DOCSLIB.ORG

Annual Report 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

NORWEGIAN AIR SHUTTLE ASA ANNUAL REPORT 2016 NORWEGIAN AnnUAL REPORT 2016 ADJUSTED.INDd • CREATED: 09.10.2014 • MODIFIED: 05.04.2017 : 16:36 ALL RIGTHS RESERVED © 2017 TEIGENS DESIGN 02 NORWEGIAN ANNUAL REPORT 2016 NORWEGIAN AnnUAL REPORT 2016 ADJUSTED.INDd • CREATED: 09.10.2014 • MODIFIED: 05.04.2017 : 16:36 ALL RIGTHS RESERVED © 2017 TEIGENS DESIGN NORWEGIAN ANNUAL REPORT 2016 03 CONTENTS HIGHLIGHTS 04 Highlights 2016 04 Key figures – financials 05 Key figures – operation 06 LETTER FROM CEO 07 BOARD OF DIRECTORS' REPORT 09 FINANCIAL STATEMENTS 22 Group financial statements 23 Notes to the consolidated financial statements 27 Financial statements for the parent company 60 Notes to financial statements of the parent company 64 Auditor's report 79 CSR 83 CORPORATE GOVERNANCE 89 FINANCIAL CALENDAR 2017 BOARD AND MANAGEMENT 93 Interim report Q1 2017: April 27 The Board of Directors 93 General shareholder meeting: May 9 The Management team 95 Interim report Q2 2017: July 13 Interim report Q3 2017: October 26 DEFINITIONS 98 Norwegian Air Shuttle reserves the right to revise the dates. CONTACT 99 NORWEGIAN AnnUAL REPORT 2016 ADJUSTED.INDd • CREATED: 09.10.2014 • MODIFIED: 05.04.2017 : 16:36 ALL RIGTHS RESERVED © 2017 TEIGENS DESIGN 04 Highlights NORWEGIAN ANNUAL REPORT 2016 HIGHLIGHTS 2016 Ä Final approval for NAI by the US Department of Transportation (DOT) Ä SkyTrax awards 2016 for World’s Best Long Haul Low-Cost Airline (second time) and Europe’s Q1 Q2 Best Low-Cost Airline (fourth year in a row) New routes 1 New routes 13 Ä Startup of low-cost long haul between Passengers (million) 5.8 +17% Passengers (million) 7.7 +11% US and Paris Aircraft utilization (BLH) 10.7 0.0 Aircraft utilization (BLH) 11.6 (0.3) Ä Launched new crew bases in Rome and Palma New aircraft 6 New aircraft 6 Average spot fuel price USD 341 (42%) Average spot fuel price USD 406 (31%) Ä Norwegian Reward reached five million members USD/NOK 8.64 +11% USD/NOK 8.25 +6% Ä Added 17 new 737-800 aircraft and four 787-9 Dreamliners to operations Ä Delivery of the first two Airbus 320neos to be leased out Ä Ordered 30 Airbus 321LR (long range) aircraft for Q3 Q4 delivery in 2019-2021 by converting orders for New routes 5 New routes 15 320neos Passengers (million) 8.6 +12% Passengers (million) 7.2 +18% Ä Norwegian Air Resources (NARH) merged with Aircraft utilization (BLH) 11.7 (0.7) Aircraft utilization (BLH) 11.2 0.0 OSM Aviation to form a leading, full-service crew New aircraft 5 New aircraft 6 management company Average spot fuel price USD 444 (18%) Average spot fuel price USD 460 (2%) USD/NOK 8.32 +1% USD/NOK 8.39 (2%) For detailed information, see Board of Directors' report on page 10. NORWEGIAN AnnUAL REPORT 2016 ADJUSTED.INDd • CREATED: 09.10.2014 • MODIFIED: 05.04.2017 : 16:36 ALL RIGTHS RESERVED © 2017 TEIGENS DESIGN NORWEGIAN ANNUAL REPORT 2016 Highlights 05 KEY FIGURES – FINANCIALS 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Operating revenue (NOK million) 