngår som en del av kortsiktig gjeld i balansen. based on statistics on realized guarantee costs and total turnover with guarantee obli- Periodens endrede avsetning klassifiseres under andre driftskostnader i resultatregn- gation. The guarantee provisions are included as part of current liabilities in the balan- skapet. ce sheet. The period’s changed acclrual is classified under “Other operating costs” in the profit and loss account. Leasing Leide driftsmidler aktiveres og avskrives over driftsmidlenes forventede ¿konomiske Leasing levetid dersom kriteriene i henhold til god regnskapsskikk vedr¿rende regnskapsf¿ring Leased capital equipment is capitalized and depreciated over the equipment’s expec- av finansiell leasing er oppfylt. Tilsvarende regnskapsf¿res nåverdien av leasingfor- ted economic life if the criteria according to generally accepted accounting practice pliktelsen som gjeld. Rentekostnaden knyttet til leasingavtalen regnskapsf¿res som relating to financial leasing are fulfilled. Correspondingly, the present value of the lea- en finanskostnad mens kapitalelementet regnskapsf¿res som avdrag på langsiktig sing commitment is posted as debt. Interest cost relating to the leasing agreement is gjeld. Leasingavtaler som ikke oppfyller kriteriene for regnskapsf¿ring av finansiell entered in the accounts as financial cost, while the capital element is posted as prin- leasing i henhold til god regnskapsskikk betraktes som operasjonell leasing. cipal repayment of long-term debt. Leasing agreements that do not fulfil the criteria Operasjonell leasing klassifiseres som andre driftskostnader. for posting financial leasing in accordance with generally accepted accounting princi- ples are regarded as operational leasing. Operational leasing is classified as other operating costs.
TANDBERG DATA 2001 11 2. Earnings per share 2. Fortjeneste pr. aksje
Earnings per share are calculated by taking the profit for the year Fortjeneste pr. aksje beregnes ved å ta årsoverskudd divided by the average number of shares during the period. dividert på gjennomsnittlig antall aksjer i løpet av perioden
TAD ASA Year’s profit Average Average after minority number of earnings per interests shares share Årsoverskudd Gj.snitt Gj.snitt etter minoritets- antall aksjer fortjeneste interesser pr. aksje (Amounts in NOK 1,000) (Bel¿p i NOK 1000) Earnings per share 1999 -9 225 38 775 400 -0,24 Fortjeneste pr. aksje 1999 Earnings per share 2000 -66 824 38 767 565 -1,72 Fortjeneste pr. aksje 2000 Earnings per share 2001 -99 676 37 346 415 -2,67 Fortjeneste pr. aksje 2001
The statement shows the diluted result per share. Oppstillingen viser utvannet resultat pr. aksje.
3.Sales revenues by region 3. Salgsinntekter per region
The geographical distribution of sales revenues is based on the customer’s location. Den geografiske fordelingen av salgsinntektene er basert på kundens lokalisering.
(Amounts in NOK 1000) 2001 2000 1999 1998 1997 (Bel¿p i NOK 1000) Europe (EMEA) 562 594 544 855 696 382 499 414 403 950 Europa (EMEA) The Americas 230 747 329 600 453 635 456 335 389 850 Nord og S¿r Amerika Asia Pacific 154 461 148 900 92 302 64 442 95 027 Asia Pacific Total sales revenues 947 802 1 023 355 1 242 319 1 020 191 888 827 Sum salgsinntekter
Profit on sale of manufacturing rights for circuit boards, MNOK 8, is included in sales Gevinst ved salg av produksjonsrettigheter vedr¿rende kretskort; MNOK 8, er in Europe in 2000. inkludert i salg, Europa i 2000.
Sales revenue Salgsinntekter NOK mill NOK mill
300 300
250 250
200 200
150 150
100 100
50 50
0 0 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
2000 2000 2001 2001
Sales revenue by region Salgsinntekter pr. region NOK mill NOK mill
EMEA 59% EMEA 59% The Americas 25% USA 25%
Asia Pacific 16% Asia Pacific 16%
12 TANDBERG DATA 2001 4. Cost of goods sold 4. Vareforbruk
TAD Group TAD ASA (Amounts in NOK 1,000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Purchase of raw materials and commodities 765 534 645 872 692 702 659 894 636 270 734 825 Innkj¿p råvarer og handelsvarer Change in work in progress and manufactured goods. 6 822 -19 081 27 192 7 052 15 578 14 337 Beholdn.endr. varer i arbeid og egenprod. ferdigvarer Total materials consumed 758 712 664 953 665 510 652 842 620 692 720 488 Sum materialforbruk
5. Personnel costs 5.Personalkostnader
Salary and benefits to CEO Gudmundur Einarsson amounted to TNOK 1,504, L¿nn og ytelser til CEO Gudmundur Einarsson har vært TNOK 1.504 som inkluderer which includes company car and bonus. The bonus is profit dependent and limited bilordning og bonus. Bonusen er resultatavhengig og begrenset til 4 månedsl¿nner. to 4 months’ salary. In addition, Gudmundur Einarsson has 400,000 options, each Videre har Gudmundur Einarsson 400.000 opsjoner, hver opsjon gir rett til å kj¿pe option giving the right to purchase a share at an average price NOK 8.83. en aksje til snittkurs NOK 8,83. Opsjonene l¿per i perioden 2001-2003. Ved The options are valid in the period 2001-2003. Upon leaving, the CEO is entitled to fratredelse har CEO krav på 1 års etterl¿nn. 1 year’s severance pay. Godtgj¿relse til styre og bedriftsforsamling utgj¿r henholdsvis TNOK 682 og Remuneration to the Board of Directors and corporate assembly amounted to TNOK 165. Styreformann Svein R.Goli har gjennom sitt selskap TNOK 682 and TNOK 165, respectively. Chairman of the Board Svein R.Goli has Hauan Consulting AS mottatt honorar på TNOK 183 for oppgaver utover styrets through his company Hauan Consulting AS received a fee of TNOK 183 for service ordinære arbeid i år 2001. Honorarer til revisor for 2001 var TNOK 1 226, herav beyond the Board’s regular work in year 2001. Fees to auditor for 2001 amounted utgj¿r revisjon TNOK 390 og ¿vrig bistand TNOK 836. to TNOK 1 226, of which TNOK 390 for auditing and TNOK 836 for assistance.
Personnel costs: Personalkostnader: TAD Group TAD ASA (Amounts in NOK 1000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Salaries 213 479 196 710 164 734 109 406 142 790 157 485 L¿nninger Social security 29 494 25 005 23 523 17 572 22 788 25 796 Sosial kostnader Pension costs 7 596 8 844 6 783 6 599 8 135 6 867 Pensjonskostnader Consultancy, other benefits 33 289 21 920 29 143 7 309 14 708 24 619 Konsulenter, andre ytelser Total wage costs 283 858 252 479 224 184 140 887 188 421 214 766 Sum lønnskostnader
Average number of Group employees in 2001 was 385, while the corresponding Gjennomsnittlig antall konsernansatte i 2001 var 385, mens tilsvarende tall for figure for 2000 was 474. 2000 var 474.
6. Depreciation & amortization 6. Avskrivninger og amortiseringer y og ¿ TAD Group TAD ASA
(Amounts in NOK 1000) and instruments Tools fixtures and Transport, equipment Building fixtures Patents Total Total Verkt instrumenter Transportmidler, og utstyr inventar Bygningsmessig innredning Patenter (Bel¿p i NOK 1000) Acquisition cost 01.01 77 598 64 240 21 985 5 517 169 340 133 114 74 413 46 729 6 455 5 517 Anskaffelseskost 01.01. Additions 5 766 13 089 227 6 362 25 445 20 070 5 259 8 449 0 6 362 Tilgang Disposals -161 -634 0 0 -795 -65 0 -65 0 0 Avgang Exchange rate adjustment -215 -1 762 413 0 -1 564 Valutajustering Total acquisition cost 31.12 82 988 74 933 22 625 11 879 192 426 153 119 79 672 55 113 6 455 11 879 Sum anskaffelseskost 31.12. Total accumulated depreciation 01.01 59 238 50 290 6 400 0 115 928 97 411 58 053 38 156 1 202 0 Sum akkumulerte avskrivninger 01.01 Depreciation for the year 8 164 6 003 1 147 1 394 16 708 13 386 7 344 4 002 645 1 394 Årets avskrivning Total book value 31.12 15 586 18 641 15 078 10 486 59 790 42 323 14 275 12 954 4 608 10 486 Sum bokført verdi 31.12
For the company’s capital equipment, machines and furnishings, depreciation varies For selskapets driftsmidler, maskiner og inventar varierer avskrivningstiden fra 2 -7 år. from 2 to 7 years. Items with the shortest economic life are computer systems/office Kortest levetid er det for EDB anlegg/kontorautomatisering og produksjonsinvesteringer. automation and production investments. Profit/loss on sale of capital equipment is Gevinst/tap ved salg av anleggsmidler vises i kontantstr¿moppstilling. shown in the cash flow statement.
