Ordinær generalforsamling

Transkript

1 Ordinær generalforsamling Aker Philadelphia Shipyard ASA Oslo, 11. april 2013

2 Agenda 1. Åpning og konstituering av generalforsamlingen, herunder valg av en person til å undertegne protokollen sammen med møteleder. 2. Ordinære poster Orientering om virksomheten Godkjennelse av årsregnskapet for 2012 for Aker Philadelphia Shipyard ASA og konsernet, samt årsberetningen. Styret foreslår at det ikke utdeles utbytte for regnskapsåret Forslaget er beskrevet i årsberetningen, og vil bli ytterligere redegjort for på generalforsamlingen Fastsettelse av godtgjørelse til medlemmer av styret og revisjonskomiteen Fastsettelse av godtgjørelse til medlemmer av valgkomiteen Godkjennelse av revisors honorar for Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i selskapet Valg medlemmer til styret Valg av medlemmer til valgkomiteen. Slide 2

3 Presentation of Business Activities Aker Philadelphia Shipyard ASA Slide 3

4 Company Overview A U.S. shipyard that utilizes state-of-the-art shipbuilding practices to manufacture ocean-going commercial vessels for the Jones Act market Company: AKPS is the most modern U.S. shipyard focused on building commercial vessels protected by the Jones Act Products: AKPS currently builds ocean-going tankers ranging in size from 46, ,000 dwt; the yard has the capabilities and infrastructure to build a variety of vessels and has also built four container ships Modern Shipyard Facility: AKPS s shipyard was completely rebuilt in 1998 and has been optimally designed to support commercial shipbuilding operations; over USD 650M invested through a public private partnership Processes: The yard utilizes modular construction, automated fabrication systems and outsourcing to enhance productivity Commercial Vessels Partners: Historic relationship with Hyundai Mipo Dockyards and currently with Samsung Heavy Industries Order book: Two vessels currently in production phase; last delivery in late 2014 Ownership: Converto Capital Fund owns 71.2% of the company which is listed on the Oslo Stock Exchange Product Tankers Container Ships Slide 4

5 Summary of 2012 main events Sold two product tankers to Crowley that were previously being built for the shipyard s own account. Sales price includes: Fixed payment of USD 90M by delivery Variable component based on performance over life of vessel Delivered first product tanker to Crowley as planned on 30 August Increased workforce by approximately 50% Began construction on both aframax tankers for SeaRiver Maritime Strong financial performance, including revenues of USD 141.0M and EBITDA of USD 17.9M AKPS stock price increased 268% and was a leading stock on the Oslo Stock Exchange Slide 5

6 NB019 in Building Dock Slide 6

7 Presentation of Financial Statements Aker Philadelphia Shipyard ASA Slide 7

8 Consolidated Income Statement Amounts in USD thousands (except per share amounts) Operating revenues 141,040 30,607 Cost of vessels (116,207) (15,972) Wages and other personnel expenses, net (2,430) (3,546) Other operating expenses (4,529) (14,334) Operating income/(loss) before depr. and amort. (EBITDA) 17,874 (3,245) Depreciation (1,813) (4,612) Operating income/(loss) (EBIT) 16,061 (7,857) Financial income Financial expenses (1,303) (1,906) Income/(loss) before tax 15,739 (9,493) Income tax (expense)/benefit (6,263) 5,285 Net income/(loss) for the year 9,476 (4,208) Basic earnings/(loss) per share (USD) 0.93 (0.41) Slide 8

9 Consolidated Statement of Financial Position Assets Amounts in USD thousands ASSETS Property, plant and equipment 56,986 54,850 Restricted cash 20,001 20,000 Deferred tax assets 3,553 - Other non-current assets 3, Total non-current assets 83,840 75,514 Work-in-process 67,718 70,120 Prepayments and other receivables 19,294 11,023 Income tax receivable 1, Cash and cash equivalents 58,333 18,913 Total current assets 146, ,853 Total assets 230, ,367 Slide 9

10 Consolidated Statement of Financial Position Equity & Liabilities Amounts in USD thousands EQUITY AND LIABILITIES Paid in capital 70,995 70,995 Other equity 27,355 17,879 Total equity attributable to equity holders of the parent 98,350 88,874 Total equity 98,350 88,874 Interest-bearing long-term debt 5,565 31,805 Other long-term liabilities 5,980 3,621 Deferred tax liabilities Total non-current liabilities 12,447 36,232 Construction loan - 8,000 Interest-bearing short-term debt 33,839 12,315 Trade payables and accrued liabilities 22,809 28,326 Customer advances, net 60,057 - Other provisions - warranties 2,837 2,620 Total current liabilities 119,542 51,261 Total liabilities 131,989 87,493 Total equity and liabilities 230, ,367 Slide 10

11 Aker Philadelphia Shipyard ASA Income Statement Amounts in USD thousands Operating revenues Operating expenses (552) (617) Operating loss (476) (531) Interest income from subsidiary Interest expense to subsidiary (72) - Other interest and financial income Other interest and financial expenses - (39) Loss before tax (32) (189) Tax expense - - Net loss for the year (32) (189) Allocation of net loss: Net loss (32) (189) Other equity Total - - Slide 11