26 055 22 491 19 540 15 580 12 859 10 532 8 598 7 309 6 226 4 226 EBITDAR (NOK million) 5 958 3 694 1 184 2 784 1 822 1 540 1 175 1 341 200 504 EBITDA (NOK million) 3 116 1 481 (662) 1 500 789 710 397 721 (208) 208 EBIT/operating result (NOK million) 1 820 348 (1 411) 970 404 416 210 572 (338) 134 EBT (NOK million) 1 508 75 (1 627) 438 623 167 243 623 5 113 Net profit/loss (-) 1 135 246 (1 070) 319 457 122 189 446 4 85 Basic earnings per share (NOK) 31.75 6.99 (30.42) 9.15 13.08 3.53 4.97 13.01 0.15 3.77 Diluted earnings per share (NOK) 31.47 6.92 (29.89) 9.02 12.99 3.47 4.87 12.89 0.15 3.77 Equity ratio 11% 9% 9% 19% 20% 22% 27% 32% 28% 22% Cash and cash equivalents (NOK million) 2 324 2 454 2 011 2 166 1 731 1 105 1 178 1 408 608 501 Unit cost (CASK) 0.41 0.42 0.42 0.42 0.45 0.46 0.46 0.49 0.56 0.53 Unit cost (CASK) excluding fuel 0.32 0.31 0.29 0.29 0.31 0.32 0.34 0.38 0.37 0.40 ASK (million) 57 910 49 028 46 479 34 318 25 920 21 958 17 804 13 555 11 530 7 561 RPK (million) 50 798 42 284 37 615 26 881 20 353 17 421 13 774 10 602 9 074 6 059 Load factor 87.7% 86.2% 80.9% 78.3% 78.5% 79.3% 77.4% 78.2% 78.7% 80.1% Passengers (million) 29.3 25.7 24.0 20.7 17.7 15.7 13.0 10.8 9.1 6.9 Internet sales 75% 77% 82% 80% 78% 82% 87% 88% 87% 86% Number of routes (operated during the year) 472 447 402 391 308 271 249 206 170 114 Number of destinations (at year end) 130 138 130 125 121 114 97 93 87 70 Number of aircraft (at year end) 118 99 95 85 68 62 57 46 40 32 NORWEGIAN AnnUAL REPORT 2016 ADJUSTED.INDd • CREATED: 09.10.2014 • MODIFIED: 05.04.2017 : 16:36 ALL RIGTHS RESERVED © 2017 TEIGENS DESIGN 06 Highlights NORWEGIAN ANNUAL REPORT 2016 KEY FIGURES – OPERATION ASK ASK PER QUARTER UNIT COST UNIT COST PER QUARTER ■■ ASK in million (left axis) ASK in million (left axis) ■ 2015 ■ 2016 ■■ Unit cost excluding fuel in NOK Unit cost excluding fuel in NOK ■ 2015 ■ 2016 ■ Load factor % (right axis) Load factor % (right axis) ■ 2015 ■ 2016 ■■ Fuel per unit in NOK Fuel per unit in NOK ■ 2015 ■ 2016 % % . % % . % % . % % . % ­ % . % % . % % . % % . % ­% . % % . . % % . '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Q1 Q2 Q3 Q4 ' ' ' ' ' ' ' ' ' ' Q Q Q Q RASK RASK PER QUARTER BLOCK HOURS BLOCK HOURS PER QUARTER ■■ RASK in NOK (left axis) RASK in NOK (left axis) ■ 2015 ■ 2016 Hours per day Hours per day ■ Stage length in km (right axis) Stage length in km (right axis) ■ 2015 ■ 2016 ■ 2015 ■ 2016 . . . . . . . . . . ­ . . . . . . . . . . . . . '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Q Q Q Q ' ' ' ' ' ' ' ' ' ' Q Q Q Q NORWEGIAN AnnUAL REPORT 2016 ADJUSTED.INDd • CREATED: 09.10.2014 • MODIFIED: 05.04.2017 : 16:36 ALL RIGTHS RESERVED © 2017 TEIGENS DESIGN NORWEGIAN ANNUAL REPORT 2016 Letter froM CEO 07 DEAR SHAREHOLDERS Another eventful year has passed. 