Aker Asa – Board of Directors
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Annual Report 2020.Pdf
Annual Report 2020 The time for change is now. #PowerTheChange #PowerTheChange The time for change is now. In our common quest to create a cleaner, safer Content and more sustainable future, we must take ownership and accountability. Key figures 3 Where we are 6 Highlights 7 CEO Introduction 8 Board of Directors' Report 10 Consolidated Financial Statements 25 Parent Company Financial Statements 104 Independent Auditor's Report 121 Alternative Performance Measures 126 3 AKER SOLUTIONS ANNUAL REPORT 2020 KEY FIGURES MENU Key figures* 2020 2019 ORDERS AND RESULTS Order backlog December 31 NOK million 37,979 33,083 Order intake NOK million 34,163 26,155 Revenue NOK million 29,396 38,163 34,163 29,396 EBITDA NOK million 1,539 2,711 ORDER INTAKE REVENUE EBITDA margin Percent 5.2 7.1 NOK million NOK million EBITDA margin ex. special items Percent 4.3 7.3 EBIT NOK million -776 988 EBIT margin Percent -2.6 2.6 1,539 5.2 EBIT margin ex. special items Percent -0.2 3.6 Net income NOK million -1,520 283 EBITDA EBITDA MARGIN NOK million Percent CASHFLOW Cashflow from operational activities NOK million 501 360 BALANCE SHEET 4.3 -776 Net interest-bearing debt NOK million -456 -986 EBITDA MARGIN EBIT Equity ratio Percent 29.5 32.2 EXCL. SPECIAL ITEMS NOK million Percent Liquidity reserve NOK million 8,171 8,883 SHARE Share price December 31 NOK 16.45 n/a* Basic earnings per share NOK -3.13 0.49 -2.6 -0.2 EBIT MARGIN EBIT MARGIN EXCL. -
Corporate Responsibility Report 2016 2 Corporate Responsibility in Aker Asa 2016
CORPORATE RESPONSIBILITY REPORT 2016 2 CORPORATE RESPONSIBILITY IN AKER ASA 2016 CONTENT 1. ACTIVE AND RESPONSIBLE OWNERSHIP 3 Aker’s corporate responsibility 4 Priorities and results in 2016 5 2. SOCIETY Creating value for society 6 The first 21 Aker Scholars 7 3. PEOPLE People create Aker 9 The Aker model globally 11 4. INTEGRITY Zero tolerance for corruption 12 Open dialogue 13 5. ENVIRONMENT Aker takes responsibility for the environment 14 Putting climate problems on the agenda 16 Sustainability enhances competitiveness 17 6. PRIORITIES AND OBJECTIVES FOR 2017 Profitable and forward-looking companies 18 Akers priorities and objectives for corporate responsibility 2017 19 The Aker cooperation model was on the agenda at the Global Works Council’s meeting in 2016. Employee representatives from Europe, Brazil and India attended the meeting together with the CEOs of Aker, Aker Solutions and Akastor. CORPORATE RESPONSIBILITY IN AKER ASA 2016 3 ACTIVE AND RESPONSIBLE OWNERSHIP Aker ASA (Aker) exercises active ownership with a view to creating value for its shareholders and society at large. Directly or indirectly, Aker is the largest Aker’s Code of Conduct is the com- achieve results is as important as the shareholder in eight companies listed pany’s governing document setting actual results. Each company’s board of on the Oslo Stock Exchange. The major- out ethical guidelines for employees directors is responsible for regular re- ity on the respective boards of the eight and partners, and principles relating sult assessment and evaluation. listed portfolio companies have no ties to workers’ rights, human rights anti- to Aker. Aker’s management follows up corruption, societal conditions, health, Aker’s investment team, including the the investments with the backing of an the environment and safety (HSE), and legal department, is responsible for the analytic, dedicated investment team. -
Annual Report 2020 Contents
ANNUAL REPORT 2020 CONTENTS LETTER FROM THE CEO 4 BOARD OF DIRECTORS 44 KEY FIGURES 2020 8 EXECUTIVE MANAGEMENT TEAM 48 HIGHLIGHTS 2020 10 BOARD OF DIRECTORS’ REPORT 52 THE VALHALL AREA 16 REPORTING OF PAYMENTS TO GOVERNMETS 72 IVAR AASEN 20 BOD’S REPORT ON CORPORATE GOVERNANCE 74 THE SKARV AREA 24 FINANCIAL STATEMENTS WITH NOTES 88 THE ULA AREA 28 THE ALVHEIM AREA 32 JOHAN SVERDRUP 36 THE NOAKA AREA 40 COMPANY PROFILE Aker BP is an independent exploration and production Aker BP is headquartered at Fornebu outside Oslo and has company conducting exploration, development and produ- offices in Stavanger, Trondheim, Harstad and Sandnessjøen. ction activities on the Norwegian continental shelf (NCS). Aker BP ASA is owned by Aker ASA (40%), bp p.l.c. (30%) Measured in production, Aker BP is one of the largest and other shareholders (30%). independent oil and gas companies in Europe. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula The company is listed on the Oslo Stock Exchange with and Tambar, a partner in the Johan Sverdrup field and holds ticker “AKRBP”. a total of 135 licences, including non-operated licences. As of 2020, all the company’s assets and activities are based in Norway and within the Norwegian offshore tax regime. OUR ASSETS arstad AND OFFICES andnessen ar Trondei lei orne taaner ar asen oan erdrp operated inor laTaar alallod · ESG IN AKER BP SUSTAINABILITY REPORT 2020 Aker BP’s Sustainability report 2020 describes the ESG in Aker BP company’s management approach and performance to environment, social and governance. -
