DOCSLIB.ORG

Annual Report American Shipping Company ASA (AMSC)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report American Shipping Company ASA (AMSC) Annual report American Shipping Company ASA (AMSC) American Shipping Company owns and leases world-class quality vessels for operation between ports in the United States. AMSC is positioned to be the leading ship owner in the U.S. and will own the most modern product tanker fleet in the U.S. Jones Act market when the current series of twelve tankers is completed in 2011. In addition, the thirteen vessel option agreement with Aker Philadelphia Shipyard provides growth opportunities well beyond 2011. AMSC Timeline February 2007: Took delivery April 2005: Closed a ten ship of first product tanker, the bareboat charter agreement with Overseas Houston Overseas Shipholding Group, Inc. (OSG) February 2007: Obtained new USD 770 million credit facil- ity for permanent ownership financing for ten vessels 2005 June 2005: Aker American February 2007: Issued Shipping ASA (AKASA) estab- NOK 700 million bond. lished and listed on Oslo Stock Proceeds to be used for Exchange. Purchased the investments in vessels former Kvaerner Philadelphia and operations Shipyard. Aker ASA owns 53.2% of AKASA April 2005: Production June 2007: Took delivery began on first of ten of second product tanker, product tankers for OSG the Overseas Long Beach About us and our goals October 2007: Received April 2008: Took delivery order from OSG for two of fourth product tanker, the additional product tank- Overseas New York ers, which will be con- verted into the first U.S. built shuttle tankers for December 2007: Split of operation in the U.S. Gulf Aker American Shipping’s of Mexico ship owning operations from its ship building operations. Aker American Shipping sold Aker Philadelphia Shipyard (AKPS). AKPS listed as a September 2008: Took separate company on Oslo delivery of the fifth product Exchange tanker, the Overseas Texas City November 2008: The sixth product tanker launched, with delivery in February 2009 June 2008: Aker ASA reduced its ownership interest, as planned, to 19.9% from 53.2% due to U.S. Jones Act restrictions which would limit its further ambition for developing maritime business outside the U.S. November 2007: Took delivery of third product tanker, As a result, name changed from Aker the Overseas Los Angeles American Shipping ASA to American Shipping Company ASA. Trading tick- er symbol also changed from AKASA to AMSC American Shipping Company annual report 2008 3 About us and our goals Contents n About us and our goals 5 Key figures 2008 2008 7 Goals and strategies 8 Letter from the President and CEO n Our business 11 American Shipping Company 16 Our values 18 Corporate responsibility n Our performance 22 Board of Directors’ report 26 Group accounts 48 Parent company accounts Fourth and fifth product tankers delivered on time and on long-term charter. 55 Auditors’ report The Overseas New York and the Overseas Texas 57 Share and shareholder information City were delivered in April and September 2008, respectively and are on long-term charters to OSG. n Our organization and governance They join the Overseas Houston, Overseas Long Beach and Overseas Los Angeles in successful operation in 60 Corporate governance the U.S. Jones Act. 64 Board of Directors 65 Management team Name change and ticker symbol change. Key events With the reduction of Aker ASA’s majority 66 Addresses ownership position, the company was renamed to American Shipping Company ASA and its trading symbol on the Oslo Stock Exchange changed to “AMSC”. Long-term focus on emerging shuttle tanker market. Extensive resources have been committed and col- laborative efforts were held with a major oil company. Studies and analysis show strong potential for this new, exciting market segment. Financial Calendar 2009 03 April Annual General Meeting 2009 22 April 1st quarter interim results 2009 05 August 2nd quarter interim results 2009 22 October 3rd quarter interim results 2009 (Dates subject to change) 4 American Shipping Company annual report 2008 About us and our goals Profit and loss items 2008 2007 Operating revenues USD million 33.3 12.7 EBITDA USD million 27.9 10.9 EBITDA margin Percent 83.6% 85.8% Loss for the year USD million (74.7) (35.9) (1) 2008 Cash flow 2008 2007 Cash flow from operating activities USD million (15.5) 33.2 (2) Cash and cash equivalents as of 31 Dec USD million 71.8 151.9 Balance sheet 2008 2007 Interest bearing debt USD million 504.4 371.0 Equity USD million 101.0 155.7 Total assets USD million 714.1 573.0 Equity ratio Percent 14.1% 27.2% The AMSC share 2008 2007 Share price as of 31 December Norwegian Kroner 33.5 125.5 Dividend per share Norwegian Kroner - - 1) Including unrealized loss on interest swap hedge of USD 66.1 million in 2008 and USD 34.5 million in 2007 and gain on sale of Aker Philadelphia Shipyard of USD 8.2 million in 2007 2) Cash flow from continuing operating activities (e.g. excluding Aker Philadelphia Shipyard) Key figures Key figures Revenues Amount in in USD USD millions millions Overseas Houston Houston 35 Overseas Long Long Beach Beach Overseas Los Los Angeles Angeles 30 Overseas New New York York 25 Overseas Texas Texas City City 20 15 10 5 0 2007 2008 American Shipping Company annual report 2008 5 About us and our goals <cmd+shift+click> The preferred partner 6 American Shipping Company annual report 2008 About us and our goals Goals and strategies Goals and Strategies To be the preferred ship owning and leasing partner to the U.S. Jones Act market Be the major, most profitable vessel owning and leasing company in the Jones Act market n Leverage our close relationship with Aker Philadelphia Shipyard by working closely to develop new vessel designs to offer the Jones Act market and by maintaining open communication on all issues relating to ship construction in a collaborative partnering approach