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Annual Report 2005

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Annual Report 2005 Annual Report 2005 the Aker group 2 ANNUAL REPORT 2005 62 98 3.3 51 2.3 THE AKER GROUP 60 2004 2005 2004 2005 2004 2005 This is Aker Order backlog Operating revenues EBITDA NOK billion NOK billion NOK billion With more than 46,000 employees and assosiates annual revenues exceeding NOK 62 billion, Aker is a significant Key figures Pro forma industrial participant in many communi- Profit and loss account (NOK million) 2004 2005 ties. Operating revenues 51 641 62 450 Aker’s core businesses are leaders in EBITDA 2 229 3 322 their respective industries. The Aker Aker Kværner 1 362 2 145 Group delivers technology-based pro- Aker Yards 768 1 029 ducts and services and advanced, inte- Aker American Shipping* 80 131 grated solutions and projects to custo- Aker Seafoods** 157 187 mers in oil, gas, energy, and process Aker Material Handling 11 35 industries. The Aker Group is also a Other activities and eliminations -210 -199 major shipbuilder and a significant fishe- Depreciation and amortization -815 -848 ries industry participant. Operating profit (EBIT) 1 254 2 404 Share of earnings in associated companies -80 28 Aker builds businesses that are world Net financial items, incl. exceptional financial items -777 179 leaders, creating value through proactive Profit before tax 397 2 611 industrial ownership. Aker bases its Tax -466 -21 value-adding competence on in-depth Net profit -69 2 590 knowledge of industries and technolo- gies, access to financial resources, and Balance Sheet (NOK million) 31 Des 04 31 Des 05 innovation. Assets Total intangible and tangible fixed assets 14 971 17 542 Aker — founded in 1841 — continues a Total financial fixed assets 1 679 2 777 proud industrial tradition. Many of the Current operating assets 14 528 23 749 businesses that are now part of the Cash and bank deposits 8 239 13 211 Group grew out of the industrialization of the Nordic countries in the 1700s and Total shareholders’ equity and liabilities 1800s. Today, the “home markets” of Total shareholders’ equity 6 120 8 105 most Aker businesses are located around Minority interest 3 123 6 841 the world. Subordinated debt 2 726 3 167 Interest-bearing long-term debt 7 117 8 186 The largest Group companies are Aker Other long-term debt, incl. deferred tax 2 633 2 765 Kværner, Aker Yards, Aker American Current operating liabilities 16 252 23 742 Shipping, Aker Seafoods, Aker Material Interest-bearing short-term debt 1 446 4 473 Handling, and Aker Capital, which inclu- Total assets 39 417 57 279 des Aker Drilling. The activities of these companies are presented in greater Key figures (NOK million) 31Des 04 31Des 05 detail on the following pages. Earnings per share (NOK) (majority interest) -3.95 21.07 Equity ratio 23 % 26 % Net interest-bearing debt (-)/receivable (+) 450 1 572 Of which construction loans 594 4 036 Comments * Aker acquired its majority shareholding in Aker American Shipping in June 2005. The company’s profit for the period 1 January through 31 December is presented in the above table; however, figures for 1 January through 30 June are reversed in the Eliminations item, so that column totals in the Aker Group’s consolidated profit and loss account remain unchanged. Financial * * Before non-recurring items calender 2006 Annual Shareholders’ Meeting: 30 March 1Q 2006: 2 May 2Q 2006: 11 August 3Q 2006: 3 November ANNUAL REPORT 2005 3 The photo on the cover of this year’s annual report was taken in May 2005 during the filming of Aker’s TV commercial Breaking the Mold since 1841. The choreographed, music video, which runs just over three minutes, shows how the tech- nology and capabilities of today’s Aker stems from solid industrial values and long traditions. Screened nationwide in Norway, the TV commer- cial generated broad debate on topics such as industry’s value-creating role in society. Breaking the Mold received several Norwegian and inter- national advertising awards; it can be viewed on www.notteknekker.no. Front page photo: Yann Aker. Operating revenues 2005: EBITDA 2005: Employees 2005: NOK 62 billion NOK 3.3 billion 37,000 Aker Material Handling Aker Material Handling Norway EU (excl. Nordic countries Aker Seafoods Aker Seafoods and UK) Aker American Shipping Aker American Shipping Nordic countries Aker Yards Aker Yards North Amercia Aker Kværner Aker Kværner UK South America Rest of the world 4 ANNUAL REPORT 2005 THE AKER GROUP Aker’s ownership.....50.01 % Aker’s ownership.......55.6 % Aker’s ownership.......30.8 % No. of shares No. of shares No. of shares owned by Aker owned by Aker ....27 520 930 owned by Aker .....11 452 111 Capital .................28 