2016 has been a year characterized by major "A growing population and international expansion, record-high passenger figures, the establishment of more international bases and several new routes to exciting destinations on both sides of the increased globalization will Atlantic. New passengers have flown with us for the first time as we have continued our global expansion. Hundreds of wonderful and talented colleagues joined Norwegian in lead to more mobility and create 2016 – and many more will join us in the years to come. more demand for air travel" KEEPING COSTS DOWN – FOR THE POWER OF GLOBAL EXPANSION THE PASSENGERS AND FOR THE Our global expansion will be more important ENVIRONMENT than ever this year. Why? Well, up to a third In 2016, we took delivery of 17 brand-new of our long haul passengers connect to a 737-800 aircraft and four 787-9 Dreamlin- short haul flight. By connecting our long haul ers. A new fleet is necessary to keep our network with our short haul network, we will costs down, and in turn enable us to of- get a symbiosis that makes Norwegian even fer inexpensive fares. It gives our passen- stronger. Not least, our growth will also help gers a comfortable and enjoyable journey, secure existing jobs and create thousands and not least, it reduces emissions con- of new ones in the near future. In addition, siderably, making Norwegian’s fleet one global expansion and new routes boost lo- of the most environmentally friendly in cal tourism; create new jobs; drive economic the world. growth and social progress. A growing pop- ulation and increased globalization will lead LOYAL PASSENGERS to more mobility and create more demand for I cannot talk about the year that has passed air travel. without mentioning some of the many awards we have won. It means a lot that AFFORDABLE FARES FOR ALL we yet again were named the “World’s Best The legacy carriers see us as a threat (and Long Haul Low-Cost Airline” and “Best rightly so), but at the same time we are also Low-Cost Airline in Europe”. The awards creating our own market by giving new we have won prove that our service is ap- groups of travelers the ability to fly. There preciated and we promise to keep working is a large, unserved demand for reasonably hard to meet our customers’ expectations. priced air travel, especially transatlantic I would like to thank all our first-timers, travel. Since 2013, almost four million pas- returning and loyal passengers, and our sengers have travelled across the Atlantic hard-working colleagues in the air and on on one of our many flights – a large share the ground; these fantastic recognitions of which are Americans. Our vision is “af- would not have been possible without their fordable fares for all,” and we are well on support and hard work. our way realizing this vision. NORWEGIAN AnnUAL REPORT 2016 ADJUSTED.INDd • CREATED: 09.10.2014 • MODIFIED: 05.04.2017 : 16:36 ALL RIGTHS RESERVED © 2017 TEIGENS DESIGN 08 Letter froM CEO NORWEGIAN ANNUAL REPORT 2016 wants to fly through a large international hub when you can fly directly from their hometown? EXPLORING NEW MARKETS In 2016, we launched our first non-stop flights between Paris and the US with great success, and in 2017 we will start flying be- tween Barcelona and the US.
Recommended publications
  • Årsrapport Storebrand ASA 2019