Aker Asa Fourth-Quarter and Preliminary Annual Results 2019
Q4 2019 AKER ASA FOURTH-QUARTER AND PRELIMINARY ANNUAL RESULTS 2019 Aker ASA Fourth-quarter and preliminary annual results 2019 2 Highlights Key figures - Aker ASA and holding companies Key events The net asset value (“NAV”) of Aker ASA and holding companies The Johan Sverdrup field started production in the fourth quarter (“Aker”) ended at NOK 50.0 billion in the fourth quarter, up 16 per and has already ramped up production to well above 300,000 cent from NOK 43.1 billion at the end of the third quarter, and up barrels per day and is on track to reach 440,000 barrels per day 24 per cent dividend adjusted from NOK 41.7 billion at year-end by the summer. 2018. The per-share NAV amounted to NOK 673 as per 31 December 2019, compared to NOK 580 as per 30 September Aker BP moved into Phase 2 of the Ærfugl project, and first oil 2019 and NOK 562 as per 31 December 2018. was produced from the Valhall Flanke West, where Aker BP is the operator. Aker Solutions and Kvaerner are engaged in both The Aker share increased 12.3 per cent in the fourth quarter. This projects through the successful alliance model. compares to a 5.1 per cent increase in the Oslo Stock Exchange’s benchmark index (“OSEBX”). The Aker share Kvaerner signed a NOK 1.5 billion contract with Equinor for development of the Hywind Tampen project, the world’s largest increased 22.5 per cent in 2019, including dividend paid. This compares with a 16.5 per cent increase in the Oslo Stock floating offshore wind farm. -
Candidates Nominated to the Board of Directors in Gjensidige Forsikring ASA
Office translation for information purpose only Appendix 18 Candidates nominated to the Board of Directors in Gjensidige Forsikring ASA Per Andersen Born in 1947, lives in Oslo Occupation/position: Managing Director, Det norske myntverket AS Education/background: Chartered engineer and Master of Science in Business and Economics, officer’s training school, Director of Marketing and Sales and other positions with IBM, CEO of Gjensidige, CEO of Posten Norge and Managing Director of ErgoGroup, senior consultant to the CEO of Posten Norge, CEO of Lindorff. Trond Vegard Andersen Born in 1960, lives in Fredrikstad Occupation/position: Managing Director of Fredrikstad Energi AS Education/background: Certified public accountant and Master of Science in Business and Economics from the Norwegian School of Business Economics and Administration (NHH) Offices for Gjensidige: Member of owner committee in East Norway Organisational experience: Chairman of the Board for all FEAS subsidiaries, board member for Værste AS (regional development in Fredrikstad) Hans-Erik Folke Andersson Born in 1950, Swedish, lives in Djursholm Occupation/position: Consultant, former Managing Director of insurance company Skandia, Nordic Director for Marsh & McLennan and Executive Director of Mercantile & General Re Education/background: Statistics, economy, business law and administration from Stockholm University Offices for Gjensidige: Board member since 2008 Organisational experience: Chairman of the Board of Semcon AB, Erik Penser Bankaktiebolag and Canvisa AB and a board member of Cision AB. Per Engebreth Askildsrud Born in 1950, lives in Jevnaker Occupation/position: Lawyer, own practice Education/background: Law Offices for Gjensidige: Chairman of the owner committee Laila S. Dahlen Born in 1968, lives in Oslo Occupation/position: Currently at home on maternity leave. -
Fourth-Quarter and Preliminary Annual Results 2018 Aker ASA Fourth-Quarter and Preliminary Annual Results 2018 2
Aker ASA Fourth-quarter and preliminary annual results 2018 Aker ASA Fourth-quarter and preliminary annual results 2018 2 Highlights Key figures prior to dividend allocation Key events in the quarter (Aker ASA and holding companies) nn Aker BP entered into an agreement with Equinor to acquire nn 2018 was a year with continued strong industrial development and its 77.8 per cent interest in the King Lear discovery for a cash value creation to Aker's shareholders: consideration of USD 250 million. nn The Aker share gained 19.1 per cent, dividend included, nn Aker BP received a USD 1.5 billion settlement of the tax losses in compared to a 1.8 per cent decline in the Oslo Stock Hess Norge AS from Norwegian tax authorities. Exchange’s benchmark index (“OSEBX”). nn Ocean Yield announced the investment in two chemical tankers nn The net asset value (“NAV”) of Aker ASA and holding with 12-year charters to Ardmore Shipping Corporation for a total companies (“Aker”) stood at NOK 41.7 billion at the end of the consideration of USD 51 million, net of pre-paid charter hire. fourth quarter, on par with year-end 2017. In addition, a NOK 1.3 billion dividend was paid to shareholders in May. nn Aker Solutions announced the award of a NOK 1.7 billion order from CNOOC to provide subsea production system and umbilicals nn Aker generated NOK 2.2 billion in upstream cash, up from for the Lingshui 17-2 field. NOK 1.6 billion in 2017. nn Kvaerner announced a NOK 900 million contract with Equinor nn Aker's liquidity reserve, including undrawn credit facilities, for the delivery of the steel substructure for the Johan Sverdrup stood at NOK 5.2 billion as per year-end 2018 and the value Phase II process platform. -