TANDBERG DATA 2001 13 7. Other operating costs 7. Andre driftskostnader
TAD Group TD ASA (Amounts in NOK 1000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Rent, maintenance, purchase of minor equipment 69 592 59 632 64 473 39 998 48 941 57 901 Husleie, vedlikehold, kj¿p småutstyr Travel and communication costs 29 643 25 556 24 729 10 872 11 367 14 052 Reise- kommunikasjonskostnader Marketing costs 39 821 32 689 34 069 3 241 10 378 6 573 Markedskostnader Other operating costs 73 754 53 180 17 364 4 753 45 783 62 968 Andre driftskostnader Total other operating costs 212 810 171 057 140 635 58 864 116 469 141 494 Sum andre driftskostnader
8 Product development costs 8. Produktutviklingskostnader
Costs relating to research and development amounted to NOK 107 million, NOK Kostnadene knyttet til forsknings- og utvikling utgj¿r for 1999, 2000 og 2001 h.h.v. 70 million and NOK 86 million for 1999, 2000 and 2001, respectively. The R&D NOK 107 mill., NOK 70 mill. og NOK 87 mill. Utviklingsavdelingen lager både nye department develops new products and makes improvements and adaptations to produkter og gj¿r forbedringer og tilpasninger på eksisterende produktplattformer. existing product platforms. These costs apply only to Tandberg Data ASA. Disse kostnadene pål¿per kun i Tandberg Data ASA. Inkludert i tallene er pål¿pe Included in the numbers are expensed R&D-costs in O-Mass amounting to forskningskostnader på 48 mill i O-Mass. NOK 48 million.
9. Public R&D funding 9. Offentlig forskningsstøtte
Tandberg Data ASA received in 2001 NOK 6.1 million from government research Tandberg Data ASA har i 2001 mottatt NOK 6.1 mill. fra statlige forsknings- institutes for special projects carried out in collaboration with government research institusjoner. Dette er spesielle prosjekter som gjennomf¿res i samarbeid med off institutes and which cover a pre-defined portion of the costs. The funds are settled forskningsinstitutter og hvor disse dekker en på forhånd avtalt andel av kostnadene. on a continuous basis so as to follow the periods in which the costs have accrued. St¿tten blir l¿pende avregnet slik at de f¿lger de perioder hvor The costs are mainly for man-hours spent. The company posts this according to the kostnadene er pål¿pt. Kostnadene er i hovedsak utf¿rte timeverk. Selskapet f¿rer net method. dette etter nettometoden.
OEM vs Distribution OEM vs distribusjon NOK mill NOK mill
OEM 68% OEM 68%
Distribution 32% Distribusjon 32%
14 TANDBERG DATA 2001 10. Taxes 10. Skatter
TAD Group TAD ASA Tax cost for the year Årets skattekostnad: (Amounts in NOK 1000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Payable tax 11 350 0 0 11 350 Betalbar skatt Payable tax, foreign subsidiaries, etc. -5 026 4 502 -1 942 0 Betalbar skatt utenlandske datterselskaper mv. Change in deferred tax advantage -11 996 -6 827 5 162 0 -15 690 -12 079 Endring utsatt skattefordel Tax cost for the year -5 672 -2 325 3 220 0 -15 690 -729 Årets skattekostnad
Reconciliation of effective tax rate TAD Group TAD ASA Avstemming av effektiv skattesats (Amounts in NOK 1,000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Profit/loss before tax cost -14 897 -69 254 -96 456 -12 729 -56 198 -2 947 Resultat f¿r skattekostnad Estimated tax 28% nominal tax rate -4 172 -19 361 -27 008 -3 564 -15 736 -826 Beregnet skatt 28% nominell skattesats Difference from local tax rate -1 089 786 -416 Forskjell mot lokal skattesats Permanent differences and tax previous years. 238 886 405 36 46 97 Permanente forskjeller og skatt tidligere år. Change in deferred tax advantage entered in the balance sheet -649 15 364 30 239 3 528 Endring balansef¿rt utsatt skattefordel Tax cost for the year -5 672 -2 325 3 220 0 -15690 -729 Årets skattekostnad
The tax effect of tax reducing and increasing differences is shown below at Skatteeffekten av skattereduserende og -¿kende forskjeller er vist nedenfor pr. 31 December 1999, 2000 and 2001. The tax rate in the individual countries is used 31. desember 1999, 2000 og 2001. Skattesatsen i de enkelte land er benyttet ved for calculating the tax effect for the various advantages. beregningen av skatteeffekten for de ulike fordelene.
TAD Group TAD ASA (Amounts in NOK 1000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Short-term items: Kortsiktige poster: Trade debtors 869 482 1 080 128 443 869 Kundefordringer Stock of goods 1 870 4 451 4 175 5 126 3 398 913 Varelager Allocations/provisions 18 130 15 062 6 975 6 925 10 711 11 419 Avsetninger
Long-term items: Langsiktige poster: Fixed assets 2 353 7 441 9 020 9 339 7 691 2 610 Varige driftsmidler Other assets 1 950 873 1 071 2 373 2 373 2 373 Andre eiendeler Pension obligations 4 022 3 633 3 004 3 004 2 527 3 210 Pensjonsforpliktelser Loss to bring forward 11 356 27 936 62 184 13 716 9 940 Underskudd til fremf¿ring Loss to bring forward not entered in the balance sheet -6 869 -19 253 -52 047 -3 528 Ikke balansef¿rt underskudd til fremf¿ring Total deferred tax advantage 33 681 40 625 35 462 37 083 37 083 21 394 Sum utsatt skattefordel
Estimated RISK amount at 1 January 2001 is NOK 0 per share. Estimert RISK bel¿p pr. 1.1. 2001 er NOK 0 pr. aksje. The group’s tax-related loss to bring forward is distributed as follows: Konsernets skattemessige underskudd til framf¿ring er fordelt slik:
TAD Group (Amount in NOK 1000) (Bel¿p i NOK 1000) 2002 0 2002 2003 0 2003 2004 1 825 2004 2005 1 146 2005 2006 0 2006 2007 0 2007 2008 0 2008 2009 0 2009 2010 8 817 2010 2011 18 200 2011 Later 28 676 Senere No limitation 3 520 Ingen foreldelse Total 62 184 Sum
TANDBERG DATA 2001 15 11. Shares in subsidiaries 11. Aksjer i datterselskaper
Currency Share capital Stake Acquisition Book value Valuta (000’s) (%) value 31.12.01 Aksjekapital Eierandel Ansk. verdi Bokf.verdi (000’s) (%) 1000 NOK 31.12.01 1000 NOK Tandberg Data Storage AS, Norway NOK 50 100 50 50 Tandberg Data Storage AS, Norway O-MASS AS, Norway NOK 30 000 100 30 020 30 020 O-MASS AS, Norway Tandberg Venture AS, Norway NOK 300 000 100 300 020 300 020 Tandberg Venture AS, Norway Tandberg Data GmbH, Germany (1) DEM 5 200 100 19 725 12 725 Tandberg Data GmbH, Germany (1) Tandberg Data Inc., USA USD 1 000 100 6 000 6 000 Tandberg Data Inc., USA Tandberg Data SA., France (2) FRF 8 100 100 12 352 10 877 Tandberg Data SA., France (2) Tandberg Data (Japan) Inc., Japan JPY 1 400 000 100 7 730 7 730 Tandberg Data (Japan) Inc., Japan Tandberg Data (Asia) Pte. Ltd., Singapore SGD 1 500 100 7 199 7 199 Tandberg Data (Asia) Pte. Ltd., Singapore Tandberg Data (UK) Ltd., England GBP 100 100 1 026 1 026 Tandberg Data (UK) Ltd., England Total (NOK 1000) 384 122 375 647 Sum (NOK 1000)
(1) Shares in TAD Germany was written down 7 MNOK in 1995. (1) Aksjer i Tandberg Data Tyskland ble nedskrevet med 7 MNOK i 1995. (2) Shares in TAD France was written down 1.5 MNOK in 1995. (2) Aksjer i Tandberg Data Frankrike ble nedskrevet med 1,5 MNOK i 1995.
12. Other long-term receivables 12. Andre langsiktige fordringer
TAD Group TAD ASA (Amounts in NOK 1000) 31.12.00 31.12.01 31.12.01 31.12.00 (Bel¿p i NOK 1000) Loans to companies within the group 84 860 29 996 Lån til foretak i samme konsern Other long-term receivables 957 0 108 0 Andre langsiktige fordringer Total long-term receivables 957 0 84 968 29 996 Sum andre langsiktige fordringer
Receivables are converted to the rate on the day of closing the accounts. Fordringene er omregnet til dagskurs på regnskapsavslutningstidspunktet.
