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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. -
Aker BP Acquires Licence Portfolio from Total
Aker BP acquires licence portfolio from Total Aker BP has entered into an agreement with Total E&P Norge to acquire its interests in a portfolio of 11 licences on the Norwegian Continental Shelf for a cash consideration of USD 205 million. The portfolio includes four discoveries with net recoverable resources of 83 million barrels oil equivalents ("mmboe"), based on estimates from the Norwegian Petroleum Directorate. Two of the discoveries, Trell and Trine, are located near the Aker BP-operated Alvheim field and are expected to be produced through the Alvheim FPSO. The Alve Nord discovery is located north of the Aker BP-operated Skarv field, and can be produced through the Skarv FPSO. The Rind discovery is part of the NOAKA area where the total recoverable resources are estimated to more than 500 mmboe, and where Aker BP is working towards a new area development. In addition to these discoveries, the transaction also provides the company with increased interest in exploration acreage near the Aker BP-operated Ula field. The transaction is subject to approval by Norwegian authorities. Karl Johnny Hersvik, CEO of Aker BP comments: “We see a huge value creation potential in maximizing production through our operated production hubs. This requires continuous development and optimisation of the existing reserves and resources, as well as adding new resources through exploration and acquisitions of existing discoveries. With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the NOAKA area, and we increase our interest in exploration acreage near the Ula field. -
Arctic Norwegian Value Creation Monthly Report July 2021
Arctic Norwegian Value Creation Monthly Report July 2021 FUND COMMENTS Arctic orwegianN Value Creation (Class B) increased by 3.0% in July. Since inception in August 2014, the fund has returned 139.5% compared to a return of 97,2% for the Norwegian OSEFX benchmark. The largest positive contributors to fund performance in July were Borregaard, Kongsberg and Schibsted. Borregaard reported good second quarter results with underlying profits up 23% year-over-year driven by high price realisations and contained costs within its BioSolutions segment. Moreover, Borregaard announced that it will invest NOK 144 million in two transactions to acquire 25% of Alginor, with a further intention to increase its ownership to 35%. Alginor is Norwegian marine biotech and biomaterials company based in Haugesund which is developing a biorefinery concept based on harvested kelp. The intention is to list Alginor on the stock exchange during the next few months. Kongsberg delivered another strong report with a 62% increase in operating profit year-over-year. Following four quarters of declining revenues, Kongsberg Maritime returned to growth while posting a book to bill ratio above one. Kongsberg’s defence segment reported strong profitability and revenue growth of 22%. Early in July, Kongsberg was awarded defence contracts for NOK 8.2 billion by Germany and Norway to deliver submarine combat systems and naval strike missiles. Schibsted reported a strong Q2 with year- on-year growth in sales and EBITDA of 18% and 49% respectively, clearly ahead of analyst estimates. Nordic Marketplaces and News Media showed particularly strong improvements. For the first quarter ever, Nordic Marketplaces reached more than NOK 1 bn in sales with an impressive EBITDA-margin of 47%, with Finn as the main contributor. -
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. -
COSL Annual Report2
ANNUAL REPORT 2002 Business Review development activities offshore China. The number of exploration Drilling wells we drilled surged 137.5% to 57 wells in 2002 compared to COSL is the dominant provider of drilling services offshore China 24 wells in 2001. This significant increase reflected the fact that with a diversified fleet of nine jack-up and three semi-submersible offshore China remains relatively under-explored. rigs. Our rig fleet is capable of drilling in water depths up to 1,500 feet. The number of development wells decreased from 134 in 2001 to 66 in 2002. This is consistent with the development cycle for In 2002, we continued to experience strong demand for our drilling E&P projects. In addition, a few development projects were services, our largest business segment, primarily due to strong deferred. FULL 2002 RIG ASSIGNMENT Drilling Rig Contract Contractor Start Day Wells Location BH IV DRILLING (TURNKEY) SINOPEC GROUP 05/10/2002 4 Bohai Bay BH IV DRILLING CNOOCSES 10/04/2002 3 Indonesia Sea BH IV DRILLING CNOOC 01/01/2002 7 Bohai Bay BH V DRILLING CNOOC 03/30/2002 6 Bohai Bay BH VII DRILLING KERR-McGEE 05/05/2002 5 Bohai Bay BH VIII DRILLING (TURNKEY) AGIP 01/28/2002 1 Bohai Bay BH VIII DRILLING ConocoPhillips 03/29/2002 6 Bohai Bay BH VIII DRILLING CNOOC 08/21/2002 2 Bohai Bay BH IX DRILLING AMNI 02/26/2002 3 Nigeria BH X DRILLING & COMPLETION CNOOC 01/01/2002 12 Bohai Bay BH XII DRILLING & COMPLETION CNOOC 01/01/2002 11 Bohai Bay NH I DRILLING CHEVRON 01/17/2002 5 Bohai Bay NH I DRILLING ConocoPhillips 09/07/2002 11 Bohai -
