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Annual Report 2016

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Annual Report 2016 ANNUAL REPORT 2016 CONTENTS Directors report 3 Profit and loss statement 9 Balance sheet 10 Cashflow statement 12 Notes 13 Auditors report 32 DIRECTORS’ REPORT 2016 - GRIEG MATURITAS 2016 was a good year for the Grieg Group overall, mainly due to a strong market in the salmon industry and the positive results from Grieg Seafood. Grieg Star is still facing tough markets, while several of the other compa- nies within the Grieg Group delivered good results. Group turnover was NOK 11 bill. and the operating profit NOK 1,3 bill. After write-downs on in- vestments and financials, profit before tax was NOK 870 mill. The Group is well positioned for the future. Salmon prices were at an all time high in 2016, and the biological situation was much better than for years. Salmon consumption and demand are in- creasing all over the world, and the Grieg Group believes in further growth. Grieg Maturitas owns 50,2% of Grieg Seafood. In 2016 Grieg Star Group signed a Memorandum of understanding with Gearbulk, to establish a new joint venture, G2 Ocean. This company will operate the combined fleet of the two companies. A larger company will offer a more flexible fleet and improved products to our existing and new customers. Grieg Group Grieg Group The Grieg Group is an international group of companies. Through our flexibility and KEY FIGURES (NOK mill.) 2016 2015 international culture we gather experience and knowhow globally, which we share Turnover 10 985 9 520 within the different companies of the Group, and in the societies in which we operate. EBIT 1280 -150 The business is based on long-term partnerships, creating value in our various ac- Profit before tax 870 -456 tivities– shipping, shipbroking, maritime services & port operations, seafood, invest- Profit after tax 654 -463 ments and financial advisory services. The head office is located at Grieg-Gaarden, Total assets 16 926 17 213 Bergen, Norway, and have offices in 15 countries. Grieg Maturitas AS owns 75% of the shares and the Grieg Foundation the remaining 25%. Equity ratio 45% 42% The Group parent company - Grieg Maturitas Grieg Maturitas Grieg Maturitas is the parent company of the Grieg Group and is owned by the Grieg KEY FIGURES (NOK mill.) 2016 2015 family. The company is responsible for organizing and facilitating a good corporate Turnover 3 3 structure and branding, as well as challenging the companies within the Group to EBIT -1 -1 develop strategically and profitably in a sustainable manner, and in accordance with Profit before tax 76 68 Group principles. Total assets 4 241 4 234 Equity ratio 98% 98% Main operating companies Grieg Seafood Grieg Seafood (NGAAP) Grieg Seafood Group delivered a historical good pre-tax profit of NOK 1 038 mill. KEY FIGURES (NOK mill.) 2016 2015 (NGAAP) in 2016, up from a pre-tax loss NOK 38 mill. (NGAAP) in 2015. 2016 turned Turnover 6 598 4 644 out to be the best year so far in Grieg Seafood’s history, mainly due to a strong market EBIT 1160 45 with high salmon prices. Strong salmon prices are a result of slow growth in the supply Profit before tax 1038 -38 of salmon, which in turn is a result of the biological challenges within the industry over Total assets 5 788 5 504 the last few years. In 2016, 64 726 tons of Atlantic salmon were harvested, reflecting Equity ratio 45% 37% a minor decrease of 1% compared to 2015. The focus on Atlantic salmon has been a conscious strategy for Grieg Seafood. Production was at a good level in Norway throughout 2016, but identification of infec- tious salmon anaemia (ISA) in Finnmark in December, caused a loss. In 2016, Shetland ANNUAL 2016 REPORT 3 was again particularly affected by algae and sea lice. British Columbia had challenges with algae first half of 2016, but production in the last quarter of the year was good. Grieg Star – Shipping Grieg Star Grieg Star Group’s loss before tax of NOK 64 mill. (against a loss of NOK 476 mill. in KEY FIGURES (NOK mill.) 2016 2015 2015) was, better than expected. The bad market continued in both segments in 2016. Turnover 3 850 4 262 The results from dry bulk activities were mainly affected by the continuation of low EBIT 104 -254 freight rates. The open hatch segment, which is more industrial in nature, experienced Profit before tax -64 -476 much the same, although the vessels’ earnings stayed at a higher level than for con- Total assets 9 265 9 965 ventional dry bulk. Operating costs were positively affected by a USD 10,7 mill. rever- sal of a loss provision in 2016 (totaling USD 20 mill and carried out in 2015) related to Equity ratio 41% 41% the dry bulk operation’s long-term time-chartered vessels. Included in the revenue fig- ures is an