637 815 Designs, builds, modifies and Designs and builds advanced Constructs and operates operates industrial facilities for cruise vessels and ferries, advanced 6th generation Aker oil, gas, energy, and process offshore service vessels, mer- H-6e semi-submersible rigs. industries. See page 14. chant vessels, and other spe- See page 18. cialized vessels. See page 16. Inge K. Hansen Karl Erik Kjelstad Martinus Brandal President & CEO President & CEO President & CEO (acting) Board members elected by Board members elected by Board members shareholders employees shareholders employees L-A Langøy (C) L-A Langøy (C) E Myhre L-A Langøy (C) W Andersen M Brandal B Flatgård (DC) B Kilnes S Sivertsen (DC) A O Rogne O Melberg M Brandal Å Knutsen M Brandal K J Breivik V B Sandland S Fürst A Teigland R Glasser T Widvey V H Madsen Y Hågensen H Midttun O Melberg Key figures (amounts in NOK million) Aker Kværner Aker Yards 2004 2005 2004 2005 Operating rev. 35 553 41 463 Operating rev. 12 490 16 607 EBITDA 1 362 2 145 EBITDA 768 1 029 Order intake 41 582 57 748 Order intake 17 283 32 084 Order backlog 35 920 53 341 Order backlog 23 366 38 897 Employees 20 667 20 403 Employees 13 069 13 442 NOK Share-price development NOK Share-price development NOK Share-price development 50 500 203% 400 160% 40 400 300 1% 300 30 200 200 20 100 100 Share-price Share-price 10 Share-price Index** Index** Index** 0 0 0 03 Jan 05* 21 Feb 06 03 Jan 05* 21 Feb 06 21 Des 05* 21 Feb 06 ANNUAL REPORT 2005 5 Aker Capital Aker’s ownership.......53.2 % Aker’s ownership.......65.0 % Aker’s ownership........100 % Aker’s ownership.........100% No. of shares No. of shares Smaller-sized industrial activi- Manufactures storage and owned by Aker ....14 675 950 owned by Aker ....31 619 910 ties, financial activities, and archiving systems for use in Constructs merchant ships Harvesting, processing, marke- investments owned directly or industrial and office environ- and owns vessels for bareboat ting, and sales of high-quality indirectly. Ownership interests ments. See page 26. charter and operation between seafoods products in the listed companies Bjørge ports in the Unites States. See page 22.. and Odim, the Norwegian See page 20. supply base and logistics company NorSea Group, and Dave Meehan Yngve Myhre the industrial and business Hallvard Muri President & CEO President & CEO center Midsund Bruk are key President & CEO Aker Capital assets. Aker’s Board members Board members elected by investment in Aker Drilling is Board members elected by L-A Langøy (C) shareholders employees also owned through Aker shareholders employees K E Kjelstad L-A Langøy (C) B Kristiansen Capital. See page 19. L-A Langøy (C) J S Granheim Ø Svanevik B Borgersen (DC) H E Nilsen M Brandal N A Hagen M H Blystad L Berg-Hansen A Steffensen Nils Are Karstad Lysø S A Lindland E Karfjell M Brandal General Manager I Hafseth L Grønnevet Key figures (amounts in NOK million) Aker American Shipping Aker Seafoods Aker Material Handling Pro forma: 2004 2005 2004 2005 2004 2005 Operating revenues 1 638 Operating rev. 2 410 2 340 Operating rev. 1 231 1 346 EBITDA 80 131 EBITDA* 157 187 EBITDA 11 35 Order backlog 5 830 Employees 1 357 1 214 Order intake 1 297 1 391 Employees 639 * Before non-recurring items. Order backlog 265 303 Employees 710 757 NOK Share-price development NOK Share-price development 150 50 73% 40% 120 40 90 30 60 20 Share-price Share-price 10 30 Index** 0 0 * First day of listing (C) Chairman 02 Jul 05* 21 Feb 06 13 May 05* 21 Feb 06 ** Oslo Børs Benchmark index (DC) Deputy Chairman 6 ANNUAL REPORT 2005 THE AKER GROUP Dear fellow shareholders, Leif-Arne Langøy Chairman and CEO customers, and employees • 2005 was a good year for Aker. rose by 21 percent, to NOK 62 billion. my colleagues for their efforts, to our • We completed the integration of Operating profit before depreciation customers and business associates for Kværner and established sound, exceeded NOK 3.3 billion; up 49 per- their confidence in us and the orders simplified financial and operational cent compared with 2004. The value of they have placed, and to our creditors structures. our listed assets rose from NOK 8 bil- and shareholders, who let us manage • Improved operations, increased lion as of 31 December 2004 to NOK their assets. competitiveness and greater custo- 19 billion at the close of trade on the mer confidence have paid off in last trading day of 2005. In early Active industrial ownership the form of record-high order back- March 2006, the value of our listed The Aker Group stands out in several logs, rising margins, and greater assets had risen further, to NOK 24 bil- ways. We are an industrial group that profit predictability.
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