12 Aker Philadelphia Shipyard ASA Statement of Financial Position Amounts in USD thousands Amounts in USD thousands ASSETS EQUITY AND LIABILITIES Shares in subsidiaries 67,000 67,000 Share capital 18,709 18,709 Long-term receivable from subsidiary - 10,000 Share premium reserve 52,286 52,286 Other non-current receivables 15,741 - Total paid in capital 70,995 70,995 Total non-current assets 82,741 77,000 Other equity 14,071 14,103 Total equity 85,066 85,098 Other short-term receivables Cash and cash equivalents 10,181 10,290 Long-term notes to subsidiary 6,052 - Total current assets 10,565 10,312 Total non-current liabilities 6,052 - Other short-term liabilities 2,188 2,214 Total current liabilities 2,188 2,214 Total assets 93,306 87,312 Total equity and liabilities 93,306 87,312 Slide 12

13 Auditor s Report 2012 KPMG AS Asbjorn Naess, State Authorized Public Accountant Oslo, 21 February 2013 Slide 13

14 Corporate Governance Report 2012 Aker Philadelphia Shipyard ASA s corporate governance report is presented on pages of the 2012 annual report Slide 14

15 Dividend Proposal 2012 The Board of Directors proposes that no dividend be paid for the 2012 accounting year. This decision was made to preserve equity which may be used to assist the Company in securing financing and new orders. Slide 15

16 Agenda 1. Åpning og konstituering av generalforsamlingen, herunder valg av en person til å undertegne protokollen sammen med møteleder. 2. Ordinære poster Orientering om virksomheten Godkjennelse av årsregnskapet for 2012 for Aker Philadelphia Shipyard ASA og konsernet, samt årsberetningen. Styret foreslår at det ikke utdeles utbytte for regnskapsåret Forslaget er beskrevet i årsberetningen, og vil bli ytterligere redegjort for på generalforsamlingen Fastsettelse av godtgjørelse til medlemmer av styret og revisjonskomiteen Fastsettelse av godtgjørelse til medlemmer av valgkomiteen Godkjennelse av revisors honorar for Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i selskapet Valg medlemmer til styret Valg av medlemmer til valgkomiteen. Slide 16

17 Valgkomiteens innstilling Ordinær generalforsamling i Aker Philadelphia Shipyard ASA Oslo, 11. April 2013

18 Valgkomiteens arbeid Sammensetning Leif-Arne Langøy, leder Gerhard Heiberg Øyvind Eriksen Arbeidsform To møter avholdt Vurdert styrets arbeid Mottatt innspill fra enkeltaksjonærer Slide 18

19 Styresammensetning James H. Miller styreleder Audun Stensvold (nestleder) Amy Humphreys Elin Karfjell Manuel N. Stamatakis Thorhild Widvey Slide 19

20 Valgkomite Leif-Arne Langøy (leder) Gerhard Heiberg Kjetil Kristiansen Slide 20

21 Honorarer - valgkomiteens forslag Styre Styrets leder: kroner Styremedlemmer: kroner Leder av revisjonskomiteen kroner Medlemmer av revisjonskomiteen: kroner Valgkomite Leder og medlemmer kroner Slide 21

22 Agenda 1. Åpning og konstituering av generalforsamlingen, herunder valg av en person til å undertegne protokollen sammen med møteleder. 2. Ordinære poster Orientering om virksomheten Godkjennelse av årsregnskapet for 2012 for Aker Philadelphia Shipyard ASA og konsernet, samt årsberetningen. Styret foreslår at det ikke utdeles utbytte for regnskapsåret Forslaget er beskrevet i årsberetningen, og vil bli ytterligere redegjort for på generalforsamlingen Fastsettelse av godtgjørelse til medlemmer av styret og revisjonskomiteen Fastsettelse av godtgjørelse til medlemmer av valgkomiteen Godkjennelse av revisors honorar for Behandling av styrets erklæring om fastsettelse av lønn og annen godtgjørelse til ledende ansatte i selskapet Valg medlemmer til styret Valg av medlemmer til valgkomiteen. Slide 22

23 Disclaimer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Aker Philadelphia Shipyard ASA and Aker Philadelphia Shipyard ASA s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates or similar expressions. 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 Aker Philadelphia Shipyard s businesses, oil prices, 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 Presentation. Although Aker Philadelphia Shipyard ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. Aker Philadelphia Shipyard ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Philadelphia Shipyard ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. The Aker Philadelphia Shipyard group consists of many legally independent entities, constituting their own separate identities. Aker Philadelphia Shipyard is used as the common brand or trade mark for most of this entities. In this presentation we may sometimes use Aker Philadelphia Shipyard", "Group, "we" or "us" when we refer to Aker Philadelphia Shipyard companies in general or where no useful purpose is served by identifying any particular Aker Philadelphia Shipyard company. Slide 23

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