    Årsrapport Storebrand ASA 2019

    Innhold Introduksjon 1. This is Storebrand 2. Customer relations 3. People 4. Keeping Our House in Order Storebrand ASA 5. Director´s report 6. Finansielle mål 7. Konsernets resultaterAnnual 2020 Report 8. Utbytte for 2020 9. Kapitalforhold 10. Rating 11. fremtidsutsikter 12. Risiko 13. arbeidsmiljø og HMS 14. Annual Accounts and notes 15. Shareholder matters 16. Sustainability assurance 17. Appendix 2020 Table of contents Introduction 6. Shareholder matters How to navigate in the Annual 3 Facts and figures 2020 report 5 Letter from the Group Chief Executive Officer 7. Annual Accounts 7 Chairman’s foreword and Notes 1. This is Storebrand Storebrand Group 10 About Storebrand 78 Income statement Previous page 11 Organisation 79 Statement of total comprehensive income 14 Executive management 80 Statement of financial position 15 Board of directors 82 Statement of changes in equity 83 Statement of cash flow Next page 2. Customer relations 85 Notes 19 Greater financial security and freedom 21 Engaging, relevant and responsible advice Storebrand ASA 22 Digital innovator in financial services 163 Income statement 23 Simple and seamless customer experiences 163 Statement of total comprehensive income Full screen 24 Key performance indicators 164 Statement of financial position 165 Statement of changes in equity 3. People 166 Statement of cash flow 26 A culture for learning 167 Notes 28 Engaged, competent and courageous employees 180 Declaration by member of the Board and the CEO 29 Diversity and equality 181 Independent auditor´s report Table of contents 31 Key performance indicators 8. Governance On the left hand side, you will always 189 Corporate Governance have access to the table of contents.
  • Annual Report Storebrand ASA 2019

    Annual Report Storebrand ASA 2019

    Annual Report 2019 Sustainable Solutions and Investments STOREBRAND ANNUAL REPORT 2019 Page 1, Photographer: Mikael Svensson/Johner Page 5, Photographer: Nathan Anderson/Unsplash Page 6, Photographer: Ole Berg-Rusten, NTB Page 9, Photographer: Alexey Topolyanskiy /Unsplash Page 17, Photographer: Bevan Goldswain/Offset.com Page 19, Photographer: Aurora Photos, USA / Offset.com Page 20, Photographer: Michael Nolan /Offset.com Page 23, Photographer: Unsplash Page 25, Photographer: Sarah Bridgeman/Offset.com Page 26, Photographer: Shutterstock/TunedIn by Westend61 Page 27, Photographer: Maskot/Offset.com Page 30, Photographer: Olga Kashubin Page 32, Photographer: Shutterstock/KYTan Page 35, Photographer: Maskot Bildbyrå /Johnér Bildbyrå AB Page 37, Photographer: Shutterstock/Syda Productions Page 38, Photographer: Kate Vredevoogd/Offset.com Page 43, Photographer: Shutterstock / Halfpoint Page 45, Photographer: Shutterstock Page 47, Photographer: Colourbox.com Page 51, Photographer: The Good Brigade/Offset.com Page 53, Photographer: Mikael Svensson / Johner Bildbyra AB / Offset.com Page 59, Photographer: Cultura / Offset.com Page 60, Photographer: Shutterstock / Kamil Macniak Page 63, Photographer: Unsplash Page 67, Photographer: Shutterstock/loreanto Page 71, Photographer: Storebrand archive Page 75, Photographer: Maskot/Offset.com Page 76, Photographer: Nixon Johansen Cáceres/Johnér Bildbyrå AB Page 77, Photographer: Martin Pålsson/Offset.com Page 85, Photographer: Shutterstock/Westend61 Premium Page 197, Photographer: Maskot/Offset.com Page
  • Norges Bank's Financial Sector Role in the Period 1945-2013, with a Particular Focus on Financial Stability

    Norges Bank's Financial Sector Role in the Period 1945-2013, with a Particular Focus on Financial Stability

    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Haare, Harald; Lund, Arild J.; Solheim, Jon A. Research Report Norges Bank's Financial Sector Role in the Period 1945-2013, with a Particular Focus on Financial Stability Staff Memo, No. 9/2016 Provided in Cooperation with: Norges Bank, Oslo Suggested Citation: Haare, Harald; Lund, Arild J.; Solheim, Jon A. (2016) : Norges Bank's Financial Sector Role in the Period 1945-2013, with a Particular Focus on Financial Stability, Staff Memo, No. 9/2016, ISBN 978-82-7553-919-7, Norges Bank, Oslo, http://hdl.handle.net/11250/2506540 This Version is available at: http://hdl.handle.net/10419/210322 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
  • Annual Report Storebrand ASA 2020

