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Aker ASA – 2010

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Aker ASA – 2010 Registreringsdokument – Aker ASA – 2010 REGISTRERINGSDOKUMENT Aker ASA – februar 2010 Aker ASA Fjordalléen 16, Aker Brygge PO Boks 1423 Vika NO-0115 Oslo Norway Tlf: 24 13 00 00 Tilretteleggere Registreringsdokument – Aker ASA – 2010 Viktig informasjon Registreringsdokumentet har utelukkende blitt utarbeidet i forbindelse med søknad om opptak av Låntakers obligasjonslån på Oslo Børs. Oslo Børs har kontrollert og godkjent Registreringsdokumentet i henhold til Verdipapirhandellovens § 7-7. Ny informasjon av vesentlig betyding for Selskapet eller dets datterselskaper kan bli kjent etter datering av Registreringsdokumentet, men før notering av obligasjonslån. Slik informasjon vil bli publisert som et tillegg til Registreringsdokumentet i henhold til Verdipapirhandellovens § 7-15. Verken utgivelsen eller utleveringen av Registreringsdokumentet skal, under noen omstendighet, skape inntrykk av at informasjonen heri er fullstendig eller korrekt på et tidspunkt etter datering av Registreringsdokumentet eller at Selskapets eller dets datterselskapers forretningsvirksomhet ikke kan ha blitt endret. Det er kun Selskapet og Tilrettelegger som er berettiget til å skaffe informasjon om forhold beskrevet i Registreringsdokumentet. Informasjon som er skaffet av enhver annen person har ikke relevans i forhold til Registreringsdokumentet og skal derfor ikke bli stolt på. Registreringsdokumentet er underlagt norsk lov, såfremt ikke annet er uttrykkelig uttalt. Enhver uenighet vedrørende Registreringsdokumentet skal bli løst ved norsk rett. Distribusjon av Registreringsdokumentet kan være begrenset ved lov i enkelte jurisdiksjoner, dette kan gjelde eksempelvis USA og Storbritannia. Oslo Børs' kontroll og godkjennelse av Registreringsdokumentet innebærer at dokumentet kan benyttes i enhver annen EØS-stat. Ut over dette er det ikke blitt foretatt noen handling for å få tillatelse til å distribuere Registreringsdokumentet i noen jurisdiksjoner hvor slik handlig er påkrevd. Enhver person som mottar Registreringsdokumentet er pålagt av Selskapet og Tilrettelegger til selv å sette seg inn i og overholde slike restriksjoner. Dette Registreringsdokumentet er ikke et tilbud om å selge eller en anmoding om å kjøpe obligasjoner. Innholdet i Registreringsdokumentet er ikke en juridisk, økonomisk eller skattemessig rådgivning. Enhver obligasjonseier bør konsultere med sin egen juridiske- og/eller økonomiske rådgiver og/eller skatterådgiver. Kopier av Registreringsdokumentet kan fåes ved henvendelse til Selskapet eller Tilretteleggeren. 2 Registreringsdokument – Aker ASA – 2010 Innholdsfortegnelse 1 RISIKO................................................................................................................................................................. 4 1.1 RISIKOEKSPONERING ....................................................................................................................................... 4 1.2 RISIKOSTYRING ............................................................................................................................................... 5 2 ANSVARSERKLÆRING................................................................................................................................... 6 2.1 PERSONER ....................................................................................................................................................... 6 2.2 ANSVARSERKLÆRINGER.................................................................................................................................. 6 3 REVISOR ............................................................................................................................................................. 6 4 OPPLYSNINGER OM UTSTEDER.................................................................................................................. 7 4.1 UTSTEDERS HISTORIE OG UTVIKLING............................................................................................................... 7 5 FORRETNINGSOVERSIKT ............................................................................................................................. 9 5.1 HOVEDVIRKSOMHET / GENERELT..................................................................................................................... 9 5.2 INDUSTRIELLE INVESTERINGER ..................................................................................................................... 10 5.3 FINANSIELLE INVESTERINGER........................................................................................................................ 13 5.4 TREASURY..................................................................................................................................................... 