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. -
Climate and Energy Benchmark in Oil and Gas Insights Report
Climate and Energy Benchmark in Oil and Gas Insights Report Partners XxxxContents Introduction 3 Five key findings 5 Key finding 1: Staying within 1.5°C means companies must 6 keep oil and gas in the ground Key finding 2: Smoke and mirrors: companies are deflecting 8 attention from their inaction and ineffective climate strategies Key finding 3: Greatest contributors to climate change show 11 limited recognition of emissions responsibility through targets and planning Key finding 4: Empty promises: companies’ capital 12 expenditure in low-carbon technologies not nearly enough Key finding 5:National oil companies: big emissions, 16 little transparency, virtually no accountability Ranking 19 Module Summaries 25 Module 1: Targets 25 Module 2: Material Investment 28 Module 3: Intangible Investment 31 Module 4: Sold Products 32 Module 5: Management 34 Module 6: Supplier Engagement 37 Module 7: Client Engagement 39 Module 8: Policy Engagement 41 Module 9: Business Model 43 CLIMATE AND ENERGY BENCHMARK IN OIL AND GAS - INSIGHTS REPORT 2 Introduction Our world needs a major decarbonisation and energy transformation to WBA’s Climate and Energy Benchmark measures and ranks the world’s prevent the climate crisis we’re facing and meet the Paris Agreement goal 100 most influential oil and gas companies on their low-carbon transition. of limiting global warming to 1.5°C. Without urgent climate action, we will The Oil and Gas Benchmark is the first comprehensive assessment experience more extreme weather events, rising sea levels and immense of companies in the oil and gas sector using the International Energy negative impacts on ecosystems. -
Oil & Gas, and Mining Associations, Organizations, and Company
2021 OIL & GAS, AND MINING ASSOCIATIONS, ORGANIZATIONS, AND COMPANY INFORMATION UNIVERSITY OF COLORADO DENVER ASSOCIATIONS AND ORGANIZATIONS Colorado Cleantech Industry Association – https://coloradocleantech.com/ Colorado Energy Coalition – http://www.metrodenver.org/news/news-center/2017/02/colorado-energy-coalition- takes-energy-%E2%80%98asks-to-congressional-delegation-in-washington,-dc/ Colorado Mining Association (CMA) – https://www.coloradomining.org/default.aspx Colorado Oil and Gas Association (COGA) – http://www.coga.org/ Colorado Petroleum Association – http://www.coloradopetroleumassociation.org/ Colorado Renewable Energy Society (CRES) – https://www.cres-energy.org/ Society of Petroleum Engineers – https://www.spe.org/en/ United States Energy Association – https://www.usea.org/ OIL AND GAS Antero Resources – http://www.anteroresources.com/ Antero Resources is an independent exploration and production (E&P) company engaged in the exploitation, development, and acquisition of natural gas, NGLs and oil properties located in the Appalachia Basin. Headquartered in Denver, Colorado, we are focused on creating value through the development of our large portfolio of repeatable, low cost, liquids-rich drilling opportunities in two of the premier North American shale plays. Battalion Oil – https://battalionoil.com/ http://www.forestoil.com/ Battalion Oil (Formerly Halcón Resources Corporation) is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich assets in the United States. While Battalion is a new venture, we operate on a proven strategy used in prior, successful ventures. We have experienced staff and use the most advanced technology, enabling us to make informed and effective business decisions. Spanish for hawk, Halcón embraces the vision and agility to become a resource powerhouse in the oil and gas industry. -
National Oil Companies: Business Models, Challenges, and Emerging Trends