13. Inventories 13. Varelager
TAD Group TAD ASA (Amounts in NOK 1,000) 31.12.00 31.12.01 31.12.01 31.12.00 (Bel¿p i NOK 1000) Raw materials 69 658 56 399 56 399 69 650 Råvarer Work in progress 20 104 18 182 17 827 20 106 Varer i arbeid Manufactured goods 60 778 89 893 41 861 32 531 Ferdigvarer Total stock of goods 150 541 164 474 116 086 122 286 Sum varelagre
TAD Group TAD ASA (Amounts in NOK 1,000) 31.12.00 31.12.01 31.12.01 31.12.00 (Bel¿p i NOK 1000) Stock of goods at acquisition value 175 141 197 586 143 573 142 697 Varelager til anskaffelsesverdi Stock of goods at actual value 150 541 164 474 116 086 122 286 Varelager til virkelig verdi
14. Trade debtors 14. Kundefordringer
TAD Group TAD ASA (Amounts in NOK 1,000) 31.12.00 31.12.01 31.12.01 31.12.00 (Bel¿p i NOK 1000) Trade debtors gross 204 133 179 221 132 394 124 246 Kundefordringer brutto Provisions for bad debts -6 099 -4 413 -458 -1 581 Avsetning for mulig tap Total 198 034 174 808 131 936 122 665 Sum
The company credit-insures all its trade debtors except for public customers and the Selskapet kredittforsikrer alle sine kundefordringer bortsett fra offentlige kunder og largest OEM customers. de st¿rste OEM kundene.
16 TANDBERG DATA 2001 15. Other current receivables 15. Andre kortsiktige fordringer
TAD Group TAD ASA (Amounts in NOK 1,000) 31.12.00 31.12.01 31.12.01 31.12.00 (Bel¿p i NOK 1000) Receivables from employees 361 221 73 65 Fordringer på ansatte Receivable value added tax 19 255 18 775 10 862 11 512 Tilgode merverdiavgift Receivables from supplier/prepaid costs. 9 713 12 333 1 911 1 438 Fordringer på leverand¿r/forskuddsbet. kostn. Receivables subsidiaries 32 591 40 091 Fordringer på datterselskaper Total other current receivables 29 329 31 329 45 436 53 106 Sum andre kortsiktige fordringer
16. Liquid assets 16. Betalingsmidler
Restricted tax-withholding funds for Tandberg Data ASA amount to NOK 5.4 million. Bundne skattetrekksmidler for Tandberg Data ASA utgj¿r NOK 5.4 mill.. Konsernet The group has bank deposits, cash, etc., amounting to NOK 128.5 million at har bankinnskudd, kontanter og lignende for tilsammen NOK 128.5 mill. pr. 31 December 2001. This comprises mainly short-term investments in banks falling 31.12.2001. Dette består i hovedsak av kortsiktige plasseringer i banker med forfall due within a month. Comparable numbers for 2000 were 7,6 million and 396.2 milion. innen en måned. Tilsvarende tall for 2000 var 7,6 millioner og 396.2 millioner.
The company had no open forward contracts at the end of the year. Selskapet har ikke åpne terminkontrakter ved års-slutt.
17. Share capital and shareholder information 17. Aksjekapital og aksjonærinformasjon
Share capital: TAD ASA Aksjekapital: Number of shares Face value Share capital (Amounts in NOK 1,000) Antall aksjer Pålydende Aksjekapital (Bel¿p i NOK 1000) Ordinary shares issued 38 788 233 NOK 3 Ordinære aksjer utstedt Shares held by the company -1 451 000 NOK 3 Aksjer eiet av selskapet Ordinary shares (after own purchase) 37 337 233 NOK 3 112 012 Ordinære aksjer (etter eget kj¿p)
The company had at 31 Dec. 2001 purchased 1,451,000 shares for an amount of Selskapet har pr. 31.12.2001 kj¿pt 1.451.000 aksjer til en sum av NOK 21.4 mill. NOK 21.4 million.
Ownership structure at 12 March 2002 TAD ASA Eierstruktur pr. 12. mars 2002 Holding Country Number of shares Shareholder Andel Land Antall aksjer Aksjeinnehaver Datum AS 10,6 % NOR 4095400 Datum AS Orkla Enskilda Secur. 4,5 % NOR 1752000 Orkla Enskilda Secur. Hartog & Co AS 3,2 % NOR 1250000 Hartog & Co AS Verdipapirfondet Avanse Vekst 2,6 % NOR 1006250 Verdipapirfondet Avanse Vekst Verdipapirfondet Skagen Vekst 2,6 % NOR 1000000 Verdipapirfondet Skagen Vekst Horisonten AS 2,4 % NOR 930000 Horisonten AS Chase Manhatten Bank 2,3 % GBR 910000 Chase Manhatten Bank Delphi Norge , Securities Fund 2,2 % NOR 850000 Delphi Norge , Securities Fund Venturos Invest AS 2,0 % NOR 759918 Venturos Invest AS Avanse Vekst, Securities Fund 1,5 % NOR 584750 Avanse Vekst, Securities Fund Storebrand Livsforsikring AS 1,4 % NOR 532000 Storebrand Livsforsikring AS GMO Int. Core Funds 1,2 % USA 473906 GMO Int. Core Funds Sabinium AS 1,2 % NOR 473500 Sabinium AS Bankers Trust Company Treaty 1,2 % USA 456500 Bankers Trust Company Treaty Securities Fund Delphi Vekst 1,1 % NOR 420000 Securities Fund Delphi Vekst Euroclear Bank SA 1,0 % BEL 406000 Euroclear Bank SA External shareholders with more than 1% holding 41,0 % - 15900224 Eksterne aksjonærer med eierandel over 1 % Tandberg Data ASA, own shares 3,7 % NOR 1451000 Tandberg Data ASA, egne aksjer
TANDBERG DATA 2001 17 Shares and options which at 31 Dec. 2001 are held by or at the disposal of the Aksjer og opsjoner som pr 31.12.2001 eies eller disponeres av styret, Board of Directors, corporate assembly, CEO and management team are distributed bedriftsforsamlingen, adm. dir. og ledergruppen fordeler seg som f¿lger: as follows:
Board of Directors No. of shares No. of options Call price Styret: Svein R. Goli 75 000 8,30 Svein R. Goli Terje Thon 15 000 20 000 8,30 Terje Thon Jan Andresen 2 284 Jan Andresen Tom Bj¿rnsen 1 400 Tom Bj¿rnsen Bj¿rn Stanger 1 000 10 000 8,30 Bj¿rn Stanger Terje Christoffersen 20 000 8,30 Terje Christoffersen Arne Dalslaaen 20 000 8,30 Arne Dalslaaen
Corporate assembly Bedr. forsamlingen: Tore Egil Holte (Servus) 10 000 Tore Egil Holte (Servus) Bj¿rn C. Kaaber 72 500 Bj¿rn C. Kaaber Carsten Winger 30 000 Carsten Winger Per Karlsrud 7 000 Per Karlsrud Harald Arnet (Hermia AS) 1 000 Harald Arnet (Hermia AS)
CEO / management team Adm. dir. / ledergruppe Gudmundur Einarsson 400 000 8,83 Gudmundur Einarsson Arnstein ¯ysleb¿ 100 000 10,80 Arnstein ¯ysleb¿ Knut Aulund 100 000 10,80 Knut Aulund Susanne Schneider 100 000 10,80 Susanne Schneider Erik Solhjell (Esol) 61 332 60 000 8,30 Erik Solhjell (Esol) Tone H¿ibakk 30 000 8,30 Tone H¿ibakk
The options are valid in the years 2001 to 2003. The previous options programme Opsjonene er gyldig i årene 2001 til 2003. Tidligere opsjonsprogram er utl¿pt. has expired. The management, board members and other key persons in the Ledelsen, medlemmer av styret og ¿vrige n¿kkelpersoner i selskapet er pr. company have been issued a total of 1,835,000 options as at 31 December 2001 31.12 2001 tildelt totalt 1.835.000 opsjoner i h.h.t. fullmakt gitt til styret på in accordance with authorization granted the Board of Directors by the Generalforsamling 3.5 2000. General Assembly 3 May 2000.
