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Annual Report annual report 2012 2 DATA RESPONS ASA | ANNUAL REPORT 2012 Data Respons is a full-service, independent technology company and a leading player in the embedded solutions market. THIS IS DATA RESPONS CONTENTS DATA RESPONS is a full-service, independent technology company and a leading player in the embedded solutions mar- 04 BOARD OF DIRECTors’ reporT ket. We provide products, services and embedded solutions at all levels of complexity to OEM companies, system integrators 09 The Board of Directors and vertical product suppliers in a range of market segments such as defence, medical equipment, industrial automation, 11 INVESTOR INFORMATION offshore, transportation, energy and telecommunications. 12 Key figures EMBEDDED SOLUTIONS can be described as the computer 14 FINANCIAL STATEMENTS AND NOTES brain of a machine, system or industrial end product, and can 15 Statement of comprehensive income be used in a broad range of industrial applications, such as 16 Statement of financial position rugged control units for military vehicles, graphic monitoring systems for greener train operations, laser solutions for calcu- 18 Statement on changes in equity lating medical data or fiscal measuring systems for oil and gas. 19 Statement of cash flows 20 Notes OUR PRESENCE IN ASIA ensures quality both in the indus- 41 Auditor’s report trialisation process and the delivery phase, while innovation and development of technological solutions takes place local- ly with the customers in cooperation with our highly-skilled experts from our offices located in important industrial regi- ons in Scandinavia and Germany. This collaboration makes for an ideal partnership. OUR CUSTOMERS include global companies such as ABB, Kongsberg Group, Ericsson, Raytheon, Saab, Rolls-Royce, FMC Technologies, Hexagon, Laerdal Medical, Tomra and Schlumberger. ESTABLISHED: 1986. VISION: A smarter solution starts from inside. OFFFICES: Denmark (1), Germany (2), Norway (7), Sweden (5) & Taiwan (1). BUSINESS FORM: Public limited company, listed on the FACTS Oslo Stock Exchange (ticker: DAT). FINANCIAL CALENDAR 19.04.13 Presentation of Q1 13 CERTIFICATIONS: ISO 9001:2008, 25.04.13 Annual General Meeting ISO 14001:2004 AND OHSAS 18001:2007 12.07.13 Presentation of Q2 13 EY 18.10.13 Presentation of Q3 13 NUMBER OF EMPLOYEES: 394 K 31.01.14 Presentation of Q4 13 DATA RESPONS ASA | ANNUAL REPORT 2012 3 CHAPTER 1: BOARD OF DIRECTors’ reporT board OF directors’ Report “ Focused efforts on the company’s key markets and ORDER INTAKE (NOK million) a more efficient organisation improved profitability 1000 800 in 2012. 600 400 200 0 statement on the annual 2008 2009 2010 2011 2012 financial statements In accordance with the Norwegian Accounting (883), and the order backlog was NOK 638 Act § 3.3a the Board confirms that the com- million (639). REVENUE (NOK million) pany fulfils the requirements necessary to oper- 1000 ate as a going concern, and the 2012 financial The operating revenue declined slightly dur- 800 statements have been prepared on the basis of ing the year due to the planned downsizing 600 this assumption. As a listed company Data Re- of the operation in Denmark. The company’s 400 spons ASA prepared the consolidated financial main markets showed good growth during 200 statements for the Data Respons group for the 2012, with an underlying growth of 8 %. The 0 financial year 2012 in accordance with IFRS primary reasons are good activity in general 2008 2009 2010 2011 2012 (International Financial Reporting Standards) as and increasing product and solution deliver- adopted by the European Union. ies within vertical markets such as Telecom, Medical, Transportation, Defence and Oil Ser- EBITDA (NOK million) income statement vices/ Maritime. The report includes comparisons with figures for the 65 55 same period in 2011 (in parenthesis). Data Respons is well-positioned as a lead- 45 35 ing full-service embedded technology com- 25 15 Operating revenue was NOK 844.1 million pany and has a positive development in the 5 -5 (849.9), a decrease of 1 %. EBITDA was NOK company’s strategic markets. A combination -15 -25 35.3 million (13.4). EBIT was NOK 30.7 mil- of revenue growth in the company’s main 2008 2009 2010 2011 2012 lion (-79.2). Profit before tax was NOK 25.2 markets and a lower cost base has improved million (-82.5). Cash flow from operations in profitability. Going forward the company’s 2012 was NOK 31.9 million (1.8). The order key financial focus is to improve the profit- intake during 2012 totalled NOK 843 million ability even further. 