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Annual Report 2011

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Annual Report 2011 ANNUAL REPORT 2011 STX France STX Finland STX Florø STX OSV Oasis of the Seas Contents 5 This is STX Europe 7 Key financial figures 9 Cruise & Ferries 11 Offshore & Spesialized Vessels 13 Other 15 Board of Directors report 27 STX Europe Group Financial Statements/notes 64 STX Europe AS Financial Statements/notes 78 Executive Management Team 79 BOD Members/Ownership structure/IR contact 80 This is STX Business Group This is STX Europe STX Europe is an international shipbuilding group renewable energy. STX France has approximately with a world leading position in the production of 2600 employees and operates two shipyards in Saint- cruise ships, ferries, offshore and other specialized Nazaire and Lorient. STX Finland has approximately vessels. Renowned for its ability to develop innovative 2500 employees and operates three shipyards in solutions tailor-made to customers’ needs, STX Turku, Rauma and Helsinki (50%). Europe draws on experience from centuries of design and production of advanced vessels. The Offshore and Specialized area comprises STX OSV Holdings Limited (‘STX OSV’) where STX Europe Providing both standardized and customized vessels, AS is the majority shareholder. STX OSV is listed on STX Europe works in close cooperation with the the Singapore Exchange (SGX). The company is one Annual Report 2011 world’s leading ship owners. The right new building of the major global designers and shipbuilders of concept and the right price, delivered on time and offshore and specialized vessels used in the offshore within budget, is vital to customers’ success and oil and gas exploration and production and oil STX Europe STX Europe therefore crucial to STX Europe’s results. services industries. STX OSV has approximately 9200 employees worldwide and operates nine strategically STX Europe is part of the Korea based international located shipbuilding facilities, comprising five in 5 industrial group of STX Business Group. STX Europe’s Norway, two in Romania, one in Brazil and one headquarter is located in Oslo, Norway. in Vietnam. The experience and expertise of the employees is crucial to the development of new STX Europe consists of three business areas: Cruise construction methods, technologies, and solutions for & Ferries, Offshore & Specialized Vessels, and Other. demanding customers worldwide. With 15 shipyards on several continents, the Group is able to provide the right combination of technology, The STX Norway Florø AS is part of business area capability, capacity and market proximity to meet the Other. The yard in Florø performs ship and rig repairs needs of diverse customers with cost-competitive in addition to conversions and maintenance work. STX solutions. Norway Florø AS has approximately 120 employees. Situated at the yard is also STX Norway Design Florø a The Cruise & Ferries business area consist of STX subsidiary of STX Europe. France and STX Finland. For years they have made the impossible possible by creating some of the In 2011, STX Europe had operating revenues of NOK most innovative vessels in the market. In addition 20.8 billion. During the year, the Group delivered 26 these yards have over the past years increased vessels; one car passenger ferry, one offshore patrol their presence into other areas such as vessels for vessel and one helicopter carrier in addition to 23 naval operations, offshore related constructions and offshore and other specialized vessels. Key financial figures Amounts in NOK million 2009 2010 2011 Key financial figures Operating revenues 29 141 20 868 20 804 EBITDA 133 912 2 391 Net Profit -782 -313 1 361 Balance Total assets 29 356 20 802 23 159 Equity 5 718 6 393 8 754 Annual Report 2011 Equity ratio 19,5 % 30,7 % 37,8 % Interest bearing debt excl. Construction loans 2 657 2 129 2 098 Cash and bank deposits 3 339 6 470 4 903 STX Europe STX Europe Net Cash Flow Net cash flow from operating activitites 502 3 089 -55 7 Net cash flow from investing activities -334 -571 -2 459 Net cash flow from financing activities 232 730 991 Other Order intake 8 219 26 833 21 562 Order backlog 25 475 31 160 33 226 Number of Employees 15 937 14 752 14 516 EBITDA Order intake Order backlog Amounts in NOK million Amounts in NOK million Amounts in NOK million 33 225 2 800 30 000 35 000 26 833 31 160 2 391 2 400 25 000 30 000 25 475 2 000 21 562 25 000 20 000 1 600 20 000 15 000 1 200 15 000 912 10 000 800 8 219 10 000 400 5 000 5 000 133 0 0 0 2009 2010 2011 2009 2010 2011 2009 2010 2011 Cruise & Ferries STX Europe is one of the world's largest builders of cruise such as production of vessels for naval operations, offshore ships and one of Europe's top ferry builders. The Cruise related constructions and windenergy. & Ferries business area is a leading player within its field; large and medium size passenger vessels. STX Finland's subsidiaries are Aker Arctic Technology Oy, STX Finland Cabins Oy, Shipbuilding Completion Oy and The business area is divided into STX Finland Oy and STX ENG´n´D Oy. The number of