DOCSLIB.ORG

Annual Report 2017 THIS IS AKER PRESIDENT and CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD and MANAGEMENT

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2017 THIS IS AKER PRESIDENT and CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD and MANAGEMENT Annual report 2017 THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Highlights 2017 Key performance indicators Changes in net asset value Aker is the largest shareholder, PRESIDENT AND CEO LETTER directly or indirectly, in eight companies listed on the SHAREHOLDER INFORMATION Oslo Stock Exchange. This is Aker INVESTMENT OVERVIEW Industrial holdings Financial investments Since its establishment in 1841, Aker has been a Alternative performance driving force for the development of internationally measures focused, knowledge-based industry in Norway. BOARD OF DIRECTORS' REPORT 2017 Aker ASA (Aker) is an industrial investment company that exercises Size ANNUAL ACCOUNTS active ownership to create value. Aker combines industrial exper- Aker is the largest shareholder, directly or indirectly, in eight com- tise with knowledge of the capital markets and financial strength. panies listed on Oslo Stock Exchange. Collectively, the group had Aker Group In its capacity as owner, Aker helps to develop and strengthen the a turnover of approximately NOK 42 billion in 2017, as well as a Aker ASA companies in its portfolio of industrial holdings and financial in- workforce of 19 444 direct employees, including 9 423 in Norway. Aker ASA and holding vestments. Aker works through the boards of the portfolio compa- companies nies to drive forward strategy development, operational improve- Net asset value (NAV) growth is a key performance indicator ments, financing, restructuring and transactions. for Aker ASA and holding companies. As of 31 December 2017, NAV amounted to NOK 41.8 billion, compared to NOK 34.3 billion BOARD AND Aker’s ownership interests are concentrated in the oil and gas, one year prior. In addition, a dividend of NOK 1.2 billion was paid MANAGEMENT maritime assets and marine biotechnology sectors. The invest- in 2017. Board of Directors ments consist of two portfolios: Management Ownership § The industrial holdings are strategic assets and are Since re-listing on the Oslo Stock Exchange on 8 September 2004, managed with a long-term perspective. They comprise the Aker-share has generated an average annual return of 27.3 per Aker’s ownership interests in Aker BP, Aker Solutions, cent, including dividends. At the beginning of 2018, the company Akastor, Kvaerner, Ocean Yield and Aker BioMarine. had 13 275 shareholders. Aker’s main shareholder is Kjell Inge § The financial investments comprise cash and liquid Røkke, who owns 68.2 per cent of Aker through his company The fund investments, real estate development projects Resource Group TRG AS. Through a private company, CEO Øyvind and other assets managed with a shorter, opportun- Eriksen owns 0.2 per cent of the B-shares in TRG Holding AS, as istic ownership perspective. well as 219 072 shares in Aker ASA. THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Highlights 2017 Key performance indicators Highlights 2017 Key performance indicators Changes in net asset value Net asset value: Shareholder return: Upstream cash flow: Aker’s key performance indicators are net asset value, the company’s upstream cash flow + 7.4 billion + 31 per cent 1.6 billion and shareholder returns (share price and dividends). PRESIDENT AND CEO LETTER 2017 was another good year for Aker, with The Aker ASA share price rose from NOK Dividends and upstream cash flow from To understand value creation at Aker, it is important to analyse the Net asset value (NAV) expresses Aker’s underlying value, and net asset value increasing by NOK 7.4 billion 323 to NOK 403 during the course of the the portfolio companies to Aker totalled balance sheets of the holding companies. The companies in the Aker provides the basis for the company’s dividend policy (two to four SHAREHOLDER to NOK 