4 DATA RESPONS ASA | ANNUAL REPORT 2012 CHAPTER 1: BOARD OF DIRECTors’ reporT The profitability improved during the year and the com- pany expects this development to continue. balance sheet, liquidity & cash flow business segments The group’s total assets at the end of the fourth quarter were NOK 429 million. Equity products and solutions KEY FIGURES was NOK 253 million, which gives an equity Operating revenue for 2012 was NOK 444.6 ratio of 59 %. million (432.0), an increase of 3 %. EBITDA NOK million 2012 2011 was NOK 31.9 million (14.0). The order intake Operating revenue 844.1 849.9 Current assets amounted to NOK 256 million totalled NOK 467 million (443). The order EBITDA 35.3 13.4 and current liabilities were NOK 170 million. backlog ended at NOK 529 million (500). Order backlog 638 639 As per December 31, 2012 the non-current Order intake 843 883 assets amounted to NOK 174 million, where- The company experienced high activity levels Employees 394 446 of deferred tax assets were NOK 11 million for products & solutions, resulting in a strong and intangible assets (goodwill) amounted to order intake. During 2012, Data Respons has NOK 153 million. been awarded large contracts from customers within the Oil Services/Maritime, Transportati- ORDER BACKLOG (NOK million) The group’s cash flow from operations was on and Medical sectors. The company expects 700 “NOK 31.9 million. The cash balance as of De- the positive development to continue and has 600 500 cember 31, 2012 amounted to NOK 7 mil- a solid order back log of over NOK half a bil- 400 lion, of which NOK 5 million was restricted. lion within the products & solutions business 300 200 The group had no interest-bearing debt and segment. 100 consider the debt ratio as appropriate for the 0 2008 2009 2010 2011 2012 group. The parent company has unused credit A further improvement in profitability is ex- facilities of NOK 78 million, and further in- pected based on a more cost-effective and formation connected to these are specified in focused business model. This includes stra- Note 17. tegic relationships with customers in our REVENUE BY COUNTRY main markets, a stronger coordination of the 7% financial risk Nordic operations and the transferral of tasks Norway The group’s activities expose it to a variety of to our Asian organisation and global partners. 43% Germany financial risks, such as price, interest rates, cur- 45% Fluctuations in profitability between quarters Sweden rency, credit and liquidity. Overall these risks must be expected in the products & solutions Denmark are regarded as low. Management of financial business segment. 5% risk is performed by the group’s central Finance Department under the guidelines set out by The company’s long-term strategy to strength- the Board of Directors. The main principle is en total solutions capabilities and to focus on to minimise exposure to financial risk, and the the whole value chain has given Data Respons REVENUE BY INDUSTRY group holds no financial assets or liabilities for a unique position. Data Respons’ long expe- 4% 13% Defence speculative purposes. For further details on fi- rience with its own operations in Asia is of 15% nancial risk management, see Note 19. Transportation special importance. Medical 13% 19% Other industries operations In order to meet the continued demand Telecom Data Respons is a leading embedded so- for increased performance and more func- 9% Automation 27% lutions provider for the industrial mar- tionality, many of our customers focus on Oil Services/ ket in Europe. Embedded solutions strategic partnerships. Whilst Data Respons Maritime can be described as the brains of a ma- builds and delivers customised embedded chine, system or industrial end product. solutions, our customers can achieve lower costs of ownership, increased efficiency and Data Respons supplies embedded solutions shorter time-to-market. NUMBER OF EMPLOYEES to leading OEM companies, system integra- tors and vertical product suppliers in a range 600 Data Respons is positioned as the leading 525 of vertical markets such as Telecom, Medical, channel for embedded computer solutions 450 375 Transportation, Defence and Oil Services/ and products in the Nordic region. The com- 300 Maritime and Automation. pany has a strong and increasing base of re- 225 150 curring solution customers and a solid order 75 0 Data Respons ASA is listed on the Oslo Stock Ex- backlog going forward. Solution deliveries 2008 2009 2010 2011 2012 change (Ticker: DAT), and is part of the information secure long-term and strategically important technology index. The company has offices in Den- customer relationships and provide a signifi- mark, Germany, Norway, Sweden and Taiwan. cant potential for future growth. DATA RESPONS ASA | ANNUAL REPORT 2012 5 CHAPTER 1: BOARD OF DIRECTors’ reporT During 2012, Data Respons had a strong order intake and was awarded several large oil services/maritime contracts. services Based on feedback from our customers and Operating revenue for 2012 was NOK 408.5 partners, the company expects increasing need REVENUE BY REPORTING SEGMENT million (424.3), a decrease of 4%. EBITDA for advanced communication solutions, more was NOK 12.5 million (12.4). The order in- integrated systems and increasing use of con- NOK million 2012 2011 % take totalled NOK 376 million (442).
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