    Annual Report Storebrand ASA 2020

    Innhold Introduksjon 1. This is Storebrand 2. Customer relations 3. People 4. Keeping Our House in Order Storebrand ASA 5. Director´s report 6. Finansielle mål 7. Konsernets resultaterAnnual 2020 Report 8. Utbytte for 2020 9. Kapitalforhold 10. Rating 11. fremtidsutsikter 12. Risiko 13. arbeidsmiljø og HMS 14. Annual Accounts and notes 15. Shareholder matters 16. Sustainability assurance 17. Appendix 2020 Table of contents Introduction 6. Shareholder matters How to navigate in the Annual 3 Facts and figures 2020 report 5 Letter from the Group Chief Executive Officer 7. Annual Accounts 7 Chairman’s foreword and Notes 1. This is Storebrand Storebrand Group 10 About Storebrand 78 Income statement Previous page 11 Organisation 79 Statement of total comprehensive income 14 Executive management 80 Statement of financial position 15 Board of directors 82 Statement of changes in equity 83 Statement of cash flow Next page 2. Customer relations 85 Notes 19 Greater financial security and freedom 21 Engaging, relevant and responsible advice Storebrand ASA 22 Digital innovator in financial services 163 Income statement 23 Simple and seamless customer experiences 163 Statement of total comprehensive income Full screen 24 Key performance indicators 164 Statement of financial position 165 Statement of changes in equity 3. People 166 Statement of cash flow 26 A culture for learning 167 Notes 28 Engaged, competent and courageous employees 180 Declaration by member of the Board and the CEO 29 Diversity and equality 181 Independent auditor´s report Table of contents 31 Key performance indicators 8. Governance On the left hand side, you will always 4. Keeping Our House 189 Corporate Governance have access to the table of contents.
  • Annual Report 2020

    Annual Report 2020

    NORWEGIAN AIR SHUTTLE ASA ANNUAL REPORT 2020 NORWEGIAN AIR SHUTTLE ASA NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2020 2 CONTENTS LETTER FROM THE CEO 3 BOARD OF DIRECTOR'S REPORT 5 FINANCIAL STATEMENTS 16 CONSOLIDATED 17 PARENT COMPANY 67 ANALYTICAL INFORMATION 89 CORPORATE RESPONSIBILITY 92 CORPORATE GOVERNANCE 98 DECLARATION FROM THE BOARD OF DIRECTORS AND CEO 103 AUDITOR'S REPORT 104 BOARD OF DIRECTORS 107 MANAGEMENT 111 DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES 114 NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2020 3 LETTER FROM THE CEO The year began on a positive note as we The power and passion of the Norwegian were set to deliver a profitable 2020 thanks ‘voice’ has been heard over the last year to successful cost-saving initiatives and a and is a testament to the importance of our more efficient operation. 2020 also saw brand and the value that we bring to Nordic the highest summer bookings ever, but it economies through business and tourism. proved however to be a year like no other as travel effectively ground to a halt across I have had to make difficult decisions that all markets in which Norwegian operated have impacted dedicated colleagues across due to the pandemic and travel several business areas, however, on every restrictions. The impact has been occasion this has been a necessary step to profound, on both a financial and ensure the continued survival of the airline. operational front. Like all airlines we have By rightsizing the company at this crucial had to rapidly adapt in order to survive and time, we will be in a far better position to be in a position to capitalise on weather this storm that has still yet to pass.
  • Masterthesis.Pdf (2.157Mb)

    Masterthesis.Pdf (2.157Mb)