18. Equity 18. Egenkapital
TAD Group TAD ASA (Amounts in NOK 1000) Share capital Premium fund Other equity equity Total Sum egenkapital Annen egenkapital fond Overkurs Aksjekapital (Bel¿p i NOK 1000) Equity at 31.12.00 116 365 119 654 524 594 760 613 713 030 477 011 119 654 116 365 Egenkapital pr. 31.12.00 Purchase of own shares (3 032) (12 091) (15 123) (15 123) (12 091) (3 032) Kj¿p av egne aksjer Loss for the year (66 824) (66 824) (40 507) (40 507) Årets underskudd Conversion differences 4 168 4 168 Omregnigsdifferanse Equity at 31.12.00 113 333 119 654 449 847 682 834 657 399 424 413 119 654 113 333 Egenkapital pr. 31.12.00 Purchase of own shares -1 322 -5 272 -6 594 -6 594 -5 272 -1 322 Kj¿p av egne aksjer Dividend -149 349 -149 349 -149 349 -149 349 Dividende Loss for the year -99 676 -99 676 -12 730 -12 730 Årets underskudd Conversion differences 747 747 Omregningsdifferanse Equity at 31.12.01 112 012 119 654 427 962 427 963 488 727 257 062 119 654 112 012 Egenkapital pr. 31.12.01
18 TANDBERG DATA 2001 19. Pensions 19. Pensjonsforhold
Tandberg Data has a group pension scheme covering salaries up to 12 G Tandberg Data har en kollektiv pensjonsordning som dekker l¿nn opp til 12 G. (1G =TNOK 51). The company pension scheme is treated as a benefit plan. The Selskapets pensjonsordning behandles som en ytelsesplan. Pensjonsordningen pension schemecovers 328 active and 112 disabled/retired employees. The dekker totalt 328 aktive og 112 uf¿re/pensjonister. Pensjonsytelsene vedr¿rer kun pension benefits concernthe parent company only and the calculated pension morselskapet og beregnet pensjonsforpliktelse per 31.12.2001 reflekter obligation at 31 December 2001reflects a workforce reduction during the course of nedbemanning i l¿pet av året. I datterselskapene foreligger det ingen ytelsesplaner. the year. There are no benefit plans in the subsidiaries.
Basis for the calculations Forutsetninger for beregningene Discount rate 6,0% Diskonteringsrente Expected yield 7,0% Forventet avkastning Wage adjustment 3,3% L¿nnsregulering Inflation 2,5% Inflasjon Pension adjustment 2,0% Pensjonsregulering Contractual pension withdrawals 50,0% AFP-uttak
TAD Group TAD ASA (Amounts in NOK 1000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Pension earnings for the year 5 511 4 115 2 738 2 738 4 115 5 511 Årets pensjonsopptjening Interest cost of pension obligations 4 266 4 085 4 380 4 380 4 085 4 266 Rentekostnad på pensjonsforpliktelser Expected yield on pension funds -3 604 -3 683 -3 940 -3 940 -3 683 -3 604 Forventet avkastning på pensjonsmidlene Estimate changes and deviations entered as profit 0 340 105 105 340 0 Resultatf¿rt estimatendringer og avvik Implementation effect entered as profit 347 946 946 946 946 347 Resultatf¿rt implementeringsvirkning Employer’s contribution charged to income 347 0 131 131 0 347 Kostnadsf¿rt arbeidgiveravgift Pension costs, foreign subsidiaries 729 709 105 Pensjonskostnader utenlandske datterselskaper Net pension cost 7596 6512 4465 4360 5803 6867 Netto pensjonskostnad
Pension obligations Pensjonsforpliktelser (Amounts in NOK 1000) (Bel¿p i NOK 1000) Pension obligation at the beginning of the year 72 163 69 154 74 214 74 214 69 154 72 163 Pensjonsforpliktelse ved begynnelsen av året Pension earnings for the year 5 511 4 115 2 738 2 738 4 115 5 511 Årets pensjonsopptjening Interest cost of accrued pension obligations 4 266 4 085 4 380 4 380 4 085 4 266 Rentekostnad av pål¿pte pensjonsforpliktelser Amortization of implementation (gain) / loss 0 0 0 0 0 0 Amortisering av implementerings(gevinst) / tap Pension payment -2 127 -2 143 -2 446 -2 446 -2 143 -2 127 Pensjonsutbetaling Pension obligation at the end of the year 79 813 75 211 78 886 78 886 75 211 79 813 Pensjonsforpliktelse ved slutten av året
Pension funds Pensjonsmidler (Amounts in NOK 1000 (Bel¿p i NOK 1000) Pension funds at the beginning of the year 49 659 50 446 56 512 56 512 50 446 49 659 Pensjonsmidler ved begynnelsen av året Expected yield on pension funds 3 604 3 683 3 940 3 940 3 683 3 604 Forventet avkastning på pensjonsmidlene Payment of pension premium 5 061 7 031 1 445 1 445 7 031 5 061 Innbetaling av pensjonspremie Pension payments -1 417 -2 143 -1 900 -1 900 -2 143 -1 417 Pensjonsutbetalinger Pension funds at the end of the year 56 907 59 017 59 997 59 997 59 017 56 907 Pensjonsmidler ved slutten av året
Net obligations Netto forpliktelser (Amounts in NOK 1000) (Bel¿p i NOK 1000) Net pension obligations 22 906 16 194 18 889 18 889 16 194 22 906 Netto pensjonsforpliktelse Estimate changes not entered to profit -7 009 -3 205 -4 608 -4 608 -3 205 -7 009 Ikke resultatf¿rt estimatendringer Implementation effect not entered to profit -5 039 -4 692 -4 344 -4 344 -4 692 -5 039 Ikke resultatf¿rt implementeringseffekt Employer’s contribution 605 729 793 793 729 605 Arbeidsgiveravgift Net pension obligations at 31. December 11 463 9 026 10 730 10 730 9 026 11 463 Netto pensjonsforpliktelser pr. 31.desember
TANDBERG DATA 2001 19 20. Product warranty provisions 20. Produktgarantiavsetninger
TAD Group TAD ASA (Amounts in NOK 1000) 1999 2000 2001 2001 2000 1999 (Bel¿p i NOK 1000) Guarantee provision 01.01 12 157 28 360 29 909 29 441 27 528 11 768 Garantiavsetning 01.01 Actual guarantee costs in the period -12 050 -24 616 -14 828 -10 734 -24 148 -11 217 Periodens faktiske garantikostnader Guarantee provision for the year 28 253 26 165 6 795 2 698 26 061 26 977 Årets garantiavsetning Guarantee provision 31.12 28 360 29 909 21 876 21 405 29 441 27 528 Garantiavsetning 31.12
The excessive warranty cost during 1999 and 2000 have been reduced to the De h¿ye garantikostnadene vi hadde i 1999 og 2000 har nå blittt redusert til et normally expected level during 2001, as the backward compatibility issues experienced normalt forventet nivå siden de potensielle kompatibilitetsproblemene vi hadde i during the introduction of the MLR1/SLR32 series are under control. introduksjonen av MLR1/SLR32 ikke lenger er relevante.
21. Current liabilities 21. Kortsiktig gjeld
TAD Group TAD ASA (Amounts in NOK 1000) 31.12.00 31.12.01 31.12.01 31.12.00 (Bel¿p i NOK 1000) Usage of cash pool 0 0 166 328 0 Bruk av konsernkonto Loan from TAD Venture to TAD ASA 0 0 148 500 0 Lån fra TAD Venture til TAD ASA Other short-term allocations/provisions 18 803 10 697 3 291 13 609 Andre kortsiktige avsetninger Guarantee allocation 29 909 21 876 21 405 29 441 Garantiavsetning Total other current liabilities 48 713 32 573 339 524 43 050 Sum annen kortsiktig gjeld
22. Intercompany receivables 22. Konsermellomværende
The Tandberg Data ASA accounts include the following intercompany receivables: I Tandberg Data ASA regnskap inngår f¿lgende konsernmellomværende:
TAD ASA (Amounts in NOK 1000) 31.12.01 31.12.00 (Bel¿p i NOK 1000) Trade debtors 84 968 71 106 Kundefordringer Other current receivables 32 591 40 091 Andre kortsiktige fordringer Long-term receivables (USD 0.8 million,6.2 million & JPY 297 million) 84 860 29 996 Langsiktige fordringer (USD 0,8 Mill, 6,2 Mill & JPY 297 Mill) Trade creditors -857 -1 898 Leverand¿rgjeld Short term debt to subsidiaries (cash pool) and loan from TAD Venture -314 828 Kortsiktig trekk på konsernkonto og lån fra TAD Venture Total intercompany receivables -113 266 139 295 Sum konsernmellomværende
Tandberg Data ASA has received 17.2 MNOK in profit allocation from Tandberg Tandberg Data ASA har mottatt 17.2 MNOK i konsernbidrag fra Tandberg Venture Venture during 2001. This has been entered as other financial income i 2001. Dette er bokf¿rt som annen finansinntekt.