insurance settlement of USD 15 mill. covering parts of the costs of rebuilding a quay that was destroyed in a fire at the Squamish terminal in 2015. Grieg Star’s financial investments are delivering better returns than budgeted. Grieg Logistics – Maritime Services & Port Operations Grieg Logistics Grieg Logistics had a pre-tax loss of NOK 1.5 mill. (against a profit of NOK 13 mill. in KEY FIGURES (NOK mill.) 2016 2015 2015). The negative development in results due to losses on outstanding receivables Turnover 330 381 after the bankruptcy of Gulen Base’s main customer EMAS-AMC. Gulen Base had a 15- EBIT -14 - year lease contract with EMAS-AMC that was cancelled just before the bankruptcy due Profit before tax -2 13 to a lack of payments from EMAS-AMC. Gulen Base is working towards new business Total assets 329 346 opportunities at the base in Halsvik and expects the base to develop positively in the Equity ratio 37% 36% years to come. For further information, see note 18. The operations of Grieg Logistics and Scandinavian Harbour Service developed positively in 2016 and the outlook for 2017 is also positive. Mosjøen Industriterminal extended the contract with Alcoa Norway for five years providing a sound basis for development of the company in the years to come. Grieg Shipbrokers Grieg Shipbrokers Grieg Shipbrokers experienced lower earnings in 2016 reflecting weaker markets KEY FIGURES (NOK mill.) 2016 2015 across the main segments where the company is engaged. While operating profit was Turnover 105 126 NOK 6,3 mill., against NOK 12,mill. in 2015, profit before tax was NOK 1,3 mill., against EBIT 6 13 NOK 8,5 mill. in 2015. The company secured a healthy number of new secondhand Profit before tax 1 8 transactions, many of which were sale/leaseback deals involving gas and chemical Total assets 48 55 tankers, container and dry bulk vessels. Some newbuilding contracts were concluded, but several more are underway as their clients are again focusing on contracting. Grieg Investor – Independent Financial Advisor Grieg Investor Grieg Investor holds a strong position as an independent investment advisor to a KEY FIGURES (NOK mill.) 2016 2015 diversified customer portfolio consisting of municipalities, foundations, associations, Turnover 69 63 pension funds, insurance companies, life insurance companies and family owned EBIT 15 16 investment companies in Norway. The company’s focus on qualified and independent Profit before tax 16 16 advice is an important element in Grieg Investor’s financial results, where the pre-tax Total assets 39 42 profit for 2016 was NOK 16 mill., the same as for 2015. Equity ratio 48% 28% Grieg International - Investments and Private Equity Grieg International Grieg International’s investment portfolio consists of direct investments in companies, KEY FIGURES (NOK mill.) 2016 2015 investments in PE funds in addition to mutual and money market funds. A challenging Net financial items -93 -2 market within the oil service industry caused a write-down of investments in this sec- Profit before tax -101 -10 tor. In addition, Grieg International holds a shareholding in Silver Pensjonsforsikring, Total assets 834 926 which was taken under public administration in February 2017. This investment has been written off as per year-end 2016. The result before tax and write-downs was a Equity ratio 93% 97% profit of NOK 23 mill. (against NOK 20 mill. in 2015), and after write-downs a loss of NOK 101 mill. (against NOK 10 mill. in 2015). Grieg Green – Green Solution To Ship Recycling Grieg Green has specialized in providing sustainable recycling of ships and rigs. They are a direct counterparty between the owner and the recycling facilities, giving an unmatched security for the involved parties. In 2016 the company strengthened its position as one of the market leaders in both segments, ships and rigs, although it was ANNUAL 2016 REPORT 4 a weak market. In addition, Grieg Green have had significant growth in supplying an Grieg Green Inventory of Hazardous Materials (IHM) to ship and rig owners. Grieg Green showed a pre-tax profit of NOK 1,1 mill. in 2016, against NOK 5,5 mill. in 2015. KEY FIGURES (NOK mill.) 2016 2015 Turnover 93 268 Ryfylke Rensefisk – Green Solution To Sea Lice EBIT 1 6 Profit before tax 1 6 Ryfylke Rensefisk experienced strong growth in 2015 and followed up its production in 2016 with a turnover of NOK 54 mill. (NOK 5 mill. down from 2015). The profit before Total assets 16 13 tax for 2016 was NOK 7 mill. in 2016, down from NOK 23 mill. in 2015. A challenging Equity ratio 49% 52% biological situation at the start of the year, together with a strong focus on devel- opment projects and building up a solid operational organization, increased costs in Ryfylke Rensefisk 2016.
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