41.8 billion. Aker also distributed a year. Including a dividend of NOK 16 per NOK 1 588 million in 2017 – an increase of ASA and holding companies structure are pure holding companies. per cent of NAV per year). NAV is calculated based on the market INFORMATION dividend of NOK 1.2 billion to its sharehold- share, shareholders achieved an annual approximately NOK 160 million from 2016. The combined balance sheets of these companies are a more rele- value of listed shares and the book value of other assets. ers in the form of a dividend. While Aker return of 31 per cent. By comparison, the Predictable cash flow increases the free- vant tool for monitoring value creation than the balance sheet of the INVESTMENT OVERVIEW BP and Ocean Yield made the largest indi- performance reference for the Aker share dom of action for an investment company parent company alone or the Aker group accounts. Nevertheless, vidual contributions to value growth, the – the Oslo Stock Exchange Benchmark In- like Aker. Upstream cash flow has grown Aker’s Annual Report presents all three sets of accounts. Industrial holdings improvements by Aker Solutions, Kvaerner dex – rose by 19 per cent. The share price steadily year on year. Aker BP and Ocean Financial investments and Akastor also contributed to increased was 28 per cent lower than net asset value Yield are the primary contributors. Alternative performance profits and shareholder value. at year-end 2017. measures BOARD OF DIRECTORS' NAV per share before dividend Allocated dividend per share REPORT 2017 NOK per share NOK per share and per cent of NAV ANNUAL ACCOUNTS 600 18 Aker Group Distribution of Aker's NOK 50.4 billion gross asset value as of 31 December 2017 500 15 NOK billion Aker ASA 400 12 Aker ASA and holding 300 9 companies 1.2 0.7 1.2 200 6 1.4 BOARD AND 1.6 100 3 MANAGEMENT 1.7 n Aker BP 29.1 0 0 Board of Directors 2015 2016 2017 2015 2016 2017 2.3 n Ocean Yield 6.8 Management n Aker Solutions 4.4 n NAV n Allocated dividend (NOK) n Other financial investment 2.3 n Allocated dividend n Per cent of NAV before dividend n Cash and liquid fund investments 1.7 n Share price 4.4 n Akastor 1.6 n Aker BioMarine 1.4 n Kvaerner 1.2 Gross assets per business segment Gross asset per sector n Listed financial investments 1.2 NOK billion NOK billion n Real Estate 0.7 6.8 29.1 50 50 40 40 30 30 20 20 10 10 0 0 2015 2016 2017 2015 2016 2017 n Financial investments n Oil services n Maritime assets n Industrial holdings n E&P n Cash and liquid fund investments n Seafood & marine biotech n Other financial assets THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Changes in net asset value Highlights 2017 Key performance indicators Changes in net asset value In 2017, net asset value (NAV) rose from NOK 34 335 million to NOK 41 771 million before allocation of dividend. This represents an increase in NAV-per-share from NOK 462 to PRESIDENT AND CEO NOK 562. The following tables show Aker’s investments and NAV per Aker ASA share. LETTER SHAREHOLDER INFORMATION Net asset value development – Aker ASA and holding companies INVESTMENT OVERVIEW NOK million Industrial holdings Financial investments 2017 2016 Alternative performance Dividends received 1 588 1 430 Net asset value measures Operating expenses 1) (244) (198) As at 31.12.2017 As at 31.12.2016 Other financial expenses (209) (480) BOARD OF DIRECTORS' Tax expense - - NOK NOK NOK NOK REPORT 2017 Ownership per share million per share million Total 1 136 752 ANNUAL ACCOUNTS Dividend payments (1 188) (742) INDUSTRIAL HOLDINGS Aker Group Sale/(purchase) of treasury shares 2) 3 11 Aker BP 40.0% 391 29 083 281 20 873 Aker ASA Value changes 3) 7 485 13 435 Aker Solutions 34.8% 59 4 368 53 3 912 Aker ASA and holding Change in net asset value 7 436 13 457 Akastor 36.7% 22 1 649 22 1 629 companies Net asset value before dividend allocation 41 771 34 335 Kvaerner 28.7% 16 1 220 13 935 Aker BioMarine 100.0% 19 1 411 19 1 405 1) Excluding depreciation BOARD AND 2) Bonus shares/own shares Ocean Yield 66.2% 92 6 828 86 6 386 