23. Drawing facilities 23. Trekkfasiliteter
Interest rate Currency amount Amount in NOK Used NOK (Amounts in NOK 1000) Rentesats Valuta bel¿p Bel¿p i NOK Benyttet NOK (Bel¿p i NOK 1000) Skandinaviska Enskilda Banken 50 000 0 Skandinaviska Enskilda Banken Dresdner Bank AG 4 % DEM 4000 16839 0 Dresdner Bank AG Unibank A/S 5 % DEM 1000 4210 0 Unibank A/S Total 71049 0 Total
In addition, Tandberg Data ASA has at 31 Dec. 2001 an unused facility in SEB of NOK I tillegg hadde Tandberg Data ASA hadde pr. 31.12.2001 en ubenyttet trekkfasilitet i 90 million. Please also refer to note 25. Security is provided through mortgage in the SEB på NOK 90 mill. Se for¿vrig note 25. Som sikkerhet er det tatt pant i company’s trade debtors and stock of goods. selskapets kundefordringer og varelager.
24. Guarantee liabilities 24. Garantiansvar
TAD Group TAD ASA (Amounts in NOK 1,000) 31.12.00 31.12.01 31.12.01 31.12.00 (Bel¿p i NOK 1000) Book value of mortgaged properties 0000 Bokf¿rt verdi pantsatte eiendommer Debt secured with mortgage in moveable properties 0000 Gjeld sikret v/pant i driftsl¿s¿re Security for loans to subsidiaries 0 3514 Kausjonsansvar for lån til datterselskap
Guarantees 7 758 Garantier
The company has no loans with mortgage in moveable properties as of 31 Dec. ‘01. Selskapet har ikke lån med pant i driftsl¿s¿re pr. 31.des..2001. Tandberg Data ASA Tandberg Data ASA has guarantee liability for used drawing rights in Tandberg Data har kausjonsansvar for benyttede trekklinjer i Tandberg Data GmbH på DEM 0,8 mill. GmbH of DEM 0.8 million. Drawing rights in SEB are secured with mortgage in the Trekklinjer i SEB er sikret ved pant i morselskapets fordringer og varelager. Videre parent company’s receivables and stock of goods. In addition, the bank has har banken garantert for ulike forpliktelser for tilsammen MNOK 7,8. guaranteed for various obligations for the amount of MNOK 7.8.
20 TANDBERG DATA 2001 25.Lease- & rental commitments 25. Lease- og leieforpliktelser
Leasing / lease agreements for buildings Leasing / leieavtaler bygg Tandberg Data ASA has a continuous leasing responsibility for cars to the amount Tandberg Data ASA har et l¿pende leasingansvar knyttet til biler på ca. NOK 1.1 mill of approx. NOK 1.1 million per year, until mid-2004. The company’s building at pr. år, frem til medio 2004. Selskapets bygg i Kjelsåsveien 161 ble i des. 96 solgt, Kjelsåsveien 161 was sold in Dec. 1996 and leased back for a period of 11 years, og leiet tilbake for en periode på 11 år, med rett til ytterligere forlengelse i 5 + 5 år. with the right to to extend the lease by 5 + 5 years. The annual rent is NOK 10.5 Årlig leie er NOK 10,5 mill. justert for konsumprisindeksen. million adjusted according to the consumer price index. Deler av selskapets og konsernets produksjonsutstyr som tidligere ble finansiert ved Parts of the company’s and group’s production equipment previously financed through finansiell leasing er i august 2000 overdratt til nye eiere i forbindelse med utsettingen financial leasing were in August 2000 transferred to new owners in connection with av kretskortproduksjonen. Årlig forpliktelse for operasjonell lease er som f¿lger: the sale of the circuit-board production. The annual commitment for operational leasing is as follows:
(Amounts in NOK 1000) (Bel¿p i NOK 1000) 2002 11590 2002 2003 11652 2003 2004 11750 2004 2005 11843 2005 2006 and later 35250 2006 og senere Total 82085 Sum
26. Financial market risk 26. Finansiell markedsrisiko
Currency risk: Valutarisiko: The company has an export share of 97.7 % and it invoices mainly in foreign Selskapet har en eksportandel på 97,7 % og fakturere i hovedsak i utenlandsk currency. The main currency is USD, where the company currently has offset most valuta. Hovedvalutaen er USD, hvor selskapet pr. idag har utlignet mesteparten av of the risk because the sales revenues are almost as great as the value of the risikoen ved at salgsinntektene nesten er like store som verdien av vare- goods purchases in USD. Regarding the Euro currencies, the company has not kj¿pene i USD. Når det gjelder Euro valutaene har ikke selskapet utlignet offset the risk to the same extent. risikoen i samme grad.
Interest risk: Renterisiko: The company has almost no financial debt with associated risk. Trade creditors in Selskapet har en nesten ingen finansiell gjeld som det er knytttet risiko til. foreign currency mostly offsets corresponding currencies in trade debtors. Leverand¿rgjelden i utenlandsk valuta går i hovedsak mot tilsvarende valuta i kundefordringene. Liquidity risk: Most of the company's liquid assets are held by the parent company and are Likviditetsrisiko: essentially in NOK. Those assets comprise mostly short-term investments in Hovedtyngen av selskapets likviditetsbeholdning ligger i morselskapet og er banks with due date within one month. vesentlig i NOK. Denne består i hovedsak av kortsiktige plasseringer i banker med forfall innen en måned.
27. Events after the balance sheet date 27. Hendelser etter balansedagen
Merger with Land-5 Corporation: Sammenslåing med Land-5 Corporation:
The company entered into an agreement on 27. Feb. 2002 to merge a subsidiary of Selskapet inngikk en avtale den 27. feb. 2002 om å slå sammen et datterselskap av Tandberg Data Inc, Simi Valley, CA, with Land-5 Corporation of San Diego, CA. Tandberg Data Inc., Simi Valley, CA, med Land-5 Corporation fra San Diego, CA. As a result of the merger, Land-5 Corporation has become a wholly owned subsidiary Som et resultat av sammenslåingen vil Land-5 Corporation bli et heleiet datterselskap of Tandberg Data Inc., and Tandberg Data ASA’s holding in Tandberg Data Inc. has av Tandberg Data Inc., og Tandberg Data ASAs eierskap i been reduced to 55%. Tandberg Data Inc. ble redusert til 55%.
Drawing facilities: Trekkrettigheter: Tandberg Data has cancelled the additional drawing facility available at SEB Tandberg Data har kansellert en tilleggs-fasilitet i SEB (90 MNOK). (90 MNOK). Aksje-opsjons plan: Share options: Styret utdelte totalt 570.000 opsjoner til ledelsen, 210.000 til Styret og 120.600 til The Board issued a total of 570.000 options to the Management, 210.000 to the andre ansatte i Jan 2002. Opsjonene vil bli gyldige i perioden 2003 til 2005 og kan Board and 120.600 to the employees in Jan 2002. These options will become valid utl¿ses dersom visse finansiell mål nåes. Utl¿sningskurs er satt til NOK 8.45. during 2003 through 2005 and can be executed if certain financial criteria are met. The strike price is set to NOK 8.45.
TANDBERG DATA 2001 21 Auditor´s Report
To the Annual Sharcholders Meeting required by law and auditing standards an of Tandberg Data ASA audit also comprises a review of the mana- gement of the Company’s financial affairs Auditor’s report for 2001 and its accounting and internal control sys- We have audited the annual financial state- tems. We believe that our audit provides a ments of Tandberg Data ASA as of 31st. reasonable basis for our opinion. December 2001, showing a loss of NOK 12.728.000 for the parent company and a In our opinion, loss of NOK 99.676.000 for the group. We ¥ the financial statements have been prepa- have also audited the information in the red in accordance with the law and regulati- directors’ report concerning the financial sta- ons and present the financial position of the tements, the going concern assumption, and Company and of the Group as of December the proposal for the coverage of the loss. 31, 2001, and the results of its operations The financial statements comprises the and its cash flows for the year then ended, in balance sheet, the statements of income and accordance with accounting standards, prin- cash flow, the accompanying notes and the ciples and practices generally accepted in group accounts. These financial statements Norway are the responsibility of the Company’s ¥ the company’s management has fulfilled its Board of Directors and Managing Director. duty to produce a proper and clearly set out Our responsibility is to express an opinion on registration and documentation of accounting these financial statements and on other infor- information as required by law and accoun- mation according to the requirements of the ting standards, principles and practices Norwegian Act on Auditing and Auditors. generally accepted in Norway ¥ the information given in the directors’ report We conducted our audit in accordance with concerning the financial statements, the the Norwegian Act on Auditing and Auditors going concern assumption, and the proposal and auditing standards and practices gene- for the coverage of the loss are consistent rally accepted in Norway. Those standards with the financial statements and comply with and practices require that we plan and per- the law and regulations. form the audit to obtain reasonable assuran- ce about whether the financial statements Oslo, March 19, 2002 are free of material misstatement. An audit PricewaterhouseCoopers DA includes examining, on a test basis, evidence supporting the amounts and disclosures in Erling Elsrud the financial statements. An audit also inclu- State Authorized Public Accountant (Norway) des assessing the accounting principles used and significant estimates made by manage- Note: ment, as well as evaluating the overall finan- This translation from Norwegian has been cial statement presentation. To the extent prepared for information purposes only.
