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Annual Report 2004 of Opportunities Annual Report WORLD CLASS – Through People, Technology and Dedication

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Annual Report 2004 of Opportunities Annual Report WORLD CLASS – Through People, Technology and Dedication Kongsberg Gruppen Kongsberg an ocean www.kongsberg.com Annual Report 2004 of opportunities Annual Report Report Annual WORLD CLASS – through people, technology and dedication 2004 • Offshore oil and gas production on the rise • More stringent safety and efficiency standards for ships and offshore installations • Renewed vote of confidence from our partners • NSM – world's most modern missile – soon on the market Kongsberg Gruppen ASA P.O. Box 1000 NO-3601 Kongsberg Norway Telephone: +47 32 28 82 00 Telefax: +47 32 28 82 01 E-mail: [email protected] Kongsberg Kongsberg Gruppen (Kongsberg) mainly focuses on the markets for advanced maritime electronics and defence systems. The Group is engaged in widespread international activities, with Europe, the USA, the Middle East and the Far East as its most important markets. Kongsberg Gruppen ASA Kongsberg Maritime Kongsberg Defence & Aerospace Offshore & Merchant Marine Defence & Aerospace Dynamic Positioning & Navigation Missiles & Space Marine Automation Naval Systems Process Automation Land Systems & Communications Hydroacoustics Aircraft & Air Defence Systems Satellite Positioning, AIS Dynamic Systems Marine IT Yachting & Fishery (Simrad) Marine Electronics (autosteering, hydroacous- tics, navigation, communication) Text Kongsberg Gruppen Photos Bård Ek, Tom Haga, Tor Aas-Haug, Stone, Statoil, Lasse Berre, Chris Harrison Financial Calendar Concept and design Anisdahl, Sand & Partnere Annual General Meeting The ordinary annual general meeting Printing will be held at 2 p.m. on Tuesday, 3 May 2005, RK Grafisk AS at the Conference Centre, Kongsberg Industrial Park, Kongsberg. Translation to English Linda Sivesind, Informatic Translations Dividends will be paid out on 24 May 2005. Disclaimer Presentation of the quarterly results in 2005 In the event of any discrepancy Q1: 3 May between the Norwegian and English Q2: 23 August versions of Kongsberg's Annual Report, it Q3: 25 October is the Norwegian version that is valid. 1–7 8–19 20–45 46–55 56–63 64–91 92 THE GROUP NEW GROWTH BUSINESS AREA ACTIVITIES CORPORATE GOVERNANCE FINANCIAL STATEMENTS DIRECTORS' REPORT & ACCOUNTS ADDRESSES 1 Contents The Group Key figures 2 14 Key figures by business segment 3 Vision, goals and strategy 4 History 5 This is Kongsberg 6 New growth Chief Executive Officer Jan Erik Korssjøen 8 Highlights and development trends 12 Synergies create added value between Defence and Maritime 14 Unleashing the power of innovation – a prerequisite for profitable growth 18 Business area activities Kongsberg Maritime 20 President Torfinn Kildal 21 Description of business activities 22 Growing focus on safety at sea 28 18 When you're in deep water, you want advice from people you know 30 Kongsberg Defence & Aerospace 32 President Tom Gerhardsen 33 Description of business activities 34 Successful testing of the Naval Strike Missile (NSM) 40 Raytheon cooperation takes off 44 Corporate governance Corporate governance at Kongsberg 46 28 Organisation and governance 52 Corporate social responsibility 53 Corporate Board of Directors 54 Corporate Management 55 30 Financial information Shares and shareholders 56 Analytical data 58 Directors' Report and Accounts Directors' Report 64 Consolidated accounts 72 Accounts – Kongsberg Gruppen ASA 89 Auditor's Report for 2004 91 40 Addresses 92 44 Kongsberg – Annual Report 2004 2 Key figures Good influx of orders for Offshore & Merchant Marine. Strong finish to the year. Diminished profit owing to additional charge of MNOK 150 for the development of the new Naval Strike Missile (NSM). Amounts in MNOK 2004 2003 2002 2001 2000 1999 1998 Operations Operating revenues 6 439 6 651 6 980 6 176 5 296 4 412 4 404 – Civilian %58545863647371 – Outside Norway %71767274746262 Earnings before interest, tax and amortisation (EBITA) 223 383 485 437 287 249 278 Earnings before interest and tax (EBIT) 135 291 404 328 225 213 189 Earnings before tax (EBT) 85 190 291 191 188 205 279 Net profit/(loss) for the year 37 125 216 123 (56) 233 171 Backlog of orders 5 425 5 913 5 143 6 401 6 610 4 258 4 551 Number of employees 4 017 4 176 4 208 4 012 3 765 3 382 3 333 Profitability Operating margin (EBITA) % 3.5 5.8 6.9 7.1 5.4 5.6 6.3 Operating margin (EBIT) % 2.1 4.4 5.8 5.3 4.2 4.8 4.3 Return on total assets % 2.3 5.0 7.3 6.0 5.4 5.9 9.2 Return on equity (before tax) % 4.7 10.6 17.7 13.0 13.0 15.8 26.0 Owners' values Market capitalisation 2 970 3 180 2 715 2 895 2 550 3 780 1 824 Earnings per share after tax in NOK 1.38 4.23 7.21 4.18 (1.86) 8.84 7.04 P/E 71.74 25.06 12.55 23.09 - 16.22 10.79 Equity ratio % 30 30 31 27 26 37 28 Equity 1 812 1 830 1 741 1 538 1 406 1 490 1 106 Dividends 2.00 1.30 2.10 - - 2.25 2.00 