MANAGEMENT 3) Value changes include depreciation and write-downs of fixed assets, and sales gains. Total Industrial Holdings 600 44 560 473 35 139 Board of Directors Management FINANCIAL INVESTMENTS Cash 17 1 232 60 4 466 Liquid fund investments 6 442 6 410 Change in net asset value Listed financial investments 16 1 220 14 1 055 NOK billion Real estate 9 674 6 426 Other financial investments 30 2 261 21 1 594 0.3 0.0 (0.2) 45 1.0 0.5 (0.3) (1.2) Total Financial investments 78 5 829 107 7 951 7.4 41.8 43 Total value-adjusted assets 678 50 389 580 43 089 41 External interest-bearing liabilities (112) (8 343) (112) (8 331) 39 Interest-free liabilities before allocated dividend (4) (275) (6) (424) 37 34.3 35 Total liabilities before allocated dividend (116) (8 618) (118) (8 755) 33 NAV before allocated dividend 562 41 771 462 34 335 31 Net interest-bearing debt (5 608) (2 751) 29 27 25 31.12.16 Aker BP OCY AKSO KVAER AKA Financial Other Dividend 31.12.17 investments THIS IS AKER PRESIDENT AND CEO LETTER SHAREHOLDER INFORMATION INVESTMENT OVERVIEW BOD REPORT ANNUAL ACCOUNTS BOARD AND MANAGEMENT CONTENT THIS IS AKER Highlights 2017 Key performance indicators Changes in net asset value I am now in my tenth PRESIDENT AND CEO LETTER year as President and CEO of Aker ASA, and SHAREHOLDER INFORMATION can look back on an Aker in the zone INVESTMENT OVERVIEW active, eventful and Industrial holdings inspiring decade.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Third-Quarter Results 2016 Aker ASA Third-Quarter Results 2016 2
    Aker ASA Third-quarter results 2016 Aker ASA Third-quarter results 2016 2 Third-quarter 2016 highlights Financial key figures Key portfolio events (Aker ASA and holding companies) nn In August the divestment of Aker’s ownership stake in Havfisk and nn The net asset value of Aker ASA and holding companies (“Aker”) Norway Seafoods Group to Lerøy Seafood Group was concluded. rose by 20 per cent in the third quarter 2016 to NOK 29.8 billion, The combined sales released approximately NOK 2.0 billion in compared with the second-quarter figures. Per-share net asset cash to Aker and resulted in an accounting gain of NOK 1.6 billion. value (“NAV”) amounted to NOK 401 as per 30 September 2016, compared to NOK 333 as per 30 June 2016 and NOK 282 as per nn In September Ocean Yield raised NOK 862 million in gross 31 December 2015 (prior to dividend allocation). proceeds from a private placement and subsequently NOK 750 million from a new unsecured bond issue, to finance future growth. nn The value of Aker’s Industrial Holdings portfolio stood at NOK Aker’s ownership interest in Ocean Yield was diluted to 66.3 per 30.2 billion in the quarter, up from NOK 24.5 billion in the second cent from 72.9 per cent. quarter. Aker’s Financial Investments portfolio increased to NOK nn In September Det norske oljeselskap completed the closing of the 8.4 billion, from NOK 7.2 billion in the prior quarter. merger with BP Norge and renamed the company Aker BP.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Aker ASA Third-Quarter Results 2019
    Proud ownership Aker ASA Q3 Third-quarter results 2019 2019 1 November 2019 Highlights Third quarter: ▪ Net asset value: NOK 43.1 billion, down from NOK 44.8 billion in second quarter ▪ Return: Aker share down 1.4 per cent to NOK 484 ▪ Liquidity reserve: NOK 5.2 billion, cash amounted to NOK 2.7 billion Key events: ▪ Kværner: Established two new business areas; FPSO and Renewables, to grow operations ▪ Ocean Yield: Successfully completed a perpetual hybrid bond issue of USD 125 million, carrying coupon of 3-month LIBOR + 6.50 per cent p.a. ▪ Aker: Launched the Centre for the Fourth Industrial Revolution (C4IR) Norway together with the World Economic Forum ▪ Aker BP: In October, the Johan Sverdrup field came on stream more than two months ahead of schedule and NOK 40 billion below budget ▪ Aker Solutions: In October, launched its "20-25-30" strategy whereby revenue from renewables is targeted to represent as much as 20 per cent of revenues, and