Statement from the Company Assembly to the Annual General Meeting
The Company Assembly agreed the following statement to the Annual General Meeting: The Company Assembly have in a meeting on 4th. April 2002 agreed to recommend that the Corporate Assembly approve the Board's proposal for Financial Statements for Tandberg Data ASA and the Group, together with the Board's proposal to cover the negative year result from other equity in Tandberg Data ASA.
Oslo 4th. April 2002 Tore Egil Holte (sign.) Chairman of the Corporate Assembly
22 TANDBERG DATA 2001 Revisors beretning
Til generalforsamlingen i Tandberg Vi mener at Data ASA •årsregnskapet er avgitt i samsvar med lov og forskrifter og gir et uttrykk for selskapets Revisjonsberetning for 2001 og konsernets ¿konomiske stilling 31. Vi har revidert årsregnskapet for Tandberg desember 2001 og for resultatet og kontant- Data ASA for regnskapsåret 2001, som viser str¿mmene i regnskapsåret i overensstem- et underskudd på kr 12.728.000 for morsel- melse med norsk god regnskapsskikk skapet og et underskudd på kr 99.676.000 ¥ ledelsen har oppfylt sin plikt til å s¿rge for for konsernet. Vi har også revidert opplys- ordentlig og oversiktlig registrering og doku- ningene i årsberetningen om årsregnskapet, mentasjon av regnskapsopplysninger i sam- forutsetningen om fortsatt drift og forslaget til svar med norsk lov og god regnskapsskikk dekning av underskuddet. Årsregnskapet ¥ opplysningene i årsberetningen om års- består av resultatregnskap, balanse, kontant- regnskapet, forutsetningen om fortsatt drift str¿moppstilling, noteopplysninger og kon- og forslaget til dekning av underskuddet er sernregnskap. Årsregnskapet og årsberet- konsistente med årsregnskapet og er i sam- ningen er avgitt av selskapets styre og daglig svar med lov og forskrifter. leder. Vår oppgave er i uttale oss om års- regnskapet og ¿vrige forhold i henhold til Oslo, 19. mars 2002 revisorlovens krav. PricewaterhouseCoopers DA
Vi har utf¿rt revisjonen i samsvar med revi- sorloven og norsk god revisjonsskikk. God revisjonsskikk krever at vi planlegger og utf¿- Erling Elsrud rer revisjonen for å oppnå betryggende sik- Statsautorisert revisor kerhet for at årsregnskapet ikke inneholder vesentlig feilinformasjon. Revisjon omfatter kontroll av utvalgte deler av materialet som underbygger informasjonen i årsregnskapet, vurdering av de benyttede regnskapsprinsip- per og vesentlige regnskapsestimater, samt vurdering av innholdet i og presentasjonen av årsregnskapet. I den grad det f¿lger av god revisjonsskikk, omfatter revisjon også en gjennomgåelse av selskapets formuesforvalt- ning og regnskaps- og intern kontroll-syste- mer. Vi mener at vår revisjon gir et forsvarlig grunnlag for vår uttalelse.
Bedriftsforsamlingens uttalelse til Generalforsamlingen
Bedriftsforsamlingen vedtok følgende uttalelse til Generalforsamlingen: "Bedriftsforsamlingen har i m¿te den 4. april 2002 besluttet å anbefale at Generalforsamlingen godkjenner Styrets forslag til resultatregnskap og balanse for Tandberg Data ASA og for konsernet, samt Styrets forslag til å dekke det negative årsresultatet fra annen egenkapital i Tandberg Data ASA.
Oslo 4. april 2002 Tore Egil Holte (sign.) Bedriftsforsamlingens formann
TANDBERG DATA 2001 23 Shareholders information
Goals for our Shareholders Share Capital Development Information - Investor Relations Tandberg Data’s goals relate to all areas of The number of outstanding shares has been Tandberg Data provides prompt and relevant the company’s business activities. One of further reduced during the year through the information regarding the company’s operati- these goals is to maximize return on invest- company’s purchase of an additional 400,500 ons, goals and vision in order for the share ments for our shareholders. It is the compa- shares bringing the total to 1,451,000 shares. price to reflect the company’s developments. ny’s opinion that this is best achieved by Tandberg Data has a share option scheme in Tandberg Data publishes an Annual Report focusing on growth in sales revenue and pro- place for Management, members of the and holds regular presentations for individual fits. board and key personnel. The General investors and shareholders and also for lar- Assembly authorized this in May 2000. No ger groups both in Norway and abroad. In Share Price Development share options were issued in 2001 and the addition, at www.tandberg.com, the company At the beginning of the year the share price allocation remains unchanged at 1.8 million maintains weekly updates as to its Top-20 was at NOK 15,40, but developed in line with shares. The share option scheme runs for shareholders together with an archive of the overall IT index, reaching a low of NOK three years where option holders have the Quarterly and Annual Results. There is also 5.00 in September 2001 following the pay- right to redeem 1/3 of the total number of an option to receive financial information and ment of an extraordinary dividend of NOK options each year. press releases by email. Tandberg Data stri- 4.00, before ending at NOK 8.70 at the end ves to provide ongoing information to the of the year. The decline in the share price for market concerning events that can have a the year was 21.5%. The IT index (OSE45) at bearing on determination of the share price. Oslo Stock Exchange fell by 23.5%. Throughout the year the liquidity of the Shareholders Tandberg Data share has been good with a At the end of the year Tandberg Data had turnover rate for the number of shares issued 5,362 shareholders, of which 9.4% were fore- of 328%. ign. Largest shareholder on 18. March 2002 was Datum AS with 10.6 % of the share capital.
Share price development 01. Jan. 31. Dec. 2001 Adjusted for dividend payment
20
15
10
5 Q1 01 Q2 01 Q3 01 Q4 01 Q1 02
Tandberg Data OSE -IT
24 TANDBERG DATA 2001 General market information
About Tandberg Data OEM Customers Tandberg Data is a technology company that Tandberg Data has long lasting customer develops, assembles and markets data stora- and strategic relations with some of the ge products based on linear reading and wri- world’s largest manufacturers of PC servers, ting technology, mainly for magnetic tape. workstations and midrange servers. IBM has Magnetic tape (tape) is a cost effective and been a strategic customer and partner of safe method for storing data and Tandberg Tandberg Data for over 13 years. IBM has Data spends considerable sums on R&D in purchased over 825,000 SLR tape drives order to develop competitive products that beginning with Tandberg Data’s first half meet customer demands for storage capacity height data storage tape drive, the TDC3640 and transfer rates. which offered 120MB storage up to today’s flagship SLR100 tape drive which offers Sales Organization 50GB native storage capacity. SLR is the Tandberg Data ASA has its headquarters in default tape drive used for backup, retrieval Oslo, Norway where Tandberg SLR drives and archival storage for IBM AS400 and and automation systems are designed and eServer iSeries midrange servers. manufactured. DLT and Super DLT tape dri- Fujitsu Siemens, Europe’s largest PC server ves are also manufactured in Oslo under and workstation manufacturer has been a license agreement with Quantum customer and strategic partner for Tandberg Corporation. In addition, Tandberg Data has Data since 1985. Fujitsu Siemens (Nixdorf) a global sales organization with sales subsi- began with Tandberg Data’s first 5.25 inch diaries based in Germany, France, UK, Italy, form factor data storage tape drive, the Singapore, Japan and USA. The company TDC3300 which offered 45MB storage also opened representative offices in China capacity. Today, Fujitsu Siemens continues to (PRC), India, Italy, Malaysia, Sweden, Taiwan offer Tandberg SLR tape drives as well as and Thailand Ð all markets in which the com- Tandberg DLT tape drives with their Primergy pany is gaining substantial market share. servers.
Tandberg Data sells and markets our pro- Tape drive market segments ducts through OEM and distribution channel The market for tape drives and automation partner relationships. products is usually segmented based on the Our OEM partners purchase our SLR and end-users storage needs in terms of storage DLT products for integration into their bran- capacity (GB) and transfer rates (MB/s). ded PC Servers, workstations and midrange Tandberg Data adhere to this method of seg- computers. In the distribution channel, mentation, and split the market into the follo- Tandberg Data has a global network of distri- wing four segments: bution partners that fulfill the supply and demand of our well established base of over 1. Entry-Level 20,000 resellers and storage specialists. includes Travan, SLR 2-5, and OnStream Echo tape drives.