n Expand our partnership with OSG within the product tanker market by exploring additional product tanker opportunities together and working to ensure that maximum value is gained from each of the time charters and the profit sharing arrangements n Maintain stringent controls on all costs associated with the management of AMSC Have the newest, safest and most modern and operationally friendly fleet n Continue to seek improvements in the design and operation of our vessels in a manner that will ensure the safest, highest quality and most environmentally friendly fleet Pursue new business opportunities in the Jones Act market n Capture additional shuttle tanker opportunities by developing a comprehensive and compelling business case for the emerging shuttle tanker market in the U.S. Gulf of Mexico and undertake an aggressive marketing effort focused on companies actively engaged in the development of producing deep water fields in the region n Work with Aker Philadelphia Shipyard and the oil majors to develop the next generation vessel designs that will fully meet the requirements for these conditions and pursue market-wide leasing opportunities with end- users of these vessels n Capture other Jones Act business including barges, ATB’s, short-sea shipping and container vessel opportunities n Explore opportunities to participate in the operation of Jones Act vessels Explore and invest in value creation opportunities for our shareholders n Continue to focus our efforts on value creation opportunities in the Jones Act market and position ourselves to take advantage of these opportunities n Continue to develop close relationships with the oil majors with business in the deep water U.S. Gulf of Mexico American Shipping Company annual report 2008 7 About us and our goals Letter from the President and CEO 8 American Shipping Company annual report 2008 About us and our goals Letter from the President and CEO Facing Today’s Challenges, But Focused On The Future This past year was one characterized by some our ability to obtain financing, on reasonable to recover sometime in 2009 due to a slowly significant achievements as well as a number commercial terms, is certainly one of the key improving economy and oil company refin- of challenges. The good news is that Ameri- factors in achieving our growth plans. ery expansions that will occur over the next can Shipping Company ASA (AMSC) contin- With respect to our financials, while our several years, our view is that rates for mod- ues to grow and now owns one of the larg- quarterly and annual revenue figures were in ern vessels will firm and additional new build- est, most modern product tanker fleets in the line with internal forecasts, our quarterly and ings will be needed. Thus, although we have U.S. Jones Act market. This commitment to annual EBITDA figures were below internal not been able to exercise any of our thirteen growth, coupled with our unique partnership forecasts due to higher than expected S,G&A options to date, we still strongly believe in the with Aker Philadelphia Shipyard ASA (AKPS) costs. S,G&A costs were significantly higher long-term value of these options. and our dedicated management team, is why than expected due to increased third party Despite the dramatic reduction in the price AMSC is clearly becoming the preferred ship- legal and consulting costs incurred in con- of crude oil over the second half of 2008, our ping partner to the U.S. Jones Act Market. junction with our ongoing “exclusivity” arbi- belief is that the deepwater Gulf of Mexico On the positive side, the company took tration with OSG. We expect that our legal will continue to be explored and developed, delivery of an additional two product tank- and consulting costs will return to normal lev- and that U.S.
Load more

Recommended publications
  • 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.
    [Show full text]
  • 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.
    [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]
  • 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]
  • Third-Quarter Results 2014 6 November 2014 Third-Quarter Results 2014
    Third-Quarter Results 2014 6 November 2014 Third-Quarter Results 2014 Key events 3Q 2014 Revenue NOK million 5 096 z Demerger completed, listed on Oslo 4 234 Stock Exchange as Akastor ASA (AKA). z New organization and governance model established 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 z Aker Wayfarer: Secured 5-year contract of NOK 3 billion with Petrobras EBITDA z NOK million 852 Skandi Santos: Secured 5-year contract extension of NOK 2.5 billion with Petrobras 354 z Challenging rig market for MHWirth, but stable after-market activity 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 z Net interest bearing debt of NOK 3.6 billion, of which NOK 1.4 billion Capital Employed related to re-classification of Aker NOK million Wayfarer 12 949 11 886 z EBITDA of NOK 228 million, ex reversal of provision of NOK 624 million 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 Share price 29.09 - 05.11 26 23 20 2 Akastor ASA - Third-Quarter Results 2014 “Akastor established as an oilfield services investment company” Akastor ASA (Akastor) has operated as an oilfield services investment company since September 29th 2014, following the split of Aker Solutions ASA into two separate companies. Key management positions have been filled and the organisational structures and governance models are in place. Establishment of revised value creation plans for each portfolio company is underway, with a mandate to maximize long-term shareholder value. The third quarter EBITDA of NOK 852 million were significantly impacted by a reclassification leading to a non-cash reversal of a provision of NOK 624 million on the Aker Wayfarer, as well as a number of non-recurring items related to the demerger.
    [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]