Ocean Yield Builds on Aker's Track Record Within the Offshore Space
OCEAN YIELD AS Company Presentation 20 June 2012 Highlights Ocean Yield – A vessels owning company with focus on low risk investments in oil service & industrial shipping • Ocean Yield is 100% owned by Aker and defined as an “industrial holding” Strong sponsor • Planned IPO and listing on OSE; Aker committed to remain a major owner post an IPO Conservative • Focus on diversified investments in oil-service & shipping assets with long term employment investment • Limited direct market exposure, low operational risk and solid counterparties profile Solid financial • Firm EBITDA* backlog of approx. USD 998 million with solid counterparties and operational • Book equity of USD 500 million and equity ratio of 42% platform Experienced • Key management with experience from Ship Finance, shipowners and financial institutions management and board of directors • Board of Directors with extensive experience from oil-service and financial institutions. • Solid market outlook for the oil-service industry Strong outlook • Constrained funding markets makes leasing an attractive alternative for companies with growth ambitions *EBITDA as reported, Pareto estimates 2 Company Overview Ocean Yield profile • A company with long-term employment and risk diversification focus • Conservative business profile with focus on low-risk investments in oil service & industrial maritime assets with long-term contracts • Builds on Aker’s strong offshore- and capital markets track record • Owns three vessels and targets to expand the fleet through acquisition of assets -
Mr. Thorleif Enger Elected New Telenor Chairman
Mr. Thorleif Enger elected new Telenor Chairman The Corporate Assembly of Telenor ASA has elected Mr. Thorleif Enger (59) as new Chairman of the Board. Mr. Enger has been a member of the Board since October 2001. Thorleif Enger has a PhD in Structural Engineering from the University of Colorado, USA and today holds position as Executive Vice President and member of Norsk Hydro Corporate Management, in charge of Hydro Agri, the world's largest fertilizer company. Mr. Enger has been with Norsk Hydro since 1973 and has, among other things, been Project Director for the development of the Oseberg Field in the North Sea and has been responsible for Norsk Hydro's domestic and foreign oil and gas acitivities. From 1970 to 1973 he was employed by Shell Development Company in Houston, Texas. Mr. Thorleif Enger succeeds Mr. Tom Vidar Rygh, who resigned as Chairman in December 2002 when he accepted the position as head of the investment bank Enskilda Securities AB in Sweden. The Board of Telenor ASA after this consist of: Thorleif Enger, Chairman à shild Bendiktsen, Deputy Chairman Hanne de Mora Jørgen Lindegaard Bjørg Ven Einar Førde Per Gunnar Salomonsen (employee representative) Irma Ruth Tystad (employee representative) Harald Stavn (employee representative) A high resolution picture of Mr. Thorleif Enger is available at: http://www.telenor.no/pressesenter/_gfx/trykk_tenger.jpg Telenor Group is one of the world's major mobile operators. We keep our customers connected in our markets across Scandinavia and Asia. Our more than 30,000 employees are committed to responsible business conduct and being our customers' favourite partner in digital life. -
The Supervisory Board of Gjensidige Forsikring ASA
The Supervisory Board of Gjensidige Forsikring ASA Name Office Born Address Occupation/position Education/background Organisational experience Bjørn Iversen Member 1948 Reinsvoll Farmer Agricultural economics, Agricultural Head of Oppland county branch of the Norwegian University of Norway in 1972. Landbrukets Farmers' Union 1986-1989, head of the Norwegian sentralforbund 1972-1974, Norges Kjøtt- og Farmers' Union 1991-1997, chair of the supervisory Fleskesentral 1974-1981, state secretary in board of Hed-Opp 1985-89, chair/member of the board the Ministry of Agriculture 1989-1990 of several companies. Chair of the Supervisory Board and Chair of the Nomination Committee of Gjensidige Forsikring ASA. Hilde Myrberg Member 1957 Oslo Senior Vice President MBA Insead, law degree. Chair of the board of Orkla Asia Holding AS, deputy Corporate Governance, chair of the board of Petoro AS, member of the board of Orkla ASA Renewable Energy Corporation ASA, deputy board member of Stålhammar Pro Logo AS, deputy chair of the board of Chr. Salvesen & Chr Thams's Communications Aktieselskap, member of the boards of Industriinvesteringer AS and CGGVeritas SA. Randi Dille Member 1962 Namsos Self-employed, and Economies subjects. Case officer/executive Chair of the boards of Namsskogan Familiepark, Nesset general manager of officer in the agricultural department of the fiskemottak and Namdal Skogselskap, member of the Namdal Bomveiselskap, County Governor of Nord-Trøndelag, boards of several other companies. Sits on Nord- Namsos national recruitment project manager for Trøndelag County Council and the municipal Industribyggeselskap and the Norwegian Fur Breeders' Association, council/municipal executive board of Namsos Nordisk Reinskinn own company NTN AS from 1999. -