2. Low-End includes DDS/4mm, Tandberg SLR7, SLR60- 100, Sony AIT-1A, Benchmark DLT1/VS-80, Exabyte/Ecrix VXA-1, and OnStream ADR drives.
3. Midrange which include Quantum/Tandberg DLT8000, SDLT220, LTO, Sony AIT-2, AIT-3, and Exabyte Mammoth-1 and 2.
4. Enterprise includes IBM 3590, Storage Tek 9840/9940, and any 3480/3490-compatible tape drives.
TANDBERG DATA 2001 25 The market in 2001 storage this segment usually employs fewer ped (IDC, Jan. 2002). Other market players in The worldwide tape drive and automation than 100 people and the need for storage this segment are Sony, with its AIT-2 and AIT- markets declined in both unit shipments and per data cartridge is normally 12-40 GB (wit- 3 products, Exabyte with Mammoth-2 and revenue in 2001. The largest declines took hout data compression). In 2001 the Low- HP, IBM and Seagate with LTO. Midrange place in the entry-level and midrange tape End segment amounted to 60% of all tape tape automation unit shipments increased by drive markets. The entry-level tape drive mar- drives shipped and 29% of revenue. Unit 7% in 2001. It is expected that there will be ket continues to lack OEM adoption as more shipment growth in 2001 is estimated at 3% an increase in 2002 of 9% to 126,800 units suppliers exited the market in 2001. The (IDC, Jan. 2002) as tape drives are integra- and that the midrange segment will have a midrange market, despite new high capacity ted into Autoloaders. HP, Sony and Seagate compound annual growth (CAGR) of 13% and performance offerings, was adversely have until now dominated this segment with CAGR through 2006 (IDC, Jan. 2002). affected by declines in the server market. products based on DDS technology. Overall the tape drive market fell by 23% to However, all three have decided that they will Competing tape technologies NOK 24.3 billion (IDC Jan. 2002). Set not develop their DDS products further and Today’s tape technologies are primarily against this, Tandberg Data outperformed Tandberg Data has intensified efforts to based on either “Linear Recording” technolo- most of the competition, gaining market increase market share in this segment. In gy or “Helical Scan” technology. share in EMEA and APAC and ended the addition to tape drives, customers in this seg- year only 7% down in revenue terms; unit ment require automatic handling of data car- Linear Recording technology shipments being approximately the same as tridges. The low-end automation market, The linear digital recording technology was in 2000. accounting for 36% of units shipped, increa- originally developed especially for computer sed by 3% in 2001, to 68,100 units. IDC use and has been used in the data storage Market analyst estimates made in 2000 for (Jan. 2002) estimates that unit shipments will industry longer than any other tape format. 2001 were severely impacted by unforese- grow by a modest 3% annually during the Both Tandberg Data’s own SLR technology eable factors such as the events of next 5 years. and our DLT products are based on linear September 11. and the general economic technology. Other examples of linear techno- slow-down which particularly affected the US. DLT products logies are LTO (Linear Tape Open), recently We believe that the 2002 growth estimates Tandberg Data’s DLT products are mainly developed by IBM, HP and Seagate, and given below are conservative and as such, positioned in the Midrange market segment. Travan technology. Linear tape drives have a are targets that the industry and Tandberg This segment comprises backup storage for (mainly) stationary read/write head, and a Data in particular will achieve and quite pos- large PC-servers and smaller mainframes. simple tape path with few mechanical parts sibly out-perform. Tandberg Data’s strength The end-user in this segment normally to guide the magnetic tape. Furthermore, lies in the European and Asian markets, as employs between 100-750 employees, and linear tape drives use a so called parallel shown by the increased market share achie- the need for storage per data cartridge is 40- channel architecture, which results in higher ved in 2001, and although these markets suf- 110 GB (without data compression). 551,000 transfer rates without having to increase the fered during the year, both general and tape- tape drives, a decline of 24% and worth NOK speed of the tape. A large storage surface industry indications are that these markets 8.1 billion were sold in the Midrange seg- together with few mechanical parts and a low are on the road to recovery. ment in 2001. The growth in 2001 is estima- relative speed between the head and the ted at 2% (IDC, Jan. 2002) as Super Drives tape all combine to assure high data integrity. Tandberg Data’s product positioning (Super DLT and LTO) gain acceptance. SLR Products Tandberg Data is licensed to produce pro- SLR products are mainly positioned in the ducts based on Quantum’s DLT technology. Low-End market segment. This segment Quantum dominates this segment with pro- comprises of backup of large workstations ducts based on DLT technology, and their and smaller PC-servers. The end-user in market share in 2001 was 71% of units ship-
26 TANDBERG DATA 2001 Helical Scan technology Future technologies Market opportunities Helical Scan technology includes, amongst Extensive research is being done today to As mentioned earlier, with the decision to others, 4mm DAT, DDS, 8mm, AIT, VXA and develop future storage technologies. discontinue the development of the DDS plat- Mammoth tape drives. The read/write head in Examples of such research activities are form, there is a major market opportunity to this technology is mounted on a fast rotating optical and holographic reading and writing capture customers who need to migrate to drum, which often rotates at 5-6000 RPM. of data onto a variety of mediums such as higher capacities. In 2001, some 60% (IDC, Helical Scan tape drives have a complex plastics, crystals and tape. Jan. 2002) of all tape drives sold in the Low- tape path with many mechanical parts to End market were DDS tape drives, amoun- guide the tape, and of new tape drive offe- O-Mass ting to over 1 million units a year. Both the rings the past three years, only a few are In 2000 a technological breakthrough was Tandberg SLR technology and DLT VS80 based on Helical Scan technology. made in developing data storage products tape drives are ideally positioned to capture that are based on magnetic writing and opti- DDS market share in this segment during the Tape vs alternative technologies cal reading, and the subsidiary, O-Mass, was year. Major companies within the storage industry formed to research and develop this techno- invest considerable sums on R&D in order to logy. O-Mass has since its inception reached Automation products advance development of today’s tape techno- the technological milestones set for the com- The worldwide market for automation pro- logy as well as introducing new ones. IBM, pany; having successfully demonstrated opti- ducts was 190,900 units in 2001, up 5.5% on HP and Seagate’s development of the LTO cal reading and magnetic writing of tape. A the previous year. It is anticipated that the platform and Super DLT by Quantum are basic prototype model, which contains both market will grow by a further 6.5% in 2002 examples of these. They also agree that tape these key technological elements, will be (IDC, Jan 2002). During the year the compa- is still the most cost-effective and most reli- demonstrated in Q2 of 2002. O-Mass has ny agreed with Overland Data Inc. to transfer able form of secondary storage. Alternative also developed the outline for a new mecha- the product design, future development rights technologies for secondary storage are today nical construction for a data cartridge that and manufacturing of the SLR Autoloader to primarily used in the Entry-Level segment. In can be used in O-Mass products. This new Tandberg Data’s production facilities in Oslo, this segment diskettes, Zip drives and mechanical construction provides for particu- Norway. Additionally, during the year, a new CDR/CD-RW are utilized. We expect that wri- larly low access times compared to existing version of the DLT Autoloader became avai- teable DVD’s will be a strong contender in technologies, and for extremely high storage lable as did the world’s first 2U autoloader; this market. Today there are several stan- capacities and transfer rates. Tape that is the DLT VS Autoloader. New automation pro- dards for such disks, and this inhibits market written and read based on the O-Mass tech- ducts will be launched during 2002, including acceptance of the technology. Writeable nology has a storage potential of 10 TB the announced SuperLoader SDLT3520 DVD’s today store up to 4.7GB and this will (Terabyte) of uncompressed data on a single which utilizes a Tandberg SDLT220 tape later increase to 9.4GB. A writeable DVD will data cartridge (3rd. generation). The first, drive. therefore not be a satisfactory backup commercially available, O-Mass products are medium for hard disk drives of 10 GB or lar- anticipated to be ready for production in Connectivity ger, 20. 40GB or even 80GB hard disks 2003. Many of our customers use our products in being common offerings in PC’s today. SAN (Storage Area Network) and NAS Backup can also be achieved by copying (Network Attached Storage) networks. There data to another hard disk. In such cases one is also a definite trend away from stand- ought to use an external hard disk located at alone tape drives on workstations and PC another location or at a third party storage servers towards backing up or archiving data supplier. Such a solution requires investment on network centric Autoloaders and Libraries, in a suitable network solution. whilst providing immediate access to data using hard disk arrays.