    NORGES HANDELSHØYSKOLE Bergen, våren 2016 Bonusprogrammer i luftfartsmarkedet En empirisk analyse av SAS Eurobonus Bjørnar Sandnes Halvorsen Morten Røkeberg Skaug Veileder: Frode Steen Selvstendig utredning innen masterstudiet for Økonomi og administrasjon Hovedprofil: Økonomisk styring (BUS) Det selvstendige arbeidet er gjennomført som et ledd i masterstudiet i økonomi- og administrasjon ved Norges Handelshøyskole, og godkjent som sådan. Godkjenningen innebærer ikke at Høyskolen innestår for metodebruk eller resultater som fremkommer eller konklusjoner som er trukket i arbeidet. FORORD Denne masterutredningen er skrevet som et avsluttende ledd av masterstudiet i Økonomi og administrasjon ved Norges Handelshøyskole. Hovedprofilen er Økonomisk styring og utredningen tilsvarer 30 studiepoeng. Som flere har uttrykt før oss, vil en masterutredning være en langvarig og lærerik prosess. I etterkant av skriveprosessen vil en gjerne reflektere over arbeidet som er gjort, og hvordan dette er blitt materialisert i oppgaven. Og i mange tilfeller vil en også undre seg over oppgavens retning, og hvordan sidespor, tilfeldigheter og blindveier underveis kan ha bidratt til ferdigproduktet vi sitter med i dag. En ting er i alle fall sikkert: Det har vært en spennende prosess der vi har hatt mulighet til å benytte tilegnet kunnskap gjennom studiet samtidig som vi har lært nye ting som beveger seg noe utenfor vårt fagområde. Skriveprosessen har til tider vært utfordrende, men læringskurven har tilsvarende vært bratt. Vi ønsker derfor å rette en stor takk til vår veileder, Frode Steen, som gjennom godt engasjement, konstruktive tilbakemeldinger og gode innspill underveis har bidratt at skriveprosessen har vært morsom, spennende og interessant. I tillegg vil vi også takke Avinor som har bidratt med datamateriale.
  • Forum for Nordic Dermato-Venereology

    Forum for Nordic Dermato-Venereology

    Suppl. 15, Vol. 13, 2008 ISSN 1402-2915 Forum for Nordic Dermato-Venereology Official journal of the Nordic Dermatological Association 31st Nordic Congress of Dermato-Venereology May 31 – June 3, 2008 in Reykjavik, Iceland RK·FINL MA AN N D E · I D C · E N L A E N D Forum E D NDV· N W S O · R Y A Published by Society for Publication of Acta Dermato-Venereologica W http://forum.medicaljournals.se CoverAbstractboken.indd 1 2008-05-12 17:05:08 31st Nordic Congress of Dermato-Venereology May 31–June 3, 2008 in Reykjavik, Iceland Programme and Abstracts ProtopicProtopic® providespro effect effectiveive controlcon of atopic eczemaecz • FastFast rreliefelief of iitchtch1 • EffectiveEffective control ooff atopicatopic eczema2 • For short-term and intermittentin long-termlong-term treatment in adults andand cchildrenhildren (>2 yyears)ear 3 REFERENCES: 1. Reitamo S., et al. J Allergy Clin Immunol 2002;109: 539-546. 2. Reitamo S. Br. J. dermatol 2005:152:1282-89. 3. Summary of product characteristics Nov. 2006. unplugged.dk/20241/0234/04.2008 20241_Protopic_ann_man_IS_UK_210x280.indd 1 4/11/08 11:18:28 AM Table of Contents Welcome to Reykjavik 5 Congress Information 6 Floor Maps 8 Overview: Abstract Titles and Chairmen 10 Sponsors 13 Programme at a Glance 14 Abstracts in the 31st Nordic Congress of Dermato-Venereology Plenary Sessions 16 Parallel Sessions 17 Courses and Workshop 39 Posters 43 Abstract Author Index 48 Information from Nordic Dermatology Association Regulations of Nordic Dermatology Association 50 Meetings in Nordic Dermatology Association 51 Minutes from Nordic Dermatology Association 52 Economical report for 2004, 2005, 2006 och 2007 54 Necrologies 55 Members in the National Societies 57 Protopic 0.03% and 0.1% ointment (tacrolimus) *Interactions: Formal topical drug interaction studies with tacrolimus ointment have not been conducted.
  • Orkla Annual Report 2006 / Orkla’S Business Areas