14 5.5 KONSERNETS AVHENGIGHET AV DATTERSELSKAPENE................................................................................... 15 5.6 AKER GARANTIER.......................................................................................................................................... 15 6 OPPLYSNINGER OM UTVIKLINGSTREKK ............................................................................................. 15 7 RESULTATPROGNOSER/RESULTATESTIMATER ................................................................................ 15 8 STYRE, LEDELSE OG TILSYNSORGANER .............................................................................................. 16 8.1 STYRET.......................................................................................................................................................... 16 8.2 LEDELSE........................................................................................................................................................ 18 8.3 INTERESSEKONFLIKTER ................................................................................................................................. 20 9 EIERFORHOLD OG STØRRE AKSJEEIERE............................................................................................. 21 10 FINANSIELL INFORMASJON OM UTSTEDERS FORPLIKTELSER, FINANSIELLE STILLING OG RESULTAT........................................................................................................................................................ 22 10.1 OPPSUMMERING AV ØKONOMISKE RESULTATER ........................................................................................ 22 10.2 UTSTEDERS ØVRIGE FORPLIKTELSER ......................................................................................................... 23 10.3 HISTORISKE REGNSKAPSOPPLYSNINGER .................................................................................................... 23 10.4 REVISJON AV HISTORISKE ÅRSREGNSKAPSOPPLYSNINGER ......................................................................... 24 10.5 RETTS- OG VOLDGIFTSSAKER..................................................................................................................... 24 10.6 VESENTLIGE ENDRINGER ........................................................................................................................... 24 11 VESENTLIGE KONTRAKTER .................................................................................................................. 24 12 OPPLYSNINGER FRA TREDJEMANN, EKSPERTUTTALELSER OG INTERESSEERKLÆRINGER ............................................................................................................................... 24 13 DOKUMENTER SOM ER TILGJENGLIG FOR OFFENTLIGHETEN ............................................... 24 14 KRYSSREFERANSELISTE......................................................................................................................... 25 3 Registreringsdokument – Aker ASA – 2010 1 Risiko 1.1 Risikoeksponering Aker ASA (”Aker”) er en aktiv industriell eier med eksponering mot selskap innenfor energisektoren, oljeservice, maritime næringer, sjømat og marin bioteknologi både i form av eierskap og fordringer. Akers risiko er således primært finansiell og over tid knyttet opp mot utviklingen i de selskapene Aker har eksponering mot enten ved utbetaling av utbytte, gjeldsbetjening eller ved salg av aksjer og fordringer. Aker kan som en del av en overordnet risikostyring fra tid til annen også ta finansielle posisjoner, primært innenfor rente og valutamarkedene, og vil da også være eksponert mot svingninger i disse markedene i tillegg til motpartsrisiko. Akers operasjonelle risiko er begrenset da selskapet er et rent investeringsselskap uten drift og med en relativt forutsigbar kostnadsbase. Aker ASA 4 Hedgeposisjoner Marked/ Likviditet banker Motpartsrisk 2 Fordringer (obligasjoner) 1 Eierskap (aksjer) Datter A Datter B Datter C Datter … Datter n 3 Inntekter og drift i andre valutaer Figur 1: Illustrasjon av de viktigste risikoeksponeringene for Aker ASA 1. Risiko knyttet til eierandeler Aker er et investeringsselskap og mye av selskapets risiko er knyttet opp mot verdiutviklingen i de selskapene man er eksponert mot. Risikoen er dermed knyttet opp mot disse selskapenes evne til å skape verdier over tid. De fleste av Akers investeringer er notert på Oslo Børs og således likvide og også utsatt for generelle svingninger i aksjemarkedet. Akers investeringer er nærmere beskrevet i kapittel 5. 4 Registreringsdokument – Aker ASA – 2010 2. Risiko knyttet til fordringer på selskapene i konsernstrukturen Aker har også flere utestående fordringer primært mot selskaper hvor man enten direkte eller indirekte sitter
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