Aker ASA ESG Report 2019 3
ESG REPORT 2019 E Environmental We are committed to being part of the solution § Using our role as an active, responsible owner § Being a driving force to reduce negative environmental impact from operations of our portfolio companies § Making the Norwegian Continental Shelf a benchmark for safe, sustainable and profitable oil and ESG gas production S Social We are committed to our employees and communities § Investing in health and wellness of our employees § We are committed to supporting and having a positive impact on our local communities, e.g. through Aker Scholarship and Stiftelsen VI § Zero tolerance for discrimination, harassment and degrading treatment of employees G Governance We are committed to good governance Contents § Based on best practice recommendations from Oslo Stock This ESG report provides an account of the Exchange and NUES processes and structures Aker has in place § Code of Conduct as governing to support our commitment to ESG issues. document with expected alignment throughout the portfolio § Regular risk reviews by the Board, Message from our CEO 3 including environmental and climate-related risks Our company 4 § Ensuring employee representation in Aker’s boardroom and in Our Approach to ESG 6 the boardrooms of all portfolio Commitment to environmental companies responsibility 8 Commitment to social responsibility 1 1 Commitment to good governance 14 Portfolio overview 18 TCFD report 24 Aker ASA ESG report 2019 3 ESG considerations are core premises for our business and investment decisions. We are simultaneously respectful about the fact that when the world is back to normal it will need more energy going forward. A question we ask ourselves is how oil and gas are being produced. -
Yara Annual Report 2018
Annual report 2017 In collaboration with customers and partners, Yara grows knowledge to responsibly feed the world and protect the planet, to fulfill its vision of a collaborative society, a world without hunger and a planet respected. Our crop nutrition solutions and precision farming offerings allow farmers to increase yields and improve product quality while reducing environmental impact. Our environmental and industrial solutions improve air quality and reduce emissions, and are key ingredients in the production of a wide range of products. We foster an open culture of diversity and inclusion that promotes the safety and integrity of our employees, contractors, business partners, and society at large. Founded in 1905 to solve emerging famine in Europe, Yara has a worldwide presence with more than 16,000 employees and operations in over 60 countries. In 2017, Yara reported revenues of USD 11.4 billion. www.yara.com We make a difference Our Mission Responsibly feed the world and protect the planet Our mission is our reason to exist. It defines our company’s purpose and role in the world and is balanced between three core ideas. Feeding the world embodies knowledge, economic empowerment and new innovative ideas. Protecting the planet represents our commitment to emission abatement and sustainable agricultural practices. At Yara we believe that success can be celebrated only when it is achieved in the right way. We believe knowledge grows and has the power to create positive global change. We understand that knowledge helps feed the world, creates profitable businesses, and protects the planet at a time when the popula- tion is expanding and our resources are increasingly challenged. -
Prospectus Aker Solutions
Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Prospectus Aker Solutions ASA 8.70% Aker Solutions ASA FRN Aker Solutions ASA Open Bond Issue 2009/2014 Registration Document Joint bookrunners: Oslo, 22. December 2009 1 Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Important information The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company's (including subsidiaries and affiliates) lines of business. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the company's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Registration Document. Although it is believed that the expectations are based upon reasonable assumptions, the Borrower can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Neither the Arrangers and Co-Arranger nor the Borrower are making any representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Registration Document, and neither the Arrangers and Co-Arranger the Borrower, nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.