    Orkla Annual Report 2006 / Orkla’S Business Areas

    O RKL A AN N U A L R E P O R T 2 0 0 6 CONTENTS PAGE 96 PAGE 70 FOCUS ARTICLE BUSINESS PAGE 8 PAGE 63 AREAS REPORT OF VALUE CREATION THE BOARD OF AT ORKLA PAGE 4 DIRECTORS MESSAGE FROM THE CEO INTRODUCTION BUSINESS AREAS Cover Orkla in brief 70 Orkla Foods Cover Orkla in 2006 74 Orkla Brands 1 Key fi gures 78 Elkem 2 Orkla’s business areas 82 Sapa 3 Business area strategies 86 Borregaard 4 Message from the CEO 90 Financial Investments 6 The Group Executive Board ASSOCIATES REPORT OF THE BOARD OF DIRECTORS 94 Jotun AND FINANCIAL STATEMENTS 95 Renewable Energy Corporation (REC) 8 Report of the Board of Directors 18 The Board of Directors of Orkla ASA FOCUS ARTICLE 20 Income statement 96 Orkla and solar energy 21 Balance sheet 22 Cash fl ow statement CORPORATE GOVERNANCE 23 Statement of changes in equity 100 Corporate social responsibility (CSR) 24 Accounting principles 103 Organisation 27 Contents notes 104 Corporate governance 28 Notes 108 Governing bodies and 55 Financial statements for Orkla ASA elected representatives 56 Notes for Orkla ASA 61 Auditor’s report 61 Statement from the Corporate Assembly GROUP INFORMATION 62 Historical key fi gures 109 Group directory 112 Brokerage houses and analysts VALUE CREATION AT ORKLA 112 Investor contacts at Orkla 63 Investing in the Orkla share 64 Underlying value creation 66 Risk factors 67 Asset values 68 Shares and shareholders FINANCIAL CALENDAR 2007 31 OCT All dates subject to change. THIRD QUARTER 9 AUG REPORT PUBLISHED SECOND QUARTER 31 MAY REPORT PUBLISHED CAPITAL 3 MAY MARKETS DAY FIRST QUARTER 20 APR REPORT PUBLISHED SHARE QUOTED EXCL.
  • Revenue-Based Accrual As the New World Order

    Revenue-Based Accrual As the New World Order

    Need new cover – placeholder only Issued 15 September 2014 Revenue-Based Accrual as the New World Order With United following Delta to revenue-based loyalty, what are the implications of these fundamental shifts in loyalty marketing programs? Contents The times they are a-changin’ ............................................................................................................................... 5 Mileage-based accrual prevails today .................................................................................................................. 6 Southwest and the all new Rapid Rewards of 2011 ........................................................................................ 8 High value customers are highly accrued ......................................................................................................... 10 Qantas chooses revenue-based complexity .................................................................................................... 12 The slow one now, will later be fast ................................................................................................................. 14 Disclosure to Readers of this Report IdeaWorksCompany makes every effort to ensure the quality of the information in this report. Before relying on the information, you should obtain any appropriate professional advice relevant to your particular circumstances. IdeaWorksCompany cannot guarantee, and assumes no legal liability or responsibility for, the accuracy, currency or completeness of the information.
  • Frequent Traveler Awards Unveils 2019 Winners LONDON, UK