Amounts in MEUR (NOK/EUR=8.24) 2004 2003 2002 2001 2000 1999 1998 Operations Operating revenues 781 807 847 749 643 535 523 Earnings before interest, tax and amortisation (EBITA) 27 46 59 53 35 30 33 Earnings before tax (EBT) 10 23 35 23 23 25 33 Owner's values Earnings per share after tax in EUR 0.17 0.51 0.87 0.51 (0.23) 1.07 0.84 For definitions, see page 59. Kongsberg – Annual Report 2004 1–7 8–19 20–45 46–55 56–63 64–91 92 THE GROUP NEW GROWTH BUSINESS AREA ACTIVITIES CORPORATE GOVERNANCE FINANCIAL STATEMENTS DIRECTORS' REPORT & ACCOUNTS ADDRESSES 3 Key figures by business segment Operating revenues EBITA Operating profit Amounts in MNOK 2004 2003 2002 2004 2003 2002 2004 2003 2002 Offshore & Merchant Marine 2 799 2 622 2 963 246 253 254 179 180 191 Yachting & Fishery 905 896 815 8 44 44 (7) 31 33 Defence & Aerospace 2 704 3 084 3 084 (43) 93 178 (49) 87 171 Other/elimination 31 49 118 12 (7) 9 12 (7) 9 Group 6 439 6 651 6 980 223 383 485 135 291 404 EBITA Operating revenues MNOK MNOK 500 6 000 5 000 400 4 000 300 3 000 200 2 000 100 1 000 0 95 96 97 98 99 00 01 02 03 04 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Operating revenues, outside Norway Operating revenues, Norway Operating revenues – geographical distribution Operating revenues – by segment Employees – geographical distribution Other 1 % Kongsberg Defence & Offshore & America 4 % Asia 5 % Aerospace 42 % Merchant Marine Asia 16 % Norway 29 % 44 % Europe 13 % America 20 % Europe 34 % Yachting & Fishery 14 % Norway 78 % Kongsberg – Annual Report 2004 4 Vision, objectives and strategy Vision WORLD CLASS – through people, technology and dedication Objectives gain admission to new markets or access to specialised technolo- Kongsberg shall be an internationally-oriented knowledge-based gy. Constant improvement in the Group's strategic technology enterprise headquartered in Norway. Kongsberg's market position plays a vital role in its acquisition strategy. main objective is to increase shareholders' assets by: a profitability goal of 10 per cent EBITA (earnings before Expertise interest, taxes and the amortisation of goodwill). Knowledge and expertise are Kongsberg's most important com- annual average growth of 10 to 20 per cent. petitive parameters. Offering all employees comprehensive human organising activities in a manner designed to exploit coherence resources development opportunities is crucial to positive perfor- and possible synergies. mance trends, making it a high priority. To recruit and retain per- having a clear image and a good reputation. sonnel, the company must offer attractive, challenging jobs. The operating in an ethically, environmentally and socially Group offers a systematic management development programme. responsible manner. Corporate social responsibility and ethics Strategy Kongsberg has a corporate Code of Ethics, an Environmental Important initiatives for achieving the objectives include: Policy and a Policy for Corporate Social Responsibility. These are basic elements in the efforts to achieve a corporate culture that Markets supports sustainable development. Kongsberg's markets are characterised by high standards for performance, quality and operational reliability. 71 per cent of the Technology Group's operating revenues were earned outside Norway. Kongsberg generally spends about 10 per cent of its operating Kongsberg consistently strives to develop a marketing system revenues on product development. A high level of activity in this that can effectively help satisfy customers' needs. Customer field is considered a prerequisite for profitable organic growth. proximity and cooperation on the development of optimal solu- Product development may be funded by customers and/or be tions play key roles. Strategic alliance-building is a prerequisite equity-financed. The needs of the market will invariably govern for success in several of Kongsberg's business areas. the direction of, and the ambitions and solutions associated with product development. Kongsberg's products are largely based on Concentration on the strategic business areas the following core competencies: software development, engi- The business areas are continuously reviewed to identify neering cybernetics, systems integration and signal processing. activities which do not occupy a natural place there, or which might better be developed under the auspices of other industrial Financial strategy constellations. When conditions are right for divestments, the Corporate management attaches importance to having the finan- Group makes a meticulous assessment to protect assets insofar cial strength needed to ensure its freedom of action. Growth is as possible. to be funded mainly by earnings and the availability of previously tied-up capital. External funding is always based on a long-term Acquisitions perspective that is commensurate with the Group's business strat- Acquisitions are a key part of the corporate growth strategy in egy.
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