low-carbon solutions as much as 25 per cent of revenues by 2030 ▪ Aker: In October, signed a Memorandum of Understanding with Saudi Aramco for a strategic partnership on industrial digitalization and sustainability initiatives ▪ Aker Energy: In October, changed its strategy in Ghana to de-risk the Pecan development within the frames of the current petroleum agreement and only with tie-ins already identified 1 November 2019 AKER ASA | Third-quarter results 2019 2 Aker ASA and holding companies 7.3% return on NAV YTD including paid dividend, -3.8% return in 3Q Net asset value change YTD 2019 Net asset value change in 3Q 2019 NOK billion NOK billion 4Q18 41.7 2Q19 44.8 Aker BP 5.6 Aker BP 0.5 Ocean Yield (0.3) Ocean Yield (0.4) Aker Solutions (1.4) Aker Solutions (1.0) Kvaerner 0.0 +3% Kvaerner (0.2) -4% Akastor (0.2) Akastor (0.1) Dividend paid (1.7) Dividend paid 0.0 Other (0.7) Other (0.5) 3Q19 43.1 3Q19 43.1 1 November 2019 AKER ASA | Third-quarter results 2019 3 Aker ASA and holding companies Share price up 9.6% Q3-YTD dividend adjusted - strong balance sheet NAV per share vs.
    [Show full text]
  • Registration Document
    Registration Document AKER ASA Senior Unsecured Bond Issue 2015/2020 ISIN: NO 0010737158 Date: 30 June 2015 Joint Lead Managers: DNB Markets Nordea Markets Pareto Securities Registration Document IMPORTANT INFORMATION The Registration Document has been prepared in connection with listing of the bonds at Oslo Børs. This Registration Document is subject to the general business terms of the Lead Managers. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Lead Managers may prevent employees of the Lead Managers who are preparing this document from utilizing or being aware of information available to the Lead Managers and/or affiliated companies and which may be relevant to the recipient's decisions. The Lead Managers and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Lead Managers’ corporate finance department may act as manager or co-manager for the Company in private and/or public placement and/or resale not publicly available or commonly known. Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States. Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States.
    [Show full text]
  • President Trump's Plan for Pennsylvania
    President Trump’s Jobs Plan for Pennsylvania: All Job Creation is Local A Report by the White House Office of Trade and Manufacturing Policy October 21, 2020 Introduction The Obama Administration suppressed clean natural gas production—otherwise known as fracking—increased regulations, slashed the defense budget, failed to renegotiate bad trade deals like NAFTA, and raised taxes. President Trump has pursued just the opposite policies, following an “all job creation is local” approach to stimulating economic growth. Let’s see how this strategy is working for the farmers, frackers, miners, steelworkers, and families of Pennsylvania. Pennsylvania Fracking Helps Drive America’s Strategic Energy Dominance America’s strategic energy dominance boosts American competitiveness while insulating the United States from the strategic blackmail of entities like the OPEC cartel. America’s prolific energy production also provides cheaper prices at the gas pump and lower electricity rates, saving the average family of four $2,500 per year.1 In pursuit of such strategic dominance, President Trump has strongly supported the development of our petroleum industry, including the use of a process known as hydraulic fracturing or fracking. On April 10, 2019, President Trump signed an executive order2 making it easier to build oil and gas pipelines; and under the President’s deregulation leadership, America has emerged as the world’s largest oil and natural gas producer. 34 Under President Trump’s watch, a cumbersome Obama-era rule that placed onerous and unnecessary burdens on fracking was rescinded on December 29, 2017, enabling this industry to push forward, providing both energy and jobs across Pennsylvania and the Marcellus Shale formation.