    Frequent Traveler Awards Unveils 2019 Winners LONDON, UK

    Frequent Traveler Awards Unveils 2019 Winners LONDON, UK September 19, 2019 On Thursday, September 19th, Frequent Traveler Awards unveiled the winners of the Frequent Traveler People’s Awards and Titan Awards for Europe and the Middle East, the Americas, and Asia Pacific. The ceremony was attended by senior leaders of airlines, hotels, and car rental companies, as well as representatives of the top players in the loyalty industry. Frequent Traveler Awards recognizes the companies and teams that create, design, and manage inspiring loyalty programs. Frequent Traveler Awards is the only travel loyalty- focused recognition event that provides regional recognition across three core travel divisions (airlines, hotels, and rental cars.) Frequent Traveler Awards represents both the voices of frequent travelers and of industry titans. The Titan Awards are selected by a board of previously notable loyalty leaders who have been an integral part of building the loyalty industry. The People’s Awards are selected by consumers, who have voted online to choose the Best Promotion, Best Elite Program, Best Redemption Ability, Best Loyalty Customer Service, Program of the Year (presented by Engage), and Best Affinity Credit Card. The winners for the awards are as follows (the list is also available at https://ftawards.com/awards/winners/): Americas • Best Overall Airline Promotion: Avianca LifeMiles • Best Overall Hotel Promotion: Marriott Rewards and SPG • Best Overall Car Rental Promotion: Hertz Gold Plus Rewards • Best Elite Airline Program: United
  • Ancillary Revenue Defined

    Ancillary Revenue Defined

    The CarTrawler Yearbook of Ancillary Revenue by IdeaWorksCompany Table of Contents Summary of the Results ........................................................................................................................... 4 Ancillary Revenue Defined .................................................................................................................... 12 About Individual Airline Listings ........................................................................................................... 13 A la Carte Services Sold through GDS ............................................................................................... 13 Ancillary Revenue Data and Graphs .................................................................................................... 15 Europe and Russia .................................................................................................................................... 22 The Americas ............................................................................................................................................ 49 Asia and the South Pacific ...................................................................................................................... 77 Middle East and Africa ........................................................................................................................... 100 Currency Exchange Rates Used for the Worldwide Statistics ..................................................... 108 The free distribution of this report
  • Annual Report 2011 Annual Report

    Annual Report 2011 Annual Report

    ORKLA A NNU AL R EP OR T / 2011 Annual Report 2011 IC ECOL D AB R E Orkla ASA Office address: Tel: +47 22 54 40 00 www.orkla.com O L N P.O. Box 423 Skøyen Karenslyst allé 6 Fax: +47 22 54 44 90 [email protected] NO-0213 Oslo, Norway NO-0278 Oslo, Norway Enterprise number: NO 910 747 711 Contents Message from the CEO 4 The Board of Directors of Orkla ASA 6 Report of the Board of Directors 8 The Group Executive Board 22 Corporate Governance 23 Annual Financial Statements 2011 32 Notes to the Financial Statements 37 Financial Statements for Orkla ASA 81 Historical key figures 90 Group Directory 91 Organisation 95 Governing bodies and elected representatives 96 Financial calendar for Orkla ASA DATE EVENT 19.04.2012 Annual General Meeting 20.04.2012 Share traded ex.-dividend* 03.05.2012 Dividend payment* Front page: The figures are a selection from the ornamental work of art unveiled at Orkla’s head office in 2011. The artist, Benjamin Bergman, has made a thorough study of 03.05.2012 1st quarter 2012 Orkla’s history. The work spans all six floors of the building, and consists of 18 levels and 357 figures, one from each year since Orkla was founded. 20.07.2012 2nd quarter 2012 31.10.2012 3rd quarter 2012 *Subject to the approval of the proposed dividend at the General Meeting. Design and production Cox Design, Oslo | Photo: Guri Dahl/tinagent.no | Photo above: Werner Anderson, Cox | Print: Aktiv Trykk AS Orkla_aars_eng_omslag_orig_1303.indd 3 13.03.12 18.24 / The Orkla Group / Orkla Annual Report 2011 The Orkla Group Orkla operates in the branded consumer goods, aluminium solutions, renewable energy, biobased chemicals and financial investment sectors.