TANDBERG DATA 2001 27 2001 Tape Drive Shipments In a strategic move to position Tandberg Data Strategic relations All market segments as a true storage solutions company Relations continue with strategic partners Percentage of revenue Tandberg Data’s U.S. subsidiary was merged such as Quantum Corp., Benchmark Storage with Land-5 Corporation of San Diego, CA. Innovations, Imation Corp. and Computer early in 2002. Through this merger Tandberg Associates. Closer ties to Quantum Data has attained technology in the field of Corporation’s DLTtape Group (NYSE:DSS) network attached data storage (NAS). In were established through an extended agree- particular it includes a family of NAS applian- ment (Oct. 2001) whereby Tandberg Data will ce products to be launched in Q2 2002 - manufacture and sell DLTtape and Super offering storage solutions with the versatility DLTtape drives to distributors and OEM’s of both disk and tape. Land-5’s technology headquartered in EMEA, APAC and Japan, also includes NAS proprietary software tra- thereby strengthening Tandberg Data’s pre- demarked iceNAS and patent-pending sence in these markets. RAIDn technology, representing the next generation in RAID. The highly skilled exper- Product Launches Quantum 19% tise and technology will position Tandberg Tandberg Data launched five new products Data Inc. as an attractive partner for key during 2001, commencing with the SLR7 HP 19% players in the storage industry who wish to tape drive (February). the SDLT220 tape IBM 16% provide advanced data storage solutions for drive (March), the DLT VS80 tape drive Storage Tek 14% networks, with special emphasis on rapid (May), the 10-cartridge DLT Autoloader Sony 10% access time, performance and reliability. (August) and the 2U DLT VS Autoloader (November). At the beginning of 2002 Seagate 9% 2001 Events Tandberg Data also announced new DLTtape Benchmark 3% During March 2001 Tandberg Data shipped technology which includes the SDLT320 tape Tandberg Data 3% its SLR drive no. 3 million. In addition, over drive and the SuperLoader SDLT3520; both Exabyte 3% the past two decades, it is estimated that to be launched in Q2 2002. Further product some 20 million SLR media cartridges have launches are also planned for 2002 and Fujitsu 3% been shipped to customers around the world. updated information can be found in the Others 1% This establishes SLR technology as the Products section at www.tandberg.com. industry standard in price-performance, relia- bility, scalability and backward compatibility in the tape storage market.
Contracts Existing OEM agreements with IBM was extended to include the SLR100 and SLR Autoloader, whilst Fujitsu, Japan adopted the SLR60 and SLR100 tape drives for their Primergy servers. Relations with other OEM’s continue, though there has been a substantial reduction in volumes to OEM’s within the telecom sector. Of other substanti- al contacts entered into, two were in the Americas, specifically Canada (SLR100) and Brazil (SLR7), whilst in Europe two contracts were signed by Tandberg Data SA, France with a government ministry (SLR60) and a major retail chain (SLR100) with more than 1600 outlets.
28 TANDBERG DATA 2001 Tape Technology Definitions 4-mm drive technology uses the Digital Linear Tape (DLT) from The following categorizes tape technologies/ Digital Audio Tape (DAT) which has had Quantum uses linear serpentine recording formats: its roots in consumer audio technology. The andhalf-inch-wide media housed in a technology was upgraded for recording data “square” half-inch cartridge. DLT has become Mini Cartridge Technology - Mini car- in computer environments, and because the the de facto standard in the midrange tape tridge drives typically conform to a standard consumer market did not develop into anyt- storage and automation segments enjoying 3.5 inch form factor, although some products hing significant, the drives were then desig- over 70% market share. Tandberg Data is in this category are configured in a 5.25 inch ned specifically for use in computer storage licensed to manufacture all DLT and Super half-height form factor. These drives use applications. Drives in this segment conform DLT tape drives from Quantum. The current media that is 0.25 inch or 0.315 inch wide. to the Digital Data Storage (DDS) format that DLT product range offers average native Data is recorded in a linear, serpentine fashi- was developed by Hewlett-Packard and transfer rates of 1.5-11GB/sec. and native on on tracks that are parallel to the edge of Sony. DDS technology is targeted at small capacity is 20-110GB, though Tandberg Data the tape. Various types of data cartridges are and medium-scale multi user systems and recently announced a 160GB tape drive due used with these drives, including DC-2000, workstations. Current 4-mm tape drives have in Q2 of 2002. Travan, QIC-Wide, Ditto and QIC-EX. Drives a 3.5-inch form factor and use a SCSI inter- in this category primarily consist of products face. The average native transfer rate is 0.5-3 Linear Tape Open (LTO) a joint techno- that are based on Imation’s Travan technolo- MB/sec., while the native capacity is 4-20GB. logy initiative among Hewlett Packard, IBM, gy or the Ditto technology (primarily before and Seagate using linear technology based 1999) that was developed by 8-mm drive technology is based on on half inch media. The LTO product named Iomega. In 1999 and 2000, the OnStream 8mm video (camcorder) technology that was Ultrium is the first generation offering a nati- drives that record data using the company’s upgraded for computer data storage. It is ve capacity of 100GB and transfer rates up Advanced Digital Recording (ADR) technolo- now mainly composed of products that have to 15MB/sec). All three manufacture a full gy are also included in this segment. been designed specifically for use in compu- height 5.25 inch version while HP also manu- Interfaces of mini cartridge drive include IDE, ter storage applications and that record data factures a 5.25 inch half height version which SCSI and USB. These products are targeted on 8mm-wide media. Products in this seg- offers the same 100GB native capacity as towards the small office and home office ment include Exabyte 8mm helical scan dri- the full height, but half the performance at 75 (SoHo) or organizations of 25 persons or ves (including drives based on its Mb/sec. LTO is targeting the midrange mar- less. Native transfer rates are from MammothTape technology) and drives from ket segment for servers and tape automation 400KB/sec to 2MB/sec and capacities from Sony that use Sony’s Advanced Intelligent challenging DLT. 1GB - 30GB native. Tape (AIT) format. Beginning in 1999, a new company Ecrix brought to market drives that Half-inch tape cartridge technology Scalable Linear Recording (SLR) is use the company’s VXA technology which has primarily been used in data centers and based on large data cartridge technology are now a part of this segment. These for mainframe applications, together within and uses media that is 0.25 inch or 0.315 manufacturers’ 8-mm tape technologies are very large libraries. The popular tape drives inch wide. Data is recorded in a linear ser- proprietary, incompatible with each other. in this category include IBM’s 3480/ 3490 pentine fashion on tracks that are parallel to The average native transfer rate is 2-12 and low cost compatibles, IBM’s Magstar the edge of tape. SLR drives conform to the MB/sec., while the native capacity is 12- 3590 B/ E, Storage Technology’s 9840, and 5.25 inch half height form factor. SLR drives 100GB. Redwood drives. all have a SCSI or Ultra SCSI LVD interface. SLR removable tape storage technology is targeted at small and medium-scale multi user systems and workstations. The average native transfer rate is from 380Kb/sec to over 5Mb/sec., while the native capacity is from 4-50GB per data cartridge.
TANDBERG DATA 2001 29 Corporate headquarters: Subsidiaries: Also represented in Oslo, Norway Oslo, Norway Brazil Dortmund, Germany Canada Paris, France China Cambridge, England India Tokyo, Japan Italy Singapore, Singapore Malaysia California, USA Sweden Taiwan Thailand
30 TANDBERG DATA 2001
Tandberg Data ASA Kjelsåsveien 161, N-0411 Oslo, Norway. Tel: +47 22 18 90 90 Fax: +47 22 18 95 50
O-Mass AS Kjelsåsveien 161, N-0411 Oslo, Norway. Tel: +47 22 18 90 90 Fax: +47 22 18 95 50
Tandberg Data GmbH Feldstrasse 81, D-44039 Dortmund, Germany Tel: +49 231 543 60 Fax: +49 231 543 6111
Tandberg Data S.A. 16/18 Ave. Morane Saulnier, F-78941, Velizy Cedex, France Tel: +33 1 39260101 Fax: +33 1 34650289
Tandberg Data (UK) Ltd. Regus House, 1010 Cambourne Business Park Cambourne, Cambridge CB3 6 DP, United Kingdom Tel: +44 1223 598002 Fax: +44 1223 598802
Tandberg Data Inc. 2685-A Park Center Drive, Simi Valley, CA 93065-6211, USA Tel: +1 805 579-1000 Fax: +1 805 579-2555
Tandberg Data (Asia) Pte. Ltd. 801 Toa Payoh Lorong 7 # 02-00, Singapore 319319 Tel: +65 259 9330 Fax: +65 258 1702
Tandberg Data (Japan) Inc. Shinkawa-nittei Annex Bldg., 7th. Floor, 22-4 Shinkawa 1-Chome, Chuo-Ku, Tokyo 104, Japan Tel: +81 35566 2871 Fax: +81 35566 2875 www.tandberg.com
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