    [Show full text]
  • Annual Report 2011 Contents
    2 011 Annual report 2 Aker Solutions annual report 2011 Contents Contents Key figures 2011 3 Letter to shareholders 4 Board of directors’ report 5 Summary 5 Business overview 5 Strategic priorities 6 Research and development (R&D) 6 Report for 2011 7 Presentation of the accounts 7 Segment reviews 8 Corporate governance and risk management 10 Corporate responsibility 11 Environment 12 Health, safety and working environment 12 People and teams 13 Annual accounts 15 Declaration by the Board of Directors and President & CFO 15 Aker Solutions Group 16 Aker Solutions ASA 67 Auditor’s report 77 Share and shareholder information 78 Share and shareholder information 78 Analytical information 82 Corporate governance 83 Corporate governance 83 Board of directors 90 Executive chairman and President 92 Aker Solutions annual report 2011 Business management 92 Corporate centre functions 94 Regional management 95 Company information 96 Aker Solutions annual report 2011 3 Key figures 2011 Key figures 2011 (Continuing operations only) Orders and results 2011 2010 Order backlog 31 December NOK mill 41 449 38 528 Order intake NOK mill 41 327 38 773 Operating revenues NOK mill 36 474 33 365 EBITDA NOK mill 3 445 3 308 EBITDA-margin Per cent 9.4% 9.9% Net profit NOK mill 1 591 1 334 Cash flow Net cash from operating activities NOK mill 3 827 2 131 Balance sheet Borrowings NOK mill 6 000 8 224 Equity ratio Per cent 33.2% 25.9% Return on equity Per cent 17.9% 19.6% Return on captial employed1 Per cent 13.1% 12.1% Share Share price 31 December NOK 62.95 99.25 Dividend per share2 NOK 3.90 2.75 Basic earnings per share (NOK) NOK 5.77 4.76 Diluted earnings per share (NOK) NOK 5.76 4.75 Employees Employees 31 December Full time equivalents 18 397 16 967 HSE Lost Time Incident Frequency Per million worked hours 0.66 0.83 Total recordable incident frequency Per million worked hours 2.29 2.62 Sick leave rate Per cent of worked hours 2.17 2.04 1) Adjusted for gain on discontinued and demerged operations.
    [Show full text]
  • Aker's 175 Anniversary
    Aker“Aker’s’s 175 175thth anniversary” -- An insight iintonto Aker’Aker´ss DNADNA andand important important events events f fromrom thethe ppastast 2525 Yearsyears Fredrik Raak Dahl SVPRO 4000 -Prosjektforum Sofia Ellen Davidson Mira Sofie H.Iversen 2015 Silje Ingeborg Nordstad Camilla H.Riibe EXECUTIVE SUMMARY Survival is not about being one of many, it is about respecting your legacy, being able to see opportunities when they arise and dare to take a risk where no else does. ! ! In 2016 Aker will be celebrating its 175th anniversary. This report is written in association with this celebration. Its main purpose is to highlight important events that have occurred over the past 25 years. What events are considered to be important? How have these events influenced the environment and Aker’s future? This is what we have attempted to answer in our report. We chose a snowball method which means we performed a few preliminary interviews that guided us to our next interview subjects. After analysing the data we collected from our interviews, combined with our literature, we ended up with several interesting findings. Our findings include: - Aker’s part in the development of the oil and gas industry in Norway - The growth of subsea - New ownership in Aker, an event that occurred in 1996-1997 - Fishing industry becomes a part of Aker’s portfolio in 1996 - Aker Maritime and Kvaerner merge and de-merge, this happened in 2002 and 2011 - Aker ASA goes in a new direction from 2009 - An acquisition in Det norske takes place, and Aker Exploration merges with Det norske 2009 - Ocean Yield is established in 2012 ! We have analysed these events and areas of importance, and attempted to establish how they have impacted Aker’s future and its environment.
    [Show full text]