Corporate Ownership & Control / Volume 11, Issue 1, 2013, Continued - 8 NATIONAL OIL COMPANIES: BUSINESS MODELS, CHALLENGES, AND EMERGING TRENDS Saud M. Al-Fattah* Abstract This paper provides an assessment and a review of the national oil companies' (NOCs) business models, challenges and opportunities, their strategies and emerging trends. The role of the national oil company (NOC) continues to evolve as the global energy landscape changes to reflect variations in demand, discovery of new ultra-deep water oil deposits, and national and geopolitical developments. NOCs, traditionally viewed as the custodians of their country's natural resources, have generally owned and managed the complete national oil and gas supply chain from upstream to downstream activities. In recent years, NOCs have emerged not only as joint venture partners globally with the major oil companies, but increasingly as competitors to the International Oil Companies (IOCs). Many NOCs are now more active in mergers and acquisitions (M&A), thereby increasing the number of NOCs seeking international upstream and downstream acquisition and asset targets. Keywords: National Oil Companies, Petroleum, Business and Operating Models * Saudi Aramco, and King Abdullah Petroleum Studies and Research Center (KAPSARC) E-mail: [email protected] Introduction historically have mainly operated in their home countries, although the evolving trend is that they are National oil companies (NOCs) are defined as those going international. Examples of NOCs include Saudi oil companies that have significant shares owned by Aramco (the largest integrated oil and gas company in their parent government, and whose missions are to the world), Kuwait Petroleum Corporation (KPC), work toward the interest of their country. -
Breakdown of the ATP Group's Corporate Bonds, Year-End 2019
Breakdown of the ATP Group's corporate bonds, year-end 2019 Market value Companies DKKm 1011778 BC ULC / New Red Finance Inc 20.8 24 Hour Fitness Worldwide Inc 6.3 ABH Financial Ltd Via Alfa Holding Issuance PLC 19.9 Adient Global Holdings Ltd 6.1 ADT Security Corp/The 18.5 Advanced Disposal Services Inc 10.5 Aeropuerto Internacional de Tocumen SA 7.5 Air Medical Group Holdings Inc 13.5 Albertsons Cos Inc / Safeway Inc / New Albertsons 10.3 Aleris International Inc 5.4 Alfa Bank AO Via Alfa Bond Issuance PLC 9.6 Alliant Holdings Intermediate LLC / Alliant Holdin 5.4 Ally Financial Inc 26.8 AMC Networks Inc 15.4 American Builders & Contractors Supply Co Inc 7.1 Antero Midstream Partners LP / Antero Midstream Fi 3.0 Antero Resources Corp 6.0 Aramark Services Inc 15.8 Arconic Inc 21.3 Ardagh Packaging Finance PLC / Ardagh Holdings USA 10.5 Ascend Learning LLC 23.4 Ashland LLC 3.6 ASP AMC Merger Sub Inc 3.4 Associated Materials LLC / AMH New Finance Inc 13.9 Atotech Alpha 2 BV 8.6 Atotech Alpha 3 BV / Alpha US Bidco Inc 10.6 Autoridad del Canal de Panama 3.2 Avantor Inc 24.0 Avon International Operations Inc 7.1 Banco BTG Pactual SA/Cayman Islands 5.4 Banco do Brasil SA/Cayman 64.4 Banco Mercantil del Norte SA/Grand Cayman 7.8 Banco Votorantim SA 2.1 Barclays PLC 7.3 Bausch Health Cos Inc 59.5 BCD Acquisition Inc 7.0 BCPE Cycle Merger Sub II Inc 12.6 Beacon Roofing Supply Inc 20.2 Berry Global Inc 12.1 Bioceanico Sovereign Certificate Ltd 15.4 Blue Racer Midstream LLC / Blue Racer Finance Corp 13.2 Further information 2019 1 Breakdown of -
Energy on the Move Annual Report and Accounts 2014
Energy on the move Annual Report and Accounts 2014 Energy on the move Annual Report and Accounts 2014 www.galpenergia.com This translation of the Portuguese document was made only for the convenience of non-Portuguese speaking interested parties. For all intents and purposes, the Portuguese version shall prevail. ENERGY ON THE MOVE To evolve is to become adapted to the challenges of our surroundings, it is to adjust to new realities and to find ways to overcome our goals. It is for this reason that we can today think of Galp Energia as a living organism, where concepts such as resilience, adaptation, adjustment, involvement and joint construction allow for continuous evolution. Exploration & Production Refining & Marketing Gas & Power Galp Energia + + = Annual Report and Accounts 2014 01 Galp Energia 8 1.1 Galp Energia in the world 10 1.2 Statement of the Board of Directors 12 1.3 Strategy 16 1.4 Main indicators 18 02 Activities 20 2.1 Market environment 21 2.2 Exploration & Production 25 2.3 Refining & Marketing 37 2.4 Gas & Power 41 03 Financial performance 44 3.1 Executive summary 45 3.2 Results analysis 45 3.3 Capital expenditure 47 3.4 Cash flow 47 3.5 Financial debt 48 04 Risk management 49 4.1 Risk management model 50 4.2 Internal control system 51 4.3 Main risks 52 05 Commitment to stakeholders 59 5.1 Corporate governance 60 5.2 Human capital 67 5.3 Research and technology 69 5.4 Health, safety and environment 70 5.5 Quality 72 5.6 Local community development 73 06 Appendices 74 6.1 Proposed allocation of net profit 75 6.2 Additional information 75 6.3 Consolidated financial statements 78 6.4 Reports and opinions 170 6.5 Glossary and acronyms 177 This page is intentionally left blank.