personnel in STX Finland France SA, both well known for its modern shipyards, amounts to some 2500 employees. advanced design capabilities and efficient construction facilities. Advanced manufacturing technologies are STX Finland delivered one car passenger ferry in January patented and include extensively automated welding, 2011. During the first half of 2011 STX Finland secured forming, machining and inspection processes. three new contracts for the construction of one multi- The inherent knowledge of passenger ship construction purpose fisheries research vessel, one double-ended ferry can be experienced where ever modern ships sail. and one multi-functional special cargo vessel. In addition Precision project management allows STX Europe to STX Finland was awarded a contract with Saipem for the Annual Report 2011 incorporate innovative design features while meeting the overhaul and maintenance for the semi-submersible pipe- tight construction schedules required for on-time delivery laying vessel “Castoro Sei”. In September 2011, STX Finland of unique cruise ships and ferries. Understanding the and TUI Cruises signed an agreement for one large cruise customers' needs makes STX Europe a preferred partner in vessel with an option for TUI Cruises to order another ship STX Europe shipbuilding industry. subject to the decision of TUI Cruises shareholders. In October 2011 a contract for two large offshore modules for STX France comprises two shipyards located in Saint- the North Sea was secured and at the end of the year, the 9 Nazaire and Lorient that offer a wide range of complex Finish Border Guard and STX Finland signed an agreement vessels such as cruise ships, ferries and naval vessels. for the construction of a next generation offshore patrol STX France also include subsidiaries STX France Cabins vessel. STX Finland and Eide Marine Semi AS signed a specializing in design, production and turnkey delivery of contract for the outfitting, completion and delivery of two prefabricated modular cabins aboard cruise ships and highly sophisticated well intervention vessels. The contract STX France Solutions an engineering design company for the two vessels is however subject to certain conditions operating on the shipbuilding market as well as on offshore being fulfilled, and hence is not included in the orderbook at and land contracts. STX France has a solid reputation on year end 2011. STX Finland orderbook at the end of the year the passenger ship market and is establishing itself in the consisted of one advanced polar research vessel, one large offshore sector, after sales services (ASS) and engineering ferry and a cruise ferry, in addition to the above mentioned sectors, underpinned by its tremendous engineering firm contracts secured in 2011. capacity and the cutting-edge expertise of its teams. There are approximately 2600 people employed within STX France. The 50/50 joint venture company Arctech Helsinki Shipyard Oy (“AHS”), continues to focus on arctic maritime In June 2011 STX France chose to rescind the contract technology and shipbuilding. At the end of 2011 the order with state owned GNMTC of Libya for the construction of book for AHS consisted of one Multipurpose emergency and a 140 000 GT cruise vessels, the reason being a default rescue vessel and two multifunctional icebreaking supply of payment from GNMTC. In March 2012 MCS Croisières vessels. These vessels are not included in the order book of confirmed the acquisition of the rescinded vessel, she is to STX Finland since AHS is a 50/50 joint-venture. be named MSC Preziosa and be included in the MSC cruise fleet. STX France delivered one offshore patrol vessel, one helicopter carrier and one Marin Renewable Energy platform intended to lay tidal turbines and one foundation of jacket type to Alstom Wind. During 2011 a contract for two Mistral class helicopter carriers was secured and at the end of 2011 the orderbook of STX France consisted of two helicopter carriers, three cruise vessels and one sand dredge. STX Finland has three shipyards in Finland: Turku Shipyard, Rauma Shipyard and Arctech Helsinki Shipyard Oy, in which STX Finland owns 50 percent. The Turku Shipyard is the experienced builder of cruise ships and other technically demanding specialized ships and offshore units. The STX France STX Finland Rauma Shipyard is known for ferries, research vessels, naval ships and multipurpose vessels. The shipyard in Helsinki specializes in ice-breaking and ice-going offshore and arctic vessels. STX Finland is an experienced builder of technologically demanding projects and it is known for innovative and ecologically friendly solutions. Over the past few years STX Finland have made a move into other areas Skandi Gamma Offshore & Specialized Vessels STX OSV is one of the major global designers and Other milestones during the year included the shipbuilders of offshore and specialized vessels used establishment in June of a new company for the in the offshore oil and gas exploration and production development of offshore handling systems in and oil services industries.
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